| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2024-109 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 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：1 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 日召开了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理到期赎回情况 1、公司于 2024 年 6 月 3 日分别使用 50,000 万元公开 ...

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。 | 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临2024-108 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 一、2024 年第三季度业绩说明会召开基本情况 1、会议召开时间：2024 年 11 月 05 日（星期二）上午 9:00-10:00 问题 1：公司前三季度业绩的主要驱动因素是什么？ 答：尊敬的投资者，您好！公司的业务均衡覆盖亚洲、北美以及欧洲的汽车 工业发达地区，主要客户为引领全球汽车科技发展的大型跨国汽车零部件供应商 及新能源汽车主机厂。前三季度期间与主要客户保持了良好合作关系，订单稳中 有序推进。感谢您的关注！ 问题 2：今年公司有哪些新产品？未来的新产品开发方向主要有哪些？ 答：尊敬的投资者，您好！公司在原有业务之外，重点关注、开发汽车行业 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's large component business is steadily climbing, contributing to stable revenue growth, while currency fluctuations and cost control have led to significantly better-than-expected profitability [3] - The company has launched a new stock incentive plan, reflecting confidence in sustained growth, and is expanding its overseas production capacity in North America, Southeast Asia, and Europe [3] - The company is expected to achieve revenue of 74.5 billion, 96.8 billion, and 121.0 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 25%, 30%, and 25% respectively [3] Financial Summary - Revenue for Q3 2024 was 1.725 billion yuan, with a quarter-on-quarter increase of 8.4% and a year-on-year increase of 7.33% [2][3] - The net profit attributable to shareholders for Q3 2024 was 292 million yuan, reflecting a year-on-year increase of 44.7% [2][3] - The company's earnings per share (EPS) for 2024 is projected to be 1.00 yuan, with a year-on-year growth of 7% [1][5] - The company's net asset return (ROE) is expected to be 15% in 2024, with a projected P/E ratio of 15.8 [1][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company's Q3 2024 performance showed significant growth in profitability, driven by a decline in raw material prices and optimized expense management [6] - The company released a stock incentive plan, demonstrating confidence in long-term development [4] - The company's product portfolio is expanding from small to medium and large components, with capacity expansion both domestically and internationally, supporting continued growth [7] Financial Performance - Q3 2024 revenue reached 1.725 billion yuan, up 8.40% YoY and 7.33% QoQ [5] - Q3 2024 net profit attributable to shareholders was 292 million yuan, up 44.74% YoY and 34.02% QoQ [5] - Q3 2024 gross margin was 29.75%, up 0.96 percentage points YoY and 2.09 percentage points QoQ [6] - Q3 2024 net profit margin was 17.34%, up 4.57 percentage points YoY and 3.20 percentage points QoQ [6] Market Data - Current stock price is 15.70 yuan [2] - 52-week price range is 11.59-23.63 yuan [2] - Total market capitalization is 15.34 billion yuan [2] - Average daily trading volume is 466.29 million yuan [2] Forecasts - Revenue for 2024-2026 is projected to be 7.22 billion, 8.53 billion, and 10.85 billion yuan, with growth rates of 21%, 18%, and 27% respectively [10] - Net profit attributable to shareholders for 2024-2026 is expected to be 1.03 billion, 1.22 billion, and 1.55 billion yuan, with growth rates of 13%, 18%, and 26% respectively [10] - EPS for 2024-2026 is forecasted to be 1.06, 1.25, and 1.58 yuan [10] Stock Incentive Plan - The company plans to grant 8.032 million restricted shares to 857 employees, accounting for 0.82% of total shares [4] - The incentive plan sets revenue growth targets of 15.35%-19.19% for 2025 and 20.72%-25.90% for 2026, compared to 2023 [4]

