Core Viewpoint - The company reported strong financial performance for Q3 2025, with revenue and net profit exceeding expectations, indicating continued growth and operational efficiency [1][2][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.31 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 0.895 billion yuan, up 21% year-on-year [1]. - In Q3 2025, the company recorded revenue of 1.86 billion yuan, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 4% [2]. - The gross profit margin reached a five-year high of 32.6%, with a quarter-on-quarter increase of approximately 3 percentage points [2]. Operational Highlights - The company demonstrated significant scale and management advantages in the small and medium-sized parts sector, maintaining a growth rate above the global automotive industry by over 10 percentage points for the past decade [3]. - The company has made substantial progress in transitioning to larger components, with a notable increase in self-manufacturing capabilities for large molds exceeding 2000 tons [3]. - A new wholly-owned subsidiary, Shundong Robotics, was established to focus on the development and sales of components related to robotics, indicating a strategic expansion into this emerging field [3]. Investment Outlook - The company’s net profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 1.28 billion yuan, 1.59 billion yuan, and 1.87 billion yuan, corresponding to growth rates of 36%, 24%, and 18% respectively [4]. - The target price for the company is set at 30.8 yuan, maintaining a "strong buy" rating based on the anticipated performance [4].

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、吸收合并事项基本情况 爱柯迪股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了第四 届董事会第二次会议，审议通过了《关于吸收合并全资子公司的议案》，为进一 步优化组织管理层级，提高运营效率，降低管理成本，公司拟通过吸收合并的方 式合并全资子公司宁波昕飞科工贸有限公司（以下简称"宁波昕飞"），合并完成 后，宁波昕飞的全部资产、债权债务及其他一切权利与义务由公司承接和管理， 其独立法人资格将被注销，具体内容详见公司于 2024 年 10 月 30 日披露于上海 证券交易所网站（www.sse.com.cn）的《关于吸收合并全资子公司的公告》（公 告编号：2024-103）。该事项已经公司 2024 年 11 月 19 日召开的 2024 年第三次 临时股东大会审议通过。 2025 年 6 月 13 日，公司披露《关于吸收合并全资子公司的进展公告》（公 告编号：临 2025-061），公司与宁波昕飞签署了《吸收合并协议》，双方确定以 2025 年 6 月 3 ...

Core Viewpoint - The company announced the absorption merger of its wholly-owned subsidiary Ningbo Xinfly, which has been approved by the board and shareholders, aiming to optimize organizational management, improve operational efficiency, and reduce management costs without materially affecting the company's financial status [1] Group 1 - The merger is scheduled for October 2024, with a merger agreement signed in June 2025, establishing June 30 as the merger reference date [1] - The company has received a notice of approval for the cancellation of registration, indicating that the business cancellation procedures for Ningbo Xinfly have been completed [1] - The absorption merger is expected to enhance the company's management structure and operational efficiency [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 30.8 CNY, compared to the current price of 22.63 CNY [2]. Core Insights - The company's Q3 performance exceeded expectations, with revenue of 5.31 billion CNY for the first three quarters, a year-on-year increase of 7%, and a net profit attributable to shareholders of 0.895 billion CNY, up 21% year-on-year [2]. - The report highlights the company's focus on the growth of its mid-to-large component business and the development of new robotics-related ventures [2]. Financial Performance Summary - Q3 revenue was 1.86 billion CNY, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 4%, aligning with seasonal industry trends [5]. - The company's net profit for Q3 was 322 million CNY, with a net profit margin of 18.2%, showing a quarter-on-quarter increase of 10% [5]. - The gross margin reached a five-year high of 32.6%, with significant contributions from improved production efficiency and cost management [5]. - The report projects adjusted net profit forecasts for 2025-2027, increasing from 1.2 billion CNY to 1.28 billion CNY, with growth rates of 36%, 24%, and 18% respectively [5][6]. Business Development Insights - The company is recognized as a hidden champion in the small-to-medium component sector, maintaining a growth rate above the global automotive industry average [5]. - The transition to larger components is showing results, with significant advancements in the production of large molds and components for electric vehicles [5]. - The establishment of a wholly-owned subsidiary for robotics is aimed at expanding into the robotics market, with a focus on developing components for humanoid robots and exoskeletons [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of 15% or more against the benchmark index over the next 6 to 12 months [3][11]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 5,310 million yuan in the first three quarters of 2025, representing a year-on-year increase of 6.75%. The net profit attributable to the parent company reached 895 million yuan, up 20.70% year-on-year [5]. - The report highlights the company's strong positioning in the automotive and robotics sectors, with significant advancements in production capabilities and market expansion, particularly in North America and Europe [8]. - The company is expected to maintain robust growth in revenue and profit, with projected revenues of 7,962 million yuan, 10,353 million yuan, and 12,099 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 18%, 30%, and 17% [3][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 5,310 million yuan, with a gross margin of 30.42%, an increase of 1.37 percentage points year-on-year. The net profit attributable to the parent company was 895 million yuan, with a year-on-year growth of 20.70% [5]. - In Q3 2025, the company achieved a revenue of 1,860 million yuan, with a gross margin of 32.59%, reflecting a quarter-on-quarter increase of 2.84 percentage points [5][6]. Market Positioning - The company has expanded its global customer base, particularly in North America and Europe, benefiting from local production capabilities established in Mexico and Malaysia. This strategic positioning has enhanced its competitiveness and reduced logistics costs [7][8]. - The report emphasizes the company's ability to leverage its automotive lightweighting capabilities in the robotics sector, potentially allowing it to capture significant market share in the robotics supply chain [8]. Profitability and Valuation - The company's profitability is expected to improve, with projected net profits of 1,204 million yuan, 1,501 million yuan, and 1,740 million yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 28%, 25%, and 16% [3][8]. - The report maintains the company's valuation metrics, with a projected P/E ratio of 19.4 for 2025, decreasing to 13.4 by 2027, reflecting an attractive investment opportunity [3][8].

