2025 年 05 月 09 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 76 期 观点精粹: 最新报告摘要 金融政策加力稳市场稳预期--宏观点评 芭田股份(002170.SZ) 深度报告：优质磷矿产能快速扩张，复合肥巨头再腾飞——系列深度之二--芭田股份/ 农化制品(002170/212208) 公司 PPT 报告 国新办发布会点评——资本市场迎来多重利好--资产配置报告 多领域新业务实现突破，2024 年业绩稳健增长--航材股份/航空装备Ⅱ(688563/216502) 科创板公司动态研究 2025 年 Q1 可比归母净利润同比增长 22%，重卡龙头加速转型前景光明--潍柴动力/汽车零部件 (000338/212802) 公司动态研究 证券研究报告 1、最新报告摘要 1.1、金融政策加力稳市场稳预期--宏观点评 分析师：夏磊 S0350521090004 事件： 2025 年 5 月 7 日国务院新闻办公室举行新闻发布会，中国人民银行、国家金融监督管理总局、中国证券监督 管理委员会负 ...

Core Viewpoint - The company reported a slight increase in performance for 2024, with significant growth in Q4 net profit and a long-term contract signed with an international client worth approximately 2.1 billion RMB [1][3][5]. Financial Performance - In 2024, the company achieved total revenue of 2.932 billion RMB, a year-on-year increase of 4.62% [3]. - The net profit attributable to shareholders was 581 million RMB, up 0.84% year-on-year, while the net profit excluding non-recurring gains and losses decreased by 9.26% to 514 million RMB due to changes in product structure [3]. - In Q4 2024, the company reported revenue of 736 million RMB, a 21.08% increase year-on-year, and a net profit of 145 million RMB, reflecting a 97.91% year-on-year growth [1][3]. Product Performance - Revenue from basic materials decreased by 7.83% due to reduced orders, while revenue from aviation finished products increased by 9.09% due to order growth [3]. - Non-aviation finished products saw a 44.63% increase in revenue, and processing service revenue grew by 97.25% due to increased orders and new coarse powder processing business [3]. Research and Development - The company increased its R&D investment to 242 million RMB in 2024, an 18.78% year-on-year increase, with an R&D expense ratio of 8.3%, up by 1.0 percentage points [3]. - The company applied for 35 invention patents, 2 utility model patents, and 1 design patent, with 16 patents granted [3][4]. Strategic Initiatives - The company is focusing on the low-altitude economy sector and has partnered with WoFei to expand the market for transparent components in low-altitude aircraft [5]. - A long-term framework contract was signed with an international client, expected to generate a total contract value of approximately 2.1 billion RMB from 2025 to 2030 [5]. - The company is implementing fundraising projects to expand production capacity and enhance its presence in the self-controlled and maintenance markets [6].