Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 23.55 [8][9]. Core Views - The company achieved a revenue of RMB 6.746 billion in 2024, representing a year-over-year increase of 13.24%, and a net profit of RMB 939.51 million, up 2.86% year-over-year. However, Q4 performance was slightly below expectations due to rising aluminum prices and increased foreign exchange losses [1][2]. - The company is actively expanding into robotics as a second growth curve, with plans to acquire 71% of Zhuoerbo, which is expected to enhance profits and achieve business synergies [3][5]. - The company is focusing on global expansion, with production bases in North America, Southeast Asia, and Europe, aiming to support its transition to new energy and ensure stable supply chains [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 6.746 billion, with a growth rate of 13.24%. The net profit was RMB 939.51 million, reflecting a growth of 2.86% [7]. - Q4 revenue was RMB 1.772 billion, with a year-over-year increase of 2.86%, but net profit decreased by 37.39% year-over-year due to various cost pressures [1][2]. Strategic Initiatives - The establishment of a subsidiary for robotics in December 2024 aims to develop robotic components and exoskeletons, indicating a strategic shift towards automation [3]. - The planned acquisition of Zhuoerbo, which had a revenue of RMB 850 million and a net profit of RMB 150 million in 2023, is expected to significantly boost the company's profitability and product offerings [3]. Global Expansion - The company is enhancing its global footprint with production facilities in Mexico, Malaysia, and Hungary, which are expected to support its North American and Southeast Asian markets [4]. - The Mexican facility is projected to achieve profitability as it ramps up production, while the Malaysian plant has commenced operations to ensure a stable supply of raw materials [4]. Profitability Forecast - Revenue projections for 2025-2027 are set at RMB 7.979 billion, RMB 9.561 billion, and RMB 10.978 billion, respectively, with a compound annual growth rate exceeding 15% anticipated [5][7]. - The net profit estimates for the same period are RMB 1.147 billion, RMB 1.348 billion, and RMB 1.554 billion, reflecting a downward adjustment due to anticipated market conditions [5].

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-029 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于部分闲置募集资金现金管理到期赎回 并继续进行现金管理的公告 | 3 | 杭州银行宁 波北仑支行 | 杭州银行"添利宝"结构性 存款产品(TLBB202407039) | 15,000.00 | 2024-07-01 | 2024-07-31 | 保本收 益型 | 2.8%或 2.6%或 | 32.05 | 是 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 1.25% | | | | | | | | | | | 2.8%或 | | | | 4 | 杭州银行宁 | 杭州银行"添利宝"结构性 | 15,000.00 | 2024-07-01 | 2024-07-31 | 保本收 | 2.6%或 | 32.05 | 是 | | | 波北仑支行 | 存款产品(TLBB20240 ...

关于可转债转股结果暨股份变动的公告 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： 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"爱柯迪"或"本公司"或"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。 | 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-030 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 二、可转债本次转股情况 截至 2025 年 3 月 31 日，累计共有 250,000 元"爱迪转债"转换为公司股份， 因转股形成的股份数量为 13,435 股，占可转债转股前公司已发行股份总额的 0.0015%。其中 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"爱迪转债"累计转 ...

入局机器人赛道，开辟第二成长曲线。2024 年末，公司成立瞬动机器人，正式入局机器人前沿赛道， 未来将重点发力人形机器人用零部件、外骨骼机器人等产品研发、生产及销售。2025 年初，公司发布 收购预案，拟收购卓尔博71%股权，实现对微特电机等关键技术掌握；同时，公司进一步拓展镁合金压 铸技术，作为未来技术储备重要方向。 投资建议：预计2025-2027 年公司营收80/101/115 亿元，同比+19%/+25%/+14%，归母净利润 10.8/13.4/15.4 亿元，同比+15%/+24%/+15%，维持"买入"评级。 风险提示：海外业务发展不及预期；原材料价格波动风险；汇率波动风险。 事件：公司发布2024 年年报，全年实现营收67.5 亿元，同比+13.2%；归母净利润9.4 亿元，同比 +2.9%。扣非归母净利润8.8 亿元，同比+0.4%。 单Q4 营收17.7 亿元，同/环比+2.9%/2.7%；归母净利润2.0 亿元，同/环比-37.4%/-32.3%；扣非归母净利 润1.98 亿元，同/环比-30.8%/-24.6%。 4Q24 业绩表现承压，高研发投入助力长期成长。公司2024 年毛利率/ ...

