证券代码：688768 证券简称：容知日新 安徽容知日新科技股份有限公司 安徽容知日新科技股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东会规则》以及《安徽容知日新科技股 份有限公司章程》（以下简称"《公司章程》"）的相关规定，认真做好召开股东 大会的各项工作，特制定本须知： 一、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、监事、高级 管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进 入会场。 二、出席会议的股东及股东代理人须在会议召开前 20 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或企业营业执照/注册证 书复印件（加盖公章）、授权委托书等，经验证后领取会议资料，方可出席会议。 会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有表决权的股 份总数，在此之后进出的股东无权参与现场投票表决。 三、股东及股东代表参加股东大会依法享有 ...

证券代码：688768 证券简称：容知日新 安徽容知日新科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 1 | 目录 | | --- | | 年年度股东大会会议须知 2024 | 3 | | --- | --- | | 2024 年年度股东大会会议议程 | 5 | | 2024 年年度股东大会会议议案 | 7 | | 议案一：关于公司 2024 年年度报告及其摘要的议案 | 7 | | 议案二：关于公司 2024 年度董事会工作报告的议案 | 8 | | 议案三：关于公司 2024 年度监事会工作报告的议案 | 9 | | 议案四：关于公司 2024 年度独立董事述职报告的议案 | 10 | | 议案五：关于公司 2024 年度财务决算报告的议案 | 11 | | 议案六：关于公司 2025 年度财务预算报告的议案 | 12 | | 议案七：关于公司 2024 年年度利润分配方案的议案 | 13 | | 议案八：关于续聘会计师事务所的议案 | 14 | | 议案九：关于公司 2025 年度董事薪酬方案的议案 | 17 | | 议案十：关于公司 2025 年度监事薪酬方案的议案 | 1 ...

盈利预测与估值 公司公布2024 年及1Q25 业绩：2024 年公司营收5.84 亿元，同比增长17.21%；归母净利润1.08 亿元， 同比增长71.49%。单季度来看，4Q24 营收2.41 亿元，同比增长21.65%；归母净利润1.05 亿元，同比增 长32.56%。 1Q25 营收8357 万元，同比增长37.51%；归母净利润-672 万元，公司业绩季度性较强，亏损同比收窄 1,268 万元。公司管理重新梳理、叠加伙伴模式导入，经营拐点向上，2024 年和1Q25 业绩略高于我们 预期。 2024 年煤炭、冶金贡献高收入增长。2024 年公司营收5.84 亿元（同比+17.21%），分行业看，电力、 石化、冶金、水泥、煤炭、其他营收分别为2.29/0.84/1.05/0.29/0.80/0.50 亿元， 分别同比 +17.92%/-13.10%/+41.40%/+13.12%/+63.61%/+43.49%；煤炭行业合作伙伴战略执行持续推进、冶金行 业绑定核心客户创新商业模式、有色金属等其他行业积极拓展，多行业布局平衡发展。 运营管理效率提升，24 年毛利率同比+1.4ppt。2024/1Q25 ...

容知日新发布年报和一季报，2024 年实现营收5.84 亿元（yoy+17.21%），归母净利1.08 亿元 （yoy+71.49%），扣非净利1.05 亿元（yoy+84.06%）。 盈利预测与估值 公司2024 年提出伙伴战略、服务战略和好产品全球化战略，有望从加大销售杠杆、商业模式创新提升 盈利能力和产品研发三个维度提升企业的经营业绩。我们上调营收增速，预计25-26 年归母净利润 （+22%/27%）至1.58 亿元、2.09 亿元，并预计27 年归母净利润为2.62 亿元，对应EPS 为1.80、2.39、 3.00 元。可比公司25 年Wind 一致预期PE 均值30 倍，考虑到公司订阅制业务创新有望持续提升业务规 模，且企业是国内PHM 行业龙头，应有溢价给予公司25 年36 倍PE，目标价64.80 元（前值30.94，24 年26 倍PE）。 风险提示：市场竞争加剧，应收账款回收、新领域、技术研发拓展不及预期。 2025 年Q1 实现营收8357.40 万元，同比37.51%，归母净利润-639.18 万元，同比减亏1291 万元。公司业 绩有较强季节性，通常四季度是收入和利润确认高峰，20 ...

