九号公司 20250429 • 公司在欧洲割草机渠道布局持续扩大，先发优势明显。针对美国市场，公 司计划寻找合适代工厂以拓展业务。若美国关税稳定，公司在美国市场的 机会将增加。 Q&A 2025 年第一季度的财务数据表现如何？ 2025 年第一季度，公司营业收入为 51.12 亿元，同比增长 99.52%。归属于 上市公司股东的净利润为 4.56 亿元，同比增长 236.2%。股份支付费用为 0.45 亿元，剔除股份支付费用影响后，归属于上市公司股东的净利润是 5.1 亿 元，同比增长 123.05%。电动两轮车销量 100.38 万台，收入 28.62 亿元； 自主品牌零售滑板车销量 20.67 万台，收入 3.95 亿元；全地形车销量 4,822 台，收入 2.15 亿元；ToB 产品直营收入 8.10 亿元；配件和其他的收入是 8.30 亿元。 电动两轮车业务在未来两个季度的盈利能力如何评估？ 电动两轮车业务在一季度表现强劲，占集团营收和利润约 60%。销售费用、管 理费用同比下降较多，这主要与电动两轮车业务相关。预计二三季度销量将逐 步攀升，因此盈利能力可能提升一到两个百分点。然而，由于新国标的原因， ...

明泰铝业 20250429 摘要 • 受关税及出口退税政策影响，公司一季度出口量同比下降 30%，但北美市 场仍占主导地位，其中加拿大占比 50%，墨西哥 30%，美国及其他地区 20%。 • 针对美国市场，公司主要出口 3 系、5 系和 6 系铝产品，虽受 70%关税影 响，但仍有部分非反倾销产品继续销售，占北美地区出口量的 10%左右。 • 北美市场定价采用 LME 铝月均价加价差模式，虽成本核算基于实际成本， 但因客户无法保值，不直接采用成本定价，国内采购参考沪铝，北美参考 LME，存在差价。 • 美国对 3 系和 5 系厚度 6.3 毫米以下的铝板带征收反倾销税，但 6.3 毫米 以上及所有 6 系产品不受影响，公司此类产品年产量约为 25 万吨。 • 取消出口退税后，公司整体出口减少 30%，尽管价格上涨 13%，但 70% 的客户选择接受涨价继续合作，加拿大市场需求已恢复至原先的 75%- 80%。 • 海外需求逐步回落，加工费展望不乐观，利润率下降且成本未降，报价差 价扩大，金属价格差价扩大，整体需求不理想，一季度海外贸易利润高于 国内 500-600 元，二季度可能持平或略低于一季度。 • 今 ...

Summary of the Conference Call for Hengli Hydraulic Company Overview - **Company**: Hengli Hydraulic - **Industry**: Hydraulic equipment manufacturing Key Points and Arguments Financial Performance - **2024 Loss**: Expected loss of approximately 100 million yuan due to specific project impacts, despite nearly 10% sales revenue growth in hydraulic pump and valve market share [2][3] - **Revenue Growth**: Total revenue reached a historical high with an increase of 450 million yuan [3] - **Net Profit**: Net profit for 2024 was 1.33 billion yuan, a year-on-year increase of about 13% [2][8] - **Q1 2025 Performance**: Core product profitability remained stable, with filter core business growing approximately 20% year-on-year [11] Product and Market Dynamics - **Product Gross Margin**: 2024 gross margin increased by nearly 1 percentage point, but Q1 2025 saw a decline of 0.6 percentage points due to slight decreases in casting parts prices [2][6] - **Sales Composition**: Domestic sales accounted for 77% of total sales, up nearly 4 percentage points, while overseas sales made up 23%, increasing by about 8% [2][8] - **Excavator Cylinder Revenue**: Revenue from excavator cylinders decreased by about 10%, while non-excavator cylinders grew by over 15% [2][3] Capital Expenditure and Cash Flow - **2025 Capital Expenditure**: Estimated at over 400 million yuan for equipment payments, with total fixed asset investments in Mexico around 1 billion yuan [5][16] - **Cash Flow**: Q1 2025 cash flow showed significant fluctuations, with cash payments increasing by approximately 80 million yuan mainly for salaries and taxes [4] Business Segment Performance - **Segment Growth**: Non-standard cylinder segment grew by over 20%, driven by demand in new energy, shield tunneling, and marine engineering sectors [8][26] - **Pump and Motor Systems**: Total revenue for pump and motor systems reached 3.79 billion yuan, with a year-on-year growth of over 9% [8] R&D and Future Outlook - **R&D Investment**: R&D expenses remained stable, with a focus on new business segments [9] - **Future Profitability**: Anticipated gradual decrease in overall expense ratios as revenue grows, with new business income expected to stabilize [12] Market Share and Competitive Position - **Market Share in 2024**: Small excavator pump and valve market share was approximately 50%, while medium and large excavator market share was around 30% [22] - **Long-term Potential**: There is significant potential for increasing market share in small and medium-sized pumps and valves, with a focus on product innovation to meet strict supply chain requirements from major clients like Caterpillar [22][24] Challenges and Strategic Responses - **Overseas Revenue Decline**: Q1 2025 saw a decrease in overseas revenue due to market changes in Europe and North America [19] - **Collaboration with Foreign Firms**: Ongoing partnerships with foreign excavator manufacturers, including Japanese companies, to enhance product adaptability and meet regional demands [23][24] Specific Business Developments - **New Projects**: The four-cylinder project has developed over ten products and entered mass production, with the Mexico factory starting small-scale production [7][11] - **Agricultural Machinery**: Agricultural machinery business contributed approximately 200-300 million yuan in revenue in 2024, with expectations for over 20% growth in 2025 [28] Industrial Sector Growth - **Industrial Sector Goals**: The pure industrial sector aims for over 30% annual growth, supported by pricing strategies influenced by competitors [29] This summary encapsulates the key insights from the conference call, highlighting the financial performance, market dynamics, and strategic outlook of Hengli Hydraulic.