截至2024 年，公司各工厂持续推进：1）马来西亚工厂投产爬坡；2）墨西哥一期扭亏，二期预计 2025Q2 投产；3）含山及马鞍山工厂完成竣工验收并取得房产证。 2024Q4 毛利环比-6.0PCT，期间费用率环比-2.2PCT。公司2024Q4 单季度实现毛利率23.7%，同/环比分 别-5.7/-6.0PCT，主要受铝价上行与费用改列为成本影响；期间费用率合计9.4%，同/环比分 别-1.3/-2.2PCT，其中销售/管理/研发/财务费用率分别环比-1.5/-2.7/-1.0/+3.0PCT。其中，财务费用率上 行，预计主要受汇兑损益波动影响。 事件：公司2024 年实现营业收入67.5 亿元，同比+13.2%，归母净利润9.4 亿元，同比+2.9%。 发力机器人零部件业务，拓展第二增长曲线。1）公司2024 年设立全资子公司瞬动机器人技术，负责机 器人领域的零部件、可穿戴装备终端产品的研发销售。2）公司拓展镁合金压铸技术研发，切入汽车轻 量化与机器人领域赛道。3）墨西哥工厂产品涵盖人形机器人结构件产品等。 2024Q4 业绩环比承压，全球化布局稳步推进。单季度，公司2024Q4 实现收入17.7 亿元， ...

