公司点评报告 · 公用事业行业 火电基石稳固,盈利仍有较大提升空间 核心观点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 23517.24 | 22560.01 | 22212.64 | 23495.72 | | 收入增长率% | 20.09 | -4.07 | -1.54 | 5.78 | | 归母净利润(百万元) | 531.16 | 1325.90 | 1460.35 | 1583.13 | | 利润增速% | 181.59 | 149.62 | 10.14 | 8.41 | | 毛利率% | 15.35 | 22.13 | 24.04 | 24.45 | | 摊薄 EPS(元) | 0.29 | 0.73 | 0.81 | 0.87 | | PE | 26.50 | 10.62 | 9.64 | 8.89 | 主要财务指标预测 2025 年 7 月 22 日 建投能源 (000600.SZ) 推荐 首次评级 分析师 陶贻功 ☎：010-8092-7673 网: taoyigong_y ...

公司点评报告 · 公用事业行业 火电基石稳固,盈利仍有较大提升空间 核心观点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 23517.24 | 22560.01 | 22212.64 | 23495.72 | | 收入增长率% | 20.09 | -4.07 | -1.54 | 5.78 | | 归母净利润(百万元) | 531.16 | 1325.90 | 1460.35 | 1583.13 | | 利润增速% | 181.59 | 149.62 | 10.14 | 8.41 | | 毛利率% | 15.35 | 22.13 | 24.04 | 24.45 | | 摊薄 EPS(元) | 0.29 | 0.73 | 0.81 | 0.87 | | PE | 26.50 | 10.62 | 9.64 | 8.89 | 主要财务指标预测 2025 年 7 月 22 日 建投能源 (000600.SZ) 推荐 首次评级 分析师 陶贻功 ☎：010-8092-7673 网: taoyigong_y ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 兰杰 食品供应商脂代科技获得超亿元融资 36氪获悉，专注于低负担油脂替代领域的「脂代科技」完成 A 轮超亿元规模融资，由深创投领投。 本轮融资将用于建设研发基地和第二期量产工厂、功效临床研究以及市场和销售渠道。 「脂代科技」于 2021 年 8 月成立于北京，主打品类目前包括高纯度甘油二酯食用油（能最高降低 95%甘油三酯负担）和低热量油脂专利产品线。创始人崔立明有丰富的快消行业经验，曾任蒙牛特仑 苏品牌总经理、宝洁品牌经理。 冷冻食品F2B供应链服务公司新货栈获得数千万元融资 头图 | IC photo Busy Money 公司以冷冻商品的销售作为核心业务，通过线上新货栈商城 + 线下实体店 + 自营仓储配送体系，实 现冻品流通行业的高效流通和集约。近期，新货栈完成数千万元人民币的A轮战略融资，本轮融资由 啟赋资本领投，坤辰资本、海南宝得福等多家机构共同跟投，老股东甲子启航也持续加码。 奇可奇洛（北京）珠宝有限公司宣布完成千万级Pre-A轮融资 此次融资由专注于科技与文化融合的腾信投资领投。Qike Qilo品牌创始 ...

答：经过多年经营积累，公司现已形成智能水计量、智能热计量两 大主线、覆盖管网/户用全口径范围、近千种规格型号的产品体系， 广泛应用于城市供水、集中供热、消防安全等社会生活各个方面， 在节能减排、能效管理领域发挥重要作用。主要产品包括超声水表、 超声流量计、智能消火栓、超声热量表、智能衡流阀及其配套产品 等，现经营状况正常。 2.企业未来发展规划及前景如何？ 答：公司现拥有三大智能制造厂区，喜燕路厂区位于南京江宁滨江 经济开发区，占地 38 亩，拥有现代化成型产线；霍里山厂区位于马 鞍山雨山经济开发区，占地 92 亩，具备超大口径流量检定能力；在 建飞鹰路厂区位于南京江宁滨江经济开发区，占地 80 亩，将全面导 入智能工厂数字化生产线；智能计量仪表研发中心毗邻华东交通枢 纽南京南站，吸引高端研发技术人才加入，形成"一中心、三厂区" 的现代化发展布局，增强公司在超声计量领域的产业布局。公司管 理层对未来超声水表市场有信心，公司超声水表已经有超 10 年的应 用案例，产品质量稳定，且客户对超声水表的认可度越来越高，超 声水表推广效果达到预期，未来将会步入快速发展的通道。 3．公司智能超声热表类产品占比较小，未来在供 ...

