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 ...

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。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2025 年 4 月 11 日（星期五）15:00-16:00 通过上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/）以视频录播和网络互动的形式召开了 2024 年年度业绩说明会。现将说明会召开情况公告如下： 一、业绩说明会的召开情况 公司于 2025 年 3 月 28 日披露了《均胜电子关于召开 2024 年年度业绩说明 会的公告》（公告编号：临 2025-023），并于 2025 年 4 月 11 日 15:00-16:00 通 过上海证券交易所上证路演中心以视频录播和网络互动的形式召开了 2024 年年 度业绩说明会。公司相关董事及高级管理人员出席本次会议并就投资者关注的问 题进行了回复。 二、业绩说明会投资者提出的问题及公司回复情况 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-030 宁波均胜电子股份有限公司 关于2024年年度业绩说明会召开情况的公 ...

中国国际金融股份有限公司 关于宁波均胜电子股份有限公司向特定对象发行A股股票之 保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意宁波均 胜电子股份有限公司向特定对象发行股票注册的批复》（证监许可[2023]1169 号）同意注册，宁波均胜电子股份有限公司（以下简称"均胜电子"、"公司"） 向特定对象发行人民币普通股股票 40,616,919 股，募集资金总额为人民币 365,146,101.81 元（以下简称"2022 年度向特定对象发行股票"）。中国国际金融 股份有限公司（以下简称"中金公司"、"保荐人"）担任公司 2022 年度向特定对 象发行股票的保荐人。 | 保荐人名称 | 中国国际金融股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 注册地址 | 北京市朝阳区建国门外大街 | 1 号国贸大厦 | 2 | 座 27 | 层及 | 28 | 层 | | 办公地址 | 北京市朝阳区建国门外大街 | 号国贸大厦 1 | 2 | 座 27 | 层及 | 28 | 层 | | 法定代表人 ...

均胜电子：直接出口至美国营收占比不到1% 受关税影响相对较小 智通财经4月11日电，均胜电子财务总监李俊彧在下午举行的2024年度业绩说明会上表示，去年公司国 内直接出口至美国的营收占比不到1%，受美国关税政策的影响相对较小。此外，目前美国对加拿大和 墨西哥实施美墨加贸易协议关税豁免。公司全球业务模式以本地生产配套供应为主，进出口业务占比较 少，美国、墨西哥等美洲区域的产能、产量与当地市场相匹配，并根据客户需求进行一定的产能储备。 （智通财经记者 汪斌） ...

Group 1 - A batch of A-share listed companies announced share buybacks and increases in holdings, with companies accelerating their actions [1] - GoerTek's controlling shareholder completed the share increase plan, with a total expenditure of approximately 1 billion yuan [2] - Daqin Railway received a stake increase from CITIC Financial Assets, reaching a holding ratio of 5% [2] Group 2 - New Fengming plans to increase its shareholding by 200 million to 300 million yuan [1] - Baotai shares plans to increase its shareholding by 150 million to 300 million yuan [1] - Junsheng Electronics plans to increase its shareholding by 50 million to 100 million yuan [1] Group 3 - China Railway proposed a share buyback of 800 million to 1.6 billion yuan to reduce registered capital [1] - Sichuan Jiuzhou proposed a share buyback of 100 million to 200 million yuan for the same purpose [1] - Energy National Zhen proposed a share buyback of 50 million to 100 million yuan [1]

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-029 宁波均胜电子股份有限公司 关于控股股东、董事及高级管理人员增持 公司股份计划的公告 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。 重要内容提示： 基于对宁波均胜电子股份有限公司（以下简称"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，公司控股股东均胜集团有限公司（以下简称"均胜集团"）、 公司董事、高级管理人员计划通过上海证券交易所交易系统集中竞价交易的方 式，以自有资金或自筹资金增持公司A股股票，均胜集团预计累计增持金额不低 于人民币5,000万元且不高于人民币10,000万元；公司董事、高级管理人员预计 合计增持金额为人民币1,000万元（以下简称"本次增持计划"）。 本次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。 本次增持计划实施期限为自本公告日起6个月内。如该增持期间内相关交 易日存在限制控股股东、董事及高级管理人员增持公司股票的情形，则 ...