山推股份 20250408 摘要 Q&A 当前全球贸易战对工程机械行业的影响如何？ 全球贸易战确实引发了市场恐慌，导致流动性紧张。许多公司即使受益也出现 了股价下跌。对于工程机械行业来说，美国市场的出口占比很小，头部公司的 出口量可以忽略不计。因此，即便欧美国家对中国实施关税措施，对中国工程 机械行业的直接影响有限。此外，中国作为单一经济体，其体量接近欧洲水平， 很少有国家会系统性地与中国进行贸易战，这不符合他们的利益。从这个维度 来看，我们可以保持一定乐观。 山推在应对全球贸易战方面采取了哪些具体措施？ 山推针对全球贸易战做出了多项生产安排和措施。首先，美国市场销售收入仅 占我们总销售收入的 1‰，而从美国采购的一些核心零部件，如珀金斯的大马 力发动机，占比约为 6‰至 7‰。因此，无论是销售还是采购，对我们的影响都 相对较小。然而，为应对可能进一步加剧的贸易战，公司成立了国产化替代专 • 山推股份受欧美关税直接影响有限，因美国市场销售占比极小，且已成立 国产化替代小组应对潜在风险，确保供应链稳定。 • 俄罗斯市场一季度下滑 30%，主要受汇率波动和报废税增加影响，但独联 体其他国家市场增长有效对冲了部分负 ...

山东黄金 20250408 较高，大约在每克三百五六元左右，也导致整体营业成本上升。 2025 年的原材料物料价格对山东黄金整体成本影响如何？ 原材料物料价格对山东黄金整体成本影响分摊到总成本里。虽然去年（2024 年） 同期原材料价格有所上涨，但增幅并不是很大。因此，今年（2025 年）预计原 材料物料对整体成本的影响不会显著增加。 山东黄金今年（2025 年）的入选品位与去年（2024 年）相比有何变化？ 今年（2025 年），山东黄金计划维持去年四季度的入选品位水平。尽管一季度 相比四季度有所上涨，每吨增加了 60 元，但总体来说会保持稳定，不会有显著 变化。 摘要 Q&A 山东黄金在 2024 年年报中提到的营业成本上升的主要原因是什么？ 山东黄金 2024 年年报中的营业成本上升主要有两个方面的原因。首先是原材料 物料价格上涨，包括雷管和外围施工单位相关费用的增加，随着矿山深度增加 而导致成本费用上升。其次是并购银泰黄金时产生的资产评估增值摊销，这部 分增值摊销也计入了营业成本。此外，贝拉德罗金矿今年（2025 年）的产量下 降，但海外产量上升弥补了这一缺口。然而，由于海外贝拉德罗金矿开采成本 • ...

三态股份 20250408 摘要 Q&A 请您介绍一下三态股份 2024 年的整体财务表现及主要业务变化。 2024 年，三态股份实现营业收入 17.51 亿元，同比增长 2.97%；归母净利润 1,436.88 万元，同比下降 88.38%。公司主营业务包括跨境电商零售业务、跨境 电商物流业务以及新增的研发阶段的 AGS 软件板块。跨境电商零售业务在 2024 年实现营业收入 13.101 亿元，同比增长 5.64%，占总营业收入的 75%；跨境电 商物流业务实现年收入 4.41 亿元，同比下降 4.21%，占总营收的 25%。 业绩变 动主要有以下三个原因：首先，公司在 2024 年战略性投入增加，包括布局 • 2024 年跨境电商零售业务营收 13.101 亿元，同比增长 5.64%，占总营收 75%；跨境电商物流业务营收 4.41 亿元，同比下降 4.21%，占比 25%。业绩 变动受战略投入增加、库存管理调整及外部环境影响。 • 公司采取提价、增加海外仓备货、分散经营区域、拓展新兴平台及供应链 降本等措施应对美国加征关税，美国市场销售收入占快消品零售业务整体 收入的 15%。 • 公司已在全球三十多 ...

