Core Viewpoint - The company, Zaiseng Technology, has demonstrated strong growth in revenue and profit, driven by its focus on advanced materials and a robust market demand for clean air and energy-efficient products [2][3]. Group 1: Company Performance - In 2024, Zaiseng Technology achieved a revenue of 1.476 billion yuan, with a year-on-year growth of 12.90% after excluding the impact of Yuyuan Environment [2] - The net profit attributable to shareholders reached 90.75 million yuan, marking a significant increase of 137.99% year-on-year [2] - In Q1 2025, the company reported a revenue of 324 million yuan, a decrease of 4.59% compared to the same period last year, but the gross margin increased by 3.95 percentage points [2] Group 2: Product and Innovation - The company specializes in ultra-fine fiber cotton, with a comprehensive integration of research, production, and application, and has established itself as a champion in the glass microfiber manufacturing sector [1] - Zaiseng Technology has been recognized as a "National Intellectual Property Demonstration Enterprise" and "National Enterprise Technology Center," holding 200 valid patents, including 90 invention patents [2] - In 2024, the company obtained 17 new authorized patents, including 8 invention and 9 utility model patents, enhancing its position in high-end materials and promoting technological advancement [2] Group 3: Market Outlook and Strategy - The industry is experiencing positive growth, with increasing market demand for clean air and energy-efficient products, as well as rising domestic substitution rates [3] - In 2025, the company plans to adjust its industrial structure and focus on three main categories: clean air materials, energy-efficient materials, and dust-free air conditioning products [3] - The company aims to enhance its technological innovation capabilities and expand application scenarios to create a high-quality living space characterized by energy efficiency, quietness, and cleanliness [3]

Meeting Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 22, 2025, via video live stream and online interaction [1] - Key executives, including the Vice Chairman and General Manager, participated in the meeting to address investor inquiries [1] Financial Performance - In 2024, the company achieved a revenue of 1.476 billion yuan, representing a year-on-year growth of 12.90% after excluding the impact of a subsidiary [2] - The net profit attributable to shareholders was 90.75 million yuan, a significant increase of 137.99% year-on-year, while the net profit excluding non-recurring items reached 56.25 million yuan, up 192.52% [2] - For Q1 2025, the company reported a revenue of 324 million yuan, a decrease of 4.59% compared to the same period last year, but the gross margin increased by 3.95 percentage points [3] - The net profit for Q1 2025 was 33.56 million yuan, reflecting a year-on-year growth of 3.69% [3] Strategic Focus and Opportunities - The company aims to restore its operational performance to levels seen around 2020 by focusing on team building, technological innovation, and high-quality development [2] - The strategic focus will be on three main product categories: "clean air materials," "energy-efficient materials," and "dust-free air conditioning products," with an emphasis on domestic breakthroughs and core technology advancements [2][3] - The company plans to leverage national strategic emerging industry opportunities to enhance product value and expand into new application areas [2][3] Patent and Industry Position - As a "National Intellectual Property Demonstration Enterprise," the company holds 200 valid patents, including 90 invention patents, and has recently obtained 17 new patents [3] - The company has established itself as a leader in high-end materials, particularly in sectors like aviation and nuclear power, and has achieved domestic substitution for advanced materials [3] Industry Outlook - The industry is expected to continue its positive trajectory, driven by expanding market demand, technological advancements, and increasing domestic substitution rates [3]

丨证券研究报告丨 公司研究丨点评报告丨再升科技（603601.SH） [Table_Title] 高效节能表现亮眼，现金流显著改善 报告要点 [Table_Summary] 再升科技发布 2024 年报及 2025 年 1 季报：2024 年收入 14.8 亿元，同比下滑 11%，归属净 利润 0.91 亿元，同比增长 138%，扣非净利润同比增长 193%。2025Q1 收入 3.2 亿元，同比 下降 5%，归属净利润 0.34 亿元，同比增长 4%，扣非净利润同比增长 7%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 再升科技（603601.SH） cjzqdt11111 [Table_Title2] 高效节能表现亮眼，现金流显著改善 [Table_Summary2] 事件描述 再升科技发布 2024 年报及 2025 年 1 季报：2024 年收入 14 ...