经中国证券监督管理委员会（证监许可[2022]1917 号）文核准，爱柯迪股份 有限公司（以下简称"公司"）于 2022 年 9 月 23 日公开发行了 1,570 万张可转 换公司债券，每张面值 100 元，发行总额 157,000 万元，期限 6 年。可转债票面 利率为第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.30%、第五年 1.50%、 第六年 1.80%。 经上海证券交易所自律监管决定书[2022]294 号文同意，公司本次发行的 157,000万元可转换公司债券于2022年10月28日起在上海证券交易所挂牌交易， | 证券代码：600933 | 证券简称：爱柯迪 公告编号：临 2025-033 | | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | 爱柯迪股份有限公司 关于不向下修正"爱迪转债"转股价格的公告 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。 重要内容提示： ● 爱柯迪股份有限公司（以下简称"公司"）股票自 2025 年 4 月 7 日至 2 ...

爱柯迪股份有限公司 2024 年年度股东大会 会议资料 中国·宁波 二〇二五年四月二十九日 爱柯迪股份有限公司 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会参会须知 | | 1 | | --- | --- | --- | --- | | 2024 | 年年度股东大会议程 | | 2 | | 2024 | 年年度股东大会议案 | | 3 | | | 议案一：2024 | 年度董事会工作报告 | 3 | | | 议案二：2024 | 年度监事会工作报告 | 6 | | | 议案三：2024 | 年度财务决算报告 | 10 | | | 议案四：2024 | 年度利润分配预案 | 18 | | | 议案五：2024 | 年年度报告及摘要 | 19 | | | 议案六：关于公司董事 | 2024 年薪酬的议案 20 | | | | 议案七：关于公司监事 | 2024 年薪酬的议案 21 | | | | 议案八：关于聘请 2025 | 年度财务审计和内部控制审计机构的议案 22 | | | | 议案九：关于公司 2025 | 年度银行授信的议案 26 | | | | 听取：2024 | 年度 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-032 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于"爱迪转债"预计满足转股价格修正条件的提示 性公告 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、可转债发行上市概况 经中国证券监督管理委员会（证监许可[2022]1917 号）文核准，爱柯迪股份 有限公司（以下简称"公司"）于 2022 年 9 月 23 日公开发行了 1,570 万张可转 换公司债券，每张面值 100 元，发行总额 157,000 万元，期限 6 年。可转债票面 利率为第一年0.30%、第二年0.50%、第三年1.00%、第四年1.30%、第五年1.50%、 第六年 1.80%。 经上海证券交易所自律监管决定书[2022]294 号文同意，公司本次发行的 157,000万元可转换公司债券于2022年10月28日起在上海证券交易所挂牌交易， 债券简称"爱迪转债"，债券代码" ...

► 深耕铝合金精密压铸 新能源浪潮驱动向上 爱柯迪是国内领先的汽车铝合金精密压铸件专业供应商，传统产品为转向、雨刮系统等汽车铝压铸小件产品，逐步向新能源汽车三电系统、结构件等中大型压铸件 产品拓展。公司近五年业绩稳健增长，2019-2024年营业收入CAGR为17.0%，归母净利润CAGR达到13.5%；结构上：公司2022 年新能源汽车产品收入占比约 为 20%，2025/2030年新能源汽车产品收入占比目标分别为30%/70%。 ► 电动智能化驱动汽车轻量化行业扩容 头部企业有望强者恒强 行业空间 ：我们测算2023年国内车用铝合金市场规模约为1,828.5亿，预计2030年将达3,341.1亿元，2023-2030年CAGR超9.0%，其中压铸工艺约占近八成比 例； 分部位 ：底盘、车身等部位铝材渗透潜力大，预计2030年国内电车底盘/车身铝材渗透率将达到94.0%/14.0%，较2018年提升68.0/6.0pcts； 格局端 ：国 内铝压铸竞争格局较为分散，2023年CR5市占率合计约为11.9%，预计龙头企业有望凭借技术/规模等优势提升市场份额。 ► 精益管理能力突出 有望复刻至中大型压铸件业务 ...