• 咸亨国际营收结构变化，电网领域占比下降，新兴领域占比提升，但新兴 领域毛利率较低。公司整体毛利额增长速度超过费用增长，净利润显著提 升，其中净利润同比增长 181%，扣非归母净利润同比增长 168%，显示 出较强的盈利能力。 • 公司积极布局新质生产力，重点关注技术创新，在液压工具机械化作业装 备、状态检测和不停电作业等领域推出创新产品。例如，轮履一体立杆机、 声学成像融合红外模块等产品提升了市场竞争力。 • 咸亨国际通过技术创新提升市场竞争力，包括定制化液压工具机械化作业 装备、声学成像融合红外模块、电缆故障智能诊断技术以及个人防护类产 品及智能工器具的研发投入。 • 公司是国内最早一批进行工业无人机自主研发和生产的企业之一，与北航 合作，后转型为大疆生态合作伙伴，基于大疆无人机和机场进行二次开发， 满足能源、交通应急领域客户的需求。 • 咸亨国际关注机器人在能源行业的应用，成立机器人事业部，专注于基于 成熟本体进行二次开发，满足专业化客户场景需求。计划三个月内完成基 于四足机器人巡检变电站及石油石化产站解决方案演示场景搭建。 咸亨国际 20250429 摘要 Q&A 咸亨国际在 2025 年第一季度的 ...

Summary of Huqin Technology Conference Call Company Overview - Huqin Technology started with mobile IDH solution design and evolved through various business models, currently focusing on a "3+N+3" global smart product hardware platform strategy, with three core business pillars: smartphones, personal computers, and data centers [2][3][11] Core Business and Financial Performance - In 2024, Huqin Technology achieved revenue of 109.88 billion RMB, a year-on-year increase of 28.8%, and a net profit of 2.93 billion RMB, up 8.1% [2][16] - Significant growth in specific sectors: data business up 178.8%, wearable products up 47.7%, AIoT products up 187.9%, and automotive and industrial products up 91.1% [2][16] Global Layout and R&D Centers - The company has a "1+5+5" global industrial layout, including a headquarters in Shanghai, five R&D centers, and manufacturing bases in China and VMI (Vietnam, Mexico, India) [2][5][13] - Over 16,000 R&D personnel are distributed across the five centers, supporting the "3+N+3" strategy [13] Core Competencies - Huqin has developed ODMM (Original Design Manufacturing Management) capabilities, focusing on efficient operations, R&D design, advanced manufacturing, and precision structural components [6][14] - The company holds over 6,100 intellectual property rights, including more than 1,300 invention patents, positioning it as a leader in technology [9] Strategic Evolution - The company has undergone five stages of development since its founding in 2005, transitioning from IDH design to a multi-category ODM model and now to a comprehensive smart product platform [3][4][6] Future Outlook - For 2025, Huqin expects revenue growth of over 20%, with mature markets like smartphones and PCs growing by 10% to 20%, and emerging markets like wearables and data business growing by 30% to 60% [22] - The company plans to increase smartphone shipments from 170 million in 2025 to over 200 million, and PC shipments from 15 million to 25 million [23] ESG Strategy - Huqin adheres to long-termism and sustainable development, achieving an MSCI China Index inclusion and an ESG rating of A, with a commitment to green technology and social responsibility [19] Challenges and Responses - The company faces macro uncertainties, including tariff impacts and geopolitical risks, and has implemented strategies such as diversifying product lines and expanding global manufacturing to enhance resilience [32][36][37] Investment in New Technologies - Huqin is investing in automotive electronics and robotics, with plans to reach nearly 10 billion RMB in automotive revenue and explore new markets in robotics by 2025 [26][28] Conclusion - Huqin Technology is positioned for robust growth through its diversified product offerings, strong R&D capabilities, and strategic global manufacturing footprint, while actively managing external uncertainties and pursuing sustainable practices [10][19][37]

