Financial Performance - The company achieved an annual revenue of 6.746 billion yuan, representing a year-on-year growth of 13.24%[3]. - The net profit attributable to shareholders reached 940 million yuan, with a year-on-year increase of 2.86%[3]. - The company's operating revenue for 2024 reached ¥6,746,046,655.82, representing a 13.24% increase compared to ¥5,957,276,979.49 in 2023[31]. - The net profit attributable to shareholders for 2024 was ¥939,510,193.72, a 2.86% increase from ¥913,400,086.73 in 2023[31]. - The net assets attributable to shareholders increased by 30.13% to ¥8,235,218,623.42 at the end of 2024, compared to ¥6,328,363,985.58 at the end of 2023[31]. - The total assets grew by 23.53% to ¥14,274,215,359.32 at the end of 2024, up from ¥11,555,289,914.24 at the end of 2023[31]. - The basic earnings per share for 2024 was ¥0.98, a decrease of 4.85% from ¥1.03 in 2023[32]. - The diluted earnings per share increased by 2.15% to ¥0.95 in 2024, compared to ¥0.93 in 2023[32]. - The cash flow from operating activities net amount for 2024 was ¥1,708,759,381.59, a 30.83% increase from ¥1,306,135,337.59 in 2023[31]. - The weighted average return on equity decreased by 3.01 percentage points to 11.98% in 2024, down from 14.99% in 2023[32]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥879,184,244.85, a slight increase of 0.40% from ¥875,639,357.92 in 2023[31]. Production and Technology - The company successfully launched its 500,000th five-in-one electric drive housing, enhancing its mass production capacity for products over 3000T[3]. - The company’s 48V project has achieved internalization of the electrophoretic process, strengthening its internal technology chain and core process autonomy[3]. - The company is focusing on digital transformation and has implemented a new performance management system to foster a high-performance culture[4]. - The company is advancing magnesium alloy die-casting technology as a key direction for future development in automotive lightweighting and robotics[43]. - Significant breakthroughs in key manufacturing technologies include the application of semi-solid die casting and vacuum brazing in the production of components for new energy vehicles, improving product performance and market competitiveness[106]. - The company has implemented advanced imported die-casting equipment and CNC machining centers, which enhance product quality while reducing energy consumption[179]. Market Expansion and Strategy - The company plans to continue expanding its market presence and invest in new technologies to enhance its product offerings[1]. - The company’s overseas production bases, including the Malaysia and Mexico factories, have been completed and are operational, supporting its global capacity collaboration[4]. - The Malaysian factory commenced operations, enhancing raw material supply and supporting market expansion in Southeast Asia[41]. - The first phase of the Mexican factory turned profitable, providing a replicable management experience for future expansions[41]. - The company aims to optimize its organizational structure and enhance management capabilities to adapt to its growing scale and complexity[6]. - The company plans to complete the construction of its second factory in Mexico by April 2025, focusing on large structural components for new energy vehicles[54]. - The company is planning to implement new strategies in the upcoming quarters to drive further growth and profitability[124]. Research and Development - Research and development expenses increased by 24.15% to 348,227.69 million RMB, reflecting a commitment to innovation[62]. - The company has a total of 880 R&D personnel, making up 9.80% of the total workforce, with a focus on enhancing capabilities in new energy and intelligent vehicle sectors[76]. - The company is committed to increasing R&D investment in humanoid robots and exoskeletons, responding to new market demands[101]. - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing product efficiency[126]. Environmental and Sustainability Efforts - The company has invested 14.97 million yuan in environmental protection during the reporting period[167]. - The company has constructed a distributed solar photovoltaic system with a capacity of 1.32 MWp, generating an annual output of 1.5 million kWh[177]. - The company has implemented a comprehensive environmental management system certified by ISO 24001[176]. - The