证券研究报告 | 2025 年 07 月 02 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|货币政策调控强度或升级——政策与大类资产配置月观察》 1、权益：A 股方面，中美第二轮谈判略超预期叠加 5 月 7 日稳金融措施 接力落地，6 月三大权益指数普遍大幅反弹，其中中证 500 和深证综指指 数分别反弹 4.3%和 5.22%。万得微盘股指数 6 月累计反弹超过 10%。2、固 收：跨季资金压力凸显，央行二季度货币政策例会定调加大宽松力度。公 开市场操作方面，央行 6 月整体净回笼资金 5539 亿元（含国库现金）。 跨季压力下 DR0076 月末再度冲高，6 月 30 日甚至突破 1.9%。3、大宗商 品：有色金属整体上行；原油大幅反弹；贵金属回吐此前涨幅；黑色金属 小幅反弹；猪肉价格依旧接近预 ...

中信证券股份有限公司 关于浙江三花智能控制股份有限公司募投项目结项并将节 余募集资金投入新项目及永久补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为浙江 三花智能控制股份有限公司（以下简称"三花智控"、"公司"）持续督导工作 的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》等相关规定，对三花智控募投项目结项并 将节余募集资金投入新项目及永久补充流动资金的事项进行了审慎核查，发表如 下意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江三花智能控制股份有限公司公开 发行可转换公司债券的批复》（证监许可2021168 号）核准，公司向社会公开 发行 300,000.00 万元可转换公司债券，每张面值为人民币 100.00 元，按面值发 行。公司发行可转换公司债券共筹得人民币 300,000.00 万元，扣除发行费用 已经天健会计师事务所（特殊普通合伙）审验并出具了《验证报告》（天健验 2021277 号）。 为了规范募集资金 ...

Core Viewpoint - Guangda Special Materials expects significant growth in its performance for the first half of 2025, driven by strong demand in downstream industries and the effectiveness of its investment projects [1] Group 1: Financial Performance - The company anticipates a revenue of approximately 2.5 billion yuan for the first half of 2025, representing an increase of about 619 million yuan, or a year-on-year growth of approximately 32.91% [1] - The expected net profit attributable to shareholders is around 200 million yuan, an increase of about 157 million yuan, reflecting a year-on-year growth of approximately 367.51% [1] - Guangda Special Materials has seen a significant increase in sales revenue due to the gradual release of production capacity in its wind power gearbox components project and enhanced average equipment utilization [1] Group 2: Market Dynamics - The overall demand in the company's downstream industries is improving, contributing to robust production and sales [1] - The offshore wind power casting project has improved capacity utilization through various technical upgrades and cost-reduction measures, leading to enhanced profitability [1] Group 3: Stock Performance - The company's stock has performed well in 2023, with a cumulative increase of 74.99% as of June 10 [2] - The number of shareholders decreased by 1.89% from the end of May, totaling 9,809 shareholders [2] Group 4: Industry Context - Among A-shares, 13 companies have reported positive performance forecasts for the first half of the year, indicating a favorable trend in the market [4] - Guangda Special Materials ranks among the top companies in terms of net profit scale, with several other companies also showing significant growth in their forecasts [5][6]

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2025-014 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他（电话会议） | | 参与单位名称及人 | 财通证券：李浩时；博时基金：高晖；金鹰基金：陈颖；赵仲 | | 员姓名 | 鹏；光大证券：倪昱婧、邢萍；华夏基金：柯若凡；国盛证券： 江莹 | | 时间 | 2025 年 06 月 12 日 | | 地点 | 公司会议室 | | 上市公司接待人员 | 董事会秘书：廖维明 | | 姓名 | 证代：蒋瑜 | | | 一、与调研人员就以下几方面内容进行了讨论与沟通： | | | 问题一：简要介绍下公司的主要业务？ | | | 答：目前公司业务可划分为四大业务单元：在电机技术领 | | | 域,有电机业务、电动模块业务；在流体技术领域，有驾驶视 | | 投资者关系活动主 | 觉清洗系统、热管理系统业务。 | | 要内容介绍 | 在电机技术领域,电机业务单元主要包 ...