登海种业 20250429 摘要 • 公司 2025 年一季度营收同比下降 30%至 1.62 亿元，归母净利润同比下 降 18.37%至 2,459.77 万元，主要受粮食价格不景气影响，农民购种意 愿降低，导致产品售价下降。 • 2024 年公司制造成本因单产提高和大豆产值费用减少而下降。玉米平均 单产从 2023 年的 300 多公斤提高到 400 多公斤，增幅显著，同时大豆产 值费用每吨减少五六百元。 • 受粮食价格下跌影响，种子产品出厂价和终端售价均有所下降。预计未来 种子产品售价将继续受市场品种结构调整和转基因品种扩面提速影响，但 成本有望通过单产提高和生产效率提升得到控制。 • 公司毛利率在 2024 年三四季度及 2025 年一季度同比提升，主要得益于 制造成本下降、品种结构优化以及推广耐密植抗病性强的新型品种。 • 市场对种子的需求趋向低成本、高产量，单产低于 400 公斤的种子竞争力 减弱。公司目标产值提高，西北地区目标产值为 3,600 元，甘肃地区约为 4,200 元。 Q&A 公司 2024 年和 2025 年一季度的业绩表现如何？ 根据公司披露的财报，2024 年全年营业收入为 1 ...

Summary of the Conference Call for Saiyi Information Company Overview - **Company**: Saiyi Information - **Industry**: ERP and AI applications in manufacturing Key Points and Arguments Customer Growth and Market Dynamics - Saiyi Information's customer base has grown significantly, surpassing 1,120 clients, representing a year-on-year increase of 22.9% [2][3] - Some major client orders have contracted due to changes in the ERP domestic replacement cycle, with one client's order decreasing from 620 million to 510 million [2][3] - The company is actively responding to market demand fluctuations and competitors' low-price strategies [2] ERP Industry Trends - The ERP sector is undergoing a core system reconstruction, with large enterprises like China Mobile and Hikvision rebuilding their ERP systems [2][5] - The MCP protocol is becoming an industry standard, providing opportunities for Saiyi Information to connect model manufacturers with clients [2][5] Intelligent Manufacturing Performance - Revenue from intelligent manufacturing has increased nearly 20% year-on-year, accounting for 41.34% of total revenue [2][6] - Collaborations with government departments and Huawei have enhanced product capabilities, leading to recognition from foreign competitors [2][6] AI Research and Development - Saiyi Information continues to invest in AI R&D, launching the Shanmo GPT platform and making progress in model management and multimodal data management [2][8] - The company has formed three profitable AI business models and is exploring AI applications in manufacturing [2][7][10] Financial Performance - In Q1 2025, net profit increased by 20% year-on-year, with plans to track, expand, and optimize strategies for steady operations [2][12] - For 2024, the company achieved revenue of 2.395 billion, a growth of approximately 6.3%, despite a decline in net profit to around 140 million due to market pressures [3][20] Cash Flow Management - The finance department will enhance operational cash flow management by establishing a customer credit management model and dynamic early warning systems [4][13] - The goal is to increase the ratio of cash flow to net profit to over 50% [4][13] AI Business Models - Saiyi Information's AI business models in the ERP field include low-cost cold starts, collaborative planning with clients, and connecting with major model manufacturers for delivery services [10][16] Future AI Development Goals - The company aims for AI to account for 30%-50% of revenue within two to three years, with current contributions at 10%-15% [16] - Long-term expectations include full AI integration across applications within five to eight years [16] PCB Industry Performance - In 2024, revenue from the PCB industry was approximately 13 million RMB, with contracts signed for projects with Shenghong Technology and Eaton Electronics [19][23] Margin and Cost Management - The decline in gross margin in 2024 was attributed to competitive pricing strategies and reduced orders from key clients [20][26] - Management expenses are expected to rise due to talent optimization initiatives, although overall employee numbers remain stable [22][25] Horizontal and Vertical Expansion - The company views horizontal expansion as a necessary process, particularly in vertical applications of large models in industries like photovoltaics and equipment manufacturing [27] AI Product Commercialization - The commercialization of AI products is expected to positively impact gross margins, especially in intelligent manufacturing systems [26][28] Market Position and Future Outlook - The development of AI technology is seen as a significant opportunity for increasing market share, with a focus on providing efficient human-machine interaction experiences [32][33] Additional Important Insights - The company is committed to enhancing its R&D investments, focusing on AI, Huawei-based IMC, and upgrading its NBMX model manufacturing execution platform [24] - Saiyi Information's strategy includes leveraging government resources and maintaining strong relationships with industry leaders like Huawei to drive market share growth [33]

