10月10日，云路股份涨5.27%，截至发稿，报114.25元/股，成交5768.78万元，换手率0.43%，总市值 137.10亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 数据显示，招商基金旗下1只基金重仓云路股份。招商上证科创板综合ETF联接A（023739）二季度持有 股数80股，位居第三大重仓股。根据测算，今日浮盈赚取约457.6元。 截至发稿，侯昊累计任职时间8年52天，现任基金资产总规模554.59亿元，任职期间最佳基金回报 758.66%， 任职期间最差基金回报-58.99%。 资料显示，青岛云路先进材料技术股份有限公司位于山东省青岛市即墨市蓝村镇鑫源东路7号，成立日 期2015年12月21日，上市日期2021年11月26日，公司主营业务涉及先进磁性金属材料的设计、研发、生 产和销售。主营业务收入构成为：非晶合金薄带及其制品74.71%，纳米晶产品16.07%，磁性粉末及其 制品7.45%，其他(补充)1 ...

9月24日，云路股份涨5.04%，截至发稿，报112.98元/股，成交7011.87万元，换手率0.53%，总市值 135.58亿元。 资料显示，青岛云路先进材料技术股份有限公司位于山东省青岛市即墨市蓝村镇鑫源东路7号，成立日 期2015年12月21日，上市日期2021年11月26日，公司主营业务涉及先进磁性金属材料的设计、研发、生 产和销售。主营业务收入构成为：非晶合金薄带及其制品74.71%，纳米晶产品16.07%，磁性粉末及其 制品7.45%，其他(补充)1.77%。 房俊一累计任职时间334天，现任基金资产总规模62.86亿元，任职期间最佳基金回报55.55%， 任职期 间最差基金回报8.82%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 招商上证科创板综合ETF联接A（023739）成立日期2025年4月8日，最新规模2.11亿。成立以来收益 37.86%。 招商上证科创板综合ETF联接A（023739）基金经理为侯昊、房俊一。 截至发 ...

Core Viewpoint - Yunlu Co., Ltd. has shown a mixed performance in terms of stock trading and financial results, with a slight increase in stock price but a net outflow in financing activities [1][2]. Financing Activities - On September 15, Yunlu Co., Ltd. experienced a stock price increase of 2.52%, with a trading volume of 140 million yuan [1]. - The financing buy-in amount for the day was 11.21 million yuan, while the financing repayment was 12.96 million yuan, resulting in a net financing outflow of 1.75 million yuan [1]. - As of September 15, the total financing and securities balance for Yunlu Co., Ltd. was 85.29 million yuan, with the financing balance at 83.45 million yuan, accounting for 0.59% of the circulating market value, which is below the 50th percentile level over the past year [1]. Securities Lending - On the same day, Yunlu Co., Ltd. had a securities lending repayment of 400 shares and a securities lending sell-out of 400 shares, with a sell-out amount of 47,100 yuan based on the closing price [1]. - The remaining securities lending volume was 15,600 shares, with a securities lending balance of 1.84 million yuan, which is above the 90th percentile level over the past year, indicating a high level of securities lending [1]. Company Overview - Yunlu Co., Ltd. is located in Jimo City, Qingdao, Shandong Province, and was established on December 21, 2015, with its listing date on November 26, 2021 [1]. - The company's main business involves the design, research and development, production, and sales of advanced magnetic metal materials [1]. - The revenue composition of the main business includes 74.71% from amorphous alloy thin strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1]. Financial Performance - As of June 30, the number of shareholders for Yunlu Co., Ltd. was 4,883, a decrease of 12.66% from the previous period, while the average circulating shares per person increased by 14.50% to 24,575 shares [2]. - For the first half of 2025, Yunlu Co., Ltd. achieved an operating income of 986 million yuan, representing a year-on-year growth of 8.28%, and a net profit attributable to the parent company of 169 million yuan, with a year-on-year increase of 1.51% [2]. Dividend Distribution - Since its A-share listing, Yunlu Co., Ltd. has distributed a total of 322 million yuan in dividends, with 282 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Yunlu Co., Ltd., Invesco Great Wall New Energy Industry Stock A (011328) ranked as the sixth largest shareholder, holding 2.3541 million shares, an increase of 442,300 shares from the previous period [3]. - Invesco Great Wall Long-term Growth Mixed A (011058) ranked as the tenth largest circulating shareholder, holding 878,300 shares, marking its entry as a new shareholder [3].