2）容知日新 （北京源乐晟资产参与公司业绩说明会&投资者线上交流会&线上交流） 调研纪要：容知日新2024年度服务收入约2,300万元，同比增长73%。公司重点拓展电力、冶金、石 化、煤炭、水泥、有色、轨交、水务、火电和港口等行业。2025年一季度石化行业业绩大幅提升。公司 具有完整技术链体系，实时接入超18万台设备，打造PHMGPT大模型。2024年现金流从负7,000多万提 升为正7,000多万，2025年将保持良好状态。公司已接入DeepSeek，未来可能接入更优秀的大模型。对 电力行业发展有信心，2025年加大火电市场拓展。2025年费用相比2024年不会有大幅变化。大部分行业 传感器通用，特定场景有特殊需求。 3）晶瑞电材 （源乐晟资产参与公司电话会议） 根据市场公开信息及4月28日披露的机构调研信息，知名私募源乐晟资产近期对3家上市公司进行了调 研，相关名单如下： 1）玉马科技 （北京源乐晟资产参与公司业绩说明会） 调研纪要：玉马科技一季度净利润下降幅度较大，主要受假期和关税政策影响，加上股权激励和研发费 用增加。对美出口收入占10%，在美国有子公司和仓库，已在新加坡设子公司，计划建设越南生产基 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 64.80 [7][8]. Core Views - The company reported a revenue of RMB 584 million in 2024, representing a year-over-year increase of 17.21%, and a net profit attributable to shareholders of RMB 108 million, up 71.49% year-over-year [1][6]. - The company is expected to achieve significant growth through the expansion of subscription services and the introduction of new products, with a strong focus on improving cash flow and operational efficiency [1][4]. - The overall gross margin for the company improved by 2.79 percentage points to 63.62% in 2024, driven by strong performance in the coal sector and the introduction of new products [2][4]. Revenue and Profitability - The company’s revenue projections for 2024 to 2027 are as follows: RMB 583.73 million in 2024, RMB 806.37 million in 2025, RMB 1,062 million in 2026, and RMB 1,246 million in 2027, with respective growth rates of 17.21%, 38.14%, 31.71%, and 17.28% [6][26]. - The net profit attributable to shareholders is projected to reach RMB 262.34 million by 2027, with a compound annual growth rate (CAGR) of 25.58% from 2024 to 2027 [6][26]. Financial Metrics - The company’s earnings per share (EPS) are expected to increase from RMB 1.23 in 2024 to RMB 3.00 in 2027, reflecting strong growth in profitability [4][26]. - The price-to-earnings (PE) ratio is projected to decrease from 42.88 in 2024 to 17.58 in 2027, indicating an expected increase in earnings relative to the stock price [6][26]. Strategic Initiatives - The company is implementing a partner strategy, service strategy, and global product strategy to enhance sales leverage and innovate its business model, which is anticipated to improve profitability and operational performance [4][6]. - The integration of AI models is expected to enhance the company's operational capabilities and service offerings, transitioning from "perceptual intelligence" to "cognitive intelligence" [3][4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 64.80 [7][8]. Core Views - The company reported a revenue of RMB 584 million in 2024, representing a year-over-year increase of 17.21%, and a net profit attributable to the parent company of RMB 108 million, up 71.49% year-over-year [1][6]. - The company is expected to achieve significant growth through the expansion of subscription services and the introduction of new products, with a strong focus on improving cash flow and operational efficiency [1][4]. - The overall gross margin for the company increased by 2.79 percentage points to 63.62% in 2024, indicating improved profitability across various sectors [2][4]. Revenue and Profitability - The company’s revenue projections for 2025 and 2026 are RMB 806 million and RMB 1.062 billion, respectively, with expected net profits of RMB 158 million and RMB 209 million, reflecting growth rates of 22% and 27% [4][6]. - The company’s cash flow from operations improved significantly, with a net cash flow of RMB 71.62 million in 2024 compared to a negative cash flow of RMB 73.98 million in 2023 [1][6]. Industry and Product Development - The company is focusing on enhancing its AI capabilities through the development of its proprietary model, PHMGPT, which aims to improve operational efficiency and service delivery [3][4]. - The introduction of new products and a partner strategy in the coal sector has contributed to rapid revenue growth, particularly in the second half of 2024 [2][4]. Valuation Metrics - The expected earnings per share (EPS) for 2025 is projected to be RMB 1.80, with a price-to-earnings (PE) ratio of 36 times based on the target price [4][6]. - The company is positioned as a leader in the domestic PHM industry, justifying a premium valuation compared