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].

Group 1: Company Performance - Jin Sanjiang achieved a revenue of 386 million yuan in 2024, a year-on-year increase of 30.96%, with a net profit of 53.38 million yuan, up 52.54% [1] - Zhongqi Co. reported a revenue of 2.422 billion yuan in 2024, a slight increase of 1.35%, but a net profit decline of 93.88% to 11.72 million yuan [1][2] - Xizi Clean Energy's revenue was 6.437 billion yuan, down 20.33%, while net profit surged 705.74% to 440 million yuan [3] - Shensi Electronics reported a revenue of 912 million yuan, up 119.86%, with a net profit of 16.30 million yuan, an increase of 123.51% [4] - Yong'an Forestry faced a revenue drop of 53.39% to 323 million yuan, resulting in a net loss of 85.04 million yuan [6] - Yangjie Technology achieved a revenue of 6.033 billion yuan, up 11.53%, with a net profit of 1.002 billion yuan, an increase of 8.50% [8] - Yayi Technology's revenue was 296 million yuan, up 87.22%, but net profit fell 40.49% to 1.12 million yuan [10] - Xiaosong Co. reported a revenue of 1.529 billion yuan, down 4.70%, with a net loss of 225 million yuan [11] - Wantong Expressway achieved a revenue of 7.092 billion yuan, up 6.94%, with a net profit of 1.669 billion yuan, an increase of 0.55% [13] - Hisense Visual reported a revenue of 58.53 billion yuan, up 9.17%, with a net profit of 2.246 billion yuan, an increase of 7.17% [14] - Heng Rui Medicine achieved a revenue of 27.985 billion yuan, up 22.63%, with a net profit of 6.337 billion yuan, an increase of 47.28% [15] - Qingdao Beer reported a revenue of 32.138 billion yuan, down 5.30%, with a net profit of 4.345 billion yuan, an increase of 1.81% [17] - Aikodi achieved a revenue of 6.746 billion yuan, up 13.24%, with a net profit of 940 million yuan, an increase of 2.86% [18] - Sifang Co. reported a revenue of 6.951 billion yuan, up 20.86%, with a net profit of 716 million yuan, an increase of 14.09% [19] - China Petroleum achieved a revenue of 2.94 trillion yuan, down 2.5%, with a net profit of 164.684 billion yuan, an increase of 2.0% [19] - Xinyaqiang reported a revenue of 721 million yuan, up 6.71%, but a net profit decline of 7.36% to 114 million yuan [20] Group 2: Dividend Proposals - Jin Sanjiang proposed a cash dividend of 1.70 yuan per 10 shares [1] - Zhongqi Co. proposed a cash dividend of 0.50 yuan per 10 shares [1] - Xizi Clean Energy proposed a cash dividend of 2.00 yuan per 10 shares [3] - Shensi Electronics did not specify a dividend proposal [4] - Yong'an Forestry did not specify a dividend proposal [6] - Yangjie Technology proposed a cash dividend of 4.00 yuan per 10 shares [8] - Yayi Technology proposed a cash dividend of 5.00 yuan per 10 shares and a capital reserve increase of 3 shares for every 10 shares [10] - Xiaosong Co. did not specify a dividend proposal [11] - Wantong Expressway proposed a cash dividend of 6.04 yuan per 10 shares [13] - Hisense Visual proposed a cash dividend of 8.80 yuan per 10 shares [14] - Heng Rui Medicine proposed a cash dividend of 2.00 yuan per 10 shares [15] - Qingdao Beer proposed a cash dividend of 2.20 yuan per share [17] - Aikodi proposed a cash dividend of 3.00 yuan per 10 shares [18] - Sifang Co. proposed a cash dividend of 7.20 yuan per 10 shares [19] - China Petroleum proposed a cash dividend of 0.25 yuan per share [19] - Xinyaqiang proposed a cash dividend of 0.40 yuan per share [20]

外资态度来看，本期较上一季未再披露的外资机构包括领拓香港有限公司、XUDONG INTERNATIONAL LIMITED。 MACD金叉信号形成，这些股涨势不错！ 公募基金方面，本期较上一期持股增加的公募基金共计6个，主要包括鹏华新兴成长混合A、鹏华新兴 产业混合、平安安享灵活配置混合A、国泰核心价值两年持有期股票A、鹏华汽车产业混合发起式A 等，持股增加占比达0.49%。本期较上一季度持股减少的公募基金共计8个，主要包括易方达供给改革 混合、平安新鑫先锋混合A、平安研究优选混合A、平安新鑫优选混合A、平安研究精选混合A等，持股 减少占比达0.57%。本期较上一季度新披露的公募基金共计139个，主要包括中欧悦享生活混合A、农银 新能源混合A、中欧新蓝筹混合A、信澳新能源产业股票、广发优企精选混合A等。本期较上一季未再 披露的公募基金共计5个，包括华夏磐锐一年定开混合A、宏利蓝筹混合、天弘养老2035三年A、长城恒 康稳健养老一年混合(FOF)A、天弘永裕稳健养老一年A。 对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金一一五组合，，持股减 少占比小幅下跌。本期较上一季未再披露的社保基金 ...

0 1 事 件 概 述 * [16] A. A. K. ► 2024 年营收稳健增长 盈利水平短期承压 公司披露 2024 年年度报告， 2024 年营收为 67.5 亿元，同比 +13.2% ，归母净利 9.4 亿元，同比 +2.9% ； 2024Q4 营收为 1 7.7 亿元， 同比 +2.9% ，环比 +2.7% ，归母净利 2.0 亿元，同比 -37.4% ，环比 -32.3%。 1 ）营收端： 公司 2024 年营收 67.5 亿元，同比 +13.2% ，其中 2024Q4 营收 17.7 亿元，同比 +2.9% ，环比 +2.7% ，主要原因系：传统 小件业务在手订单陆续释放 + 中大件核心客户销量增长（理想汽车 2024Q4 销量 15.9 万辆，同比 +20.4% ，环比 +3.8% ）； 2 ）毛利端： 公司 2024 年毛利率为 27.7% ，同比 -1.7pcts ， 其中 2024Q4 毛利率为 23.7% ，同比 -5.7pcts ，环比 -6.0pcts ，主要原 因系：①铝价上升（ 2024Q4 铝锭价格同比 +8.1% ，环比 +5.1% ）；②固定资产折摊压力增大（ 2024 ...