9月30日，达利凯普盘中上涨2.04%，截至09:50，报17.99元/股，成交2876.30万元，换手率0.78%，总市 值71.96亿元。 资金流向方面，主力资金净流出73.09万元，大单买入187.03万元，占比6.50%，卖出260.12万元，占比 9.04%。 达利凯普今年以来股价涨10.03%，近5个交易日涨0.45%，近20日涨2.10%，近60日跌0.33%。 今年以来达利凯普已经1次登上龙虎榜，最近一次登上龙虎榜为4月18日，当日龙虎榜净买入1775.47万 元；买入总计4734.58万元 ，占总成交额比13.75%；卖出总计2959.11万元 ，占总成交额比8.59%。 资料显示，大连达利凯普科技股份公司位于辽宁省大连市金州区董家沟街道金悦街21号，成立日期2011 年3月17日，上市日期2023年12月29日，公司主营业务涉及射频微波瓷介电容器的研发、制造及销售。 主营业务收入构成为：瓷介电容器98.15%，其他1.85%。 达利凯普所属申万行业为：电子-元件-被动元件。所属概念板块包括：军工信息化、军民融合、军工电 子、航天军工、轨道交通等。 截至9月19日，达利凯普股东户数2.11万 ...

Financial Performance - In 2024, the company's operating revenue was 32,334.13 million yuan, a decrease of 6.47% compared to the previous year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 0.58% year-on-year, with a slower decline compared to 2023 [2] - In Q1 2025, the operating revenue reached 10,083.99 million yuan, an increase of 25.31% year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 58.78% year-on-year [2] - The net cash flow from operating activities rose by 349.38% compared to the same period last year [2] - Basic earnings per share grew by 85.71% year-on-year [2] Business Operations - The company specializes in the R&D, manufacturing, and sales of RF microwave ceramic capacitors, serving key sectors such as RF power, military, medical, and communications [3] - The company adheres to legal regulations and maintains a transparent governance structure, ensuring effective internal controls and risk management [3] International Business - Major export markets include Japan, South Korea, the United States, and Germany [3] - Revenue from exports to the U.S. accounts for approximately 10% of total revenue, indicating limited impact from U.S. tariffs [3] Shareholder Management - The controlling shareholder has not yet released shares for trading, and there have been no violations of share reduction regulations by shareholders holding more than 5% [3] - The company emphasizes compliance with relevant laws and regulations regarding share reductions and timely information disclosure [3] Subsidiary Establishment - As of 2024, the company has established subsidiaries in Singapore, Japan, and Hong Kong [4][5]

Core Viewpoint - Dali Cap's 2024 annual report indicates a decline in both revenue and profit, reflecting market pressures and internal challenges despite maintaining a leading position in the RF microwave ceramic capacitor sector [1][4]. Financial Performance - The total revenue for 2024 was 323 million yuan, a decrease of 6.47% from 346 million yuan in 2023 [4]. - The net profit attributable to shareholders was 114 million yuan, down 8.86% from 125 million yuan in the previous year [4]. - The net profit excluding non-recurring items was 112 million yuan, showing a smaller decline of 0.58%, indicating effective control over non-operating losses [4]. Market Conditions - The decline in revenue and profit is primarily attributed to a slowdown in industry growth and decreased demand from downstream customers [4]. - Historical data shows that after reaching a peak in 2022 with total revenue of 477 million yuan (up 34.57%) and net profit of 177 million yuan (up 54.80%), the company has faced significant declines in 2023 and 2024 [4]. Business Operations - Dali Cap specializes in the R&D, manufacturing, and sales of RF microwave ceramic capacitors, which are widely used in both civilian and military applications [5]. - The company has established long-term partnerships with well-known enterprises in various fields, including mobile communication base stations and medical imaging equipment [5]. - Increased market competition poses challenges for business expansion, particularly as the 5G communication and medical equipment markets become saturated [5]. Military Market Opportunities - The company has obtained qualifications such as the "Equipment Manufacturing Qualification Certificate," positioning it well for opportunities in the military market due to rising domestic requirements for military components and materials [6]. - Continuous investment in technology R&D and product delivery is necessary to maintain competitive advantages in the specialized military market [6]. Cash Flow Management - Dali Cap employs a procurement model that combines self-operated production, sales-driven procurement, and inventory-based purchasing, alongside a direct sales approach [7]. - In 2024, the net cash flow from operating activities was 96.4 million yuan, a significant decline of 57.20% [7]. - The net cash flow from financing activities was -161 million yuan, a decrease of 546 million yuan, exacerbating the company's financial pressure [7]. - Despite increasing R&D investment to 22.24 million yuan (up 22.66%), optimizing cash flow management remains a critical issue for the company [7].