证券日报网讯三川智慧（300066）9月24日在互动平台回答投资者提问时表示，在智慧计量领域，公司 拥有完整的产品线，可提供从DN15到DN300口径的NB-IoT物联网水表、超声波水表、电磁水表等多种 计量产品。 ...

Group 1 - The core business of the company in the smart water sector includes the production and sales of various types of water meters [1] - Main products consist of IoT smart meters, ultrasonic water meters, and electromagnetic water meters, focusing on hot and cold water measurement [1] - The smart water meters are primarily made with copper and stainless steel casings [1]

三川智慧（300066.SZ）9月24日在投资者互动平台表示，在智慧计量领域，公司拥有完整的产品线，可 提供从DN15到DN300口径的NB-IoT物联网水表、超声波水表、电磁水表等多种计量产品，这些产品适 用于各种场合、各种项目的水流计量。 每经AI快讯，有投资者在投资者互动平台提问：随着国内建设水利发电项目增多，请问贵司有无生产 大型水表可以用于水利发电等项目上使用？ （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 130 million yuan for H1 2025, representing a year-on-year increase of 22.04%. The net profit attributable to the parent company was 30.53 million yuan, up 35.87% year-on-year, and the net profit after deducting non-recurring gains and losses was 28.39 million yuan, an increase of 50.83% [3] - The growth in revenue is driven by the sales of ultrasonic water meters and energy management projects, with ultrasonic water meter revenue reaching 55.56 million yuan, a year-on-year increase of 84.14%, and energy management revenue at 13.05 million yuan, up 74.19% [3] - The gross margin remained stable at 48.23%, compared to 49.14% in H1 2024, while selling expenses decreased by 375,000 yuan to 12.38 million yuan [3] - The company is increasing its investment in the construction of an intelligent production line for IoT ultrasonic instruments, with 54.51% of the funds for the "IoT Intelligent Ultrasonic Meter Industrialization Project" utilized by H1 2025, expected to be operational by June 30, 2026 [3] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 88 million yuan (previously 71 million yuan), 101 million yuan (previously 85 million yuan), and 104 million yuan for 2027, respectively [3] Industry Overview - The penetration rate of smart water meters in China is expected to reach 60% by 2025, indicating significant growth potential for the company [4] - The government is promoting infrastructure investments in urban and rural water supply systems, which will further drive demand for smart water meters [4] - The heating industry is also undergoing reforms, with the government accelerating the implementation of heating metering and pricing reforms, which will benefit the company's energy management projects [4]

Group 1 - The 33rd China International Measurement Control and Instrumentation Exhibition (MICONEX 2025) was held in Changsha, Hunan from August 13 to August 15, showcasing advancements in the measurement and instrumentation industry [1][3]. - Hanwei Technology Group participated in two major exhibition areas, presenting a range of high-end intelligent instruments and advanced sensor products [3][5]. - The main forum of the exhibition featured discussions on how the manufacturing industry can navigate internal and external challenges, with insights from industry experts including Hanwei's Chairman Ren Hongjun [5]. Group 2 - Ren Hongjun highlighted the significant opportunities for the sensor and instrumentation industry, noting the expansion of application scenarios into emerging fields such as renewable energy and biopharmaceuticals [5]. - The industry is evolving from single products to complete detection systems, integrating with technologies like AI and edge computing to meet new demands [5]. - Hanwei Technology's products, including the ZRT510 refrigerant leak detection module, JT-KWE laser household gas alarm, and C330-H portable gas cloud imager, received the "Top Ten New Products" award [7]. Group 3 - Hanwei showcased a comprehensive safety monitoring control system designed for high-risk environments such as petrochemicals and natural gas, featuring fast response and high reliability [9]. - The company displayed a range of high-end gas detection devices capable of monitoring various hazardous gases, applicable in sectors like gas, environmental monitoring, and emergency rescue [14][15]. - In the water measurement sector, Hanwei presented high-precision products like ultrasonic water meters and electromagnetic flow meters, supported by a highly automated production line with an annual capacity of one million units [16]. Group 4 - Hanwei's AI edge computing gateway is designed for vertical industries, enabling local data processing and rapid decision-making, successfully applied in various fields including oil, chemicals, and fire safety [18]. - The company also exhibited a variety of high-end sensors and chips, which are crucial for industrial safety monitoring and flow measurement [22]. - The exhibition runs until August 15, inviting customers to visit Hanwei's booths for product insights and participation in on-site activities [23].

Group 1 - The second "Belt and Road" Technology Exchange Conference was held in Chengdu, Sichuan, focusing on building a technology innovation community among participating countries [2][3] - Chinese technology is increasingly becoming a driving force for industrial upgrades in "Belt and Road" countries, enhancing local industry development [2] - Collaboration between Chinese high-tech enterprises and local companies in Belarus is taking place in fields such as new energy, machinery, big data, artificial intelligence, and industrial internet [2] Group 2 - Qingdao Jicheng Electronics Co., Ltd. plans to localize water meter production in Saudi Arabia, significantly improving water resource management efficiency [2][3] - The conference announced the establishment of the Chengdu-Chongqing "Belt and Road" International Technology Transfer Center, aiming to create over 100 international cooperation projects within three years [5] - The "Double Thousand" plan aims to implement 1,000 technology exchange cooperation projects and support 1,000 young scientists' exchanges by 2030 [5] Group 3 - The focus of international cooperation is shifting from traditional product trade to the output of key intermediates, production capacity, supply chains, and standard management [5] - This transformation is expected to enhance international cooperation efficiency and lower collaboration barriers, aiding in the cultivation of localized brands in "Belt and Road" countries [5]

