近日，国新办"高质量完成'十四五'规划"首场新闻发布会系统总结了五年来经济社会发展成就，其核心经验 对"十五五"时期央国企转型具有关键启示。当下，央国企作为国民经济的顶梁柱，正面临前所未有的转型压 力。 最近两个月，前瞻走访了7家陷入转型焦虑的国资国企，发现三种共性危机信号： ①传统生产与新型产业存在技术代差，使得产品无法提升经济效益 有句话叫做，物竞天择，适者生存。 在过去很长一段时间里，部分国企在特定历史阶段依托政策红利与市场壁垒，处于"舒适区"。这种模式在特 定历史时期为国企的稳定发展提供了保障，客观上为国企改革提供了缓冲空间，但时至今日已暴露出深层矛 盾： "十四五"的成就证明，压力可转化为突破的催化剂。在新时代下，找到并抓住新形势下的新机遇尤为关键， 新质生产力作为驱动高质量发展的核心引擎，可以为央国企开辟"第二增长曲线"的战略支点。 而在这个转型进程中，产业赛道的选择与重构，无疑是关键中的关键。 如今，全球经济竞争格局深刻变革，产业链供应链加速重构，科技创新成为大国博弈的主战场。此前，国务 院国资委党委在《为高水平科技自立自强贡献国资央企力量》中明确提出，要"狠抓传统产业转型升级"。 据前瞻观察， ...

2025 年 06 月 27 日 业绩短期承压，多轮驱动中长期成长 —美利信（301307.SZ）公司动态研究报告 买入(首次) 投资要点 ▌下游多点开花，铝合金精密压铸件需求不减 铝合金精密压铸件制造行业产业链跨度长、覆盖面广，下游 行业包括通信、储能、汽车、散热等众多应用领域。其中随 着 5G 网络覆盖扩大，预计到 2030 年 5G 签约用户数量将达到 63 亿，移动通信行业市场广阔；汽车轻量化已成趋势，铝合 金成为油车、新能源车的首选材料，相关轻量铸件的需求有 望迎来增长。综合来看各行业景气度不减，将持续释放对铝 合金精密压铸件需求。 ▌汽车+通信双向发力，多轮驱动中长期成长 公司深耕精密压铸领域多年，新能源汽车领域能够为客户提 供电驱动系统、电控系统、动力电池系统和车身结构件铝合 金精密压铸件，业务深度合作新势力车企如蔚来、小鹏、赛 力斯等；通信领域，除了 5G 基站大型结构件设计制造，不断 研发新一代散热材料，绑定爱立信等头部客户。公司持续深 耕新能源汽车和通信两大主业，并拓展半导体、储能等新行 业，未来有望带来新增长。 ▌业绩短期承压，静待全球化提速 2024 年公司实现收入 36.59 亿元（ ...

文/梧桐数据中心 6月18日，有2家IPO企业获受理，其中上交所科创板新受理1家：上海超导；北交所新受理1家：隆源股份。6月17日，有5家IPO企业获受 理，其中深交所创业板新受理1家：春光集团；北交所新受理3家：华达通、艾克姆、固力发；上交所科创板新受理1家：兆芯集成。6月16 日，上交所科创板新受理1家：芯密科技。这三天共新增8家IPO获受理。 截至6月18日，2025年沪、深、北三大交易所共受理了49家IPO项目，其中上交所受理了13家、北交所受理了29家、深交所受理了7家 一、上海超导科技股份有限公司科创板IPO 公司成立于2011年10月18日，目前注册资本52,122.8846万元。 （一）主营业务 公司是一家专注于高温超导材料研发、生产和销售的高新技术企业，是全球领先的高温超导材料生产商之一。高温超导材料凭借其特殊的物 理特性，可广泛应用于可控核聚变、超导电力、大科学装置、高端制造、先进医疗及高速交通等领域，是当前新材料产业的前沿方向。 （二）控股股东、实际控制人 发行人无控股股东、实际控制人。 发行人股权较为分散，第一大股东为精达股份持有发行人18.15%的股份，精达股份及其一致行动人徐晓芳、 ...

Group 1 - The article discusses the IPO applications of four companies on May 30, 2025, including Chengdu Hongming Electronics, Nanchang Sanrui Intelligent Technology, Shaanxi Tourism Culture Industry, and Daya Co., Ltd. [1] - Chengdu Hongming Electronics has seen a decline in revenue and net profit from 2022 to 2024, with projected net profit of 276.7 million yuan in 2024 despite a decrease in revenue [5][6] - Nanchang Sanrui Intelligent Technology holds a 7.1% market share in the global civil drone electric power system market, ranking second after DJI, with rapid revenue growth from 2022 to 2024 [12][14] Group 2 - Shaanxi Tourism Culture Industry reported a loss in 2022 but expects a net profit exceeding 500 million yuan in 2024, with significant revenue growth from 2022 to 2024 [25][26] - Daya Co., Ltd. focuses on metal surface treatment and ship casting, with revenue growth from 2022 to 2024 and a net profit increase [32][34] - The article highlights the fundraising plans for each company, including specific projects and amounts allocated for development and operational needs [10][24][30][37]