汉威科技在传感器领域的发展历程是怎样的？ 汉威科技成立于 1998 年，当时我国传感器产业基础薄弱。汉威毅然投身传感事 业，并在短短五年内跃居国内气体传感器龙头地位。2009 年，汉威成为国内首 批创业板上市公司，随即进军刚刚诞生的物联网产业，构建了传感器加智能、 仪器仪表加物联网的完整产业链生态平台。同时，汉威布局智慧城市、智慧安 全、智慧环保、家居安全与健康等赛道，横向开拓燃气、供排水、市政交通、 综合管廊和消防等领域，为人们的生产生活提供安全便利，为城市管理提供智 能决策支撑。 汉威科技 20250408 摘要 Q&A • 汉威科技自 1998 年成立，五年内成为国内气体传感器龙头，2009 年成为 首批创业板上市公司，并进军物联网产业，构建了传感器加智能、仪器仪 表加物联网的完整产业链生态平台。 • 汉威科技在智慧安全领域，面向油气开采、石油化工等提供全域安全解决 方案；在智慧环保领域，通过感知、检测、监测和治理全产业链解决方案， 推动绿色低碳发展。 • 汉威科技在家居安全与健康领域，专注于家庭燃气安全、室内空气质量和 健康监护，通过先进传感技术提供安全健康的家居环境。 • 汉威科技积极布局新能源储能 ...

宁沪高速 20250408 摘要 Q&A 宁沪高速 2024 年的业绩表现如何？ 宁沪高速 2024 年实现营业收入 231.98 亿元，同比增长 52.7%。高速公路路网 日平均车流量达到 70,996 辆，同比增长 4.84%。总资产为 898.86 亿元，同比 增长 14.27%，每股收益 0.98 元，同比增长 12.09%，归母净利润 49.47 亿元， 同比增长 12.09%，净资产收益率 13.6%，同比增长 0.24 个百分点。公司 2024 在智慧交通方面，公司全面推广智慧化收费模式，完成了 7 处收费站点改造， 并配备收费机器人，使车道数量达到 187 条，同时压减现场收费岗位人员超 300 名。此外，公司率先探索低空无人驾驶飞机在交通上的应用，建成无人机 地面站 20 多座，实现全天候路况巡查近 3,000 次，有效处理异常事件千余起。 在绿色养护方面，公司专注于践行节约养护理念，高效应对大流量养护难题， 通过 23 公里集中养护工程，仅用 14 个有效工作日完成全部五大类 16 项养护施 工项目，从而减少碳排放超 5,500 吨，并节约养护成本约 1,060 万元。 未来宁沪高速的发展 ...

Summary of Zhongqing Travel Conference Call Company Overview - **Company**: Zhongqing Travel (中青旅) - **Year**: 2024 Key Points Industry and Business Performance - **Overall Revenue Growth**: Zhongqing Travel reported a 3% year-on-year revenue growth in 2024, primarily driven by the travel agency business [3][4] - **Travel Agency Business**: The recovery of outbound tourism significantly contributed to revenue, with the establishment of overseas visa centers in four countries generating stable cash flow [3][4] - **Strategic Investment**: The strategic investment in Chuangge Technology, which operates as a distributor for computer parts and security equipment, also contributed positively to revenue [3][4] Profitability and Challenges - **Net Profit Decline**: The net profit for 2024 saw a slight decline due to reduced investment income, particularly from Gubei Water Town, which faced decreased tourist traffic [3][6] - **Cost Pressures**: The heavy asset model of Gubei Water Town resulted in high depreciation and energy costs, adding pressure on profitability [6] Tourist Attractions Performance - **Wuzhen Scenic Area**: In 2024, Wuzhen received approximately 4.74 million visitors, maintaining its leading position despite a slight decline in visitor numbers. The area has significant potential for secondary consumption [7][9] - **Government Support**: Increased land compensation from the government contributed several million yuan to net profit [7] New Business Directions - **Cultural Tourism Projects**: Zhongqing Travel has made progress in light asset output in cultural tourism, providing planning and operational services for government projects, which are expected to contribute to future revenue [8][17] - **Gubei Water Town Initiatives**: The town is enhancing its marketing efforts to broaden its national brand influence and attract a wider customer base [11][12] Future Development Plans - **Wuzhen East Zha Renovation**: Plans for small-scale renovations focus on enhancing visitor experience and transforming the area into a leisure destination [13] - **Travel Agency Recovery**: The travel agency business has turned profitable due to effective cost control and the recovery of outbound tourism, with expectations for continued growth in 2025 [15][21] Market and Investment Strategy - **Cautious Investment Approach**: Zhongqing Travel has adopted a cautious investment strategy over the past two years, focusing on high-quality projects with cultural significance [20] - **Consumer Behavior Trends**: The company noted that consumer preferences have shifted towards high-quality and unique travel experiences, which will benefit premium destinations like Wuzhen [21] Conclusion - Zhongqing Travel is navigating a recovery phase with a focus on enhancing its travel agency business, expanding cultural tourism projects, and improving profitability through strategic investments and marketing efforts. The company remains optimistic about future growth, particularly in the outbound tourism sector.