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has seen a stock price increase of 5.11%, reaching 116.66 CNY per share, with a total market capitalization of 13.999 billion CNY [1] - Yunlu Co., Ltd. specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with its main business revenue composition being: 74.71% from amorphous alloy thin strips and products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and products, and 1.77% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Yunlu Co., Ltd., specifically the China Merchants SSE STAR 50 ETF Linked A (023739), which held 80 shares as of the second quarter, making it the third-largest holding [2] - The China Merchants SSE STAR 50 ETF Linked A (023739) has a total scale of 211 million CNY and has achieved a return of 33.88% since its inception on April 8, 2025 [2]

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has experienced fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2]. - As of August 27, Yunlu's stock price decreased by 0.36%, with a trading volume of 138 million yuan. The net financing buy was negative at 536.78 thousand yuan, indicating more selling than buying in the financing market [1]. - The total financing and securities balance for Yunlu reached 99.69 million yuan, with the financing balance accounting for 0.78% of the circulating market value, which is above the 60th percentile of the past year [1]. Group 2 - For the first quarter of 2025, Yunlu reported an operating income of 421 million yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 4.34% to 78.91 million yuan [2]. - The number of shareholders increased to 5,591, a rise of 28.71%, while the average circulating shares per person decreased by 22.30% to 21,463 shares [2]. - Since its A-share listing, Yunlu has distributed a total of 322 million yuan in dividends, with 282 million yuan distributed in the last three years [3].

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in financing and shareholder numbers [1][2][3] - On August 25, Yunlu Co., Ltd. experienced a stock price increase of 1.38%, with a trading volume of 126 million yuan and a net financing purchase of 10.32 million yuan [1] - As of August 25, the total balance of margin trading for Yunlu Co., Ltd. reached 108 million yuan, indicating a high level of financing activity compared to the past year [1] Group 2 - For the first quarter of 2025, Yunlu Co., Ltd. reported a revenue of 421 million yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 4.34% to 78.91 million yuan [2] - The company has distributed a total of 322 million yuan in dividends since its A-share listing, with 282 million yuan distributed in the last three years [3] - As of March 31, 2025, the number of shareholders increased by 28.71% to 5,591, while the average circulating shares per person decreased by 22.30% to 21,463 shares [2][3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a total revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.2%. The net profit attributable to the parent company is projected to be 361 million yuan, up 8.7% year-on-year, while the net profit after deducting non-recurring gains and losses is estimated at 344 million yuan, reflecting a 12.6% increase year-on-year [2][4]. Financial Performance Summary - Revenue Breakdown: - The revenue from amorphous alloy strips and related products is expected to be 1.42 billion yuan, a year-on-year increase of 3.8%, with a shipment of 96,000 tons, up 10% year-on-year. This growth is primarily driven by the new production line launched in Q3, contributing an additional 15,000 tons of annual capacity [10]. - Revenue from nanocrystalline products is projected at 305 million yuan, a significant year-on-year increase of 34.7%, with shipments of 7,000 tons, up 36% year-on-year [10]. - Revenue from magnetic powder and related products is expected to be 142 million yuan, remaining stable year-on-year, with shipments of 88,000 tons, up 21% year-on-year [10]. - Profitability Metrics: - The overall gross margin for 2024 is expected to reach 30.58%, a slight increase of 0.09 percentage points year-on-year. The gross margin for Q4 2024 is projected at 30.01%, down 2.00 percentage points year-on-year and 1.79 percentage points quarter-on-quarter [10]. - The gross margin for amorphous alloy strips and related products is expected to be 35.68%, up 1.48 percentage points year-on-year [10]. - Expense Management: - The total expense ratio for 2024 is projected to be 9.92%, a decrease of 0.09 percentage points year-on-year. The sales expense ratio is expected to be 2.37%, down 0.60 percentage points year-on-year [10]. - Financial Health: - The company's asset-liability ratio at the end of 2024 is expected to be 20.26%, an increase of 2.01 percentage points year-on-year [10]. Future Outlook - The company is anticipated to maintain a strong growth trajectory due to the gradual ramp-up of amorphous transformers and the promising application space for amorphous motors. The net profit attributable to the parent company is projected to reach 420 million yuan in 2025, corresponding to a price-to-earnings (PE) ratio of approximately 27 times [10].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 420 million yuan in Q1 2025, a decrease of 4.9% year-on-year, while the net profit attributable to the parent company was 80 million yuan, an increase of 4.3% year-on-year. The net profit excluding non-recurring items was also 80 million yuan, reflecting a year-on-year increase of 13.0% [2][4]. Summary by Sections Revenue Performance - The decline in revenue is primarily attributed to a decrease in the shipment volume of amorphous products, likely due to delivery scheduling issues [9]. Profitability - The gross margin for Q1 2025 was 29.97%, a slight decrease of 0.28 percentage points year-on-year. This is mainly due to the reduced shipment volume of amorphous products and minor changes in product mix, with overall changes being limited [9]. Expense Management - The total expense ratio for Q1 2025 was 9.77%, down by 0.87 percentage points year-on-year. All expense ratios showed a decline, indicating effective cost control. The sales expense ratio was 1.98%, down by 0.27 percentage points; the management expense ratio was 2.26%, down by 0.21 percentage points; the R&D expense ratio was 6.03%, down by 0.06 percentage points; and the financial expense ratio was -0.49%, down by 0.32 percentage points [9]. Inventory and Liabilities - As of the end of Q1 2025, the company's inventory reached 185 million yuan, an increase of 11.6% year-on-year and a significant increase of 46.9% compared to the previous quarter. This increase in inventory may correspond to a slight decline in revenue [9]. - The contract liabilities at the end of Q1 2025 were 18 million yuan, up 19.4% year-on-year and up 238.4% compared to the previous quarter. Accounts receivable stood at 746 million yuan, an increase of 5.4% year-on-year and 7.5% quarter-on-quarter [9]. Future Outlook - The company is expected to continue expanding its production capacity, with the penetration rate of distribution amorphous products likely to increase. The amorphous transformer is anticipated to see gradual volume growth, and the future application space for amorphous motors appears promising. The company is projected to achieve a net profit of 420 million yuan in 2025, corresponding to a PE ratio of approximately 27 times [9].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q1 2025 performance met expectations, with revenue of 1.782 billion RMB, a quarter-on-quarter increase of 3.62% but a year-on-year decrease of 5.76%. The net profit attributable to shareholders was 83 million RMB, showing a significant quarter-on-quarter increase of 155.07% and a year-on-year increase of 4.95% [2][3] - The overall product prices have increased, with average prices for praseodymium-neodymium oxide, tungsten, and molybdenum rising by 3.13%, 0.55%, and decreasing by 5.02% respectively in Q1 2025. The company achieved a gross profit of 296 million RMB and a gross margin of 16.61%, reflecting a quarter-on-quarter increase of 4.96% and 0.22 percentage points [3] - The company has made progress in cost reduction and efficiency improvement, with operating expenses decreasing by 26.49% to 197 million RMB, and the expense ratio down by 4.53 percentage points to 11.05% [3] Summary by Sections Financial Performance - For Q1 2025, the company reported revenue of 1.782 billion RMB, net profit of 83 million RMB, and a non-recurring net profit of 78 million RMB, indicating significant growth in profitability [2] - The company expects revenues of 8.2 billion RMB, 8.9 billion RMB, and 9.6 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 325 million RMB, 369 million RMB, and 437 million RMB [5] Business Growth - The non-crystalline business showed strong growth in 2024, with new contracts amounting to 1.17 billion RMB, a year-on-year increase of 33%. Revenue reached 974 million RMB, with a net profit of 51.35 million RMB, reflecting a year-on-year growth of 31.63% and 60.79% respectively [4] - The company is the first in China to have the capability to produce fusion tungsten-copper filters, with a complete technology chain from raw materials to component delivery, receiving high recognition from international clients [4]