产品端：公司新增布局：1、设立全资子公司瞬动机器人技术（宁波）有 限公司；2、公司着力拓展镁合金压铸工艺技术研发，作为未来技术储 备的重要方向；3、公告收购微电机公司卓尔博 71%股权；产能端：1、 公司墨西哥一期生产基地在 2023 年 7 月开始量产，目前墨西哥二期工 厂也在建设当中，计划于 2025 年 Q2 投入生产，墨西哥工厂未来产品范 围涵盖新能源汽车车身部件、三电系统及其他汽车用铝合金产品、人形 机器人结构件产品等；2、马来西亚工厂如期竣工并投入使用。公司切 入汽车轻量化与机器人领域的前沿赛道，为公司长期可持续发展添加新 动能。 证券研究报告·公司点评报告·汽车零部件 爱柯迪（600933） 2024年年报点评：会计准则调整影响毛利率， 墨西哥新增人形机器人产品布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5957 | 6746 | 9395 | 10242 | 12291 | | 同比（% ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 6.75 billion yuan in 2024, representing a year-on-year increase of 13.2%, and a net profit attributable to shareholders of 940 million yuan, up 2.9% year-on-year [1] - In Q4 2024, the company reported a revenue of 1.77 billion yuan, with year-on-year and quarter-on-quarter growth of 2.9% and 2.7% respectively, while the net profit attributable to shareholders was 200 million yuan, down 37% year-on-year and 32% quarter-on-quarter [1] - The company is expanding its robot components business, establishing a wholly-owned subsidiary for research and sales in the robotics field, and developing magnesium alloy die-casting technology for automotive lightweighting and robotics [2][3] Financial Summary - The company’s revenue is projected to grow from 6.75 billion yuan in 2024 to 11.97 billion yuan in 2027, with respective growth rates of 20.2%, 21.0%, and 22.0% [3] - The net profit attributable to shareholders is expected to increase from 940 million yuan in 2024 to 1.77 billion yuan in 2027, with growth rates of 26.8%, 21.4%, and 22.1% [3] - The latest diluted EPS is forecasted to rise from 0.95 yuan in 2024 to 1.79 yuan in 2027 [3] - The company’s P/E ratio is projected to decrease from 18.3 in 2024 to 9.7 in 2027, indicating an attractive valuation over the forecast period [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved a revenue of 6.75 billion, a year-on-year increase of 13.2%, and a net profit attributable to shareholders of 940 million, up 2.9% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 1.77 billion, with year-on-year and quarter-on-quarter increases of 2.9% and 2.7% respectively, while net profit was 200 million, down 37% year-on-year and 32% quarter-on-quarter [1] - The company is expanding its robot components business, establishing a wholly-owned subsidiary for research and sales in this field, and is also developing magnesium alloy die-casting technology for automotive lightweighting and robotics [2][3] Financial Summary - Revenue for 2023 was 5.957 billion, with a projected increase to 6.746 billion in 2024, and further growth expected to 8.107 billion in 2025 [3] - The net profit for 2023 was 926 million, expected to rise to 972 million in 2024, and projected at 1.207 billion in 2025 [3] - The latest diluted EPS for 2024 is 0.95, with projections of 1.21 for 2025 and 1.47 for 2026 [3] - The company’s P/E ratio is projected to decrease from 18.3 in 2024 to 14.4 in 2025, and further to 11.9 in 2026 [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [2][19]. Core Views - The company reported a revenue of 6.75 billion yuan for 2024, reflecting a year-on-year increase of 13%, while the net profit attributable to shareholders was 940 million yuan, up 3% year-on-year [2]. - The report highlights a focus on the expansion of the robotics business in 2025, alongside the continuation of growth in the company's core automotive parts segment [2][7]. Financial Performance Summary - For 2024, the company achieved a total revenue of 6,746 million yuan, with a year-on-year growth rate of 13.2%. The net profit attributable to shareholders was 940 million yuan, with a growth rate of 2.9% [9]. - The company’s earnings per share (EPS) for 2024 is projected at 0.95 yuan, with a price-to-earnings (P/E) ratio of 18 times [9]. - The report forecasts revenue growth for the next three years, with expected revenues of 7,737 million yuan in 2025, 8,961 million yuan in 2026, and 10,030 million yuan in 2027, corresponding to growth rates of 14.7%, 15.8%, and 11.9% respectively [9][10]. Business Development Insights - The company is focusing on the development of large-scale die-casting capabilities, with significant improvements in self-manufacturing of molds over 2000 tons, positioning itself at the forefront of the industry [7]. - The establishment of a wholly-owned subsidiary, Shun Dong Robotics, aims to enhance the company's capabilities in the robotics sector, including the development of components for humanoid robots [7][9]. - The report emphasizes the importance of maintaining growth in the mid-to-large component segments and the progress in new business areas such as robotics [7].

金三江：2024年净利润同比增长52.54% 拟10派1.7元 3月31日，金三江（301059）公布2024年年度报告，公司2024年实现营业收入3.86亿元，同比增长 30.96%；归属于上市公司股东的净利润为5337.9万元，同比增长52.54%；基本每股收益为0.23元/股。公 司拟向全体股东每10股派发现金红利1.70元（含税）。 资料显示，金三江成立于2003年12月，主营业务是沉淀法二氧化硅的研发、生产和销售。 所属行业：基础化工–化学制品–其他化学制品 中旗股份：2024年净利润同比下降93.88% 拟10派0.5元 3月31日，中旗股份（300575）公布2024年年度报告，公司2024年实现营业收入24.22亿元，同比增长 1.35%；归属于上市公司股东的净利润为1172.1万元，同比下降93.88%；基本每股收益为0.03元/股。公 司拟向全体股东每10股派发现金红利0.5元（含税）。 资料显示，中旗股份成立于2003年8月，主营业务是农药产品的研发、生产和销售。 所属行业：基础化工–农化制品–农药 西子洁能：2024年净利润同比增长705.74% 拟10派2元 3月31日，西子洁能（0 ...