| | | 爱柯迪股份有限公司 部分监事集中竞价减持股份结果暨未减持公司股份的公告 本公司董事会、全体董事及相关股东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： 1 一、集中竞价减持主体减持前基本情况 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 吴飞 董事、监事、高级管理人员 84,400 0.0088% 其他方式取得：84,400 股 上述减持主体无一致行动人。 监事持股的基本情况：本次减持计划实施前，监事吴飞持有爱柯迪股份 有限公司（以下简称"爱柯迪"或"本公司"或"公司"）股份 84,400 股，占公司总股本的 0.0088%，其股份来源为公司实施股权激励计划获 得的股份。 减持计划的实施结果情况：公司于 2024 年 5 月 18 日在上海证券交易 所网站（www.sse.com.cn）及指定信息披露媒体上披露《部分监事、高 级管理人员集中竞价减持股份计划公告》（公告编号：临 2024-047）。 公司于 2024 年 9 月 9 日收到吴飞送达的《关于减持爱柯迪股份有限公 司股份结果的告知函》，截止 ...

上 市 公 司 汽车 证 券 研 究 报 告 2024 年 09 月 05 日 爱柯迪 (600933) ——Q2 利润端略微承压，不改公司全球化和优秀管理的 核心基石 报告原因：有业绩公布需要点评 买入（维持）资要点：公司发布 2024 年半年报，2024 年上半年实现营业收入 32.49 亿元，同比+22.9%； 实现归母净利润 4.50 亿元，同比+13.6%。分季度看，公司 24Q2 实现营收 16.07 亿元，同环 比+15.9%/-2.1%；实现归母净利润 2.18 亿元，同环比-3.8%/-6.0%。 ⚫ Q2 受到原材料等因素影响，毛利率同环比下滑。24 年上半年公司营收 32.49 亿元，同比 +22.9%；单季度来看，公司 Q2 实现营收 16.07 亿元，同环比+15.9%/-2.1%；实现归母 净利润 2.18 亿元，同环比-3.8%/-6.0%，其中净利润端下滑主要是毛利率、费用端都受到 一定外界程度影响：Q2 毛利率 27.7%，同环比-0.9pct/-2.0pct，环比下滑主要因为 1） 铝锭成本上升，调价滞后；2）收入下滑，固定成本占比增加；Q2 公司费用率 13.0%，同 比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's revenue for 1H24 increased by 22.9% year-on-year to 3.25 billion yuan, while net profit rose by 13.6% to 450 million yuan. However, 2Q24 showed a revenue decline of 2.1% quarter-on-quarter to 1.61 billion yuan, with net profit down 6.0% to 220 million yuan, primarily due to rising raw material prices, increased depreciation, and a significant drop in foreign exchange gains [2]. - The gross margin decreased in 2Q24, but it is expected to gradually recover in 2H24 due to stabilizing aluminum prices, improved downstream demand, and inventory digestion [2][3]. - The company is enhancing its product offerings to align with the growth of the new energy vehicle market, with over 30% of sales in 1H24 coming from products for electric vehicles. The global production layout is progressing steadily, with new factories in North America, Southeast Asia, and Europe [3]. Summary by Sections Financial Performance - 1H24 revenue reached 3.25 billion yuan, a 22.9% increase year-on-year, while net profit was 450 million yuan, up 13.6% [2]. - 2Q24 revenue was 1.61 billion yuan, a 15.9% year-on-year increase but a 2.1% decrease quarter-on-quarter. Net profit for 2Q24 was 220 million yuan, down 3.8% year-on-year and 6.0% quarter-on-quarter [2]. - The gross margin for 1H24 was 28.7%, down 0.4 percentage points year-on-year, and for 2Q24 it was 27.7%, down 0.9 percentage points year-on-year [2]. Product and Market Development - The company is expanding its product categories to support the new energy vehicle sector, achieving full coverage of aluminum alloy high-pressure die-casting components for electric vehicle systems [3]. - The global production layout includes new factories in Mexico and Malaysia, with the first phase of the Mexican plant already operational and the second phase expected to start in 2Q25 [3]. Profit Forecast and Valuation - The net profit forecasts for 2024E, 2025E, and 2026E have been adjusted downwards by 8.4%, 11.1%, and 12.7% to 1.085 billion yuan, 1.278 billion yuan, and 1.570 billion yuan respectively. The target price is set at 16.64 yuan, corresponding to a 15x PE for 2024E [3].

