Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Viewpoints - The company is a leading domestic supplier of automotive aluminum alloy precision die-casting parts, with a focus on expanding into the new energy vehicle sector. The revenue from new energy vehicle products is expected to increase from approximately 20% in 2022 to 30% in 2025 and 70% by 2030 [1][27]. - The aluminum alloy market for automotive applications in China is projected to grow from approximately 182.85 billion in 2023 to 334.11 billion by 2030, with a CAGR exceeding 9.0% [2]. - The company has a strong competitive advantage due to its lean management capabilities, which are expected to be replicated in its medium and large die-casting business, opening new growth opportunities [3]. Summary by Sections Company Overview - The company has shown steady growth over the past five years, with a CAGR of 17.0% in revenue and 13.5% in net profit from 2019 to 2024. The company is transitioning from small die-casting parts to larger components for new energy vehicles [1][19]. Industry Analysis - The domestic aluminum alloy market for automotive applications is expected to reach approximately 236.1 billion by 2025 and 346.8 billion by 2030, driven by the demand for lightweight vehicles [2][53]. - The market for aluminum die-casting is projected to account for nearly 80% of the total aluminum alloy processing market, indicating significant growth potential [2][57]. Competitive Advantages - The company has over 4,000 product types and maintains a leading position in terms of product value and profitability. Its management capabilities are expected to enhance its market share in both small and large die-casting segments [3][17]. - The company is actively expanding its production capacity in Mexico and other locations to support its global strategy [4][32]. Financial Forecast - The company is expected to achieve revenues of 82.6 billion, 101.6 billion, and 118.4 billion from 2025 to 2027, with corresponding net profits of 11.80 billion, 15.06 billion, and 18.05 billion [5][6]. The projected EPS for the same period is 1.20, 1.53, and 1.83 [5]. Investment Recommendations - The report suggests that the company's global expansion and the release of new orders will drive its main business forward. The establishment of a robotics subsidiary and the acquisition of a majority stake in a robotics company are expected to accelerate growth in this area [5][4].

爱柯迪（600933.SH）深度报告 精密铝压铸龙头 全球化+机器人齐驱 2025 年 04 月 17 日 ➢ 风险提示：原材料成本大幅度上涨；中大型压铸件拓展进度不及预期；海 外工厂投产不及预期、并购进展不及预期等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,746 | 8,258 | 10,158 | 11,838 | | 增长率（%） | 13.2 | 22.4 | 23.0 | 16.5 | | 归属母公司股东净利润（百万元） | 940 | 1,180 | 1,506 | 1,805 | | 增长率（%） | 2.9 | 25.6 | 27.7 | 19.9 | | 每股收益（元） | 0.95 | 1.20 | 1.53 | 1.83 | | PE | 15 | 12 | 9 | 8 | | PB | 1.7 | 1.5 | 1.3 | 1.2 | 资料来源：同花顺 iFinD，民生证券研究院预测；（注：股价为 ...

| 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].

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 19.67 CNY, corresponding to an 18x PE for 2025E [3][5]. Core Insights - The company's total revenue for 2024 is projected to increase by 13.2% year-on-year to 6.75 billion CNY, while the net profit attributable to shareholders is expected to rise by 2.9% to 940 million CNY. However, the fourth quarter of 2024 showed lower-than-expected performance, with revenue of 1.77 billion CNY and a net profit of 200 million CNY, reflecting a significant decline compared to the previous year [1][3]. - The company is advancing its globalization strategy, with new factories in Mexico and Malaysia to mitigate tariff risks. The Mexico plant has already turned profitable, and the Malaysian plant is set to begin production in mid-2024 [2]. - The company is entering the robotics sector, which is expected to create a second growth curve. This includes acquiring a 71% stake in a precision electromechanical company and establishing a subsidiary focused on exoskeleton robotics [2]. Summary by Sections Financial Performance - In 2024, the company's gross margin is expected to decline by 1.4 percentage points to 27.6%, with a significant drop in Q4 2024 gross margin to 23.7% due to rising aluminum prices and accounting adjustments [1]. - The revenue growth rate is projected to be 14.31% in 2025, with net profit growth expected to be 15.66% [4][10]. Global Expansion and Robotics - The company is actively expanding its global footprint to counteract tariff impacts, with operational factories in Mexico and Malaysia. The Mexico plant is already profitable, and the Malaysian facility will start producing aluminum and zinc alloy components in 2024 [2]. - The entry into the robotics market is seen as a strategic move to enhance profitability and diversify product offerings, with ongoing internal development and external acquisitions [2]. Valuation Metrics - The report provides a detailed financial forecast, including projected revenues and net profits for 2025E at 7.71 billion CNY and 1.09 billion CNY, respectively. The company’s P/E ratio is expected to decrease from 16 in 2023 to 10 by 2027 [4][10].