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].

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].

Financial Performance - The company's operating revenue for Q3 2024 reached approximately CNY 4.97 billion, representing an increase of 8.40% compared to the same period last year[2]. - Net profit attributable to shareholders increased by 44.74% year-on-year, amounting to approximately CNY 741.79 million[2]. - The net profit after deducting non-recurring gains and losses rose by 32.22%, totaling approximately CNY 680.85 million[2]. - Basic earnings per share for the current period was CNY 0.29, up 31.82% year-on-year[4]. - Diluted earnings per share for the current period was CNY 0.28, reflecting a 33.33% increase compared to the previous year[8]. - Total operating revenue for the first three quarters of 2024 reached ¥4,974,308,499.01, an increase of 17.5% compared to ¥4,234,724,278.12 in the same period of 2023[16]. - Net profit for the first three quarters of 2024 was ¥770,380,007.71, compared to ¥613,378,726.02 in 2023, representing a growth of 25.6%[18]. - The net profit attributable to the parent company for Q3 2024 was ¥741,786,647.19, an increase from ¥597,606,228.14 in Q3 2023, representing a growth of approximately 24%[19]. - The total comprehensive income attributable to the parent company for Q3 2024 was ¥665,171,040.11, compared to ¥625,347,970.90 in Q3 2023, indicating an increase of about 6.5%[19]. Cash Flow and Investments - Cash flow from operating activities for the year-to-date period increased by 42.29%, reaching approximately CNY 1.29 billion[2]. - Cash inflow from investment activities for the first three quarters of 2024 was ¥3,191,028,595.07, significantly higher than ¥513,967,900.34 in the same period of 2023[21]. - The net cash flow from investment activities for the first three quarters of 2024 was -¥3,502,318,815.19, worsening from -¥1,472,888,588.58 in the previous year[21]. - Cash inflow from financing activities for the first three quarters of 2024 was ¥5,403,986,498.00, compared to ¥1,633,211,134.97 in the same period of 2023, indicating a substantial increase of approximately 230%[21]. - The net cash flow from financing activities for the first three quarters of 2024 was ¥1,779,755,225.34, a significant rise from ¥334,855,262.32 in the previous year[21]. Assets and Liabilities - Total assets at the end of the reporting period amounted to approximately CNY 14.19 billion, a year-on-year increase of 22.83%[4]. - As of September 30, 2024, the company's total current assets amounted to approximately RMB 6.84 billion, an increase from RMB 5.52 billion at the end of 2023[13]. - Non-current assets totaled ¥7,356,795,617.15 as of the end of Q3 2024, compared to ¥6,039,218,460.35 at the end of Q3 2023, marking an increase of 21.7%[15]. - Total liabilities reached ¥5,888,816,043.55 in Q3 2024, up from ¥5,000,528,483.63 in Q3 2023, reflecting a growth of 17.6%[15]. - The company's total assets increased to ¥14,192,971,364.49 in Q3 2024, compared to ¥11,555,289,914.24 in Q3 2023, representing a rise of 22.6%[15]. - Short-term borrowings increased to ¥2,106,577,769.38 in Q3 2024, up from ¥1,447,974,727.26 in Q3 2023, reflecting a rise of 45.5%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 22,034[9]. - The largest shareholder, Ningbo Aikedi Investment Management Co., Ltd., holds 292,881,677 shares, accounting for 29.97% of the total shares[9]. - The company has not reported any significant changes in shareholder structure or major financing activities during the reporting period[12]. Research and Development - Research and development expenses for the first three quarters of 2024 amounted to ¥268,970,390.22, an increase from ¥194,003,278.05 in 2023, indicating a rise of 38.6%[18]. - The company plans to expand its market presence and invest in new product development, although specific figures were not disclosed[10]. Other Financial Metrics - The company reported non-recurring gains totaling approximately CNY 29.14 million for the current period[6]. - The company reported a decrease in tax and additional charges to ¥39,106,894.86 in Q3 2024, down from ¥53,988,695.32 in Q3 2023, a reduction of 27.6%[18]. - The company reported a significant increase in trading financial assets, which rose to RMB 580.37 million from RMB 192.84 million, marking a growth of approximately 200%[13]. - Cash and cash equivalents decreased to RMB 1.49 billion from RMB 1.94 billion at the end of 2023[13]. - Accounts receivable increased to RMB 1.99 billion, up from RMB 1.82 billion at the end of 2023, indicating a growth of approximately 9.4%[13]. - Inventory rose to RMB 1.06 billion, compared to RMB 980.39 million at the end of 2023, reflecting an increase of about 8.1%[13]. - The company’s long-term equity investments increased to RMB 16.42 million from RMB 12.02 million, indicating a growth of approximately 36.5%[13].

| 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 ...