明阳科技（苏州）股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：837663 证券简称：明阳科技 公告编号：2025-036 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 (线上会议) 二、 投资者关系活动情况 活动时间：2025 年 4 月 21 日 活动地点：明阳科技（苏州）股份有限公司董秘办公室 参会单位及人员：华源证券、东吴证券、创金合信基金管理有限公司、苏银 理财、上海汇瑾资产、博远基金、北京青创伯乐投资有限公司、海南贝盈私募基 金管理有限公司、尚正基金管理有限公司、山西证券、开源证券、上海冰河资产 管理有限公司、长江证券、联储证券、民生证券、东北证券、浙商证券、中信证 券、长江证券、华鑫证券、华能贵诚信托有限公司、上海潼骁投资发展中心（有 限合伙） 上市公司接待人员：董事会秘书郭成文先生 三、 投资者关系活动主要内容 1）自润滑轴承（DU）：自润滑轴承是由自润滑复合 ...

证券研究报告 汽车 | 汽车零部件 北交所|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： 势，我们看好公司募投达产在即预期下的中长期发展潜力，维持"增持"评级。 风险提示：行业周期性波动风险、产品价格下降风险、税收优惠风险。 | 基本数据 | | | | | | 年 | 04 | 18 | | 月 | | 日 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 26.29 | | | | | | | | | | 一 年 内 低 | 最 | 高 | / | 最 | | | | | | | | | | | （元） | | | | | | | | 38.00/8.50 | | | | | | | 总市值（百 ...

证券研究报告·公司点评报告·汽车零部件 明阳科技（837663） 2024 年报点评：汽车座椅需求增长叠加费控 成效显著，总成件业务打造第二成长曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 257.81 | 304.32 | 380.45 | 478.76 | 603.32 | | 同比（%） | 24.31 | 18.04 | 25.02 | 25.84 | 26.02 | | 归母净利润（百万元） | 66.53 | 79.13 | 100.56 | 127.34 | 157.94 | | 同比（%） | 30.59 | 18.93 | 27.08 | 26.64 | 24.02 | | EPS-最新摊薄（元/股） | 0.64 | 0.77 | 0.97 | 1.23 | 1.53 | | P/E（现价&最新摊薄） | 40.78 | 34.29 | 26.98 | 21.31 | 17.18 | ...

公告编号：2025-005 明阳科技（苏州）股份有限公司 1 2024 明阳科技 837663 公告编号：2025-005 公司年度大事记 2024 年 12 月 公司完成首次股权激励计划授 予，向 15 名员工授予限制性股票 231.83 万股。 2024 年上半年 蔚来、理想、特斯拉等汽车生产 厂来访考察。 2024 年 12 月 完成第四届董监高换届，实现董 监高平稳过渡。 2024 年 3 月 通过佛吉亚法国专家对调角器 VAVE 零件现场审核。 2024 年 5 月 公司完成 2023 年度权益分派，以公 司总股本 103,200,000 股为基数，向 全体股东每 10 股派 3.883 元人民币 现金。 2024 年 4 月-5 月 走进延锋、佛吉亚、重庆安道拓 开展产品展示和技术交流。 2024 年 12 月 公司获评湖北中航精机"2024 年 最佳质量奖"。 明阳科技，为客户提供座椅电动调节一站式解决方案 2 | 第一节 | 重要提示、目录和释义 4 | | --- | --- | | 第二节 | 公司概况 6 | | 第三节 | 会计数据和财务指标 8 | | 第四节 | 管理层讨论与分析 ...

前十大流通股东累计持有： 2524.19万股，累计占流通股比： 51.8%，较上期变化： 1985.81万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7700 | 0.7400 | 4.05 | 1.0200 | | 每股净资产（元） | 0 | 3.44 | -100 | 4.9 | | 每股公积金(元) | 0.7 | 0.76 | -7.89 | 0.38 | | 每股未分配利润(元) | 1.61 | 1.31 | 22.9 | 2.71 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.04 | 2.58 | 17.83 | 2.07 | | 净利润(亿元) | 0.79 | 0.67 | 17.91 | 0.51 | | 净资产收益率(%) | 21.68 | 22.06 | -1.72 | 29.23 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条 ...

投资评级：增持（下调） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 27.77 | | 一年最高最低(元) | 38.00/8.50 | | 总市值(亿元) | 28.66 | | 流通市值(亿元) | 13.53 | | 总股本(亿股) | 1.03 | | 流通股本(亿股) | 0.49 | | 近 3 个月换手率(%) | 396.21 | 北交所信息更新 北 交 所 明阳科技（837663.BJ） 积极拓展"总成件"高价值新品类，2024 年营收预告同比+18% 2025 年 03 月 17 日 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 预计 2024 年营收 3.04 亿元（+17.99%），归母净利润 0.79 亿元（+18.66%） 公司发布 2024 年业绩快报，预计 2024 年公司实现营业收入 3.04 亿元，同比增 长 17.99%；归母净利润为 0.79，同比增长 18.66%；扣非净利润 0.73 亿元，同比 增长 10.59%。受下游汽车行业年降影响，我们下调 202 ...

