| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-031 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 一、本次交易的基本情况 爱柯迪股份有限公司（以下简称"公司"）拟以发行股份及支付现金的方式 购买卓尔博（宁波）精密机电股份有限公司（以下简称"卓尔博"）71%股权，同 时公司拟发行股份募集配套资金（以下简称"本次交易"）。本次交易完成后， 卓尔博将成为公司的控股子公司。本次交易预计不构成《上市公司重大资产重组 管理办法》规定的重大资产重组；根据《上海证券交易所股票上市规则（2024 年 4 月修订）》，本次交易不构成关联交易；本次交易不会导致公司实际控制人发 生变更，不构成重组上市。 二、本次交易的进展情况 根据上海证券交易所的相关规定，经公司申请，公司股票、可转债债券以及 可转债转股自 2025 年 1 月 6 日（星期一）开市起开始停牌，预计停牌时间不超 过 10 个交易日。具体内容详见 2025 年 1 月 4 日刊载于上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体《关 ...

爱柯迪 600933.SH 公司研究 | 年报点评 全球化布局稳步推进，布局机器人业务 核心观点 盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等，新增 2027 年预测，预测 2025-2027 年归母净利润 分别为 11.36、14.04、16.22 亿元（原 2025-2026 年为 13.78、17.44 亿元），可比 公司 2025 年 PE 平均估值 19 倍，目标价 21.85 元，维持买入评级。 风险提示 乘用车行业销量低于预期、汽车铝合金铸件配套收入低于预期、新能源车产品收入低于 预期、机器人业务进展不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,957 | 6,746 | 8,075 | 9,391 | 10,697 | | 同比增长 (%) | 39.7% | 13.2% | 19.7% | 16.3% | 13.9% | | 营业利润(百万元) | 1,065 | 1,092 | 1,287 | 1,594 ...

Core Viewpoint - The company reported a revenue increase of 13.24% year-on-year for 2024, reaching 6.746 billion yuan, while net profit grew by 2.86% to 940 million yuan, indicating stable growth despite challenges in Q4 [1] Financial Performance - In Q4 2024, the company achieved revenue of 1.772 billion yuan, reflecting a year-on-year increase of 2.86% and a quarter-on-quarter increase of 2.72% [1] - The net profit for Q4 2024 was 198 million yuan, showing a significant decline of 37.39% year-on-year and 32.29% quarter-on-quarter [1] - The company's non-recurring net profit for Q4 2024 was also 198 million yuan, down 30.81% year-on-year and 24.55% quarter-on-quarter [1] Margin Analysis - The gross margin for Q4 2024 was 23.72%, which represents a decrease of 5.69 percentage points year-on-year and 6.03 percentage points quarter-on-quarter [2] - The decline in gross margin was attributed to accounting standard adjustments and rising aluminum prices, with the average aluminum price increasing by 5% from Q3 2024 [2] Global Expansion and Strategic Initiatives - The company is rapidly advancing its global layout, with a production base in Malaysia that began producing aluminum alloy materials in July 2024 and plans for mass production of aluminum alloy products by 2025 [3] - The Malaysian facility is expected to provide stable raw material supply and support market expansion in Southeast Asia and the U.S. [3] - The Mexican factory achieved profitability in 2024, with plans for the second phase to commence production in Q2 2025 [3] - The company established a wholly-owned subsidiary focused on robotics technology, aiming to develop components and wearable equipment for industrial automation [3] - The company is also investing in magnesium alloy die-casting technology as a key future direction for automotive lightweighting and robotics [3] Profit Forecast and Investment Outlook - The company anticipates continued revenue growth, projecting main business revenues of 7.9 billion, 9.4 billion, and 11 billion yuan for 2025-2027, with year-on-year growth rates of 17%, 19%, and 17% respectively [4] - Expected net profits for the same period are 1.11 billion, 1.35 billion, and 1.55 billion yuan, with growth rates of 18%, 22%, and 15% [4] - The earnings per share (EPS) are projected to be 1.13, 1.37, and 1.57 yuan, with corresponding price-to-earnings (PE) ratios of 15, 12, and 11 times [4]

2025 年 04 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024 年业绩稳健增长，前瞻拓展机器人相关业 务 ——爱柯迪（600933）2024 年年报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/02 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 爱柯迪 | | -12.8% | 7.5% | -12.4% | | 沪深 300 | | -0.1% | 1.7% | 8.5% | | 市场数据 | 2025/04/02 | | --- | --- | | 当前价格（元） | 16.56 | | 52 周价格区间（元） | 11.59-22.70 | | 总市值（百万） | 16,309.23 | | 流通市值（百万） | 16,185.23 | | 总股本（万股） | 98,485.71 | | 流通股本（万股） | 97,736.91 | | 日均成交额（百万） | 27 ...

[Table_Reportdate] 2025年04月03日 公 司 简 评 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/02 | | --- | --- | | 收盘价 | 16.56 | | 总股本(万股) | 98,486 | | 流通A股/B股(万股) | 97,737/0 | | 资产负债率(%) | 40.42% | | 市净率(倍) | 1.92 | | 净资产收益率(加权) | 11.98 | | 12个月内最高/最低价 | 22.70/11.59 | [Table_QuotePic] -48% -37% -26% -14% -3% 8% 19% 31% 24-04 24-07 24-10 25-01 爱柯迪 沪深300 《爱柯迪（600933）：收入端增长稳 健，持续推进中大件转型、全球产能 布 局 — — 公 司 简 评 报 告 》 2024.11.01 《爱柯迪 ...