灿勤科技 20250408 摘要 2024 年灿勤科技的营收达到 4.1 亿元，同比增长 11%。归母净利润为 5,780 万 元，同比增长 23%；扣非后的净利润为 3,300 多万元，增长 66.31%。公司在 2024 年推出了一些新产品，并拓展了新的业务市场，产品结构变化提升了毛利 率。此外，公司股份支付费用同比减少，财务费用中的利息收入有所增加，这 些因素共同推动了利润的增长。现金流方面，公司在 2024 年的净额达到 1.13 亿元，同比增长 240%。这一增幅主要由于采购账期调整、销售订单增加以及各 • 灿勤科技 2024 年营收增长 31%，主要受益于新产品推出和市场拓展，产品 结构优化提升毛利率，股份支付费用减少及利息收入增加共同推动利润增 长。现金流净额达 1.13 亿元，同比增长 240%，得益于采购账期调整、销 售订单增加及经营活动现金流出下降。 • 公司对 2025 年持中性偏乐观态度，受益于 5G-A 订单增量、超大尺寸介质 滤波器渗透率提升及 HTCC 产线投产。预计新产品销售将从五月或六月开始， 但机器人和卫星互联网等新兴领域短期内难以贡献显著收入和利润。 • 5G-A 应用需 ...

沪光股份 20250408 摘要 沪光股份在汽车零部件领域的客户覆盖情况如何？ 沪光股份目前在国内线束制造环境中，客户覆盖面最广。我们与传统客户如奔 驰、宝马、奥迪，以及新势力如理想、未来、特斯拉和华为等都有合作。此外， 自主品牌如吉利和奇瑞也是我们的重要客户。通过与这些能力较强的客户合作， 我们能够接触到各种领域的需求，并集各家之优势定位沪光的零部件供应，以 服务市场上的任何一个客户。这是我们过去的一大优势。 Q&A 请介绍一下沪光股份的基本情况及近期发展动态。 沪光股份自 2024 年以来，整体经营状况发生了显著变化。主要得益于几个方面： 首先是主要客户的放量，特别是赛力斯等客户的增长。这不仅提升了重庆工厂 的产能利用率，也充分利用了集团内原来闲置的低压技术产能。从 2021 年开始， 公司业绩出现较大波动，主要由于大众和上汽等客户销量下滑导致部分产能闲 • 沪光股份通过积极切入新客户（如赛力斯、华为）并调整老项目，有效提 高了产能利用率，重庆工厂贡献超过 50%的营收，对集团整体毛利和净利 影响显著。与华为在 5G 领域展开全面合作，进入问界车型低压线束供应链。 • 公司在高压连接器领域取得显著进展，预 ...

