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].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved impressive performance in Q3 2024, with revenue of 4.974 billion yuan, a year-on-year increase of 17.46%, and a net profit attributable to shareholders of 740 million yuan, up 24.13% year-on-year [1]. - The company outperformed the industry, benefiting from the recovery in domestic vehicle sales and the resumption of revenue recognition from shipping in Q2 [1][2]. - The sixth phase of the stock incentive plan was announced, involving 857 individuals and granting 8.032 million stock options, accounting for 0.82% of the total share capital [2]. Financial Performance - In Q3 2024, the company reported a single-quarter revenue of 1.72 billion yuan, with year-on-year and quarter-on-quarter growth of 8.4% and 7.3%, respectively, and a net profit of 290 million yuan, reflecting a year-on-year increase of 44.7% and a quarter-on-quarter increase of 34% [1]. - The gross margin for Q3 2024 was 29.7%, with a year-on-year increase of 0.96 percentage points and a quarter-on-quarter increase of 2.09 percentage points, primarily driven by revenue growth and scale effects [2]. - The total expense ratio decreased to 11.6%, down 0.67 percentage points year-on-year and 1.37 percentage points quarter-on-quarter [2]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.1 billion, 1.39 billion, and 1.73 billion yuan, respectively, corresponding to P/E ratios of 13, 10, and 8 times [3]. - The company is expected to exceed revenue assessment targets due to clear capacity expansion plans and ongoing production ramp-up [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.2 CNY, compared to the current price of 15.48 CNY [1][2]. Core Insights - The company's Q3 performance exceeded expectations, with revenue of 4.97 billion CNY, a year-on-year increase of 17%, and a net profit attributable to shareholders of 742 million CNY, up 24% year-on-year [1]. - The revenue for Q3 2024 reached 1.72 billion CNY, showing a quarter-on-quarter growth of 8% and a year-on-year growth of 7%, significantly outperforming the domestic passenger car wholesale market [1][2]. - The net profit margin improved to 17.3%, reflecting a 4.6 percentage point increase quarter-on-quarter [1]. Financial Performance Summary - The company forecasts net profits of 1 billion CNY, 1.22 billion CNY, and 1.5 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 9%, 22%, and 23% [2]. - The projected total revenue for 2024 is 7.01 billion CNY, with a year-on-year growth rate of 17.7% [2]. - The gross profit margin is expected to remain strong, with estimates of 29.7% for Q3, reflecting an increase from previous quarters [1][2]. Business Strategy and Outlook - The company is focusing on expanding its product offerings in larger components, driven by the shift towards electric vehicles, which is expected to increase the value of aluminum castings per vehicle significantly [1]. - The company has accelerated the construction of new production capacities overseas, including projects in Mexico and Malaysia, to better meet the demands of Tier 1 suppliers and OEMs in Europe and North America [1][2].

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 4.97 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 740 million yuan, up 24.1% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.72 billion yuan, a year-on-year increase of 8.4% and a quarter-on-quarter increase of 7.3%, with a net profit of 290 million yuan, reflecting a significant year-on-year growth of 44.7% and a quarter-on-quarter growth of 34.0% [1]. - The company has introduced a stock incentive plan, proposing to grant 8.032 million restricted shares at a price of 7.15 yuan per share, which is approximately a 50% discount compared to the current price [1]. - The company is accelerating its market layout in the new energy vehicle sector and enhancing product development in key areas such as battery systems and intelligent driving systems [1]. Summary by Sections Financial Performance - For Q3 2024, the gross margin was 29.7%, an increase of 1.0 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, while the net profit margin was 17.3%, up 4.6 percentage points year-on-year and 3.2 percentage points quarter-on-quarter [1]. - The company expects revenues of 7.31 billion, 8.96 billion, and 10.86 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.09 billion, 1.31 billion, and 1.58 billion yuan [2][4]. Stock Incentive Plan - The stock incentive plan aims to attract and motivate key personnel, with expected amortization costs of 3.37 million, 38.19 million, and 12.36 million yuan for 2024, 2025, and 2026 respectively [1]. Market Position and Strategy - The company is focusing on increasing its market share in traditional products while expanding its electric and intelligent vehicle components business, which is expected to drive revenue growth [1].

