Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The growth in revenue is primarily driven by the increase in small parts business orders and sales growth from key clients in the medium and large parts sector [6] - The company is expanding its global production capacity, with significant developments in its factories in Mexico and Malaysia [6] - The company is entering the robotics sector to cultivate a second growth engine, focusing on micro-motor and magnesium alloy die-casting technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with a year-on-year increase of 2.86% and a quarter-on-quarter increase of 2.72%. However, the net profit for the same quarter was 198 million yuan, down 37.39% year-on-year and 32.29% quarter-on-quarter [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, with Q4 2024 gross margin at 23.72%, down 5.69 percentage points year-on-year [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, up 14.75% year-on-year, with the revenue share from new energy vehicle products exceeding 30% [6] - The company’s export revenue was 3.424 billion yuan, up 5.87% year-on-year, while domestic sales reached 3.256 billion yuan, up 21.72% year-on-year [6] Global Expansion - The company’s factories in China have completed construction and received property certificates, while the Malaysian factory has commenced production of zinc alloy products [6] - The first phase of the Mexican factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The company is experiencing solid growth in its small and medium-sized component business, with the revenue share from new energy vehicle-related products continuing to rise, exceeding 30% [6] - The company is expanding its global production capacity, with the second phase of its factory in Mexico set to be operational in Q2 2025, focusing on components for new energy vehicles and robotics [6] - The company is entering the robotics sector to cultivate a second growth engine, establishing a subsidiary focused on robot components and wearable technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with year-on-year and quarter-on-quarter growth of 2.86% and 2.72%, respectively [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material prices and accounting policy adjustments [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, reflecting a year-on-year growth of 14.75%, while industrial products saw a decline in revenue by 27.72% [6] - Domestic sales grew at a faster rate than exports, with domestic revenue reaching 3.256 billion yuan, up 21.72% year-on-year, while export revenue was 3.424 billion yuan, up 5.87% [6] Global Expansion - The company has completed the construction of its factories in China and Malaysia, with the latter already in production [6] - The first phase of the Mexico factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan, respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]

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].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 23.55 [8][9]. Core Views - The company achieved a revenue of RMB 6.746 billion in 2024, representing a year-over-year increase of 13.24%, and a net profit of RMB 939.51 million, up 2.86% year-over-year. However, Q4 performance was slightly below expectations due to rising aluminum prices and increased foreign exchange losses [1][2]. - The company is actively expanding into robotics as a second growth curve, with plans to acquire 71% of Zhuoerbo, which is expected to enhance profits and achieve business synergies [3][5]. - The company is focusing on global expansion, with production bases in North America, Southeast Asia, and Europe, aiming to support its transition to new energy and ensure stable supply chains [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 6.746 billion, with a growth rate of 13.24%. The net profit was RMB 939.51 million, reflecting a growth of 2.86% [7]. - Q4 revenue was RMB 1.772 billion, with a year-over-year increase of 2.86%, but net profit decreased by 37.39% year-over-year due to various cost pressures [1][2]. Strategic Initiatives - The establishment of a subsidiary for robotics in December 2024 aims to develop robotic components and exoskeletons, indicating a strategic shift towards automation [3]. - The planned acquisition of Zhuoerbo, which had a revenue of RMB 850 million and a net profit of RMB 150 million in 2023, is expected to significantly boost the company's profitability and product offerings [3]. Global Expansion - The company is enhancing its global footprint with production facilities in Mexico, Malaysia, and Hungary, which are expected to support its North American and Southeast Asian markets [4]. - The Mexican facility is projected to achieve profitability as it ramps up production, while the Malaysian plant has commenced operations to ensure a stable supply of raw materials [4]. Profitability Forecast - Revenue projections for 2025-2027 are set at RMB 7.979 billion, RMB 9.561 billion, and RMB 10.978 billion, respectively, with a compound annual growth rate exceeding 15% anticipated [5][7]. - The net profit estimates for the same period are RMB 1.147 billion, RMB 1.348 billion, and RMB 1.554 billion, reflecting a downward adjustment due to anticipated market conditions [5].

