北京金诚同达（上海）律师事务所 关于 宁波均胜电子股份有限公司 2024 年年度股东大会的 法律意见书 上海市浦东新区世纪大道88号金茂大厦18层 电话：86-21-3886 2288 传真：86-21-3886 2288*1018 北京金诚同达（上海）律师事务所 法律意见书 北京金诚同达（上海）律师事务所 关于宁波均胜电子股份有限公司 2024 年年度股东大会的 法律意见书 金沪法意[2025]第 088 号 致：宁波均胜电子股份有限公司 北京金诚同达（上海）律师事务所（以下简称"本所"）接受宁波均胜电子 股份有限公司（以下简称"均胜电子"或"公司"）的聘请，指派本所律师出席 公司 2024 年年度股东大会（以下简称"本次股东大会"），并对会议的相关事 项出具法律意见书。 本所律师根据《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》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》 《律师事务所证券法律业务执业规则（试行）》等有关法律、法规和规范性文件 的要求以及《宁波均胜电子股份有限公司章程》（以下简称" ...

均胜电子 2025041720250416 摘要 • 均胜电子 2024 年营收 559 亿元，同比持平，归母净利润 9.6 亿元略有下 滑，但扣非归母净利润 12.8 亿元，同比增长近 30%，主营业务毛利率达 16.3%，同比增 1.8 个百分点，经营能力改善。 • 2024 年第四季度营收 147 亿元，同比环比微增；归母净利润 0.2 亿元同 比环比大幅下滑，但扣非后利润 3.4 亿元，盈利能力持续好转。安全业务 营收 386 亿元，毛利率增 2.3 个百分点至 14.8%；汽车电子业务营收 166 亿元，毛利率 19.7%，同比增长 0.6 个百分点。 • 2024 年国内营收 141 亿元，同比增长 6.7%，毛利率 19.7%，同比增加 两个多点；国外营收 414 亿元，同比下滑，毛利率涨 1.3 个百分点至 15.2%。国内业务持续贡献增量，全球化布局赋能国内主机厂出海。 • 2024 年新增订单全生命周期金额 839 亿，汽车安全 574 亿创历史新高， 新能源汽车订单超 460 亿，占比超 55%，国内新订单约 350 亿，占比超 40%，覆盖新能源汽车 TOP10 客户。 • 海外汽车安 ...

Investment Rating - The report maintains an "Overweight" (OW) rating on Fuyao Glass and Minth, while downgrading Nexteer to "Neutral" due to its high exposure to the North American market [2][6]. Core Insights - The earnings estimates for the China auto parts industry have been revised down by 10-30% for 2025, reflecting the impact of increased tariffs and potential declines in North American auto production [2][5]. - The total tariff on auto parts imported from China to the US is projected to reach 73.4% effective May 3, 2025, which will significantly affect the cost structure for suppliers [5][14]. - The report anticipates a 6% increase in auto selling prices and a 6% decline in unit volume in North America over the next 12 months due to the tariff imposition [5][23]. Summary by Sections Earnings Revisions - Fuyao Glass's 2025E revenue is cut by 1% and earnings by 8% due to reduced VAT tax rebates and increased tariffs [27][28]. - Nexteer's earnings for 2025/26 are reduced by 30-33% due to a slowdown in North American sales [30]. - Minth's earnings are cut by 12% for 2025/26, reflecting the impact of the North American market slowdown and tariff hikes [31]. - Ningbo Tuopu's earnings are reduced by 11%/10% for 2025/26, factoring in lower revenue assumptions and margin reductions [32]. - Ningbo Joyson's earnings are cut by 28%/29% for 2025/26 due to lower revenue assumptions and margin reductions [34]. Revenue Exposure - Nexteer has 28% of its sales in China and 72% overseas, with over 50% of its sales coming from North America [20]. - Fuyao Glass has 55% of its sales in China and 45% overseas, with a significant portion of its exports affected by the new tariffs [20]. - Tuopu has 71% of its sales in China, with limited exposure to North America due to its recent production start in Mexico [20]. Valuation Comparisons - Fuyao Glass's price target is lowered from Rmb70 to Rmb65 based on revised earnings [36]. - Nexteer's price target is reduced from HK$8.0 to HK$4.5, reflecting a downgrade to Neutral [36]. - Minth's price target is lowered from HK$30 to HK$25 based on revised earnings [36].