to peers [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company has returned to high growth due to management system reforms and is positioned in a vast blue ocean market, particularly benefiting from the rapid development of AI technology [3]. - The company is a leader in the Chinese PHM industry, actively building a partner ecosystem, expanding into new industries, and investing in AI technology [3]. - The company's revenue for 2024 is projected to be 584 million yuan, a year-on-year increase of 17.21%, with a net profit of 107.52 million yuan, reflecting a significant growth of 71.49% [1][3]. Financial Performance Summary - For 2024, the company achieved total revenue of 584 million yuan, with a net profit of 107.52 million yuan, exceeding market expectations [1]. - In Q1 2025, the company reported revenue of 84 million yuan, a year-on-year increase of 37.51%, and a net profit of -6 million yuan, showing a growth of 66.89% [1]. - The company's operating cash flow improved significantly, with 72 million yuan in 2024 and 7 million yuan in Q1 2025, compared to negative cash flows in the previous year [8]. Industry and Market Position - The company is positioned in a rapidly growing market, with significant revenue growth in sectors such as metallurgy, coal, and non-ferrous industries [8]. - The number of connected devices has rapidly increased, with over 180,000 devices monitored, showcasing the company's technological advancements and market competitiveness [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company has returned to high growth with a significant improvement in cash flow, driven by management system reforms and a focus on AI technology in a rapidly developing market [3]. - The company achieved a revenue of 584 million yuan in 2024, representing a year-on-year growth of 17.21%, and a net profit of 107.52 million yuan, up 71.49% year-on-year [1][3]. - In Q1 2025, the company reported a revenue of 84 million yuan, a 37.51% increase year-on-year, although it recorded a net loss of 6 million yuan [1]. Financial Performance Summary - The company’s total revenue is projected to grow from 498.04 million yuan in 2023 to 1,362.79 million yuan by 2027, with a compound annual growth rate (CAGR) of 35.29% [1]. - The net profit is expected to increase from 62.70 million yuan in 2023 to 278.72 million yuan in 2027, reflecting a CAGR of 43.54% [1]. - The earnings per share (EPS) is forecasted to rise from 0.72 yuan in 2023 to 3.19 yuan in 2027, indicating strong profitability growth [1]. Industry and Market Position - The company is positioned as a leader in the PHM (Predictive Health Management) industry in China, with a strategy focused on building a partner ecosystem and expanding into new sectors [3]. - The company has made significant advancements in AI technology, with over 180,000 devices connected for remote monitoring and a robust database of over 30,000 industrial equipment failure cases [8].

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company has demonstrated strong revenue growth across multiple downstream industries, with a notable increase in revenue from the coal industry by 63.61% year-on-year [1] - The company is focusing on enhancing its research and development efforts, particularly in the field of predictive maintenance through AI technologies [1] - Strategic initiatives, including partnership strategies and service productization, are expected to drive high-quality growth for the company [1] Financial Performance Summary - In 2025, the company achieved revenue of 584 million, a year-on-year increase of 17.21%, and a net profit attributable to shareholders of 108 million, up 71.49% [1][3] - The gross profit margin for the company was 63.62%, an increase of 1.49 percentage points year-on-year [1] - The company’s revenue from the power industry reached 229 million in 2024, a 17.92% increase, while the revenue from the coal industry was 80 million, reflecting a 63.61% increase [1] - The company’s R&D expense ratio was 18.36% in 2024, indicating a strong commitment to innovation [1] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.74, 2.31, and 3.06 respectively, with corresponding price-to-earnings (P/E) ratios of 30.34, 22.87, and 17.23 [2][3]