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Viewpoints - The company is a leading domestic supplier of automotive aluminum alloy precision die-casting parts, with a focus on expanding into the new energy vehicle sector. The revenue from new energy vehicle products is expected to increase from approximately 20% in 2022 to 30% in 2025 and 70% by 2030 [1][27]. - The aluminum alloy market for automotive applications in China is projected to grow from approximately 182.85 billion in 2023 to 334.11 billion by 2030, with a CAGR exceeding 9.0% [2]. - The company has a strong competitive advantage due to its lean management capabilities, which are expected to be replicated in its medium and large die-casting business, opening new growth opportunities [3]. Summary by Sections Company Overview - The company has shown steady growth over the past five years, with a CAGR of 17.0% in revenue and 13.5% in net profit from 2019 to 2024. The company is transitioning from small die-casting parts to larger components for new energy vehicles [1][19]. Industry Analysis - The domestic aluminum alloy market for automotive applications is expected to reach approximately 236.1 billion by 2025 and 346.8 billion by 2030, driven by the demand for lightweight vehicles [2][53]. - The market for aluminum die-casting is projected to account for nearly 80% of the total aluminum alloy processing market, indicating significant growth potential [2][57]. Competitive Advantages - The company has over 4,000 product types and maintains a leading position in terms of product value and profitability. Its management capabilities are expected to enhance its market share in both small and large die-casting segments [3][17]. - The company is actively expanding its production capacity in Mexico and other locations to support its global strategy [4][32]. Financial Forecast - The company is expected to achieve revenues of 82.6 billion, 101.6 billion, and 118.4 billion from 2025 to 2027, with corresponding net profits of 11.80 billion, 15.06 billion, and 18.05 billion [5][6]. The projected EPS for the same period is 1.20, 1.53, and 1.83 [5]. Investment Recommendations - The report suggests that the company's global expansion and the release of new orders will drive its main business forward. The establishment of a robotics subsidiary and the acquisition of a majority stake in a robotics company are expected to accelerate growth in this area [5][4].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is positioned as a leading supplier of automotive aluminum precision die-casting parts in China, with a focus on expanding into the new energy vehicle (NEV) sector. The revenue from NEV products is expected to grow significantly, targeting 30% by 2025 and 70% by 2030 [1][27]. - The aluminum alloy market for automotive applications in China is projected to grow from approximately 182.85 billion in 2023 to 334.11 billion by 2030, with a CAGR exceeding 9% [2]. - The company has a strong management capability and aims to replicate its success in small die-casting parts to larger components, opening new growth opportunities [3]. Summary by Sections Company Overview - The company has shown steady growth over the past five years, with a CAGR of 17% in revenue and 13.5% in net profit from 2019 to 2024. The traditional product line includes small die-casting parts for steering and wiper systems, while expanding into larger components for NEVs [1][19]. Industry Analysis - The automotive lightweighting trend driven by electrification is expected to expand the aluminum die-casting market. The penetration rates for aluminum in vehicle chassis and body are projected to reach 94% and 14% respectively by 2030 [2][46]. - The competitive landscape in the aluminum die-casting industry is fragmented, with the top five companies holding a combined market share of only 11.9% in 2023, indicating potential for leading firms to gain market share through technological and scale advantages [2][61]. Competitive Advantages - The company has a robust management system that has historically led to high product value and profitability. The transition to larger die-casting parts is expected to leverage this management expertise, creating new growth avenues [3][4]. Financial Forecast and Investment Recommendations - The company is expected to see revenue growth from 82.6 billion in 2025 to 118.4 billion in 2027, with net profits projected to rise from 11.8 billion to 18.05 billion in the same period. The estimated EPS for these years is 1.20, 1.53, and 1.83 respectively, with corresponding PE ratios of 12, 9, and 8 [5][6].

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-031 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 一、本次交易的基本情况 爱柯迪股份有限公司（以下简称"公司"）拟以发行股份及支付现金的方式 购买卓尔博（宁波）精密机电股份有限公司（以下简称"卓尔博"）71%股权，同 时公司拟发行股份募集配套资金（以下简称"本次交易"）。本次交易完成后， 卓尔博将成为公司的控股子公司。本次交易预计不构成《上市公司重大资产重组 管理办法》规定的重大资产重组；根据《上海证券交易所股票上市规则（2024 年 4 月修订）》，本次交易不构成关联交易；本次交易不会导致公司实际控制人发 生变更，不构成重组上市。 二、本次交易的进展情况 根据上海证券交易所的相关规定，经公司申请，公司股票、可转债债券以及 可转债转股自 2025 年 1 月 6 日（星期一）开市起开始停牌，预计停牌时间不超 过 10 个交易日。具体内容详见 2025 年 1 月 4 日刊载于上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体《关 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

爱柯迪 600933.SH 公司研究 | 年报点评 全球化布局稳步推进，布局机器人业务 核心观点 盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等，新增 2027 年预测，预测 2025-2027 年归母净利润 分别为 11.36、14.04、16.22 亿元（原 2025-2026 年为 13.78、17.44 亿元），可比 公司 2025 年 PE 平均估值 19 倍，目标价 21.85 元，维持买入评级。 风险提示 乘用车行业销量低于预期、汽车铝合金铸件配套收入低于预期、新能源车产品收入低于 预期、机器人业务进展不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,957 | 6,746 | 8,075 | 9,391 | 10,697 | | 同比增长 (%) | 39.7% | 13.2% | 19.7% | 16.3% | 13.9% | | 营业利润(百万元) | 1,065 | 1,092 | 1,287 | 1,594 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]