Core Viewpoint - Aikodi is a significant player in the global automotive aluminum alloy precision die-casting industry, focusing on R&D, production, and sales, with a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Aikodi's revenue reached 5.31 billion yuan, ranking 10th among 103 companies in the industry, while the industry leader, Weichai Power, reported revenue of 170.57 billion yuan [2] - The net profit for the same period was 0.927 billion yuan, placing Aikodi 5th in the industry, with Weichai Power's net profit at 10.85 billion yuan [2] Group 2: Financial Ratios - Aikodi's debt-to-asset ratio in Q3 2025 was 42.26%, up from 41.49% year-on-year, exceeding the industry average of 39.06% [3] - The gross profit margin for Q3 2025 was 30.42%, an increase from 29.05% year-on-year, also higher than the industry average of 21.53% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.36% to 29,800, while the average number of circulating A-shares held per shareholder increased by 12.82% to 32,800 [5] - New significant shareholders include Hong Kong Central Clearing Limited and Yongying Advanced Manufacturing Mixed Fund, holding 14.66 million and 11.59 million shares, respectively [5] Group 4: Management Compensation - Chairman Zhang Jiancheng's salary increased to 1.9138 million yuan in 2024, up by 121,300 yuan from 2023 [4] Group 5: Future Outlook - Analysts expect Aikodi's revenue to reach 7.912 billion yuan, 10.826 billion yuan, and 12.989 billion yuan from 2025 to 2027, with net profits projected at 1.199 billion yuan, 1.497 billion yuan, and 1.800 billion yuan respectively [5] - The company is expanding into the robotics sector and has completed the acquisition of 71% of Zhuoerbo, which is expected to enhance profits and facilitate business synergy [6]

Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommended" rating to Aikodi (600933.SH) based on several positive indicators [1] - The company's performance in Q3 2025 is expected to meet forecasts, with a continuous recovery in gross profit margin [1] - Aikodi is strategically expanding its robotics business through both internal growth and external acquisitions, indicating strong growth potential [1] - The introduction of an equity incentive plan is seen as a measure to ensure the company's long-term development [1] Group 2 - The report highlights potential risks, including lower-than-expected passenger car sales and slower progress in the robotics business [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 33.77 [1][5]. Core Insights - The company's Q3 performance exceeded expectations, driven by a significant increase in gross margin, which rose by 2.85 percentage points quarter-on-quarter [1][2]. - The company is actively expanding into robotics as a second growth curve, with the acquisition of Zhuoerbo expected to enhance profits and achieve business synergies [1][4]. - The overseas market revenue share has steadily increased, reaching 51.9% in H1 2025, with limited impact from tariff fluctuations due to strategic positioning in Mexico [3]. Summary by Sections Q3 Performance - Q3 revenue reached RMB 1.86 billion, a year-on-year increase of 7.86% and a quarter-on-quarter increase of 4.28%. The net profit attributable to the parent company was RMB 322 million, up 10.36% year-on-year and 2.04% quarter-on-quarter [1]. - The gross margin for Q3 was 32.59%, showing a significant improvement of 2.84 percentage points year-on-year and 2.85 percentage points quarter-on-quarter, attributed to faster revenue growth from higher-margin small parts and effective internal cost control [2]. Strategic Developments - The company is focusing on a dual-engine strategy of automotive and robotics, having established a robotics subsidiary and completed the acquisition of Zhuoerbo, which specializes in micro motors and extends into robotics and drones [4]. - The completion of the Malaysian facility in June 2024 is expected to enhance vertical integration capabilities in aluminum alloy production [3]. Financial Forecast and Valuation - The company’s revenue projections for 2025-2027 are RMB 79.12 billion, RMB 108.26 billion, and RMB 129.89 billion, respectively, with net profits of RMB 11.99 billion, RMB 14.97 billion, and RMB 18.00 billion [5][10]. - The target price is set at RMB 33.77, based on a price-to-earnings ratio of 29.0 for 2025, reflecting an increase from the previous estimate of 26.4 [5].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue for the first three quarters of 2025 reached 5.31 billion yuan, a year-on-year increase of 6.7%, with a net profit attributable to shareholders of 900 million yuan, up 20.7% year-on-year [1][2]. - The third quarter of 2025 saw a revenue of 1.86 billion yuan, reflecting a year-on-year growth of 7.9% and a quarter-on-quarter increase of 4.3% [1][2]. - The gross margin for Q3 2025 was 32.6%, an increase of 2.8 percentage points year-on-year, attributed to scale effects and improved utilization rates of overseas factories [2]. - The company is actively expanding its robotics business through both internal development and acquisitions, including the establishment of a wholly-owned subsidiary and the planned acquisition of 71% of Zhuoerbo for 1.12 billion yuan [3]. - A stock incentive plan has been introduced to attract talent and ensure long-term development, with performance targets set for revenue growth in 2025 and 2026 [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a net profit of 320 million yuan, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 2.1% [1][2]. - The revenue target for 2025 is set at no less than 7.1 billion yuan, with a completion rate of 74.8% as of Q3 2025 [2]. Business Development - The company is focusing on the robotics sector, establishing a subsidiary for humanoid and exoskeleton robots, and planning to enhance its capabilities through the acquisition of Zhuoerbo, which is expected to generate 1.05 billion yuan in revenue in 2024 [3]. Investment Outlook - The report forecasts revenues of 8.26 billion yuan, 10.16 billion yuan, and 11.84 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.2 billion yuan, 1.49 billion yuan, and 1.79 billion yuan for the same years [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.16 yuan, 1.45 yuan, and 1.74 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 13 [5].