本报记者 郭阳琛 石英婧 上海报道 （借助汽车零部件的制造经验，均胜电子决心跨界发展具身机器人。受访者/图） 4月11日，在披露2024年财报后，宁波均胜电子股份有限公司以下简称"均胜电子"，600699.SH)召开了 业绩说明会。 对此，均胜电子方面表示，2024年四季度，公司对欧洲区业务战略规划进行了调整，强力推进欧洲区业 务资源整合，尤其是在德国地区削减约600名研发、管理、生产等人员，同时还关闭德国阿沙芬堡工厂 和罗马尼亚周边的卫星工厂。 "期间发生一次性重组整合费用约4.5亿元，如剔除本次一次性重组整合费用影响，公司2024年第四季度 主营业务盈利能力保持持续增强。"均胜电子管理层解释称。 记者了解到，结合全球汽车及零部件行业的发展趋势和新业务订单量产情况，均胜电子正持续推动海外 产能向最佳成本国家/地区（东南亚、非洲等）和中国转移。 均胜电子管理层表示，公司及时精简整合欧洲、美洲区域产能，优化提升其产能利用率，特别是加强全 球平台性项目的产能规划，利用亚洲区优秀运营管理能力和经验以及供应链优势，通过全球布局、平台 化设计及精益生产等方式，提升产品利润率。 例如，均胜电子将罗马尼亚方向盘的相关产能转 ...

宁波均胜电子股份有限公司 2024 年年度股东大会会议资料 宁波均胜电子股份有限公司 2024 年年度股东大会 会议资料 2025.04.22 宁波均胜电子股份有限公司 2024 年年度股东大会会议资料 | 目 录 | | --- | | 年年度股东大会须知 2 2024 | | --- | | 2024 年年度股东大会议程 3 | | 议案投票表决办法 5 | | 议案一：2024 年度董事会工作报告 6 | | 议案二：2024 年年度报告及摘要 17 | | 年度监事会工作报告 18 议案三：2024 | | 议案四：2024 年度财务决算报告 24 | | 年度利润分配预案 25 议案五：2024 | | 议案六：关于预测 2025 年度日常关联交易的议案 26 | | 议案七：关于公司发行超短期融资券、短期融资券和中期票据的议案 34 | | 议案八：关于提请股东大会授权董事会全权办理公司及其子公司向有关金融机构申 | | 请综合授信融资的议案 35 | | 议案九：关于续聘毕马威华振会计师事务所（特殊普通合伙）的议案 36 | | 议案十：关于为董事、监事及高级管理人员等购买责任险的议案 39 | ...

核心观点 市场表现： 2025年4月7日-4月11日，我们构建的国信人形机器人指数下跌8.43%，弱于沪深300指数5.55pct，弱于上证综合指数5.32pct，年初至今上涨14.1%。拓普集团下跌 12.49%，三花智控下跌10.57%，中鼎股份下跌11.22%，银轮股份下跌9.45%，北特科技下跌13.07%，双林股份上涨6.35%，贝斯特下跌8.98%，浙江荣泰下跌10.47%，祥鑫科技 下跌8.64%，双环传动下跌6.9%，斯菱股份下跌11.77%，豪能股份下跌9.05%，精锻科技下跌10.06%，蓝黛科技下跌12.18%，凌云股份下跌5.32%，旭升集团下跌11.79%，肇民 科技下跌12.19%，爱柯迪下跌9.84%。均胜电子下跌10.93%，征和工业下跌7.3%，美力科技下跌4.98%。 行业动态 ：1）宇树发布人形机器人G1拳击视频，王兴兴为浙江省干部上课；2）长城汽车与宇树科技达成战略合作；3）均胜集团与智元合资成立宁波普智未来机器人有限公 司；4）智元创始人彭志辉参加总理座谈会；5）傅利叶发布其首款开源人形机器人Fourier N1；6）特斯拉机器人团队成员杨硕离职创业机器人；7）广汽集 ...