Core Viewpoint - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.24%, with a net profit attributable to shareholders of 361 million yuan, up 8.73% year-on-year [2] Group 1: Financial Performance - The company reported a revenue of 512 million yuan in Q4 2024, reflecting a year-on-year growth of 9.16% and a quarter-on-quarter increase of 7.22% [2] - The company's gross profit margin for 2024 was 30.58%, an increase of 0.08 percentage points year-on-year, with the gross margin for non-crystalline products reaching 35.68%, the highest since its listing [4] - The company’s net profit for 2024 was 361 million yuan, with a non-recurring net profit of 344 million yuan, marking a year-on-year increase of 12.59% [2] Group 2: Product Performance - Revenue from non-crystalline alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a year-on-year increase of 3.80% in revenue and 10.27% in sales volume, while the sales price decreased by 5.87% [3] - Revenue from nano-crystal products reached 305 million yuan, up 34.71% year-on-year, with sales volume increasing by 35.87% to 6,900 tons, while the sales price decreased by 0.85% [3] - Revenue from magnetic powder products was 142 million yuan, a slight decrease of 0.51% year-on-year, with sales volume increasing by 20.71% to 8,800 tons, and the sales price decreased by 17.58% [3] Group 3: Cost and Expenses - The company’s expense ratio for 2024 was 9.92%, the second-lowest level since 2018, with R&D expense ratio at 5.99%, management expense ratio at 1.92%, sales expense ratio at 2.37%, and financial expense ratio at -0.35% [5] Group 4: Capacity and Market Expansion - The company’s non-crystalline production capacity reached 105,000 tons in 2024, with plans to expand to 120,000 tons by 2027 [6] - The company is actively expanding its overseas market, with overseas revenue of 566 million yuan, a year-on-year decrease of 13.13%, while the overseas gross margin was 35.63%, an increase of 1.55 percentage points [7]