Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year growth in Q3 2024, with operating revenue reaching 4.974 billion yuan, an increase of 17.46%, and a net profit attributable to shareholders of 742 million yuan, up 24.13% [2] - The company is accelerating its business in the new energy and smart vehicle sectors, with a comprehensive product development strategy in place for key components such as electric drive systems, intelligent driving systems, and thermal management systems [4] - The company has established a global production layout, with new factories in Mexico and Malaysia set to enhance its production capacity for new energy vehicle components [4] Financial Performance - In Q3 2024, the company achieved operating revenue of 1.725 billion yuan, a year-on-year increase of 8.40%, and a net profit of 292 million yuan, up 44.74% [2] - The gross margin for Q3 2024 was 29.05%, reflecting a slight increase of 0.09 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 1.099 billion, 1.343 billion, and 1.637 billion yuan, respectively, with corresponding P/E ratios of 14.24, 11.66, and 9.56 [5][6] Business Development - The company is focusing on expanding its market presence in the new energy vehicle sector, with a full coverage of aluminum alloy high-pressure die-casting products for various vehicle components [4] - The construction of the second phase of the factory in Mexico is set to begin production in Q2 2025, while the Malaysian production base is expected to complete its factory delivery by June 2024 [4]

爱柯迪股份有限公司 2024 年第三次临时股东大会 会议资料 2024 年 11 月 1 爱柯迪股份有限公司 股东大会会议资料 目 录 | 2024 年第三次临时股东大会参会须知 3 | | | --- | --- | | 2024 年第三次临时股东大会议程 4 | | | 议案一：《关于吸收合并全资子公司的议案》 | 5 | | 议案二：《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）>及其 | | | 摘要的议案》 | 8 | | 议案三：《关于<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>的议案》 | 9 | | 议案四：《关于提请股东大会授权董事会办理公司第六期限制性股票激励计划相 | | | 关事宜的议案》 | 10 | 2 爱柯迪股份有限公司 股东大会会议资料 五、本次会议采用现场投票与网络投票相结合的方式进行表决。股东以其所持有 的有表决权股份数额行使表决权，每一股份享有一票表决权。股东在现场投票表决时， 应按照表决票中的要求在每项议案下设的"同意"、"弃权"、"反对"三项中任选一项， 并以打"√"表示，未填、错填、字迹无法辨认的表决票均视为"弃权"。 六 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临2024-110 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 监事会关于第六期限制性股票激励计划首次授予激励对象名单 的审核及公示情况说明 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、公示情况及核查方式 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的有关规定， 爱柯迪股份有限公司（以下简称"本公司"或"公司"）于 2024 年 10 月 29 日召 开第四届董事会第二次会议审议通过了《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）>及其摘要的议案》，并对第六期限制性股票激励计划拟 首次授予激励对象的姓名和职务在公司内部进行了公示。根据《管理办法》和《公 司章程》等的有关规定，公司监事会结合公示情况对《爱柯迪股份有限公司第六 期限制性股票激励计划（草案）》（以下简称"激励计划"）中确定的拟首次授予 激励对象进行了核查，相关公示情况及核查意见如下： 1 ...

| 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]