Summary of Conference Call Records Industry Overview - The automotive industry in China has experienced a counter-cyclical growth of 3.6%, reaching 30.09 million units, amidst intensified competition and challenges such as the slowdown of electric vehicle transitions by European and American automakers, and global trade conflicts [1] - The company is focusing on steady growth and performance improvement while flexibly adjusting its European business strategy in response to changing industry conditions [1] Financial Performance - The company reported a revenue of approximately 55.9 billion yuan, with an overall gross margin increase of 1.8 percentage points to 16.2% compared to the same period last year [1] - Operating cash flow increased to about 4.6 billion yuan, maintaining a high level, although a one-time restructuring cost of 550 million yuan impacted profit margins [1] Business Segment Performance - The automotive safety business showed significant improvement, with the automotive electronics segment generating a revenue of 16.6 billion yuan and the automotive safety segment achieving approximately 38.6 billion yuan in revenue [2] - The Chinese region led growth with a 6.7% increase in revenue to 14 billion yuan, while overseas revenue decreased by 1.8% to 41.4 billion yuan [2] Cost Management Strategies - The company is implementing several cost improvement measures globally, including optimizing the supply chain, enhancing regional management capabilities, and increasing automation in high-cost regions [3] - Specific actions include relocating production capacity from high-cost countries to optimal cost countries, particularly in Southeast Asia and China [3] Strategic Adjustments in Europe - The company has adjusted its strategy for the European automotive market, including the reduction of approximately 600 R&D personnel and the closure of several factories to streamline operations [4] - Although these adjustments have incurred restructuring costs, they are expected to enhance long-term efficiency and competitiveness [4] Cash Flow Management - Investment cash outflows have decreased due to better control over capital expenditures, while financing cash outflows increased due to the acquisition of minority stakes in the automotive safety division and a cash dividend plan [5] R&D and Innovation - The company is maintaining high R&D investments in smart electric vehicles and adjusting the structure of domestic and international R&D personnel to improve efficiency [6] - New orders related to electric vehicles exceeded 46 billion yuan, with a significant portion coming from domestic brands and new forces in the automotive sector [8] Market Expansion and Collaboration - The company is actively targeting emerging market demands and enhancing collaboration with domestic brands, particularly in the smart electric vehicle sector [7] - Collaborations with leading smart driving algorithm companies and the development of advanced driving assistance systems are underway [9] Future Outlook - The company plans to continue its strategic upgrades in smart and electric vehicle sectors, strengthen its market position in China, and enhance global resource integration [14] - The focus will be on expanding the product line in intelligent driving, smart cockpit solutions, and energy management systems for electric vehicles [11][12] Conclusion - The company is navigating a complex automotive landscape with strategic adjustments, cost management, and a focus on innovation to capitalize on growth opportunities in the smart electric vehicle market while maintaining operational efficiency and profitability [1][4][14]

一、增持计划的内容 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-031 宁波均胜电子股份有限公司 关于控股股东获得增持贷款承诺函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 近日，宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）收 到控股股东均胜集团有限公司（以下简称"均胜集团"）通知，均胜集团已获得 中国农业银行股份有限公司宁波鄞州分行（以下简称"农行宁波鄞州分行"）出 具的《贷款承诺函》。农行宁波鄞州分行拟为均胜集团增持公司股份计划提供不 超过 9,000 万元的贷款额度，贷款期限 3 年。现将有关情况公告如下： 基于对本公司未来战略规划、发展前景的信心以及对公司投资价值的认可， 为维护资本市场稳定和股东利益，增强投资者信心，均胜集团拟以自有资金及自 筹资金通过上海证券交易所系统以集中竞价方式增持公司股份，累计增持金额不 低于人民币 5,000 万元且不高于人民币 10,000 万元。上述增持计划不设价格区 间，将根据公司股票价格波动情况及资本市场整体趋势择机逐步实施。增持期限 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

【项目投资】 海鸥住工(002084.SZ)：出口美国业务占整体营收约为30% 可立克(002782.SZ)：本轮美国加征关税对公司收入利润的影响较小 | | | 4月10日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点追踪 | 蜀道装备 | 本轮美国加征关税政策不会对公司海外销售及整体经营业绩造成影响 | | | 可立克 | 本轮美国加征关税对公司收入利润的影响较小 | | 项目投资 | 华东重机 | 拟投资10亿元建设"华东重机智能制造基地项目" | | 合同中标 | 中铝国际 | 中标约20.33亿元几内亚西芒杜项目Simfer矿区采矿运维项目 | | 业绩披露 | 长安汽车 | 2024年度净利润73.21亿元 拟10派2.95元 | | | 中金公司 | 一季度净利同比预增50%至70% | | 股权转让 | ST汇金 | 拟收购控股子公司中科拓达30%股权 | | 回购 | 歌尔股份 | 拟斥资5亿元-10亿元回购股份 | | 增减持 | 浪潮信息 | 浪潮集团拟增持1亿元-2亿元公司股份 | | | 新风鸣 | 控股股东拟增持2亿元-3亿 ...