Core Viewpoint - The company reported a revenue of 3.45 billion yuan in the first half of 2025, showing a year-on-year increase of 6.16%, with a net profit attributable to shareholders of 573 million yuan, up 27.42% year-on-year [3]. Financial Performance - In Q2 2025, the company achieved a revenue of 1.784 billion yuan, representing a year-on-year growth of 11.01% and a quarter-on-quarter increase of 7.12%. The net profit attributable to shareholders for the same period was 316 million yuan, reflecting a year-on-year increase of 44.95% and a quarter-on-quarter increase of 22.77% [3]. - The company's net profit margin for H1 2025 was 16.6%, an increase of 2.8 percentage points year-on-year, while the gross profit margin was 29.25%, up 0.57 percentage points year-on-year [4]. Cost Management - The expense ratio for Q2 2025 was 7.69%, down 5.30 percentage points year-on-year and 3.70 percentage points quarter-on-quarter. The breakdown of expenses showed sales, management, financial, and R&D expense ratios at 0.65%, 6.46%, -4.19%, and 4.77% respectively [5]. Strategic Developments - The acquisition of Zhuoerbo is progressing, with commitments for net profits of no less than 1.415 billion yuan, 1.569 billion yuan, and 1.741 billion yuan for 2025-2027, totaling a minimum of 4.725 billion yuan [7]. - The company is expanding its overseas production capacity, with the second phase of the factory in Mexico starting production in H1 2025 and a new aluminum casting factory in Malaysia under construction [8]. Business Outlook - The company forecasts net profits attributable to shareholders of 1.19 billion yuan, 1.486 billion yuan, and 1.778 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 16x, 13x, and 11x [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9] Core Views - The company has demonstrated robust revenue growth and improved profit margins, driven by global expansion and a dual focus on automotive and robotics sectors [1][3] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 3.05 billion yuan, up 6.16% year-on-year, and net profit at 573 million yuan, up 27.42% year-on-year [2] - The report highlights the company's strategic overseas capacity expansion, new product development, and high capacity utilization as key drivers of growth [4][6] Revenue and Profitability - The company achieved a revenue of 5,957 million yuan in 2023, with projected growth rates of 40% in 2023, 13% in 2024, and 18% in 2025 [1] - The net profit for 2023 is forecasted at 913 million yuan, with expected growth rates of 41% in 2023, 3% in 2024, and 28% in 2025 [1] - The gross margin for the first half of 2025 was reported at 29.25%, reflecting a year-on-year increase of 0.57 percentage points [2] Strategic Initiatives - The company is expanding its production capacity in North America and Europe, with new facilities in Mexico and Malaysia, which are expected to enhance market responsiveness and customer loyalty [4][6] - The company is actively developing over 400 new products annually, with an anticipated total sales revenue of no less than 10 billion yuan over their lifecycle [4] - The acquisition of a 71% stake in Zhuolibo, a micro-motor company, is expected to enhance revenue and profit, with projected net profits of 142 million yuan, 157 million yuan, and 174 million yuan from 2025 to 2027 [6] Financial Projections - The company’s revenue is projected to reach 7,962 million yuan in 2025, with a year-on-year growth of 18%, and net profit is expected to be 1,204 million yuan, reflecting a growth of 28% [1][6] - The report anticipates continued improvements in gross margins and potential foreign exchange gains, contributing to overall profitability [6]

证 券 研 究 报 告 爱柯迪（600933）2025 年中报点评 强推（维持） 2Q 业绩超预期，期待机器人业务拓展 目标价：30.2 元 事项： 公司发布 2025 年中报，上半年营收 34.5 亿元、同比+6%，归母净利 5.73 亿 元、同比+27%，扣非归母净利 5.53 亿元、同比+32%。 评论： 公司研究 汽车零部件Ⅲ 2025 年 08 月 29 日 当前价：19.55 元 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 公司基本数据 | 总股本(万股) | 98,512.12 | | --- | --- | | 已上市流通股(万股) | 97,736.92 | | 总市值(亿元) | 192.59 | | 流通市值(亿元) | 191.08 | | 资产负债率(%) | 40.88 | | 每股净资产(元) | 8.63 | | 12 个月内最高/最低价 | 21.52/1 ...

| 项目 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 王成勇、王卓星、周益平 | | 募集配套资金 | 不超过 名符合条件的特定对象 35 | 独立财务顾问 二〇二五年八月 爱柯迪股份有限公司 发行股份及支付现金购买资产并募集配套资金报告书（草案）摘要 | 股票代码：600933 | 股票简称：爱柯迪 | 上市地点：上海证券交易所 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | 上市地点：上海证券交易所 | 爱柯迪股份有限公司 发行股份及支付现金购买资产并募集配 套资金报告书（草案）摘要（注册稿） 本报告书及其摘要所述事项并不代表中国证监会、上海证券交易所对于本次 交易相关事项的实质性判断、确认或批准，也不表明中国证监会和上海证券交易 所对本报告书及其摘要的真实性、准确性、完整性作出保证。本报告书及其摘要 所述本次交易相关事项的生效和完成尚待取得中国证监会的注册及其他有权监 管机构的批准。审批机关对本次交易所做的任何决定或意见，均不表明其对公司 股票的价值或投资者的收益作出实质性判断或保证。 本次交易完成后，本公司经营与 ...