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 12.38 yuan [1]. Core Insights - The company demonstrates strong operational resilience despite industry demand fluctuations, with a revenue of 1.607 billion yuan in Q2 2024, reflecting a year-on-year decrease of 3.8% [2]. - The company is a leading supplier of aluminum alloy precision die-casting parts for the automotive industry, with a diverse customer base including global automotive suppliers and well-known manufacturers [3]. - The expansion of overseas production bases is accelerating, contributing to the company's strategic transformation and enhancing its supply chain [4]. - Revenue forecasts for 2024-2026 have been adjusted to 7.45 billion, 9.68 billion, and 12.1 billion yuan respectively, with corresponding growth rates of 25%, 30%, and 25% [4]. Financial Performance Summary - Revenue and profit projections indicate significant growth, with net profit expected to reach 1.211 billion yuan in 2025, reflecting a 24% year-on-year increase [1][4]. - The company's earnings per share (EPS) is projected to grow from 0.93 yuan in 2023 to 1.51 yuan in 2026 [1]. - The company maintains a healthy return on equity (ROE) of 15% in 2026, with a price-to-earnings (P/E) ratio decreasing from 18.7 in 2022 to 8.2 in 2026, indicating improved valuation [1][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Views - The company has shown rapid growth in domestic business, with a revenue increase of 22.92% year-on-year in H1 2024, reaching 324,942.39 million yuan [2][3] - The company's net profit for the same period was 44,976.97 million yuan, reflecting a year-on-year growth of 13.62% [2][3] - The domestic revenue accounted for 45.1% of total revenue, with a significant growth rate of 34.2% year-on-year [2][3] - The company is actively expanding its product offerings in the new energy vehicle sector, focusing on high-pressure die-casting products for electric vehicle components [2][3] Summary by Sections Financial Performance - In H1 2024, the company's comprehensive gross margin was 28.68%, slightly down from 29.06% in the same period last year [3] - The Q2 gross margin was 27.66%, lower than Q1's 29.67% and last year's 28.53%, attributed to rising raw material prices and shipping costs [3] - The company expects short-term easing of these pressures, with a forecasted net profit of 11.5 billion yuan for 2024, growing to 17.9 billion yuan by 2026 [3][8] Global Strategy - The company is advancing its globalization strategy, with new production bases in North America and Malaysia, and plans for a subsidiary in Hungary [3][4] - The second phase of the North American plant is set to begin production in Q2 2025, focusing on components for new energy vehicles [3][4] Market Position - The company holds a competitive advantage in the small and medium-sized component sector, with a growing market share in the new energy vehicle segment [3][8] - The report projects continued growth in revenue and profit margins, supported by efficient operations and robust financial strength [3][8]

[ T able_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024半年报点评 买入 （维持） 当前价：12.38 元 爱 柯 迪（600933）汽车 目标价：——元（6 个月） 2024Q2 盈利水平下滑，全球布局有序推进 [Table_Summary 事件：8月 30日，公司发布 ] 2024年半年报，24H1 实现营业收入 32.49亿元， 同比+22.92%；实现归母净利润 4.5亿元，同比+13.62%，实现扣非归母净利润 4.18 亿元，同比+7.13%。其中，2024Q2 实现营收 16.07 亿元，同环比分别 +15.88%/ -2.14%；实现归母净利润 2.18亿元，同环比分别-3.8%/ -6.04%；实 现扣非归母净利润 1.97 亿元，同环比分别-17.16%/ -11.16%。 受原材料成本上涨导致二季度盈利水平下降。2024Q1/Q2，公司毛利率分别为 29.67%/ 27.66%，同比分别+0.03pp/ -0.87pp，环比分别+1.14pp/ -2.01pp。净 利率分别为 14.86%/ 14.14%，同比分别+0.87pp / -2.76pp ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is positively impacted by the increasing proportion of new energy vehicle products and its global capacity expansion [5][6] - The company has adjusted its profit forecast based on product structure and gross margin, expecting net profits of 1.041 billion, 1.305 billion, and 1.581 billion yuan for 2024-2026 [5] - The company is solidifying its position as a leader in the small and medium-sized parts industry while expanding into larger components related to new energy vehicles [6] Financial Summary - The company achieved a revenue of 32.49 billion yuan in H1 2024, a year-on-year increase of 23%, with a net profit of 4.50 billion yuan, up 14% [6] - The gross