爱柯迪股份有限公司 2024 年年度股东大会 会议资料 中国·宁波 二〇二五年四月二十九日 爱柯迪股份有限公司 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会参会须知 | | 1 | | --- | --- | --- | --- | | 2024 | 年年度股东大会议程 | | 2 | | 2024 | 年年度股东大会议案 | | 3 | | | 议案一：2024 | 年度董事会工作报告 | 3 | | | 议案二：2024 | 年度监事会工作报告 | 6 | | | 议案三：2024 | 年度财务决算报告 | 10 | | | 议案四：2024 | 年度利润分配预案 | 18 | | | 议案五：2024 | 年年度报告及摘要 | 19 | | | 议案六：关于公司董事 | 2024 年薪酬的议案 20 | | | | 议案七：关于公司监事 | 2024 年薪酬的议案 21 | | | | 议案八：关于聘请 2025 | 年度财务审计和内部控制审计机构的议案 22 | | | | 议案九：关于公司 2025 | 年度银行授信的议案 26 | | | | 听取：2024 | 年度 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-032 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于"爱迪转债"预计满足转股价格修正条件的提示 性公告 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。 一、可转债发行上市概况 经中国证券监督管理委员会（证监许可[2022]1917 号）文核准，爱柯迪股份 有限公司（以下简称"公司"）于 2022 年 9 月 23 日公开发行了 1,570 万张可转 换公司债券，每张面值 100 元，发行总额 157,000 万元，期限 6 年。可转债票面 利率为第一年0.30%、第二年0.50%、第三年1.00%、第四年1.30%、第五年1.50%、 第六年 1.80%。 经上海证券交易所自律监管决定书[2022]294 号文同意，公司本次发行的 157,000万元可转换公司债券于2022年10月28日起在上海证券交易所挂牌交易， 债券简称"爱迪转债"，债券代码" ...

► 深耕铝合金精密压铸 新能源浪潮驱动向上 爱柯迪是国内领先的汽车铝合金精密压铸件专业供应商，传统产品为转向、雨刮系统等汽车铝压铸小件产品，逐步向新能源汽车三电系统、结构件等中大型压铸件 产品拓展。公司近五年业绩稳健增长，2019-2024年营业收入CAGR为17.0%，归母净利润CAGR达到13.5%；结构上：公司2022 年新能源汽车产品收入占比约 为 20%，2025/2030年新能源汽车产品收入占比目标分别为30%/70%。 ► 电动智能化驱动汽车轻量化行业扩容 头部企业有望强者恒强 行业空间 ：我们测算2023年国内车用铝合金市场规模约为1,828.5亿，预计2030年将达3,341.1亿元，2023-2030年CAGR超9.0%，其中压铸工艺约占近八成比 例； 分部位 ：底盘、车身等部位铝材渗透潜力大，预计2030年国内电车底盘/车身铝材渗透率将达到94.0%/14.0%，较2018年提升68.0/6.0pcts； 格局端 ：国 内铝压铸竞争格局较为分散，2023年CR5市占率合计约为11.9%，预计龙头企业有望凭借技术/规模等优势提升市场份额。 ► 精益管理能力突出 有望复刻至中大型压铸件业务 ...

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 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The report highlights the potential benefits for domestic parts companies building factories in Mexico due to the new tariff policies announced by Trump, which will not impose additional tariffs on certain goods [9][12] - The report suggests continued focus on humanoid robotics and automotive supply chain investment opportunities, with expectations for profitability and valuation increases [3][14] - The anticipated growth in market share for competitive domestic brands and new forces in intelligent driving technology by 2025 is emphasized [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies such as SAIC Motor, BYD, and Changan Automobile, among others, for potential investment opportunities [3][15] - Specific companies highlighted include: - SAIC Motor (buy) - Changan Automobile (buy) - BYD (not rated) - China National Heavy Duty Truck Group (buy) - GAC Group (buy) [15] Market Performance - The report notes a decline in the automotive sector, with a 3.5% drop in the CITIC automotive sector index, underperforming the CSI 300 index [17] - The report identifies the top-performing stocks in the automotive sector, including New Aluminum Era and Jiuyi Co., while also noting significant declines in others like Junda Co. [17][18] Sales Tracking - Preliminary statistics indicate a 10% year-on-year increase in wholesale sales of passenger vehicles in March, with total sales reaching 2.41 million units [26] - Retail sales also saw a 12% increase year-on-year, totaling 1.89 million units in March [26] Industry Dynamics - The report discusses the launch of new models such as the AITO M8 and M9, which are expected to boost sales for the brand [2][14] - It also highlights the performance of various companies, with notable growth in revenue and profit for firms like Seres and Bojun Technology [39][40]

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 ...