| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-017 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于发行股份及支付现金购买资产 并募集配套资金事项的进展公告 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、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 20 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-016 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 持股 5%以下股东集中竞价减持股份结果公告 减持计划实施完毕 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： | 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 | 持股 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | 比例 | | | XUDONG INTERNATIONAL | 5%以下股东 | 28,313,434 | 2.87% | IPO 前取得：28,313,434 股 | | LIMITED | | | | | 上述减持主体无一致行动人。 1 股东持股的基本情况：截至本公告披露之日，爱柯迪股份有限公司（以 下简称"公司"）股东 XUDONG INT ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The humanoid robot industry is on the verge of mass production, with significant advancements expected in 2024, marking a pivotal year for the sector [7][13] - Automotive companies are accelerating their entry into the humanoid robot market, leveraging their existing supply chain advantages and expertise in AI and automation [7][41] - Investment opportunities are identified in companies with strong overlaps in existing automotive business and humanoid robot capabilities, particularly in the midstream supply chain [7][55] Summary by Sections Humanoid Robots Overview - Major global players in the humanoid robot sector are making significant progress, with many products entering pilot testing phases in 2024 [13] - Humanoid robots consist of five main modules, with the joint components representing a significant cost portion [16][19] - The estimated BOM cost for humanoid robots is approximately 316,200 CNY per unit, with joint components accounting for about 50% of the total cost [22][31] Automotive Sector - Automotive companies are uniquely positioned to commercialize humanoid robots due to their existing supply chains and expertise in AI from autonomous driving research [41][42] - The demand for humanoid robots in automotive manufacturing is driven by the need for automation in complex assembly processes that currently rely heavily on human labor [41][42] Parts Suppliers - Automotive parts suppliers are encouraged to explore humanoid robot business opportunities, particularly those with strong customer overlaps and technological synergies [53] - Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having potential advantages in expanding into the humanoid robot market [55]

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-015 | | --- | --- | --- | --- | | 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 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： 投资品种：结构性存款 投资金额：5,500 万元 履行的审议程序：爱柯迪股份有限公司（以下简称"爱柯迪"或"本公 司"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二十四次会议、第三 届监事会第二十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的 议案》，本事项无需提交公司股东大会审议。 特别风险提示：公司本次购买的结构性存款产品属于安全性高、流动性 好的保本型理财产品，属于低风险投资产品，但金融市场受宏观经济影响较大， 不排除该项投资受到市场风险、政策风险、流动性风险、不可抗力风险等风险因 素从而影响预期收益。 一、前次使用部分闲置募集资金进行现金 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-014 | | --- | --- | --- | --- | | 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 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： 投资品种：结构性存款 投资金额：0.55 亿元 履行的审议程序：爱柯迪股份有限公司（以下简称"爱柯迪"或"本公 司"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二十四次会议、第三 届监事会第二十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的 议案》，本事项无需提交公司股东大会审议。 特别风险提示：公司本次购买的结构性存款产品属于安全性高、流动性 好的保本型理财产品，属于低风险投资产品，但金融市场受宏观经济影响较大， 不排除该项投资受到市场风险、政策风险、流动性风险、不可抗力风险等风险因 素从而影响预期收益。 一、前次使用部分闲置募集资金进行现金管 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-013 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于发行股份及支付现金购买资产 并募集配套资金事项的进展公告 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、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 自本次交易预案披露以来，公司及有关各方正在积极推进本次交易的相关工 作。公司已协调本次 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-012 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 持股 5%以下股东减持股份计划公告 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： | XUDONG INTERNATIONAL LIMITED | 5%以下股东 | 28,313,434 | 2.87% | IPO 前取得：28,313,434 | | --- | --- | --- | --- | --- | | 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 股 | 上述减持主体无一致行动人。 1 股东持股的基本情况：截至本公告披露之日，爱柯迪股份有限公司（以 下简称"公司"）股东 XUDONG INTERNATIONAL LIMITED 持有公司股份 28,313,434 股，占公司总股本的 2.87%，股份来源为公司首次公开发 行取得 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report highlights three major positive changes and the expansion of the die-casting flagship business [3] - The company is actively expanding its robotics-related business through mergers and acquisitions and subsidiaries [6] - Revenue performance is stable with significant growth in new energy and large components [13] - New products and factories are contributing to a continuous increase in profit margins [17] - The company is expected to achieve steady revenue growth, with potential catalysts for valuation [21] Financial Metrics Summary - Revenue projections for the company are as follows: - 2023A: 59.57 billion, 2024E: 70.31 billion, 2025E: 85.94 billion, 2026E: 102.62 billion [4] - The expected growth rates for revenue are 39.7% in 2023, 18.0% in 2024, 22.2% in 2025, and 19.4% in 2026 [4] - The company's return on equity (ROE) is projected to be 14.4% in 2023, decreasing to 12.3% in 2024, then increasing to 15.3% by 2026 [4] - Earnings per share (EPS) is expected to grow from 0.93 in 2023 to 1.56 in 2026 [4] Revenue and Profitability Insights - The company is focusing on stable small-item bases while seeing significant growth in new energy and large components [13] - The profit margin is expected to continue rising due to new products and factory efficiencies [17] - The company has outlined financing plans for various projects, including a total of 15.22 billion for an IPO in 2017 and 15.7 billion for convertible bonds in 2022 [17]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company is acquiring a 71% stake in Zhuoerbo, a precision component manufacturer for micro motors, which will enhance its product matrix in the automotive micro motor sector [2][4]. - The establishment of a wholly-owned subsidiary, Shundong Robot Technology, aims to develop and sell intelligent robots, leveraging Zhuoerbo's expertise in micro motor technology [3]. - The integration of resources between the company and Zhuoerbo is expected to improve market share, as both companies have established relationships with major automotive suppliers and manufacturers [4]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 1.02 billion, 1.26 billion, and 1.40 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 12 times [4]. - Revenue is expected to grow from 6.97 billion yuan in 2024 to 9.46 billion yuan in 2026, reflecting a growth rate of 17% in 2024 and 16% in 2026 [5][13]. - The company's EBITDA is projected to increase from 1.84 billion yuan in 2024 to 2.62 billion yuan in 2026 [5]. Market Position - The company has a balanced presence in key automotive markets across Asia, North America, and Europe, with major clients including Mitsubishi Electric, Valeo, and Bosch [4]. - The acquisition of Zhuoerbo is anticipated to diversify the company's client base and enhance its competitive position in the automotive components market [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has announced a plan to acquire 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., Ltd, along with a fundraising plan through issuing shares to specific investors [1]. - Zhuoerbo's revenue and net profit for 2023 are projected at 850 million and 150 million respectively, with a strong client base including major companies [1]. - The company is expanding its production capacity and is expected to exceed performance targets due to ongoing projects in Mexico and Malaysia [1]. - The company is also diversifying into emerging sectors such as robotics and industrial automation, leveraging its expertise in micro-special motors [1]. Financial Projections - Revenue is expected to grow from 5,957 million in 2023 to 10,697 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22% [3]. - Net profit is projected to increase from 913 million in 2023 to 1,584 million by 2026, with a CAGR of around 24% [3]. - The earnings per share (EPS) is forecasted to rise from 0.93 in 2023 to 1.61 by 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 16.3 in 2023 to 9.4 by 2026, indicating potential undervaluation [3]. Stock Information - The company operates in the automotive parts industry, with a total market capitalization of approximately 14,930.40 million [4]. - The stock closed at 15.16 on January 15, 2025, with a total share count of 984.86 million [4].