Summary of the Conference Call for Zhenjiang Co., Ltd. Industry and Company Overview - The conference call pertains to Zhenjiang Co., Ltd., focusing on its operations in the photovoltaic (PV) and wind energy sectors, particularly in the U.S. and Saudi Arabia markets [1][2]. Key Points and Arguments Photovoltaic Business in the U.S. - In 2024, Zhenjiang's exports to the U.S. accounted for only 3.9% of total business, primarily in fasteners and cabin components [3][21]. - The U.S. factory mainly produces PV brackets, with expected shipments of approximately 80,000 tons in 2025, a significant increase from 30,000 tons in 2024 [3][30]. - The customer base is diversifying, including companies like ATI NexTracker, IDP, and Trina Solar, with orders already placed [3][14]. - The U.S. factory benefits from local production, avoiding tariff impacts, and is expected to contribute positively to earnings in Q2 2025 despite subsidy suspensions [3][16][29]. Photovoltaic Business in Saudi Arabia - The Saudi factory is set to commence operations in December 2024, with an anticipated shipment of 40,000 tons in 2025 to meet local demand [5][17]. - A dual exclusivity agreement with GCS ensures that Zhenjiang will be the sole supplier for GCS's orders, indicating strong market demand [5][17]. Wind Energy Sector Opportunities - The wind energy segment is experiencing growth due to the increasing size of offshore wind turbines, with rotor value increasing by 50% [6]. - The decline in raw material prices has restored gross margins to historical highs, and Zhenjiang's tower business is gaining market share due to anti-dumping exemptions in Vietnam [6]. - Collaboration with Siemens on assembly operations is expected to provide stable revenue through significant orders until 2030 [6]. Gas Turbine Business Development - Zhenjiang has captured a 30% market share in providing gas turbine generator housings and bases for Siemens, with potential expansion into gas turbine assembly [7]. Exoskeleton Robot Project - The exoskeleton robot project is expanding into outdoor sports and elderly assistance, with plans for mass production of lower limb exoskeletons by 2025 and shoulder joint prototypes [8]. - The technology aims to enhance user quality of life and reduce physical strain, targeting both industrial and consumer markets [8][27]. Product Transition and Profitability - The main export product for Baolai has shifted from 11 MW to 14 MW wind turbines, with profit margins returning to historical highs due to better pricing and lower raw material costs [9]. Assembly Business and Order Conversion - Framework orders are expected to convert into actual orders by July and August, with a high historical conversion rate [10][23]. - The Nantong assembly plant is ramping up production, with significant contributions expected in 2026 [10][13]. Local Supply Considerations - Current local supply needs are limited due to the focus on direct-drive wind turbines, but future domestic casting capacity may be developed [11]. European Market Outlook - Long-term contracts with Siemens and Vestas are expected to stabilize revenue, with a projected 15% compound annual growth rate in European offshore wind over the next five years [22]. Revenue and Risk Factors - Zhenjiang aims for a revenue target of 6 billion yuan for 2025, supported by existing orders, with potential risks including production delays and shipping issues [24]. Financial Performance Expectations - The overall performance in wind and PV sectors is expected to align with forecasts, with a recovery in U.S. production anticipated in 2025 [25]. U.S. Solar Installation Projections - The U.S. solar installation capacity is projected to exceed 40 GW in 2025, a significant increase from 30 GW in 2024, despite subsidy suspensions [26]. Pricing Trends in U.S. Solar Market - The processing fee for U.S. solar brackets has decreased from $380-$400 per ton in 2024 to $350 per ton in 2025, with expectations for price stability moving forward [29]. Additional Important Information - The company is actively exploring the consumer market for exoskeleton robots, with plans for product launches and user experience events in the near future [27][28].

Summary of Huijia Times Conference Call Company Overview - **Company**: Huijia Times - **Year**: 2024 Key Points Industry and Company Performance - Overall operating performance in 2024 is expected to decline compared to 2023, with a slight decrease in revenue but a significant drop in profit due to external market conditions [3][4] - The company has adjusted its operational plan for 2024, focusing on supply chain reforms and cost optimization [3] Supply Chain and Operational Adjustments - In the supermarket sector, the company is accelerating supply chain upgrades, streamlining SKU numbers to 8,000-9,000, and optimizing supplier structures [3][4] - The supermarket sector has transitioned to a fully self-operated model, while the department store sector is enhancing self-operated business by introducing exclusive brands like LEGO [3][4] - Collaboration with Dentsu Group on shared warehousing has improved gross margin by 2-3 percentage points and increased sales and repurchase rates through competitive pricing [6][7] Pricing and Market Positioning - Post supply chain switch, product prices in supermarkets have significantly decreased, aligning with competitors like Haokangxiang, shifting consumer perception from premium to competitive pricing [8] - The company plans to enhance its self-owned brand portfolio, expanding into categories like bottled water and beverages [11] Brand Adjustments and New Introductions - In 2024, the company introduced 27 new brands and adjusted over 700 brands, focusing on department store formats [14] - The strategy for older department stores includes a tailored approach to meet local consumer needs [4][14] Future Outlook and Financial Strategy - The company anticipates a steady increase in gross margin in 2025, driven by the expansion of self-operated businesses and exclusive brand partnerships [11] - A commitment to stable dividends has been established, with future distributions dependent on overall business performance [30] Competitive Landscape - The local commercial environment in Xinjiang is favorable, with strong consumer purchasing power and less intense competition compared to inland markets [24] - The company aims to leverage regional characteristics and enhance its own product system while learning from successful management practices [19] Low-altitude Economy Initiatives - The company is collaborating with Tongxingda to develop low-altitude business opportunities in the Xinjiang Production and Construction Corps region, focusing on logistics, rural tourism, and agricultural quality assurance [25] Adjustments and Future Plans - The company has completed product replacement efforts and will continue to enhance its self-owned product system in 2025 [20] - Plans for store adjustments are ongoing, with a focus on improving service quality and product offerings [18] Financial Performance - The first quarter of 2025 shows improved performance compared to the same period in 2024, with steady growth in supermarket revenue despite challenges in the department store sector [22][23] Conclusion - Huijia Times is navigating a challenging market environment with strategic adjustments in supply chain management, brand positioning, and operational efficiency, while maintaining a focus on long-term growth and profitability.