太辰光 20250429 摘要 • 太辰光 2025 年一季度营收 3.71 亿元，同比增长 66%；归母净利润 0.79 亿元，同比增长 150%。综合毛利率达 42%，同比提升 11 个百分点，环 比提升 3 个百分点，主要受益于销售结构优化和关键器件国产替代。 • 公司母公司光纤连接器常规接头月产能约 500 万头，MPX 芯接头月产能 约 80 万头。MT 插芯自用占比超 50%。12 型单模低损耗已满足客户需求， 但 24 型单模低损耗供应仍然紧张，公司正调整产能结构。 • 太辰光与 USCOM 签署 MDC 连接器全球专利许可协议，获得 11 项核心专 利非独占许可，正推进 MDC 产品生产制造，公司是国内唯一可自主生产 MDC 插芯和散件的企业，有望提高市场占有率。 • 高密度连接器方面，未来将演变为更小型 VSFF 超小型连接器，多芯端采 用 MMC 接头，另一端采用更高密度的 MDC 接头，显著提升空间利用效率 和性能表现。 • 公司在光模块制造方面取得领先，强调其在机房密集连接布线及未来 CPU 方案中的应用优势，已在部分海外头部客户的无源光连接部分使用夏普技 术，并采用 MMC 小型接头 ...

宝通科技 20250429 摘要 • 宝通科技 2024 年营收 36.27 亿元，移动互联网板块收入 14.36 亿元，工 业互联网板块收入 18.66 亿元，其中智能输送数字化产品收入 13.92 亿元， 智能输送产品与服务收入 4.73 亿元，同比增长 31.15%。整体毛利率为 25.26%。 • 2025 年第一季度，宝通科技营收 7.59 亿元，同比下降 9.62%；归母净 利润 5,455 万元，同比下降 36.47%。移动互联网板块收入 3.52 亿元， 同比下降 24%；工业端收入 4.07 亿元，同比增长 8.24%。 • 易幻子公司 2024 年营收 9.2 亿元，利润 2.28 亿，同比增长 248%，主 要受益于《马赛克英雄》在日本的成功发行，收入超过 5 亿人民币。2025 年第一季度，易幻营收 2,540 万元，同比下滑 16%，净利润 6,953 万元， 同比下滑 18%。 • 海南高图子公司 2024 年营收 5.17 亿，实现利润 1,458 万，扭亏为盈。 《Bloodline》运营三年，2024 年收入超过 1.7 亿人民币。 • 工业互联网领域，数字化输送带产品收入 ...

金力永磁 20250428 摘要 • 金力永磁 2025 年一季度营收 17.54 亿元，同比增长 14%，产能利用率 超 90%，磁材成品产销量同比增超 40%。新能源汽车和节能变频空调领 域收入占比分别为 50%和 30%，出口销售额占比 18%，其中对美销售额 占比不到 7%。 • 公司毛利率达 15.7%，同比环比均改善，净利润和扣非净利润显著增长。 受益于产能释放和成本控制，尽管稀土价格波动，公司仍积极调整采购和 储备策略以应对。 • 截至 2024 年底，公司具备 3.8 万吨毛坯年产能，预计 2025 年底达 4 万 吨。包头三期项目预计 2027 年建成，新增 6 万吨产能，并具备先进的协 作机器人和电子转子生产线。 • 公司推出 A 股股份回购计划，彰显对未来发展和公司价值的信心，资金来 源于自有或自筹资金，计划用于注销或减少注册资本，以提升公司价值。 • 稀土供需关系变化，如美国 MP Materials 进口受限和缅甸供应波动，导 致供给减少，价格上涨。公司积极申请出口许可，确保满足全球新能源汽 车和风电客户需求。 Q&A 请介绍一下金力永磁 2025 年第一季度的业绩情况。 金力永磁是 ...