公司研究 24 年业绩符合预期，有望受益于风电建设加速 2025 年 5 月 5 日 要点 事件：公司发布 2024年年报，2024年实现营业收入46.96亿元，同比增长0.87%； 归母净利润 6.24 亿元，同比增长 29.55%；扣非归母净利润 3.33 亿元，同比减 少 21.57%；拟向全体股东每股派发现金红利 0.35 元（含税）。公司同时发布 2025 年一季报，2025Q1 实现营业收入 13.01 亿元，同比增长 86.41%，环比减 少 13.94%；归母净利润 1.21 亿元，同比增长 39.14%，环比增长 2.97%。 24 年需求回暖推动公司出货微增，盈利能力仍有所承压。2024 年国内风电建设 需求有所回暖，使得公司主营产品销量微增，铸件类产品销售同比增长 9.58% 至 49.04 万吨；球墨铸铁类产品实现营业收入 42.66 亿元，同比减少 5.30%， 毛利率同比下降 0.47pct 至 17.84%。在风机价格持续处于低位的背景下，风电 产业链盈利空间持续受到挤压，24 年公司销售毛利率同比下降 1.32pct 至 17.34%，25Q1 同比下降 6.24pct 至 1 ...

日月股份（603218.SH）2024 年年报及 2025 年一季报点评 铸件龙头纵横拓展，有望实现量利双升 2025 年 05 月 03 日 ➢ 事件：2025 年 4 月 29 日，公司发布 2024 年年报和 2025 年一季报。 公司 2024 年实现营业收入 46.96 亿元、同比增长 0.87%；归母净利润 6.24 亿元、同比增长 29.55%，增长的主要原因在于 Q2 转让电站产生投资收益 2.7 亿元；扣非归母净利润 3.33 亿元、同比减少 21.57%。 单季度来看，公司 2024Q4 实现营业收入 15.11 亿元，同比增长 34.26%、 环比增长 8.19%，实现归母净利润 1.17 亿元，同比下降 8.81%、环比增长 37.98%，实现扣非归母净利润 1.10 亿元，同比下降 3.68%、环比增长 56.78%。 25Q1 公司实现营业收入 13.01 亿元，同比增长 86.41%，实现归母净利润 1.21 亿元，同比增长 39.14%，实现扣非归母净利润 1.05 亿元，同比增长 49.42%。 盈利水平方面，公司 2024 年毛利率 17.34%、同比-1.32pcts，净 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that will exceed market performance by 10% to 20% over the next six months [9]. Core Views - The company is expected to benefit from strong terminal demand, with both volume and profit anticipated to rise. The wind power sector is projected to see significant growth, with domestic wind turbine bidding expected to reach 164.1 GW in 2024, a 90% year-on-year increase [6][7]. - The company's revenue for 2024 is projected at 4.696 billion yuan, a slight increase of 0.87% year-on-year, while net profit attributable to shareholders is expected to grow by 29.55% to 624 million yuan [3][5]. - The report highlights the company's strategic focus on expanding its product offerings and entering new markets, particularly in the nuclear waste storage sector and special alloy steel products [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.696 billion yuan, with a net profit of 624 million yuan, reflecting a 29.55% increase year-on-year. The first quarter of 2025 showed a significant revenue increase of 86.41% year-on-year, reaching 1.301 billion yuan [3][5]. - The company’s gross margin for 2024 is projected at 17.3%, with a net margin of 13.3% [5][8]. Production and Capacity - The company has established a casting capacity of 700,000 tons and precision processing capacity of 420,000 tons, with expectations for improved capacity utilization in 2025 [6][7]. - The report notes that the company sold 490,400 tons of castings in 2024, a 9.58% increase year-on-year, despite a slight decline in profitability due to increased competition and price drops in the wind power casting sector [6]. Market Outlook - The wind power industry is expected to experience a recovery, with the company’s wind power casting business projected to rebound as demand increases and prices stabilize [7]. - The report anticipates that the company will continue to optimize its product structure, focusing on larger products and international clients, which could enhance profitability [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported a revenue of 4.7 billion RMB in 2024, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 624 million RMB, up 29.6% [2]. - In Q1 2025, the company achieved a revenue of 1.3 billion RMB, representing a significant year-on-year growth of 86.4%, with a net profit of 121 million RMB, up 39.1% [2]. - The company’s casting business revenue remained stable at 4.62 billion RMB in 2024, with a slight decline in gross margin to 17%, primarily due to lower raw material prices and increased depreciation from fixed assets [3]. - The company is expected to benefit from high industry demand in 2025, leading to improved capacity utilization and operational leverage, which may enhance profit margins [3]. - The company’s inventory and accounts receivable turnover improved significantly in Q1 2025, with inventory turnover days decreasing by 12 days and accounts receivable turnover days decreasing by 68 days [4]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 4.7 billion RMB, with a net profit of 624 million RMB, marking a 29.6% increase year-on-year [2]. - For Q1 2025, the revenue reached 1.3 billion RMB, a remarkable growth of 86.4%, and the net profit was 121 million RMB, up 39.1% [2]. Operational Analysis - The casting business generated 4.62 billion RMB in revenue in 2024, with a gross margin of 17%, down 1.17 percentage points from the previous year due to price competition and increased depreciation [3]. - The company anticipates a significant increase in capacity utilization in 2025, driven by strong industry demand and tighter casting capacity [3]. Cash Flow and Working Capital - The company reported a reduction in cash outflow from operating activities to -309 million RMB in Q1 2025, narrowing by 116 million RMB year-on-year due to improved sales collections [4]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 880 million RMB, 1.03 billion RMB, and 1.19 billion RMB, respectively, with corresponding P/E ratios of 15, 12, and 11 [5].