独立财务顾问 二〇二五年八月 | 股票代码：600933 | 股票简称：爱柯迪 | 上市地点：上海证券交易所 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | 上市地点：上海证券交易所 | 爱柯迪股份有限公司 发行股份及支付现金购买资产并募集配 套资金报告书（草案）（注册稿） | 项目 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 王成勇、王卓星、周益平 | | 募集配套资金 | 不超过 35 名符合条件的特定对象 | 爱柯迪股份有限公司 发行股份及支付现金购买资产并募集配套资金报告书（草案） 交易各方声明 一、上市公司及全体董事、监事、高级管理人员声明 本公司及全体董事、监事、高级管理人员承诺并保证本报告书及其摘要内容 的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、 准确性和完整性承担相应的法律责任。如因提供的信息、出具的说明及确认存在 虚假记载、误导性陈述或重大遗漏，给投资者造成损失的，将依法承担赔偿责任。 本公司控股股东、实际控制人及全体董事、监事、高级管理人员承诺：如本 次交易所提供或披露的 ...

国金证券股份有限公司 关于 爱柯迪股份有限公司 发行股份及支付现金购买资产并 募集配套资金 之独立财务顾问报告（注册稿） 独立财务顾问 二〇二五年八月 声明与承诺 国金证券接受爱柯迪的委托，担任爱柯迪本次发行股份及支付现金购买资产 并募集配套资金事宜的独立财务顾问，就该事项向爱柯迪全体股东提供独立意见， 并制作《国金证券股份有限公司关于爱柯迪股份有限公司发行股份及支付现金购 买资产并募集配套资金之独立财务顾问报告》。 本独立财务顾问报告是依据《公司法》《证券法》《上市公司重大资产重组 管理办法》《上市公司并购重组财务顾问业务管理办法》《公开发行证券的公司 信息披露内容与格式准则第 26 号—上市公司重大资产重组》等法律法规和规范 性文件的有关规定，按照证券行业公认的业务标准、道德规范和诚实信用、勤勉 尽责精神，经审慎尽职调查后出具的，旨在对本次交易作出独立、客观和公正的 评价，以供爱柯迪全体股东及有关方面参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方当事人均无关联关系，就本次交易所 发表的有关意见是完全独立进行的。 （二）本次重组涉及的各方当事人均向本独立财务顾问提供了出具本独立财 务顾问报 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2025-100 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 结合上交所重组委审核通过本次交易等实际情况，公司对《爱柯迪股份有限 公司发行股份及支付现金购买资产并募集配套资金报告书（草案）》（以下简称 "重组报告书"）进行了修订，并披露了重组报告书（注册稿）。 相较公司于 2025 年 8 月 16 日披露的《爱柯迪股份有限公司发行股份及支付 现金购买资产并募集配套资金报告书（草案）（上会稿）》，本次披露的重组报 告书（注册稿）主要修订情况如下： | 重组报告书主要章节 | 修订说明 | | --- | --- | | 交易各方声明 | 更新"一、上市公司及全体董事、监事、高级管理人员声明"中本 | | | 次交易尚需履行的决策及审批程序 | | 目录 | 根据修订情况更新目录 | | 重大事项提示 | 更新"四、本次交易已经履行的和尚未履行的决策程序及报批程 | 1 | 重组报告书主要章节 | | 修订说明 | | --- | --- | --- | | | | 序" | | 重大 ...