爱柯迪股份有限公司 2024 年第三季度报告 证券代码：600933 证券简称：爱柯迪 转债代码：110090 转债简称：爱迪转债 爱柯迪股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |--------|-------------------------------------------|---------------------------------------|-----------------------|------------------------ ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2024-101 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 第四届董事会第二次会议决议公告 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、会议基本情况 爱柯迪股份有限公司（以下简称"爱柯迪"或"本公司"或"公司"）第四 届董事会第二次会议于 2024 年 10 月 29 日在公司三楼会议室以现场结合通讯表 决方式召开。公司于 2024 年 10 月 24 日向各位董事发出本次会议的通知、会议 议案及相关文件。因增加议案，2024 年 10 月 28 日公司将会议补充通知及议案 通过邮件方式送达各位董事，符合《公司法》及《公司章程》规定，与会董事同 意本次会议上述通知。与会的各位董事已经知悉与本次会议所议事项相关的必要 信息。 本次会议由公司董事长张建成先生召集、主持。 本次会议应到会董事 7 人，实际到会董事 7 人。公司监事、高级管理人员列 席了本次会议。 本次会议董事出 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2024-104 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 第六期限制性股票激励计划（草案）摘要公告 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: 本次股权激励计划授予数量： 当前公司可转债处于转股期，本激励计划所称公司股本总额为截至 2024 年 9 月 30 日的公司股本总额 97,736.4308 万股（下同）。 本激励计划拟授予激励对象限制性股票 803.20 万股，约占公司股本总额的 0.82%，其中： | 爱柯迪、本公司、公司 | 爱柯迪股份有限公司 | | --- | --- | | 本激励计划、股权激励 | | | 计划 | 爱柯迪股份有限公司第六期限制性股票激励计划 | | | 公司根据本激励计划规定的条件和价格，授予激励对象一定数量 | | 限制性股票 | 的公司股票，该等股票设置一定期限的限售期，在达到本激励计 | | | 划规定的解除限售 ...

关于吸收合并全资子公司的公告 爱柯迪股份有限公司 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 | 2024-103 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 重要内容提示： 爱柯迪股份有限公司（以下简称"爱柯迪"或"本公司"或"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"昕 飞公司"，与公司并称"合并双方"）。合并完成后，昕飞公司的全部资产、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。 昕飞公司作为公司的全资子公司，其财务报表已纳入公司的合并报表范 围，本次吸收合并不会对公司财务状况产生实质影响，不会损害公司及股东的利 益。 本议案经过公司第四届董事会第二次会议审议通过。本次吸收合并不构 成关联交易及《上市公司重大资产重组管理办法》规定的重大资产重组情形。为 便于实施本次全资子公司吸收合并工商登记等事宜，公司董事会提请 ...

爱柯迪股份有限公司 第六期限制性股票激励计划实施考核管理办法 为保证爱柯迪股份有限公司（ 以下简称（ 公司"或（ 本公司"或（ 爱柯迪"） 第六期限制性股票激励计划的顺利实施，形成良好均衡的价值分配体系，激励公 司（ 含控股子公司，下同）任职的董事、高级管理人员及核心岗位人员诚信勤勉 地开展工作，确保公司发展战略和经营目标的实现，根据（ 公司法》、 证券法》、 上市公司股权激励管理办法》等有关法律、法规、规范性文件和 公司章程》 等的规定，结合公司实际情况，特制订本办法。 一、考核目的 本办法旨在加强本计划的可执行度，量化具体目标，促进激励对象考核管理 的科学化、规范化、制度化；同时引导激励对象提高工作绩效，客观、公正评价 员工的绩效和贡献，为本计划的执行提供客观、全面的评价依据。 二、考核原则 1、坚持公平、公正、公开的原则，严格按照本办法考核评估激励对象； 2、考核指标与公司业绩及激励对象个人绩效相结合。 三、考核范围 本办法适用于参与公司本次激励计划的所有激励对象，包括公司董事、高级 管理人员及核心岗位人员 不包括独立董事、监事）。所有激励对象必须在本计 划考核期内与公司或公司的下属公司具有雇佣或劳务关 ...

证券简称：爱柯迪 证券代码：600933 证券简称：爱迪转债 证券代码：110090 国金证券股份有限公司 关于爱柯迪股份有限公司 第六期限制性股票激励计划（草案） 之 独立财务顾问报告 独立财务顾问 （住所：成都市青羊区东城根上街 95 号） 2024 年 10 月 | 目 录 1 | | --- | | 一、释义 2 | | 二、声明 3 | | 三、基本假设 4 | | 四、本激励计划的主要内容 5 | | （一）激励对象的确定依据 5 | | （二）激励对象的范围及分配情况 5 | | （三）激励对象的核实 6 | | （四）限制性股票的来源、数量和分配情况 6 | | （五）限制性股票的授予价格和确定方法 7 | | （六）限制性股票的有效期、授予日、限售期、解除限售安排和禁售期 8 | | （七）限制性股票的授予条件与解除限售条件 10 | | （八）激励计划其他内容 14 | | 五、独立财务顾问意见 15 | | （一）对本激励计划是否符合政策法规规定的核查意见 15 | | （二）对公司实行本激励计划可行性的核查意见 16 | | （三）对激励对象范围和资格的核查意见 17 | | （四）对 ...