company has established a plan to expand its solar photovoltaic capacity to over 10 MWp, aiming for an annual generation exceeding 10 million kWh[177]. - The company has committed to enhancing its profitability and operational efficiency to mitigate the impact of share dilution from the IPO[187]. Governance and Compliance - The company emphasizes transparency and compliance with legal regulations in its governance practices[118]. - The company has established a performance evaluation system linking employee income to work performance[119]. - The company maintains a dedicated investor relations team to facilitate communication with shareholders and address inquiries[118]. - The company has established a structured remuneration management approach combining base salary and performance incentives[130]. - The company has appointed new independent directors and supervisors in recent years to enhance governance[131]. - The company’s internal control evaluation report for 2024 was approved by the board, ensuring ongoing compliance and operational integrity[163]. Shareholder Engagement and Dividends - The company’s cash dividend proposal for 2024 is 3.00 yuan per 10 shares, totaling 295.46 million yuan, which accounts for 31.45% of the net profit attributable to shareholders[12]. - The company has established a three-year shareholder return plan (2023-2025), ensuring that cash dividends will not be less than 15% of the distributable profits for any given year[149]. - The company’s cash dividend policy is designed to ensure transparency and stability in shareholder returns, considering factors such as industry trends and operational performance[149]. - The total remuneration for directors, supervisors, and senior management for the year amounted to RMB 9.9493 million (pre-tax)[130]. Risks and Challenges - The company anticipates challenges from rapid advancements in AI and robotics, as well as shifts in the automotive industry landscape[5]. - The company faces risks from exchange rate fluctuations due to its significant export business, which could impact pricing competitiveness[111]. - Raw material price volatility poses a risk to profitability, with the company implementing mechanisms to adjust product prices in response to raw material cost changes[111]. - The automotive parts market faces challenges such as severe product homogeneity and price pressure, necessitating continuous innovation and quality improvement[104]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 10% for the next quarter, aiming for 1.32 billion RMB[126]. - The company is considering strategic acquisitions to enhance its market position, targeting firms with a combined revenue of 500 million RMB[126]. - The company plans to establish a subsidiary in Hungary as part of its external investment strategy[133].

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-020 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 2024 年度利润分配预案公告 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。 重要内容提示： 每股分配比例：A 股每股派送现金红利 0.30 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。如在实施权益分派的股权登记日前公司总股本 发生变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中 披露。 本次利润分配不触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实 施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经立信会计师事务所（特殊普通合伙）审计，爱柯迪股份有限公司母公司 2024 年 年 初 未 分 配 利 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-017 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于发行股份及支付现金购买资产 并募集配套资金事项的进展公告 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、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 20 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-016 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 持股 5%以下股东集中竞价减持股份结果公告 减持计划实施完毕 本公司董事会、全体董事及相关股东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。 重要内容提示： | 一、集中竞价减持主体减持前基本情况 | | --- | | 股东名称 | 股东身份 | 持股数量 | 持股 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | 比例 | | | XUDONG INTERNATIONAL | 5%以下股东 | 28,313,434 | 2.87% | IPO 前取得：28,313,434 股 | | LIMITED | | | | | 上述减持主体无一致行动人。 1 股东持股的基本情况：截至本公告披露之日，爱柯迪股份有限公司（以 下简称"公司"）股东 XUDONG INT ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-015 | | --- | --- | --- | --- | | 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 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。 重要内容提示： 投资品种：结构性存款 投资金额：5,500 万元 履行的审议程序：爱柯迪股份有限公司（以下简称"爱柯迪"或"本公 司"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二十四次会议、第三 届监事会第二十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的 议案》，本事项无需提交公司股东大会审议。 