延伸阅读： 金龙汽车:聘任彭晓冬为财务总监 东方材料:聘任唐晓薇担任公司财务总监 熙菱信息钟仲人辞去公司副总经理、财务总监职务 每经AI快讯，爱柯迪（SH 600933）8月29日发布公告称，为确保财务管理工作的顺利开展，由公司总 经理提名，经公司董事会提名委员会、审计委员会审议通过，同意聘任谢地女士为公司财务总监。 2025年1至6月份，爱柯迪的营业收入构成为：汽车类占比94.4%，其他业务占比3.53%，工业类占比 2.07%。 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and profitability [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.45 billion, a year-on-year increase of 6.16% - The net profit attributable to shareholders was 573 million, up 27.42% year-on-year - The net profit excluding non-recurring items was 553 million, reflecting a 32.26% increase year-on-year - In Q2 2025, revenue reached 1.784 billion, growing 11.01% year-on-year and 7.12% quarter-on-quarter - The net profit for Q2 was 316 million, a year-on-year increase of 44.95% and a quarter-on-quarter increase of 22.77% - The net profit excluding non-recurring items for Q2 was 317 million, up 61.1% year-on-year and 34.2% quarter-on-quarter [1]. Profitability Metrics - The net profit margin for H1 2025 was 16.6%, an increase of 2.8 percentage points year-on-year - The gross profit margin was 29.25%, up 0.57 percentage points year-on-year - In Q2 2025, the net profit margin was 17.70%, increasing by 4.14 percentage points year-on-year and 2.26 percentage points quarter-on-quarter - The gross profit margin for Q2 was 29.74%, with year-on-year and quarter-on-quarter increases of 2.1 percentage points and 1.0 percentage points, respectively [1]. Expense Ratios - The expense ratio for Q2 2025 was 7.69%, a decrease of 5.30 percentage points year-on-year and 3.70 percentage points quarter-on-quarter - The breakdown of expense ratios included sales at 0.65%, management at 6.46%, financial at -4.19%, and R&D at 4.77%, with year-on-year changes of -0.41, +0.83, -4.80, and -0.91 percentage points, respectively - Financial expenses decreased by 69.02 million quarter-on-quarter, primarily due to increased exchange gains [2]. Strategic Developments - The acquisition of 卓尔博 is progressing, with the Shanghai Stock Exchange's merger and acquisition committee reviewing the matter on August 25 - 卓尔博 has committed to achieving net profits of no less than 141.5 million, 156.9 million, and 174.1 million for 2025-2027, totaling a minimum of 472.5 million over three years - The subsidiary 富乐精密 plans to apply for listing on the New Third Board, which will enhance the company's asset liquidity [2]. Expansion Initiatives - The company has established overseas production capacity, with the second phase of the factory in Mexico commencing operations in H1 2025 and a new aluminum casting plant in Malaysia under construction - The company is focusing on magnesium alloy technology development to tap into the automotive lightweighting and humanoid robot sectors - The wholly-owned subsidiary 瞬动机器人 is responsible for the R&D, manufacturing, and sales of components and wearable terminal products in the robotics field, which will drive long-term growth [3]. Profit Forecast and Investment Rating - The company maintains profit forecasts of 1.19 billion, 1.49 billion, and 1.78 billion for 2025-2027 - The current market capitalization corresponds to price-to-earnings ratios of 16 times, 13 times, and 11 times for the respective years - The company maintains a "buy" rating [3].

Key Insights - The report highlights a selection of recommended stocks across various industries for September 2025, emphasizing their potential for performance improvement based on specific investment logic [1][2]. Banking Sector - Ningbo Bank (002142.SZ) is expected to see a performance turnaround with signs of improvement in net interest margin and a potential clearing of retail non-performing loans. The company's valuation is currently low, lacking management premium, which may lead to a recovery as fundamentals improve [1]. Light Industry - Yutong Technology (002831.SZ) shows stable business performance with growth in consumer electronics packaging and new clients in the trendy toy and AI sectors. The company reported a 7% revenue increase and an 11% profit increase in H1 2025, with an expected revenue growth rate of 10% after excluding the impact of divestitures [1]. Electronics Sector - Semiconductor manufacturer SMIC (0981.HK) exceeded revenue and gross margin guidance in Q2, with capacity utilization reaching 92.5%, the highest since Q3 2022. A further revenue growth of 5%-7% is anticipated in Q3, benefiting from the growth of domestic chip design companies and the trend towards localized chip manufacturing [1]. Telecommunications - ZTE Corporation (000063.SZ), a leading domestic telecommunications equipment provider, is expected to benefit from AI development and potential breakthroughs in chip technology, which may enhance future profitability [1]. Automotive Sector - Aikodi (600933.SH) is projected to perform well in Q2, with significant acquisitions nearing completion and strong order flow in traditional business areas. The company's robotics strategy is becoming clearer, indicating a positive outlook [1]. Utilities and Environmental Protection - Changjiang Electric Power (600900.SH) has implemented a high dividend policy with a 70% payout ratio, supported by major shareholder confidence through substantial share buybacks. The current dividend yield of 3.37% exceeds the 10-year government bond yield by 160 basis points [1]. Textile and Apparel - Huali Group (300979.SZ) faced a decline in performance due to significant price corrections and tariff uncertainties. However, with the new factory ramp-up and tariff resolutions, the company is expected to see improved performance in the latter half of the year [1]. Non-Banking Financials - Dongfang Securities (600958.SH) reported significant revenue growth in Q1 across various segments, with investment and brokerage services being the main contributors. The strategic focus on "big wealth, big investment banking, and big institutions" is expected to continue driving growth [1]. Internet Sector - Tencent Holdings (0700.HK) demonstrates stable performance with substantial growth potential, particularly in WeChat e-commerce and AI applications, which are not fully reflected in current profit forecasts. The company's ecosystem advantages position it well for the AI era [1]. - Kuaishou (1024.HK) also shows steady performance, with AI enhancing its core business and advertising efficiency. The company has successfully commercialized AI video products, achieving an annualized revenue of $125 million [1].