Core Viewpoint - The company reported a revenue of 5.31 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 6.75%, with a net profit attributable to shareholders of 0.895 billion yuan, up 20.70% year-on-year [2] Financial Performance - For Q3 2025, the company achieved a revenue of 1.86 billion yuan, with year-on-year and quarter-on-quarter growth of 7.86% and 4.28% respectively [2] - The gross profit margin for Q1-Q3 2025 was 30.42%, an increase of 1.38 percentage points year-on-year, while the net profit margin was 16.86%, up 1.95 percentage points year-on-year [3] - In Q3 2025, the gross profit margin was 32.59%, with year-on-year and quarter-on-quarter increases of 2.84 and 2.85 percentage points respectively [3] Cost Management - The expense ratio for Q3 2025 was 12.1%, showing a year-on-year increase of 0.5 percentage points and a quarter-on-quarter increase of 4.42 percentage points [4] - The breakdown of expenses included sales, management, R&D, and financial expenses at 0.62%, 5.56%, 4.84%, and 1.08% respectively [4] 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 [5] - The subsidiary Fule Precision plans to apply for listing on the New Third Board, which will enhance the company's asset liquidity [5] International Expansion - The second phase of the factory in Mexico commenced production in H1 2025, and a new aluminum casting plant in Malaysia is under construction, aimed at enhancing the company's international competitiveness [6] - The company is focusing on magnesium alloy technology development to tap into the automotive lightweight and humanoid robot sectors [6] Profit Forecast and Investment Rating - The company maintains profit forecasts of 1.19 billion yuan, 1.49 billion yuan, and 1.78 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 20x, 16x, and 13x [7]

Core Viewpoint - The company announced the completion of the absorption merger with its wholly-owned subsidiary, Ningbo Xinfike Trading Co., Ltd., to optimize organizational management, improve operational efficiency, and reduce management costs [1] Group 1 - The fourth board meeting was held on October 29, 2024, where the proposal for the absorption merger was approved [1] - The merger will result in the transfer of all assets, debts, and rights and obligations of Ningbo Xinfike to the company, leading to the cancellation of Ningbo Xinfike's independent legal status [1] - The merger agreement was signed on June 13, 2025, with a merger reference date set for June 30, 2025 [1] Group 2 - The company has received the deregistration notice from the Ningbo Jiangbei District Market Supervision Administration, confirming the completion of the business deregistration procedures for Ningbo Xinfike [1] - Post-merger, the company will continue its operations under the same name and registered capital [1]

