| | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） 长江证券许宏远、童松 | | | 宝盈基金侯嘉敏、徐也、侯星宇、游凡、张天闻、赵国进、温济鹏 | | | 长城基金任柯宇 天风证券杨晋芸 | | | 山西证券傅盛盛 | | 参与单位名称及人员姓名 | 中信建投王介超、汪明宇 | | | 国泰基金戴计辉 | | | 冲积资产褚壹钦 | | | 沣宜投资刘军 | | | 华泰柏瑞钱建江 | | 时间 | 2025年5月20日-5月23日 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 董事会秘书、副总经理冯加广 | | | 证券事务代表王慧 1、永磁产能规划的更新情况 | | | 答：打造6万吨永磁铁氧体磁瓦产能一直是中长期目标。在产能 | | 投资者关系活动主要内容 | 布局整合、现有产能挖潜、效率提升方面做更多优化，尽量采用低 | | 介绍 | 成本扩张的方式增加产能，并根据下游需求控制产能投放节奏。庐 | | | ...

公司持续推进产品创新与品类拓展，不断丰富产品矩阵。在车载领域，车载电感、车载电源等产品凭借 其技术优势和性能特点，逐步获得市场认可并实现规模化出货，带动相关品类收入增长。海外产能布局 方面，2024 年公司位于安徽淮南、马来西亚二期、泰国一期的生产基地已陆续建成投产，为海外市场 的拓展提供了有力支持。美国、墨西哥基地的建设也在按计划稳步推进，进一步完善了公司的全球产能 布局。 持续强化全球化布局，维持"买入"评级 我们预计公司2025-2027 年营业收入分别为58.33/68.65/76.77 亿元，同比分别 +25.75%/+17.68%/+11.83%；归母净利润分别为3.90/4.98/6.18 亿元，同比增速分别为 33.24%/27.82%/24.10%，三年CAGR 为28.33%。EPS 分别为0.99/1.27/1.57元，对应PE 分别为 15.5/12.1/9.8 倍。公司海外收入有望进一步增长，盈利能力有望回升，维持"买入"评级。 风险提示：海外市场开拓不及预期；海外贸易政策变化风险；海外建厂进度不及预期；汇率波动风险。 公司发布2025 年一季报，2025 年Q1 实现营收10.84 ...

Group 1: Shuiyang Co., Ltd. - Shuiyang Co., Ltd. aims for globalization, planning to expand three store formats in the top ten global cities, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term impact from tariffs; the company plans to adjust its team and ensure business operations and brand upgrades in the US market this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] - The PA brand saw over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and stable channel development [1] Group 2: Longci Technology - Longci Technology has a minimal direct export to the US, thus limited impact from US tariff policies [2] - The company aims for a long-term permanent magnet production capacity of 60,000 tons, with an expected capacity of 50,000 tons this year [2] - The Vietnam factory's permanent magnet capacity has expanded to 10,000 tons per year, while the Thailand soft magnet factory plans for 8,000 tons capacity [2] - The company is focusing on developing chip inductors and automotive inductors, leveraging customer synergy to penetrate the automotive inductor market [2] Group 3: Dongfang Yuhong - Dongfang Yuhong's overseas business revenue grew rapidly in Q1 2025, with the Malaysia factory completed in Q1 [3] - The company is enhancing operational efficiency through organizational restructuring, redundancy elimination, and workflow simplification [3] - The company is focusing on expanding its product categories, with non-waterproof product revenue accounting for half of total revenue this year [3] - The integration of the architectural coating business with the sand powder group aims to achieve supply chain and process synergy, enhancing cost reduction and efficiency [3]