margin for H1 2024 was 28.68%, slightly down from the previous year, but expected to improve [5] - The company’s main revenue from automotive products grew by 25% year-on-year in H1 2024, while industrial products saw a decline of 9% [5] Profit Forecast - The company forecasts main revenue of 7.536 billion, 9.174 billion, and 10.889 billion yuan for 2024-2026, with corresponding EPS of 1.07, 1.33, and 1.62 yuan [4][5] - The expected PE ratios are 12X, 9X, and 8X for the same period [5] Market Position - The company is actively enhancing its production capacity in North America, Southeast Asia, and Europe, with significant projects underway in Mexico and Malaysia [5][6] - The share of revenue from new energy vehicle products has increased to over 30% in H1 2024, indicating a strong market trend [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 18.08 CNY, down from the previous target of 28.15 CNY [4][3]. Core Insights - The company's Q2 performance showed a slight decline in revenue and profit compared to the previous quarter, with H1 revenue reaching 3.25 billion CNY, a year-on-year increase of 22.9%, and a net profit of 450 million CNY, up 13.6% year-on-year [3][4]. - The report highlights the ongoing global expansion of the company's production capabilities, with new facilities in North America, Southeast Asia, and Europe, which are expected to enhance competitiveness in the North American market [3][4]. Financial Performance Summary - Q2 revenue was 1.61 billion CNY, a year-on-year increase of 15.9% but a quarter-on-quarter decrease of 2.1%. The net profit for Q2 was 220 million CNY, down 3.8% year-on-year and 6.0% quarter-on-quarter [3][4]. - The gross margin for Q2 was 27.7%, showing a decline compared to previous periods, attributed to rising raw material costs and operational challenges in the new Mexican facility [3][4]. - The report adjusts the EPS forecasts for 2024-2026 to 1.13 CNY (-0.10), 1.41 CNY (-0.23), and 1.73 CNY (-0.25) respectively, reflecting increased market competition and foreign exchange losses [3][4]. Global Expansion Efforts - The company is actively establishing production bases in key regions, with the second phase of the Mexican factory expected to commence production in Q2 2025. The Malaysian production base was completed in June 2024, with production lines for aluminum and zinc alloy components expected to start in Q4 2024 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 3.249 billion yuan in H1 2024, representing a year-on-year increase of 22.9%, with a net profit attributable to shareholders of 450 million yuan, up 13.6% year-on-year [1]. - In Q2 2024, the company reported a revenue of 1.61 billion yuan, with year-on-year and quarter-on-quarter changes of +16% and -2% respectively, and a net profit of 220 million yuan, down 4% year-on-year and 6% quarter-on-quarter [1]. - The company is actively expanding into new businesses, particularly in the new energy sector, with over 30% of H1 2024 revenue coming from this segment [1]. - The company is progressing with its global capacity expansion, with the Malaysia plant expected to commence production in H2 2024, and other plants ramping up steadily [1]. Financial Performance Summary - The company’s Q2 2024 gross margin was 27.7%, down 0.9 percentage points year-on-year and 2.0 percentage points quarter-on-quarter, primarily due to the impact of overseas factories, rising aluminum prices, and capacity ramp-up [1]. - The total expense ratio for Q2 2024 was 12.99%, with a year-on-year increase of 7.05% and a quarter-on-quarter decrease of 0.3 percentage points [1]. - The company forecasts net profits attributable to shareholders of 1.1 billion, 1.4 billion, and 1.73 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 11, 9, and 7 times [1][2].

证 券 研 究 报 告 爱柯迪（600933）2024 年中报点评 强推（维持） 2Q 业绩展现韧性，符合预期 目标价：20.4 元 当前价：12.30 元 事项： 公司发布 2024 年中报，上半年营收 32.5 亿元、同比+23%，归母净利 4.50 亿 元、同比+14%，扣非归母净利 4.18 亿元、同比+7%。 评论： 2Q 营收环比-2%，符合预期，估计受海外提货节奏影响。2Q24 公司营收 16.1 亿元、同环比+16%/-2%，对应国内乘用车批发同环比+2%/+10%，北美同环比 +1%/+10%，欧洲同环比+4%/+2%，营收环比表现弱于行业，估计与海外 1Q 提 前提货有关。 2Q 归母净利展现韧性。2Q24 公司实现归母净利 2.18 亿元、同环比-4%/-6%， 净利率 14.1%、同环比-2.8PP/-0.7PP，扣非归母净利 1.97 亿元、同环比-17%/- 11%；具体地： 1) 毛利率同环比下降、受规模、原材料、运价综合影响：毛利率 27.7%、同环比 -0.9PP/-2.0PP：①营收下滑，规模环比负向影响，估计生产性折摊比例 12.4%、 同环比+0.9PP/+0.3PP； ...