证券研究报告·公司点评报告·汽车零部件 爱柯迪（600933） 2024 年三季报点评：2024Q3 业绩超预期，毛 利率环比明显改善 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4265 | 5957 | 6870 | 8224 | 9677 | | 同比（ % ） | 33.05 | 39.67 | 15.33 | 19.70 | 17.67 | | 归母净利润（百万元） | 648.54 | 913.40 | 1,032.45 | 1,234.63 | 1,454.17 | | 同比（ % ） | 109.29 | 40.84 | 13.03 | 19.58 | 17.78 | | EPS- 最新摊薄（元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][9]. Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 1.725 billion yuan, a year-on-year increase of 8.40% and a quarter-on-quarter increase of 7.33%. The net profit attributable to shareholders reached 292 million yuan, up 44.74% year-on-year and 34.02% quarter-on-quarter [1][2]. - The company has implemented a sixth phase of stock option incentives, involving 857 individuals, with a total of 8.032 million stock options granted, representing 0.82% of the total share capital. The performance targets for revenue growth are set at a maximum of +19.19% and +25.90% for 2025 and 2026, respectively [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 29.75%, an increase of 0.96 percentage points year-on-year and 2.09 percentage points quarter-on-quarter. The net profit margin was 17.34%, up 4.57 percentage points year-on-year and 3.20 percentage points quarter-on-quarter [1]. - The company reported a total revenue of 4.974 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 17.46%, and a net profit of 742 million yuan, up 24.13% year-on-year [1]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 7.041 billion yuan, 8.480 billion yuan, and 10.037 billion yuan, respectively. The net profits for the same years are expected to be 1.031 billion yuan, 1.232 billion yuan, and 1.485 billion yuan, respectively [3][4]. - The report anticipates basic earnings per share of 1.15 yuan, 1.37 yuan, and 1.65 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 13.4, 11.2, and 9.3 [3][4]. Cost and Expense Management - The company's expense ratios for sales, management, R&D, and financial costs in Q3 2024 were 1.18%, 6.77%, 5.48%, and -1.82%, respectively, showing a mixed trend compared to previous periods [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 1.725 billion yuan in Q3 2024, representing an 8% year-on-year increase, and a net profit attributable to shareholders of 292 million yuan, up 45% year-on-year [7] - The gross margin improved significantly, reaching 29.75% in Q3 2024, an increase of 0.96 percentage points year-on-year and 2.09 percentage points quarter-on-quarter [7] - The company is successfully transitioning to larger components and expanding its global production capacity, with plans to increase the share of large-tonnage die-casting products by 25% by 2025 and 40% by 2030 [8] Summary by Sections Financial Performance - In Q1-Q3 2024, the company achieved a total revenue of 4.974 billion yuan, a 17% increase year-on-year, with a net profit of 742 million yuan, up 24% year-on-year [7] - The company’s net profit forecast for 2024-2026 is 1.041 billion yuan, 1.305 billion yuan, and 1.581 billion yuan respectively, with corresponding EPS of 1.07 yuan, 1.33 yuan, and 1.62 yuan [9] Cost Management - The company’s expense ratio decreased, with the period expense ratio at 11.61%, down 0.67 percentage points year-on-year [7] Employee Incentives - The company launched a stock incentive plan covering 857 key employees, with performance targets set for revenue growth rates of 15.35%/19.19% for 2025 and 20.72%/25.90% for 2026 [8] Market Positioning - The company has a strong customer base in the global market, including major Tier 1 suppliers, and is expanding its product offerings in both small and large components [8]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported strong profit growth with a 17.46% year-on-year increase in revenue to 4.974 billion yuan and a 24.13% increase in net profit attributable to shareholders to 742 million yuan for the first three quarters of 2024 [1]. - The company is actively expanding its global footprint, establishing production bases in North America, Southeast Asia, and Europe, with plans for a new factory in Mexico to be operational by 2025 [1]. - The company is focusing on the development of new energy vehicle components, with sales of related products accounting for over 30% of total revenue in the first half of 2024 [1]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.725 billion yuan, representing a quarter-on-quarter increase of 8.40% and a year-on-year increase of 7.33% [1]. - The gross profit margin for Q3 2024 was 29.75%, up from 27.66% in Q2 2024, primarily due to a decrease in aluminum prices [1]. - The