5月29日上午，合肥青冠机电科技有限公司年产100万套汽车制动器智能化生产建设项目，在合肥长丰（双凤）经开区举行开工奠基仪式。该项目用地约30 亩，建成达产后预计可实现年工业产值3亿元以上，亩均上缴税收30万元以上。 经过多年发展，长丰（双凤）经开区已初步形成了汽车、装备制造、食品等主导产业，并积极布局合成生物、人工智能等未来产业。目前，园区已有安徽银 轮、金诚天骏、云内动力等新能源汽车零部件企业50余家。 转自：新华财经 据了解，合肥青冠机电科技有限公司是一家专业从事新能源汽车关键配件的研发、设计和制造的企业，是安徽省专精特新中小企业，终端客户包括江淮汽 车、瑞立集团、隆中控股集团等。该项目的落地，不仅标志着企业从传统制造向智能化、规模化发展的战略跨越，更将为长丰县建设世界级新能源汽车城注 入新动能。 作为长三角地区极具竞争力的产业高地，近年来，长丰（双凤）经开区着力发展科技含量高、发展潜力大的科技型新能源汽车核心配套企业，加快形成产业 集群。 落户园区的安徽银轮新能源热管理系统有限公司，产品覆盖前端散热模块、集成模块、水冷板等领域。该企业的母公司银轮股份，是我国热交换器行业首家 民营上市公司、行业标准的" ...

证券代码：301525 证券简称：儒竞科技 上海儒竞科技股份有限公司 投资者关系活动记录表 编号： 2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （ ） 参与单位名称 参加 2025 年上海辖区上市公司年报集体业绩说明会的投资者 时间 2025 年 5 月 15 日 地点 上证路演中心平台 上市公司接待人 员姓名 董事长、总经理：雷淮刚 先生 独立董事：朱军生 先生 董事会秘书、财务总监：厉昊超 女士 投资者关系活动 主要内容介绍 一、董事会秘书致开场辞 尊敬的各位投资者： 大家好！我是上海儒竞科技股份有限公司财务总监兼董事会秘书厉昊 超。在此，我谨代表公司向参加本次业绩说明会的各位投资者表示热烈的 欢迎和衷心的感谢。同时，感谢上证路演中心为本次公司业绩说明会提供 网络平台支持。 出席本次业绩说明会的嘉宾还有公司董事长、总经理雷淮刚先生、独 立董事朱军生先生。公司召开本次业绩说明会，是为了便于广大投资者更 全面深入地了解公司情况，公司将积极与广大投资者进行交流，就大家所 关心的有关公司经营和发展方面的问题进行探讨， ...

作为国家级专精特新"小巨人"企业，利德东方坚持创新发展，持续开展关键核心技术攻关，主要产品包括汽车管路、轨道交通类橡胶制品，以 及新能源、航空航天、海洋工程等新兴市场类橡胶管路、密封制品，部分甚至打破了国外技术垄断。近年来，乘着我国汽车工业高速发展"东 风"，利德东方新能源汽车流体管路项目订单源源不断，配套比亚迪、奇瑞、长城等整机厂。 抢抓发展机遇，今年来，利德东方开足马力赶订单，在企业总装厂自动化车间等生产车间里，产线全部全天候满负荷运转。在前不久举行的第 137届广交会第一期现场，公司发布新品——新能源汽车热管理系统空调管总成。据悉，该产品主要配套车型为比亚迪海豹DM-i，将引领企业 业绩持续增长。"今年，我们将继续推动产业升级，争取销售收入实现25%的增幅，确保研发费用占比保持在5%以上，开发更多高性能、高附 加值的新产品，拓展数据中心、新能源、海洋工程、钢铁冶金、矿山石油等领域，扩大商业版图。"公司总经理王春明说。 利德东方一季度"乘风破浪"，是六合企业攀"高"逐"新"实现高质量发展的一个生动缩影。今年，六合把"产业强区 富民强村"作为高质量发展主 题主线，出台了《2025年经济发展提速增效行动方案》 ...

