国金证券股份有限公司 关于宁波隆源股份有限公司 开展外汇套期保值业务的核查意见 国金证券股份有限公司(以下简称"国金证券"或"保荐机构")作为宁波隆源 股份有限公司(以下简称"隆源股份"或"公司")向不特定合格投资者公开发行股 票并在北京证券交易所上市的保荐机构和持续督导机构,根据《证券发行上市保荐 业务管理办法》《北京证券交易所上市公司持续监管办法(试行)》《北京证券交易所证 券发行上市保荐业务管理细则》《北京证券交易所股票上市规则》《北京证券交易所 上市公司持续监管指引第14号 -- 保荐机构持续督导》等有关规定,对隆源股份拟 开展外汇套期保值业务进行审慎核查,具体情况如下: 一、开展外汇套期保值业务的目的 公司部分出口业务需要采用外币进行结算,当汇率出现较大波动时,汇兑损 益将对公司的经营业绩造成一定影响。为防范外汇风险,降低汇率波动对公司生 产经营的影响,公司拟开展外汇套期保值业务。 二、开展外汇套期保值业务的基本情况 (一)外汇交易币种及方式 公司拟开展的外汇套期保值业务的币种只限于公司生产经营所使用的主要结 算货币,包括美元、欧元等。 公司拟开展的外汇套期保值业务的具体方式或产品包括但不限于远期结 ...

Core Viewpoint - The rapid growth of the global electric vehicle (EV) industry and the dual carbon goals have made automotive lightweighting and electrification irreversible trends, with aluminum alloy precision die-casting parts becoming essential for reducing vehicle weight and enhancing efficiency in EVs [1] Company Overview - Longyuan Co., Ltd. (stock code: 920055) was established in 2006 and specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts for the automotive industry, initially focusing on engine systems and later expanding into steering systems and safety components [2][3] Market Position and Growth - The penetration rate of electric vehicles has rapidly increased, and Longyuan has seized opportunities in the lightweight and electrification strategies, investing in R&D for aluminum die-casting parts like OBC enclosures and inverter housings, which are now supplied to major brands like Tesla and BYD [3][6] - Longyuan's market share for OBC enclosures in the global EV market is projected to grow from 1.40% in 2022 to 5.26% in 2024, while the EPS motor housing share in the global passenger car market is expected to rise from 5.81% to 6.64% during the same period [6] Client Relationships and Revenue Growth - Longyuan has established a strong client base, including top-tier companies like BorgWarner and Delta Group, which enhances its revenue stability and growth potential [9][11] - The company's revenue has shown consistent growth, with figures of 5.19 billion yuan in 2022, 6.99 billion yuan in 2023, and projected 8.69 billion yuan in 2024, alongside net profits increasing from 1.01 billion yuan to 1.28 billion yuan in the same timeframe [11] R&D and Innovation - Longyuan emphasizes R&D, with an average annual growth rate of 29.93% in R&D investment from 2022 to 2024, and a 2024 R&D expense ratio of 4.80% [14] - The company has developed a comprehensive patent portfolio with 52 patents, including 15 invention patents, covering key processes and products [14] Industry Trends and Future Outlook - The global automotive industry is recovering, with 2024 global vehicle production expected to reach 92.5 million units, and China leading with a projected 34.4 million units sold in 2025 [16] - The demand for aluminum die-casting parts is anticipated to grow as the industry shifts towards lightweighting to address range anxiety in EVs, with Longyuan's fundraising plans aligning with these trends [20][21]

Macro News - The Chinese Ministry of Foreign Affairs emphasized that dialogue with Japan regarding Taiwan should respect mutual interests and adhere to existing agreements [4] - The State Administration for Market Regulation announced measures to combat "involution" in key industries such as platform economy, photovoltaic, lithium batteries, and new energy vehicles [4] - U.S. President Trump threatened to destroy Iran's energy infrastructure if a deal is not reached soon, specifically targeting power plants, oil wells, and desalination facilities [4][5] - Iran's parliament approved a bill to charge fees for ships passing through the Strait of Hormuz, which will be implemented in Iranian rials and will prohibit U.S. and Israeli vessels from passing [4] Industry News - The World Data Organization was established in Beijing, aiming to bridge the data gap and enhance the digital economy [8] - The demand for various types of aviation engines in China is expected to exceed 11,600 units over the next 20 years, with a market value of over 85.17 billion yuan [8] - Samsung Electronics has completed the first phase of process upgrades at its Xi'an factory, transitioning from traditional 128-layer NAND flash to mass production of 236-layer products [9] - Morgan Stanley analysts reported that the oil market is depleting its buffer stocks, with significant production and refining capacities currently offline [9] - The aluminum price on the London Metal Exchange (LME) rose significantly due to attacks on major aluminum plants in the UAE and Bahrain [23] Company News - Guizhou Moutai announced an increase in the sales contract price of its 53-degree Flying Moutai from 1,169 yuan to 1,269 yuan per bottle [11][12] - China Merchants Energy announced a total contract value of approximately 8.566 billion yuan for the construction of 10 VLCC oil tankers [13] - Midea Group plans to repurchase A-shares worth between 6.5 billion and 13 billion yuan [14] - Agricultural Bank of China reported a net profit of 292 billion yuan for 2025, a year-on-year increase of 3.3% [19] - China Bank reported a net profit of 243.021 billion yuan for 2025, a year-on-year increase of 2.18% [20]

Market Overview - The North Exchange A-shares market is experiencing increased risk aversion due to ongoing global geopolitical conflicts and fluctuating expectations of interest rate cuts by the Federal Reserve, leading to heightened volatility in global risk assets[6] - The average daily trading volume in the A-share market has decreased by CNY 100.6 billion, while the North Exchange A-shares' average daily trading volume has shrunk by CNY 28.7 billion, reaching a near one-year low[6] Valuation and Performance - The current PE (TTM) ratio for North Exchange A-shares has dropped to approximately 34 times, down from about 50 times in mid-2025, indicating a significant correction[6] - The North Exchange's valuation is now lower than that of the Sci-Tech Innovation Board (42.2 times) and the Growth Enterprise Market (38.0 times), suggesting a growing safety margin for long-term investments[6] Trading Activity - As of March 27, 2026, the North Exchange A-shares consist of 301 stocks with an average market capitalization of CNY 26.8 billion, compared to CNY 131.1 billion for the Growth Enterprise Market and CNY 187.2 billion for the Sci-Tech Innovation Board[13] - The total trading amount for the North Exchange during the week was CNY 677.6 billion, with an average trading amount per stock of CNY 2.2 billion and a turnover rate of 15.9%[13] Stock Performance - In the recent trading period, the North Exchange 50 index fell by 3.4%, underperforming the Growth Enterprise Market by approximately 1.7 percentage points[20] - Among the 301 stocks, 28 stocks increased in value, while 272 stocks decreased, with the top performer, Puan Medical, rising by 136.6%[22] New Listings - One new stock, Puan Medical (920069.BJ), was listed on March 27, 2026, with a first-day increase of 136.6% and a PE ratio of 15.0 times[30] - Upcoming listings include three companies: Yuelong Technology, Sain Electronics, and Longyuan Co., with expected issuance prices and PE ratios ranging from 13.8 to 15.0 times[34] Risk Factors - Key risks include policy changes, liquidity risks, and the potential for corporate earnings to fall short of expectations, which could further impact market sentiment[6]