8月27日，云路股份跌0.36%，成交额1.38亿元。两融数据显示，当日云路股份获融资买入额2018.32万 元，融资偿还2555.10万元，融资净买入-536.78万元。截至8月27日，云路股份融资融券余额合计 9969.12万元。 融资方面，云路股份当日融资买入2018.32万元。当前融资余额9819.56万元，占流通市值的0.78%，融 资余额超过近一年60%分位水平，处于较高位。 融券方面，云路股份8月27日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额2.09万 元；融券余量1.43万股，融券余额149.56万元，超过近一年80%分位水平，处于高位。 机构持仓方面，截止2025年3月31日，云路股份十大流通股东中，景顺长城新能源产业股票A类 （011328）位居第六大流通股东，持股191.18万股，相比上期减少63.32万股。广发多因子混合 （002943）退出十大流通股东之列。 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 ...

融券方面，云路股份8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量1.41万股，融券余额145.78万元，超过近一年80%分位水平，处于高位。 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%。 截至3月31日，云路股份股东户数5591.00，较上期增加28.71%；人均流通股21463股，较上期减少 22.30%。2025年1月-3月，云路股份实现营业收入4.21亿元，同比减少4.87%；归母净利润7890.91万元， 同比增长4.34%。 8月25日，云路股份涨1.38%，成交额1.26亿元。两融数据显示，当日云路股份获融资买入额2546.91万 元，融资偿还1514.56万元，融资净买入1032.35万元。截至8月25日，云路股份融资融券余额合计1.08亿 元。 融资 ...

Group 1 - The core viewpoint is that Yunlu Co., Ltd. (688190.SH) is a leading enterprise in the domestic soft magnetic materials sector, benefiting from strong national policy support and entering a historic strategic development opportunity [2] - The management team announced a collective stock buyback, marking the first such initiative since the company's listing, aimed at enhancing investor confidence and promoting stable development [2] - The management intends to increase their holdings using personal or raised funds, with a total planned investment ranging from 4 million to 12 million yuan [2] Group 2 - Yunlu Co., Ltd. aims to position itself as a global provider of sustainable energy materials and comprehensive solutions, focusing on high-end products in the magnetic materials sector [3] - The company is projected to achieve a 7.24% increase in revenue and a 12.59% increase in net profit attributable to shareholders in 2024, driven by the new production line and growing applications in amorphous transformers and motors [3] - The company plans to deepen its "materials + equipment + applications" model, supporting industry growth through material technology innovation and expanding applications in strategic emerging fields like new energy vehicles [3] Group 3 - The company is actively developing new products in the magnetic materials field, including nanocrystalline ultra-thin strips and magnetic powders, to diversify its product structure and explore new market opportunities [4] - Since its listing in November 2021, Yunlu Co., Ltd. has maintained a cash dividend policy with a payout ratio above 30%, implementing a mid-term dividend for the first time in 2024 [4] - The company aims to continue a robust profit distribution policy to reward shareholder trust [4]

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].

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]