[Table_Reportdate] 2025年04月03日 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/02 | | --- | --- | | 收盘价 | 16.56 | | 总股本(万股) | 98,486 | | 流通A股/B股(万股) | 97,737/0 | | 资产负债率(%) | 40.42% | | 市净率(倍) | 1.92 | | 净资产收益率(加权) | 11.98 | | 12个月内最高/最低价 | 22.70/11.59 | [Table_QuotePic] -48% -37% -26% -14% -3% 8% 19% 31% 24-04 24-07 24-10 25-01 爱柯迪 沪深300 [相关研究 Table_Report] 《爱柯迪（600933）：收入端增长稳 健，持续推进中大件转型、全球产能 布 局 — — 公 司 简 评 报 告 》 2024.11.01 《爱柯迪（600933）：内销保持较高 增速，完善全球化布局——公司简评 报告》 2024.09.02 《爱柯迪（600933）：新能源汽车产 品 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 19.67 CNY, corresponding to an 18x PE for 2025E [3][5]. Core Views - The company's total revenue for 2024 is expected to grow by 13.2% year-on-year to 6.75 billion CNY, while the net profit attributable to shareholders is projected to increase by 2.9% to 940 million CNY [1]. - The company is advancing its global deployment and entering the robotics sector, which is anticipated to initiate a second growth curve [2]. - The report indicates that the company's gross margin is expected to stabilize and improve in 2025E after a decline in 2024 [1][2]. Summary by Sections Financial Performance - In 4Q24, the company's revenue was 1.77 billion CNY, reflecting a year-on-year increase of 2.9% and a quarter-on-quarter increase of 2.7%. However, the net profit for the same period decreased by 37.4% year-on-year to 200 million CNY [1]. - The gross margin for 2024 is projected to be 27.6%, down 1.4 percentage points from the previous year, with a significant drop in 4Q24 to 23.7% [1][10]. Growth Strategy - The company is actively expanding its global production capacity to mitigate tariff risks, with new factories in Mexico and Malaysia expected to enhance operational efficiency [2]. - The entry into the robotics field through acquisitions and internal development is expected to bolster the company's growth trajectory [2]. Earnings Forecast - The report forecasts a net profit of 1.087 billion CNY for 2025E, reflecting a growth rate of 15.66% [4][8]. - The company's revenue is expected to reach 7.711 billion CNY in 2025E, with a growth rate of 14.31% [4][8].

2025 年 4 月 2 日 公司研究 多方因素影响 4Q24 业绩，进军机器人开启第二成长曲线 ——爱柯迪（600933.SH）2024 年报业绩点评 要点 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,957 | 6,746 | 7,711 | 9,293 | 10,543 | | 营业收入增长率 | 39.67% | 13.24% | 14.31% | 20.51% | 13.45% | | 归母净利润（百万元） | 913 | 940 | 1,087 | 1,400 | 1,617 | | 归母净利润增长率 | 40.84% | 2.86% | 15.66% | 28.86% | 15.51% | | EPS（元） | 1.02 | 0.95 | 1.10 | 1.42 | 1.64 | | ROE（归属母公司)（摊薄） | 14.43% | 11.41% | 12.04% | 13.87% | 14.33% | | P/E | 16 | 17 | 1 ...

24 年稳健增长,开拓机器人第二曲线 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地 | 汽车零部件 | 证券研究报告 爱柯迪 (600933 CH) Q4 毛利率和净利率下滑，系会计准则调整+原材料成本上升+汇兑损失等 Q4 毛利率 23.7%，同环比-5.7/-6.0pct；净利率 11.2%，同环比-7.2/-5.8pct。 1）会计准则调整，Q4 有 0.34 亿质保费用分类至成本，影响 Q4 毛利率 1.92pct（还原后毛利率 25.64%）。2）Q4 沪铝均价环比+5.0%，使成本上 升。3）Q4 财务费用率 1.16%，同环比+2.20/+2.97pct，主要系汇兑损失增 加（Q4 欧元贬值拖累利润）。4）Q4 承担较多的股权激励和奖金计提。 积极开拓机器人第二曲线，收购卓尔博有望增厚利润并实现业务协同 1）24 年 12 月成立瞬动机器人子公司（副总经理张恂杰担任 CEO），负责 研发机器人零部件和外骨骼机器人（含可穿戴装备）等。2）25 年 1 月宣布 计划收购卓尔博 71%股权，其主营微特电 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-029 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于部分闲置募集资金现金管理到期赎回 并继续进行现金管理的公告 | 3 | 杭州银行宁 波北仑支行 | 杭州银行"添利宝"结构性 存款产品(TLBB202407039) | 15,000.00 | 2024-07-01 | 2024-07-31 | 保本收 益型 | 2.8%或 2.6%或 | 32.05 | 是 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 1.25% | | | | | | | | | | | 2.8%或 | | | | 4 | 杭州银行宁 | 杭州银行"添利宝"结构性 | 15,000.00 | 2024-07-01 | 2024-07-31 | 保本收 | 2.6%或 | 32.05 | 是 | | | 波北仑支行 | 存款产品(TLBB20240 ...