| 证券代码：600933 | 证券简称：爱柯迪 公告编号：临 2025-132 | | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | 爱柯迪股份有限公司 第四届董事会第十六次会议决议公告 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"公司"）第四届董事会第十六次会议于 2025 年 11 月 14 日在公司三楼会议室以通讯表决方式召开。公司于 2025 年 11 月 7 日 以电子邮件的方式向各位董事发出本次会议的通知、会议议案及相关文件。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。 本次会议董事出席人数、召开符合《公司法》等相关法律法规及《公司章程》 的有关规定。 二、议案审议情况 出席董事认真审议了下述议案，并以记名投票表决的方式进行表决： 审议通过《关于变更公司注册资本并修订<公司章程>的议案》 具体内容详见公司同日于指定信息披露媒体披露的《爱柯迪股份有限公司关 于变更注册资本并 ...

每经AI快讯，爱柯迪（SH 600933，收盘价：20.1元）11月14日晚间发布公告称，公司第四届第十六次 董事会会议于2025年11月14日在公司三楼会议室以通讯表决方式召开。会议审议了《关于变更公司注册 资本并修订 <公司章程> 的议案》等文件。 2025年1至6月份，爱柯迪的营业收入构成为：汽车类占比94.4%，其他业务占比3.53%，工业类占比 2.07%。 截至发稿，爱柯迪市值为207亿元。 （记者 王晓波） 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 ...

Group 1: Key Conclusions - The report highlights Guangqi Technology (光启技术) as a leader in the metamaterials industry, having built a comprehensive industrial system from scratch, including a headquarters, five bases, seven capability platforms, and eight specialized companies, making it a global leader in metamaterials with integrated R&D, design, mass production, and testing capabilities [1][6][7] - The company is expected to see significant revenue and profit growth as its five bases gradually come into production, benefiting from increased product penetration [1][6][8] Group 2: Financial Projections - For Guangqi Technology, the projected net profit for 2025-2027 is estimated at 9.58 billion, 18.83 billion, and 23.49 billion CNY, with year-on-year growth rates of 47.0%, 96.6%, and 24.7% respectively [6][8] - Fortec Technology (富特科技) is expected to achieve revenues of 37.77 billion, 48.57 billion, and 61.05 billion CNY, with net profits of 2.13 billion, 3.22 billion, and 4.68 billion CNY for the same period [10][11] - Shengke Communication (盛科通信) is projected to have revenues of 13.53 billion, 17.76 billion, and 21.95 billion CNY from 2025 to 2027, with growth rates of 25.1%, 31.3%, and 23.6% respectively [13][14] - Weimais (威迈斯) is forecasted to generate revenues of 70.59 billion, 85.67 billion, and 100.80 billion CNY, with net profits of 6.57 billion, 8.74 billion, and 10.49 billion CNY for the same period [16][18] Group 3: Industry Insights - The metamaterials market is expected to grow at a compound annual growth rate (CAGR) of 60.3% from 2025 to 2031, with significant applications in defense and military, wireless communication, and optics [8] - The report emphasizes the importance of metamaterials in advanced equipment, particularly in defense applications, and highlights Guangqi Technology's unique position as the only company in China to achieve large-scale industrialization of metamaterials for next-generation aerospace equipment [6][8] Group 4: Company Developments - Fortec Technology has seen a significant increase in its Q3 performance, with a revenue of 25.59 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 116.31% [10][11] - Shengke Communication has achieved a positive net profit for the first three quarters of 2025, with a revenue of 8.32 billion CNY, reflecting a 3% year-on-year growth [13][14] - Weimais reported a Q3 revenue of 16.38 billion CNY, with a net profit of 1.53 billion CNY, indicating a strong growth trajectory [16][18]

11月12日，爱柯迪盘中下跌2.00%，截至10:59，报20.07元/股，成交1.02亿元，换手率0.51%，总市值 206.75亿元。 资金流向方面，主力资金净流出825.32万元，特大单买入100.90万元，占比0.99%，卖出604.99万元，占 比5.96%；大单买入1215.79万元，占比11.97%，卖出1537.02万元，占比15.13%。 爱柯迪今年以来股价涨25.44%，近5个交易日跌7.51%，近20日跌1.52%，近60日涨9.43%。 资料显示，爱柯迪股份有限公司位于浙江省宁波市江北区金山路588号，成立日期2003年12月8日，上市 日期2017年11月17日，公司主营业务涉及从事汽车铝合金精密压铸件的研发、生产及销售。主营业务收 入构成为：汽车类94.40%，其他(补充)3.53%，工业类2.07%。 机构持仓方面，截止2025年9月30日，爱柯迪十大流通股东中，香港中央结算有限公司位居第七大流通 股东，持股1466.38万股，为新进股东。永赢先进制造智选混合发起A（018124）位居第八大流通股东， 持股1159.33万股，为新进股东。 责任编辑：小浪快报 爱柯迪所属申万行业为 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Group 1 - The core viewpoint of the articles highlights the performance of the Consumption Leader ETF (516130), which saw a 2.0% increase in price and a transaction volume of 13.71 million yuan, with a total fund size of 150 million yuan [1] - Key stocks within the ETF include China Duty Free, which hit the daily limit, and New Spring Co., which fell to the daily limit, while ShouLai Hotel and YanJin PuZi saw significant gains of 9.88% and 7.6% respectively [1] - The upcoming 2025 Double 11 shopping festival will incorporate instant retail as a core focus, enhancing "minute-level delivery" services, which is expected to benefit companies like Yili and Haier from increased demand for smart home appliances and fast-moving consumer goods [1] Group 2 - The Ministry of Finance and other departments have issued a notice to optimize duty-free shopping policies, which may provide policy benefits to companies like China Duty Free [1] - The consumption sector is under pressure, but four main trends are identified: (1) Brand expansion into emerging markets, (2) Emotional value sectors like trendy toys and pet products, (3) Growth in AI-driven consumer sectors, and (4) The rise of instant retail and cost-effective dining options [1] - The Consumption Leader ETF passively tracks the Consumption Leader Index, with top ten weighted stocks including Kweichow Moutai, Gree Electric, Yili, and others [2]