证券代码：301225 证券简称：恒勃股份 能源增程发动机进气系统技术研究。 感谢您对公司的关注。 2.公司本期盈利水平如何？ 答:您好，公司2024年全年实现营业收入8.65亿元，同比增长 10.15%。归属于上市公司股东的净利润为1.31亿元，同比增长 14.23%；基本每股收益为1.29元/股，同比增长1.57%。公司的营 收和利润均呈现出稳健增长的态势。感谢关注。 3.新能源汽车热管理系统及车用进气系统项目是否已经完成 厂房建设、设备安装调试等关键环节，预计何时能够正式投 产？ 答:您好,截至2024年末，新能源汽车热管理系统及车用进气 系统项目进度为10.06%，募集资金投资进度为84.97%，尚在建 设中，未完成厂房建设、设备安装调试等关键环节，项目预计 2026年10月15日达到预定可使用状态。感谢您对公司的关注。 4.公司之后的盈利有什么增长点？ 答:尊敬的投资者您好,公司已积极开拓新能源汽车相关产品 的生产及销售，不断推进新能源汽车热管理系统的研发、生产和 销售进程，同时不断巩固下游燃油车市场相关份额，降低受未来 下游燃油车市场份额下降带来的风险。公司亦积极布局智能仪表 等相关产品，相关业务 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Business Segments Summary 1. **HVAC/R Sector** - Revenue in 2024 was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points [5] - The decline was attributed to the inventory destocking cycle in the European heat pump industry, but the long-term development logic remains unchanged [5] - New growth points include precision air conditioning, medical cold chain, and logistics cold chain applications [5] 2. **New Energy Vehicle Thermal Management** - Revenue in 2024 was 453 million yuan, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [5] - The company is expanding from cabin and battery thermal management to intelligent control of electric motors, enhancing its product line [5] 3. **Servo Drive and Control Systems** - Revenue in 2024 was 27 million yuan, down 31.77% year-on-year [5] - The company continues to invest in technology development and brand building in niche application industries and robotics [5] Financial Summary and Valuation Metrics - The company expects net profits attributable to shareholders for 2025 and 2026 to be 270 million yuan and 389 million yuan, respectively, with an additional forecast for 2027 at 545 million yuan [4][7] - Earnings per share (EPS) are projected to be 2.86 yuan, 4.12 yuan, and 5.78 yuan for 2025, 2026, and 2027, respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 26.7, 18.5, and 13.2 for the years 2025, 2026, and 2027, respectively [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Summary by Sections Business Segments - **HVAC/R Segment**: In 2024, revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points. The decline was attributed to the heat pump industry's destocking cycle, but the long-term growth logic remains unchanged [5] - **New Energy Vehicle Thermal Management**: Revenue reached 453 million yuan in 2024, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points. The company is expanding from cabin and battery thermal management to intelligent control of electric motors [5] - **Servo Drive and Control Systems**: Revenue was 27 million yuan in 2024, down 31.77%. The company continues to invest in technology development and brand building in niche applications and robotics markets [5] Financial Summary and Valuation Metrics - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 2.15 billion yuan, 2.98 billion yuan, and 3.87 billion yuan, respectively, with year-on-year growth rates of 65.7%, 38.6%, and 29.8% [7] - **Net Profit Forecast**: Projected net profits for 2025, 2026, and 2027 are 270 million yuan, 389 million yuan, and 545 million yuan, respectively, with year-on-year growth rates of 60.4%, 44.0%, and 40.2% [7] - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 2.86 yuan, 4.12 yuan, and 5.78 yuan, respectively [7]