| 市场数据：2025 年 | 5 月 20 日 | | | --- | --- | --- | | 收盘价（元）： | | 21.71 | | 总股本（亿股）： | | 1.10 | | 流通股本（亿股）： | | 1.10 | | 流通市值（亿元）： | | 23.89 | | 基础数据：2025 | 年 | 月 | 日 | 3 | 31 | 每股净资产（元）： | 7.88 | | --- | --- | --- | --- | --- | --- | --- | --- | | 每股资本公积（元）： | 3.83 | | | | | | | | 每股未分配利润（元）： | 2.72 | | | | | | | 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 系统设备 三旺通信（688618.SH） 增持-A(维持) 业务短期承压，新兴行业有望迎来催化 2025 年 ...

Core Viewpoint - The company reported a revenue increase of 7.01% year-on-year for Q1 2025, but net profit decreased by 48.44%, indicating potential challenges in profitability despite revenue growth [3][4][5]. Financial Data - The company achieved an operating income of 80.79 million yuan in Q1 2025, with significant contributions from various sectors: Smart Energy (43.02 million yuan, up 12.36%), Smart Transportation (15.95 million yuan), Industrial Internet (9.33 million yuan, up 42.87%), and Smart City (3.69 million yuan) [3]. - The revenue from product segments included: Industrial Switch Products (63.73 million yuan, up 6.64%), Industrial Gateways and Wireless Products (13.06 million yuan), and Other Products (4.00 million yuan) [3]. - The net profit attributable to shareholders was 7.97 million yuan, a decline of 48.44% year-on-year, while the net profit excluding non-recurring gains and losses was 3.25 million yuan, down 72.70% [3]. Investment Activities - The company approved the use of up to 450 million yuan of idle funds for purchasing financial products, ensuring safety and liquidity, with a validity period of 12 months from the board's approval [4]. Corporate Governance - The company completed the election of its third board of directors and supervisory board on January 23, 2025, with new appointments including both independent and non-independent directors [5][6]. - Changes in core technical personnel were noted, with adjustments made to the roles of key staff members [7].