Core Viewpoint - San Chuan Wisdom has been committed to optimizing and upgrading intelligent manufacturing, focusing on innovation-driven development strategies in the smart water sector, and has been recognized as one of the "Advanced Intelligent Factories in Jiangxi Province by 2025" due to its outstanding performance in intelligent manufacturing [1] Group 1: Company Achievements - San Chuan Wisdom is one of the earliest companies in China specializing in the research, production, and sales of water meters, and is a leading smart water service provider in the country [2] - The company has successfully passed multiple certifications for its ultrasonic water meters, including the NMI certification from Australia and the MID and OIML certifications from Slovakia, allowing its products to circulate freely in 31 EU member states [2] - The 5G smart factory is designed with an annual production capacity of 5 million water meters, utilizing programmable robots and achieving over 95% automation in the production process [2][3] Group 2: Industry Trends - The demand for smart water meters is expected to increase due to the acceleration of smart city and water-saving city initiatives, as well as the implementation of tiered water pricing policies [4] - The smart water industry in China is transitioning from automation to digitalization, with most water companies building information infrastructure and moving towards a smart water 3.0 phase [4] - The development of smart water services will increasingly focus on intelligent solutions, leveraging big data and AI for deep data analysis to support decision-making [5] Group 3: Future Outlook - The 5G smart factory will significantly enhance San Chuan Wisdom's competitive advantage by improving production efficiency, product delivery capabilities, and reducing production costs [3] - The company aims to align with industry developments and continue driving product innovation, contributing to the transition of the entire industry towards advanced smart water 3.0 levels [6] - National policies introduced in 2024 are expected to boost the water industry, creating vast market opportunities for smart water solutions [6]

Group 1: Policy and Market Environment - The Chinese government is increasing investment in agricultural water management, with plans to build 1.35 billion mu of high-standard farmland by 2030 and improve 280 million mu by 2035 [4] - The total investment in water conservancy construction has exceeded 1 trillion yuan annually for three consecutive years, reaching a historical high of 1.35 trillion yuan in 2024 [5] - The "soft construction" initiative is expected to significantly benefit private sector leaders in the industry, enhancing project organization and financing [5] Group 2: Company Performance and Financials - The company achieved a revenue of 4 billion yuan in 2024, benefiting from national policies promoting water conservation and agricultural modernization [6] - The company has maintained an order acquisition scale of 5 billion yuan for three consecutive years, ensuring revenue growth and performance certainty [6] - Operating cash flow for the company reached 597 million yuan, indicating strong financial health compared to industry peers [7] Group 3: Profitability Challenges - The average project gross margin has declined due to increased competition and a focus on market share over profit margins [6] - High operational costs, including sales and management expenses, have impacted net profit, although these costs are expected to stabilize [7] - The company anticipates a gradual recovery in industry gross margins, which will positively affect profitability [7] Group 4: Business Strategy and Future Outlook - The company plans to balance its revenue streams across three business segments: agricultural engineering, water information technology, and operational services, each targeting a one-third share [7] - The company is expanding its international presence, particularly in emerging markets along the Belt and Road Initiative, to mitigate risks and capture higher-margin opportunities [11] - The company is committed to technological innovation, with ongoing projects in smart irrigation and water resource management, including the development of a sound wave rain enhancement device [12]

Group 1: Certifications and Market Expansion - The company’s ultrasonic water meter has recently passed OIML and MID certifications, allowing it to be sold freely in 31 EU member countries, thus eliminating technical trade barriers [2][3] - OIML certification enhances customer trust and promotes international trade by ensuring compliance with international standards [3] Group 2: Financial Performance and Challenges - The company experienced a significant decline in performance in 2024 due to substantial losses from its subsidiary Tianhe Permanent Magnet, attributed to market conditions, price fluctuations, and production issues [3][4] - Tianhe Permanent Magnet's losses were exacerbated by a continuous drop in rare earth oxide prices and management misjudgments, leading to cash flow difficulties [4] Group 3: Future Strategies and Measures - In 2025, the company plans to implement a management system focused on "headquarters control and segment autonomy," emphasizing reform and stability while pursuing digital transformation through a 5G smart factory [4] - The company aims to enhance its market position by focusing on large projects, new demand, and improving internal capabilities, including technology innovation and cost control [4] Group 4: Financial Compensation and Impact - Tianhe Permanent Magnet is expected to pay a total compensation of CNY 214,395,700.00 for 2024, with CNY 179,729,043.80 due for that year [4] - The company anticipates recognizing CNY 107,607,526.70 as a financial asset from the compensation, with CNY 72,940,870.50 recognized in 2024 [4] Group 5: Revenue and Market Conditions - In Q1 2025, the company achieved a revenue of CNY 213,343,591.30 [5] - The company’s products are primarily exported to regions such as Australia, Africa, the Middle East, and Southeast Asia, with no current exports to the U.S., thus unaffected by U.S. tariffs on Chinese goods [5]

证券简称： 天罡股份 证券代码： 832651 威海市天罡仪表股份有限公司 山东省威海市环翠区火炬南路 576 号 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚假记载、 误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或者重大遗漏，并 对其真实性、准确性、完整性承担相应的法律责任。 威海市天罡仪表股份有限公司招股说明书 本次股票发行后拟在北京 ...