company’s net profit margin for Q3 2024 was 17.34%, reflecting a significant increase from 14.14% in Q2 2024 [1]. Earnings Forecast and Investment Recommendations - The company is projected to achieve earnings per share (EPS) of 1.08 yuan, 1.34 yuan, and 1.59 yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 19.44% in net profit attributable to shareholders over the three years [2][4]. - The report emphasizes the company's commitment to growth through a stock incentive plan aimed at key personnel, linking performance to revenue growth targets [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.8 CNY [4][2]. Core Insights - The company's performance exceeded market expectations, with a revenue of 4.974 billion CNY for the first three quarters, representing a year-on-year growth of 17.5%. The net profit attributable to the parent company reached 742 million CNY, up 24.1% year-on-year [1]. - The gross margin showed significant improvement, with a gross margin of 29.0% for the first three quarters, an increase of 0.1 percentage points year-on-year. In Q3, the gross margin was 29.7%, reflecting a year-on-year increase of 1.0 percentage points and a quarter-on-quarter increase of 2.1 percentage points [1]. - The company is optimizing its market structure and enhancing its global industrial layout, with a balanced customer base across Asia, North America, and Europe. The sales revenue from new energy vehicle products is expected to exceed 30% in the first half of 2024 [1]. - A new stock incentive plan was introduced, granting 8.032 million restricted shares, accounting for approximately 0.82% of the total share capital, aimed at motivating employees and demonstrating management's confidence in the company's long-term development [1]. Financial Summary - The company's revenue for 2022 was 4.265 billion CNY, with a projected revenue of 5.957 billion CNY for 2023, and expected to grow to 7.471 billion CNY in 2024, reflecting a year-on-year growth of 39.7% [3]. - The net profit attributable to the parent company for 2022 was 649 million CNY, with projections of 913 million CNY for 2023 and 1.072 billion CNY for 2024, indicating a year-on-year growth of 40.8% [3]. - The gross margin is expected to improve from 29.1% in 2023 to 30.0% in 2026, while the net profit margin is projected to stabilize around 15.1% by 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 24.13% in the first three quarters of 2024, reaching 742 million yuan [1]. - Revenue for the first three quarters of 2024 was 4.974 billion yuan, representing a year-on-year increase of 17.46% [1]. - The company has initiated a stock incentive plan to enhance employee motivation, covering 857 individuals, including directors and key personnel [4]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.725 billion yuan, up 8.40% year-on-year and 7.33% quarter-on-quarter [1]. - The gross profit margin for Q3 2024 was 29.75%, an increase of 0.96 percentage points year-on-year [1]. - The net profit margin for Q3 2024 was 17.34%, reflecting a year-on-year increase of 4.57 percentage points [1]. - The company’s operating expenses (excluding R&D) decreased to 6.13% of revenue, down 1.83 percentage points year-on-year [2]. Global Expansion and Production Layout - The company is expanding its global production footprint with new facilities in North America, Southeast Asia, and Europe [3]. - A new factory in Mexico is set to begin production in Q2 2025, enhancing competitiveness in the North American market [3]. - The Malaysian production base has commenced aluminum alloy production and is preparing for zinc alloy component production by Q4 2024 [3]. - A wholly-owned subsidiary has been established in Hungary, with production planning underway based on customer demand [3]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 have been adjusted to 1.021 billion yuan, 1.257 billion yuan, and 1.403 billion yuan, respectively [4]. - The current market capitalization corresponds to a P/E ratio of 15, 12, and 11 times for 2024, 2025, and 2026 [4]. - The projected revenue growth rates for the next few years are 17% for 2024, 17% for 2025, and 16% for 2026 [10].