公司最新总资产周转率为0.34次，在已披露的同业公司中排名第174，较去年同期总资产周转率减少0.05 次，同比较去年同期下降13.20%。最新存货周转率为2.92次，在已披露的同业公司中排名第106，较去 年同期存货周转率减少0.53次，同比较去年同期下降15.40%。 公司最新资产负债率为42.26%，在已披露的同业公司中排名第106，较上季度资产负债率增加1.39个百 分点，较去年同期资产负债率增加0.77个百分点。 公司最新毛利率为30.42%。最新ROE为9.47%。 公司摊薄每股收益为0.33元，在已披露的同业公司中排名第107，较去年同报告期摊薄每股收益减少0.45 元，同比较去年同期下降57.69%。 2025年10月30日，爱柯迪(600933.SH)发布2025年三季报。 公司营业总收入为53.10亿元。归母净利润为8.95亿元。经营活动现金净流入为16.49亿元。 公司股东户数为2.98万户，前十大股东持股数量为5.74亿股，占总股本比例为58.22%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 宁波爱柯迪投资 ...

Core Insights - Aikodi (600933.SH) reported a revenue of 5.31 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.75% [1] - The company's net profit attributable to shareholders reached 895 million yuan, showing a year-on-year increase of 20.7% [1] - The non-recurring net profit was 849 million yuan, reflecting a year-on-year growth of 24.74% [1] - Basic earnings per share stood at 0.92 yuan [1]

Company Overview - Aikodi (SH 600933) announced the convening of its 15th meeting of the fourth board of directors on October 29, 2025, via communication voting [1] - The meeting reviewed the proposal for the fourth extraordinary shareholders' meeting of 2025 [1] Financial Performance - For the first half of 2025, Aikodi's revenue composition was as follows: automotive sector accounted for 94.4%, other businesses for 3.53%, and industrial sector for 2.07% [1] - As of the report date, Aikodi's market capitalization stood at 23.3 billion yuan [1] Market Context - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging driven by technology [1]

格隆汇10月29日丨爱柯迪(600933.SH)公布，公司第三季度实现营业收入18.6亿元，同比增长7.86%；归 属于上市公司股东的净利润3.22亿元，同比增长10.36%；归属于上市公司股东的扣除非经常性损益的净 利润2.97亿元，同比增长12.80%；基本每股收益0.33元。 ...

Core Insights - Aikodi (600933.SH) reported a revenue of 1.86 billion yuan for Q3 2025, representing a year-on-year growth of 7.86% [1] - The net profit attributable to shareholders for Q3 was 322 million yuan, showing a year-on-year increase of 10.36% [1] - For the first three quarters, the company achieved a total revenue of 5.31 billion yuan, which is a 6.75% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters reached 895 million yuan, reflecting a year-on-year growth of 20.70% [1]