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-029 | | --- | --- | --- | --- | | 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 | 3 | 杭州银行宁 波北仑支行 | 杭州银行"添利宝"结构性 存款产品(TLBB202407039) | 15,000.00 | 2024-07-01 | 2024-07-31 | 保本收 益型 | 2.8%或 2.6%或 | 32.05 | 是 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 1.25% | | | | | | | | | | | 2.8%或 | | | | 4 | 杭州银行宁 | 杭州银行"添利宝"结构性 | 15,000.00 | 2024-07-01 | 2024-07-31 | 保本收 | 2.6%或 | 32.05 | 是 | | | 波北仑支行 | 存款产品(TLBB20240 ...

关于可转债转股结果暨股份变动的公告 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： 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"爱柯迪"或"本公司"或"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。 | 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-030 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 二、可转债本次转股情况 截至 2025 年 3 月 31 日，累计共有 250,000 元"爱迪转债"转换为公司股份， 因转股形成的股份数量为 13,435 股，占可转债转股前公司已发行股份总额的 0.0015%。其中 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"爱迪转债"累计转 ...

入局机器人赛道，开辟第二成长曲线。2024 年末，公司成立瞬动机器人，正式入局机器人前沿赛道， 未来将重点发力人形机器人用零部件、外骨骼机器人等产品研发、生产及销售。2025 年初，公司发布 收购预案，拟收购卓尔博71%股权，实现对微特电机等关键技术掌握；同时，公司进一步拓展镁合金压 铸技术，作为未来技术储备重要方向。 投资建议：预计2025-2027 年公司营收80/101/115 亿元，同比+19%/+25%/+14%，归母净利润 10.8/13.4/15.4 亿元，同比+15%/+24%/+15%，维持"买入"评级。 风险提示：海外业务发展不及预期；原材料价格波动风险；汇率波动风险。 事件：公司发布2024 年年报，全年实现营收67.5 亿元，同比+13.2%；归母净利润9.4 亿元，同比 +2.9%。扣非归母净利润8.8 亿元，同比+0.4%。 单Q4 营收17.7 亿元，同/环比+2.9%/2.7%；归母净利润2.0 亿元，同/环比-37.4%/-32.3%；扣非归母净利 润1.98 亿元，同/环比-30.8%/-24.6%。 4Q24 业绩表现承压，高研发投入助力长期成长。公司2024 年毛利率/ ...

截至2024 年，公司各工厂持续推进：1）马来西亚工厂投产爬坡；2）墨西哥一期扭亏，二期预计 2025Q2 投产；3）含山及马鞍山工厂完成竣工验收并取得房产证。 2024Q4 毛利环比-6.0PCT，期间费用率环比-2.2PCT。公司2024Q4 单季度实现毛利率23.7%，同/环比分 别-5.7/-6.0PCT，主要受铝价上行与费用改列为成本影响；期间费用率合计9.4%，同/环比分 别-1.3/-2.2PCT，其中销售/管理/研发/财务费用率分别环比-1.5/-2.7/-1.0/+3.0PCT。其中，财务费用率上 行，预计主要受汇兑损益波动影响。 事件：公司2024 年实现营业收入67.5 亿元，同比+13.2%，归母净利润9.4 亿元，同比+2.9%。 发力机器人零部件业务，拓展第二增长曲线。1）公司2024 年设立全资子公司瞬动机器人技术，负责机 器人领域的零部件、可穿戴装备终端产品的研发销售。2）公司拓展镁合金压铸技术研发，切入汽车轻 量化与机器人领域赛道。3）墨西哥工厂产品涵盖人形机器人结构件产品等。 2024Q4 业绩环比承压，全球化布局稳步推进。单季度，公司2024Q4 实现收入17.7 亿元， ...

产品端：公司新增布局：1、设立全资子公司瞬动机器人技术（宁波）有 限公司；2、公司着力拓展镁合金压铸工艺技术研发，作为未来技术储 备的重要方向；3、公告收购微电机公司卓尔博 71%股权；产能端：1、 公司墨西哥一期生产基地在 2023 年 7 月开始量产，目前墨西哥二期工 厂也在建设当中，计划于 2025 年 Q2 投入生产，墨西哥工厂未来产品范 围涵盖新能源汽车车身部件、三电系统及其他汽车用铝合金产品、人形 机器人结构件产品等；2、马来西亚工厂如期竣工并投入使用。公司切 入汽车轻量化与机器人领域的前沿赛道，为公司长期可持续发展添加新 动能。 证券研究报告·公司点评报告·汽车零部件 爱柯迪（600933） 2024年年报点评：会计准则调整影响毛利率， 墨西哥新增人形机器人产品布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5957 | 6746 | 9395 | 10242 | 12291 | | 同比（% ...