Core Viewpoint - The company held a performance briefing for the fiscal year 2024, discussing its revenue decline and future prospects in the ultrasonic water meter industry [1][2]. Company Performance - In 2024, the company achieved a revenue of 358.458 million yuan, a decrease of 6.17% compared to the previous year [2]. - The total profit for the year was 89.5254 million yuan, down 31.14% year-on-year [2]. - The net profit attributable to shareholders was 79.2025 million yuan, reflecting a decline of 29.46% from the previous year [2]. Industry Outlook - The company specializes in the research, production, and sales of smart ultrasonic water meters and heat meters, providing integrated solutions for smart water management and energy-saving heating [2]. - With the ongoing advancement of smart water management, the advantages of ultrasonic water meters are becoming more prominent, leading to increased market acceptance and a potential significant rise in market penetration in the future [2].

Core Viewpoint - The 18th China Scientific Instrument Development Annual Conference (ACCSI 2025) was held in Shanghai, where the "2024 Excellent New Products Award" in the scientific instrument industry was presented, recognizing 15 outstanding instruments [1][2]. Group 1: Event Overview - The award ceremony for the "3i Award - 2024 Excellent New Products in the Scientific Instrument Industry" took place during the ACCSI 2025, attended by over 1,700 industry professionals [2][6]. - The "Excellent New Products Award" aims to showcase innovative domestic and international instruments to Chinese users and encourage manufacturers to innovate [6][10]. Group 2: Award Selection Process - A total of 270 domestic and international manufacturers submitted 871 new instrument products for the award [7]. - After a rigorous evaluation process, 157 products were nominated, and ultimately, 15 instruments were awarded the 2024 Excellent New Products Award [7][10]. Group 3: Awarded Instruments - The awarded instruments include: - Agilent Technologies (China) Co., Ltd. - ProteoAnalyzer Parallel Capillary Protein Electrophoresis System - Thermo Fisher Scientific (China) Co., Ltd. - Thermo Scientific Iliad (Scanning) Transmission Electron Microscope - iQuad 2300P Directional Quantitative Microwave Sample-ICP Mass Spectrometer by Allhengsheng Mass Spectrometry (Beijing) Instrument Co., Ltd. - SURFSeq Q Ultra-High Throughput Gene Sequencing Instrument by Shenzhen Zhenmai Biotechnology Co., Ltd. - SE420 Flow Cytometry Sorting Instrument by Shanghai Weiran Technology Co., Ltd. [8][9].

导读： 中美经贸协定落地，科学仪器行业冰火两重天；国产替代加速崛起，"国产好仪器"再添18台，破局领跑。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 其中禁运、国仪定义模糊、试错成本高等数条难点直指国产替代。 前车之鉴，不以为训 。 中国人从来不会忘记历史，即使中美双边贸易恢复如初，我们也不能忘记当初禁运、加税之痛。国产仪器依然要卧薪尝 胆、韬光养晦，以免重蹈覆辙。 所幸，中美贸易协定发布的同一天，上海松江的一间会议室里， 国产仪器创新发展论坛暨成果发布如期举办 。 2 0 2 5年5月1 2日， 中美经贸会谈达成 共同降低关税的双边协定 。 公告一出， 科学仪器厂商股票涨涨跌跌， 几家欢乐几家愁。 有人说：真好，仪器采购又可以顺利进行了，终于可以 松口气了 。 禁运了，马上出来说国产仪器的春天到了。放开了，马上又唱衰国仪。停下来仔细想想，贸易条款影响了国产仪器的水 平吗？还不是好的依然好、差的依然差。这么快，就忘了疼吗？ 在5月1 3日举办的 科学仪器采购及设备更新对接座谈会 上，一位报告人列举了高校科研仪器采购的几大难点： 国外封锁 ...