Core Viewpoint - The company achieved a net profit growth of 10% year-on-year in Q3 2025 [2][6]. Financial Performance - In Q3 2025, the company reported operating revenue of 1.86 billion yuan, representing a year-on-year increase of 7.9% and a quarter-on-quarter increase of 4.3% [3][6]. - The net profit attributable to shareholders was 322 million yuan, showing a year-on-year growth of 10.36% and a quarter-on-quarter growth of 2.04% [3][6]. - The gross profit margin for Q3 2025 was 32.59%, with a year-on-year increase of 2.84 percentage points and a quarter-on-quarter increase of 2.85 percentage points [8]. Cost Management - The company successfully reduced sales, management, and R&D expense ratios, with financial expenses fluctuating due to exchange rate impacts [8]. Strategic Developments - The acquisition of 71% of Zhuoerbo's shares was completed, enhancing industrial synergy and positioning the company to build a dual-driven model of "automotive industry + robotics industry" [4][14]. - The company is focusing on the growing demand for lightweight components and large die-casting parts in the new energy vehicle sector, while accelerating its global business expansion [5][15]. Global Expansion - The company has established manufacturing bases in North America, Europe, and Southeast Asia, which are beginning to show collaborative effects and meet customer demands for localized supply chains [3][5]. - The second phase of the factory in Mexico has commenced production, improving responsiveness in the North American market [15].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][3] Core Insights - The company reported a 10% year-on-year increase in net profit for Q3 2025, with total revenue reaching 1.86 billion yuan, a 7.9% increase year-on-year and a 4.3% increase quarter-on-quarter [1][7] - The gross profit margin improved by 2.8 percentage points, reaching 32.59% in Q3 2025, indicating effective cost control and operational efficiency [1][13] - The completion of the acquisition of 71% of Zhuolibo's shares is expected to enhance the company's position in the automotive micro-motor sector and accelerate the integration of resources between the automotive and robotics industries [2][16] - The company is focusing on the growing demand for lightweight components and large castings in the new energy vehicle sector, while also expanding its global manufacturing footprint [19][2] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 5.957 billion yuan, with a net profit of 913 million yuan, reflecting a growth rate of 40.8% [4][24] - The earnings per share (EPS) is expected to be 1.02 yuan in 2023, with a projected increase to 1.75 yuan by 2027 [4][24] - The company's return on equity (ROE) is forecasted to improve from 14.4% in 2023 to 16.3% in 2027, indicating enhanced profitability [4][24] Future Outlook - The company has raised its profit forecast, expecting net profits of 1.242 billion yuan, 1.518 billion yuan, and 1.799 billion yuan for the years 2025, 2026, and 2027 respectively [3][22] - The strategic focus on expanding into the robotics sector and enhancing the product matrix is anticipated to drive sustained profit growth [22][3] - The establishment of new production facilities in Mexico and Malaysia is expected to bolster the company's responsiveness in North America and Southeast Asia, further supporting its global expansion strategy [19][2]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][22][3] Core Views - The company achieved a net profit of 322 million yuan in Q3 2025, representing a year-on-year growth of 10.36% and a quarter-on-quarter growth of 2.04%. Revenue for the same period was 1.86 billion yuan, up 7.9% year-on-year and 4.3% quarter-on-quarter. The growth is attributed to the company's ongoing upgrade of product structure towards integration and modularization, with the synergistic effects of its North American, European, and Southeast Asian production bases gradually becoming evident [1][7][19] - The completion of the acquisition of 71% of Zhaolbo's equity is expected to accelerate the company's industrial synergy layout, enhancing its dual-driven model of "automotive industry + robotics industry" [2][16] - The company is well-positioned to meet the increasing demand for lightweight components and large castings in the new energy vehicle era, while also accelerating its global business expansion [19][22] Financial Performance and Forecast - The company’s gross margin improved by 2.8 percentage points, reaching 32.59% in Q3 2025, with a year-on-year increase of 2.84 percentage points and a quarter-on-quarter increase of 2.85 percentage points. The sales, management, R&D, and financial expense ratios were 0.65%, 5.54%, 4.84%, and 1.08%, respectively [13][1][19] - The report projects net profits of 1.242 billion yuan, 1.518 billion yuan, and 1.799 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting an upward revision from previous forecasts [3][22][4] - Key financial metrics for 2025 include revenue of 8.143 billion yuan, a net profit margin of 18.7%, and a return on equity (ROE) of 13.8% [4][24]

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2025-130 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 爱柯迪股份有限公司（以下简称"公司"）于 2025 年 11 月 7 日（星期五） 下 午 13:00-14:00 通 过 上 海 证 券 交 易 所 上 证 路 演 中 心 平 台 （http://roadshow.sseinfo.com/，以下简称"上证路演中心"）召开 2025 年 第三季度业绩说明会，现将业绩说明会召开情况公告如下： 一、2025 年第三季度业绩说明会召开基本情况 1、会议召开时间：2025 年 11 月 7 日（星期五）下午 13:00-14:00 2、会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、会议出席情况： ...