Investment Rating - The investment rating for the company is upgraded to "Outperform" [1][3]. Core Views - The company is actively expanding into high-value new product categories, specifically "assembly components," with a revenue forecast for 2024 showing a year-on-year increase of 18% [1][3]. - The automotive industry in China is expected to see steady growth in production and sales in 2024, with a focus on the increasing functionality of seating configurations due to the "new four modernizations" trend [4]. - The company has demonstrated strong cost control and high labor efficiency, with a return on labor investment reaching a historical high of 226.24% in the first three quarters of 2024, up 31.24 percentage points from 2023 [5]. Financial Summary - The company anticipates a revenue of 304 million yuan in 2024, representing a growth of 17.99% year-on-year, and a net profit of 79 million yuan, which is an increase of 18.66% [3][6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.77 yuan, 0.91 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 36.3, 30.4, and 25.4 [3][6]. - The company's total revenue is expected to grow from 258 million yuan in 2023 to 304 million yuan in 2024, and further to 421 million yuan by 2026 [6][10]. Market Trends - The Chinese automotive market is projected to achieve production and sales of over 31 million vehicles in 2024, with new energy vehicles accounting for more than 40% of total sales [4]. - The trend towards electric and intelligent vehicles is driving demand for advanced seating solutions, which presents significant market expansion opportunities for the automotive seating components industry [4]. Operational Insights - The company has invested 45% of the total raised funds in its projects by mid-2024, with production expected to commence on May 16, 2025, which will further enhance its growth potential [5]. - The introduction of "assembly components" as a new product category is expected to provide substantial market value and growth opportunities, aligning with the company's core strategic planning [5].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its growth potential in the automotive seating sector [5][6]. Core Insights - The company is positioned to benefit from the trends of electrification and intelligence in the automotive industry, with a projected 18.66% growth in net profit attributable to shareholders in 2024 [5]. - The company specializes in the research, production, and sales of core components for automotive seat adjustment systems, offering customized high-performance parts [5]. - The expected revenue for 2024 is 304 million yuan, representing a year-on-year increase of 17.99%, with a net profit of approximately 78.95 million yuan [5]. Summary by Sections Market Performance - The closing price of the stock is 29.60 yuan, with a market capitalization of approximately 3,054.72 million yuan [3]. Financial Projections - Revenue is projected to grow from 258 million yuan in 2023 to 304 million yuan in 2024, with a compound annual growth rate of 17.99% [7]. - Net profit is expected to increase from 67 million yuan in 2023 to 79 million yuan in 2024, reflecting an 18.90% growth rate [7]. - Earnings per share (EPS) is forecasted to rise from 0.64 yuan in 2023 to 0.77 yuan in 2024 [7]. Business Development - The company is expanding its product lines, including electric hinges and assembly products, which are anticipated to contribute significantly to revenue growth [5]. - The company has a high gross margin of around 45%, indicating a strong competitive position in the market [5][6]. Market Trends - The automotive industry is expected to see a production and sales increase, with new energy vehicles projected to account for 40.9% of total vehicle sales in 2024, up from 9.3 percentage points from 2023 [5]. - The market for automotive seats is projected to grow, with a production volume of 15,976.8 million units in 2023 and a demand of 15,308.7 million units [5].

Group 1: Company Overview - Mingyang Technology's product orders are primarily composed of new energy vehicles, accounting for approximately 90% of total orders, while other vehicle types and non-automotive orders make up about 10% [4] - The company has established long-term stable partnerships with major clients such as Huayu Automotive, Hubei Zhonghang, and Faurecia [6] Group 2: Production Capacity and Planning - Due to a rapid increase in orders in Q4 2024, production capacity has been under pressure, but the situation has improved with the arrival of automated equipment [5] - In the first half of 2025, the company plans to expand production capacity and accelerate the digital and intelligent transformation of production workshops to enhance efficiency [5] Group 3: Competitive Advantages - Mingyang Technology is recognized as a national-level "specialized and innovative" small giant enterprise and has led the drafting of national and industry standards [6] - The company holds 66 authorized patents and has developed core technologies in product development, design, and manufacturing processes [6] Group 4: Future Growth Opportunities - The company has a comprehensive product system for core components and assemblies of automotive seat adjustment systems, which is expected to be a significant revenue growth point [7] - There are opportunities to expand into non-automotive fields such as electric tools, office chairs, smart homes, and medical devices, although no sales orders currently exist in these areas [8] Group 5: Market Trends and Impact - The global market for new energy vehicles is expected to maintain rapid growth in the next 1-2 years, driven by stricter carbon emission regulations and increased consumer acceptance [9] - The demand for differentiated features in new energy vehicles, particularly in interior technology and comfort, will enhance the need for advanced seat components, providing a broader market space for the company [9]

证券代码：837663 证券简称：明阳科技 公告编号：2025-003 明阳科技（苏州）股份有限公司 2024 年年度 特别提示：本公告所载 2024 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2024 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2024 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 304,193,212.95 | 257,809,048.97 | 17.99% | | 利润总额 | 91,014,958.90 | 76,398,135.86 | 19.13% | | 归属于上市公司股东的净 | 78,948,473.92 | 66,531,060.46 | 18.66% | | 利润 | | | | | 归属于上市公司股东的扣 | 72,961,402.18 | 65,973,640.49 | 10.59% | | 除非经常性损益的净利润 | | | | | 基本每股收益 | 0.76 | 0.74 | 2.79% | | ...