Core Viewpoint - The company reported strong financial performance for Q3 2025, with revenue and net profit exceeding expectations, indicating continued growth and operational efficiency [1][2][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.31 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 0.895 billion yuan, up 21% year-on-year [1]. - In Q3 2025, the company recorded revenue of 1.86 billion yuan, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 4% [2]. - The gross profit margin reached a five-year high of 32.6%, with a quarter-on-quarter increase of approximately 3 percentage points [2]. Operational Highlights - The company demonstrated significant scale and management advantages in the small and medium-sized parts sector, maintaining a growth rate above the global automotive industry by over 10 percentage points for the past decade [3]. - The company has made substantial progress in transitioning to larger components, with a notable increase in self-manufacturing capabilities for large molds exceeding 2000 tons [3]. - A new wholly-owned subsidiary, Shundong Robotics, was established to focus on the development and sales of components related to robotics, indicating a strategic expansion into this emerging field [3]. Investment Outlook - The company’s net profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.28 billion yuan, 1.59 billion yuan, and 1.87 billion yuan, corresponding to growth rates of 36%, 24%, and 18% respectively [4]. - The target price for the company is set at 30.8 yuan, maintaining a "strong buy" rating based on the anticipated performance [4].

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。 一、吸收合并事项基本情况 爱柯迪股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了第四 届董事会第二次会议，审议通过了《关于吸收合并全资子公司的议案》，为进一 步优化组织管理层级，提高运营效率，降低管理成本，公司拟通过吸收合并的方 式合并全资子公司宁波昕飞科工贸有限公司（以下简称"宁波昕飞"），合并完成 后，宁波昕飞的全部资产、债权债务及其他一切权利与义务由公司承接和管理， 其独立法人资格将被注销，具体内容详见公司于 2024 年 10 月 30 日披露于上海 证券交易所网站（www.sse.com.cn）的《关于吸收合并全资子公司的公告》（公 告编号：2024-103）。该事项已经公司 2024 年 11 月 19 日召开的 2024 年第三次 临时股东大会审议通过。 2025 年 6 月 13 日，公司披露《关于吸收合并全资子公司的进展公告》（公 告编号：临 2025-061），公司与宁波昕飞签署了《吸收合并协议》，双方确定以 2025 年 6 月 3 ...

Core Viewpoint - The company announced the absorption merger of its wholly-owned subsidiary Ningbo Xinfly, which has been approved by the board and shareholders, aiming to optimize organizational management, improve operational efficiency, and reduce management costs without materially affecting the company's financial status [1] Group 1 - The merger is scheduled for October 2024, with a merger agreement signed in June 2025, establishing June 30 as the merger reference date [1] - The company has received a notice of approval for the cancellation of registration, indicating that the business cancellation procedures for Ningbo Xinfly have been completed [1] - The absorption merger is expected to enhance the company's management structure and operational efficiency [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30.8 CNY, compared to the current price of 22.63 CNY [2]. Core Insights - The company's Q3 performance exceeded expectations, with revenue of 5.31 billion CNY for the first three quarters, a year-on-year increase of 7%, and a net profit attributable to shareholders of 0.895 billion CNY, up 21% year-on-year [2]. - The report highlights the company's focus on the growth of its mid-to-large component business and the development of new robotics-related ventures [2]. Financial Performance Summary - Q3 revenue was 1.86 billion CNY, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 4%, aligning with seasonal industry trends [5]. - The company's net profit for Q3 was 322 million CNY, with a net profit margin of 18.2%, showing a quarter-on-quarter increase of 10% [5]. - The gross margin reached a five-year high of 32.6%, with significant contributions from improved production efficiency and cost management [5]. - The report projects adjusted net profit forecasts for 2025-2027, increasing from 1.2 billion CNY to 1.28 billion CNY, with growth rates of 36%, 24%, and 18% respectively [5][6]. Business Development Insights - The company is recognized as a hidden champion in the small-to-medium component sector, maintaining a growth rate above the global automotive industry average [5]. - The transition to larger components is showing results, with significant advancements in the production of large molds and components for electric vehicles [5]. - The establishment of a wholly-owned subsidiary for robotics is aimed at expanding into the robotics market, with a focus on developing components for humanoid robots and exoskeletons [5].