每经记者｜尹力方（化名） 每经编辑｜张海妮 委身当地国资后，"毛巾大王"孚日股份（SZ002083，股价4.73元，市值44.78亿元）近几年的业绩呈现上升态势，但当地供暖拖欠的款项也让公司的资金缺 口开始显现。 日前，孚日股份发布了亮眼的2024年度及2025年一季度业绩，公司利润增长持续提速，且利润增速远超营收增速，2024年营收和归母净利润增速分别为 0.11%、21.39%，2025年一季度归母净利润增速更是高达40.94%。 尽管利润增速表现亮眼，但孚日股份的经营活动产生的现金流量净额却在过去的三年间持续下降。细究孚日股份的资金去向，来自当地供暖项目的欠款成为 重要原因。 5月7日，孚日股份在深交所互动易平台就投资者提问的回复内容显示，截至2025年一季度末，公司与子公司未收到的采暖季供暖成本补贴、应收账款余额合 计接近5亿元。 在与《每日经济新闻》记者交流时，一位山东本地资本市场人士表示，作为高密国资控股的上市公司，当地国企对公司滚雪球式的欠账问题何时能够解决， 有待进一步观察。 前账未清后账又起：供暖欠款"滚雪球" 根据孚日股份2024年年报，在关联方应收应付款项中，应收账款的欠款方为高密市凤城 ...

| | □特定对象调研 □分析师会议 | 号 ： | | --- | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □电话会议 | | | | □其他： （请文字说明其他活动内容） | | | 参与单位名称及 | 线上参与公司2024年度网上业绩说明会的投资者 | | | 人员姓名 | | | | 时间 | 2025 年 4 月 29 日 15:30-16:30 | | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn | | | | "云访谈"栏目 | | | 公司接待人员 | 董事、总经理：常明松先生 | | | | 董事会秘书：杨冬玲女士 | | | 姓名 | 财务总监：徐文亮先生 | | | | 独立董事：吴跃平先生 | | | | 1、问：能否请您介绍一下本期行业整体和行业内其他主要 企业的业绩表现？谢谢。 | | | | 答：感谢您对公司的关注，2024 年度，部分地方政府仍面临 | | | | 一定的财政压力，由于公司客户对象大多是国有控股的水务 | ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 23.517 billion yuan, up 20.09% year-on-year, and net profit attributable to shareholders increasing by 181.59% to 531 million yuan [1] - The company’s operational performance in the power generation sector showed a substantial increase in electricity output, with a total of 50.366 billion kWh generated, reflecting a year-on-year growth of 27.79% [2] - The company is actively advancing its construction projects, which are expected to ensure long-term growth in electricity generation capacity [3] Financial Performance - In 2024, the company achieved a total operating revenue of 23.517 billion yuan, a year-on-year increase of 20.09% [1] - The net profit attributable to shareholders reached 531 million yuan, marking a significant increase of 181.59% compared to the previous year [1] - The company’s net profit excluding non-recurring items was 399 million yuan, showing an extraordinary growth of 5401.22% year-on-year [1] Operational Highlights - The company’s controlled power generation companies completed a total electricity output of 50.366 billion kWh, an increase of 27.79% year-on-year, primarily due to acquisitions and expanded capacity [2] - The average on-grid electricity price decreased by over 0.1 yuan to 438.22 yuan per MWh (including tax), yet the revenue from thermal power generation still grew by 18.50% year-on-year [2] - The company’s coal procurement reached 34.01 million tons, with an average coal price of 822.02 yuan per ton, down 92.02 yuan per ton year-on-year, leading to a 4.28% reduction in fuel costs [2] Project Development - The company is progressing with several construction projects, including the Xibaipo Power Plant Phase IV and Renqiu Thermal Power Phase II, which are expected to be operational by 2026 [3] - There are ongoing projects in distributed energy storage, pumped storage, and offshore wind, which are anticipated to contribute to long-term electricity generation growth [3] Future Outlook - In Q1 2025, the company reported a slight decline in electricity output to 12.073 billion kWh, down 7.22% year-on-year, with heating output also decreasing by 2.94% [4] - Despite the decline in output, the company’s cost structure may improve due to continued decreases in coal prices, potentially enhancing profitability [4] - Profit forecasts for 2025-2027 indicate expected net profits of 1.031 billion yuan, 1.227 billion yuan, and 1.277 billion yuan, representing year-on-year growth rates of 94.02%, 19.10%, and 4.04% respectively [4]