特别风险提示：公司本次购买的结构性存款产品属于安全性高、流动性 好的保本型理财产品，属于低风险投资产品，但金融市场受宏观经济影响较大， 不排除该项投资受到市场风险、政策风险、流动性风险、不可抗力风险等风险因 素从而影响预期收益。 一、前次使用部分闲置募集资金进行现金 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-014 | | --- | --- | --- | --- | | 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 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。 重要内容提示： 投资品种：结构性存款 投资金额：0.55 亿元 履行的审议程序：爱柯迪股份有限公司（以下简称"爱柯迪"或"本公 司"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二十四次会议、第三 届监事会第二十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的 议案》，本事项无需提交公司股东大会审议。 特别风险提示：公司本次购买的结构性存款产品属于安全性高、流动性 好的保本型理财产品，属于低风险投资产品，但金融市场受宏观经济影响较大， 不排除该项投资受到市场风险、政策风险、流动性风险、不可抗力风险等风险因 素从而影响预期收益。 一、前次使用部分闲置募集资金进行现金管 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-013 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于发行股份及支付现金购买资产 并募集配套资金事项的进展公告 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、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 自本次交易预案披露以来，公司及有关各方正在积极推进本次交易的相关工 作。公司已协调本次 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-012 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 持股 5%以下股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： | XUDONG INTERNATIONAL LIMITED | 5%以下股东 | 28,313,434 | 2.87% | IPO 前取得：28,313,434 | | --- | --- | --- | --- | --- | | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 股 | 上述减持主体无一致行动人。 1 股东持股的基本情况：截至本公告披露之日，爱柯迪股份有限公司（以 下简称"公司"）股东 XUDONG INTERNATIONAL LIMITED 持有公司股份 28,313,434 股，占公司总股本的 2.87%，股份来源为公司首次公开发 行取得 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report highlights three major positive changes and the expansion of the die-casting flagship business [3] - The company is actively expanding its robotics-related business through mergers and acquisitions and subsidiaries [6] - Revenue performance is stable with significant growth in new energy and large components [13] - New products and factories are contributing to a continuous increase in profit margins [17] - The company is expected to achieve steady revenue growth, with potential catalysts for valuation [21] Financial Metrics Summary - Revenue projections for the company are as follows: - 2023A: 59.57 billion, 2024E: 70.31 billion, 2025E: 85.94 billion, 2026E: 102.62 billion [4] - The expected growth rates for revenue are 39.7% in 2023, 18.0% in 2024, 22.2% in 2025, and 19.4% in 2026 [4] - The company's return on equity (ROE) is projected to be 14.4% in 2023, decreasing to 12.3% in 2024, then increasing to 15.3% by 2026 [4] - Earnings per share (EPS) is expected to grow from 0.93 in 2023 to 1.56 in 2026 [4] Revenue and Profitability Insights - The company is focusing on stable small-item bases while seeing significant growth in new energy and large components [13] - The profit margin is expected to continue rising due to new products and factory efficiencies [17] - The company has outlined financing plans for various projects, including a total of 15.22 billion for an IPO in 2017 and 15.7 billion for convertible bonds in 2022 [17]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company is acquiring a 71% stake in Zhuoerbo, a precision component manufacturer for micro motors, which will enhance its product matrix in the automotive micro motor sector [2][4]. - The establishment of a wholly-owned subsidiary, Shundong Robot Technology, aims to develop and sell intelligent robots, leveraging Zhuoerbo's expertise in micro motor technology [3]. - The integration of resources between the company and Zhuoerbo is expected to improve market share, as both companies have established relationships with major automotive suppliers and manufacturers [4]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 1.02 billion, 1.26 billion, and 1.40 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 12 times [4]. - Revenue is expected to grow from 6.97 billion yuan in 2024 to 9.46 billion yuan in 2026, reflecting a growth rate of 17% in 2024 and 16% in 2026 [5][13]. - The company's EBITDA is projected to increase from 1.84 billion yuan in 2024 to 2.62 billion yuan in 2026 [5]. Market Position - The company has a balanced presence in key automotive markets across Asia, North America, and Europe, with major clients including Mitsubishi Electric, Valeo, and Bosch [4]. - The acquisition of Zhuoerbo is anticipated to diversify the company's client base and enhance its competitive position in the automotive components market [2][4].