Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Group 1 - The core viewpoint of the articles highlights the performance of the Consumption Leader ETF (516130), which saw a 2.0% increase in price and a transaction volume of 13.71 million yuan, with a total fund size of 150 million yuan [1] - Key stocks within the ETF include China Duty Free, which hit the daily limit, and New Spring Co., which fell to the daily limit, while ShouLai Hotel and YanJin PuZi saw significant gains of 9.88% and 7.6% respectively [1] - The upcoming 2025 Double 11 shopping festival will incorporate instant retail as a core focus, enhancing "minute-level delivery" services, which is expected to benefit companies like Yili and Haier from increased demand for smart home appliances and fast-moving consumer goods [1] Group 2 - The Ministry of Finance and other departments have issued a notice to optimize duty-free shopping policies, which may provide policy benefits to companies like China Duty Free [1] - The consumption sector is under pressure, but four main trends are identified: (1) Brand expansion into emerging markets, (2) Emotional value sectors like trendy toys and pet products, (3) Growth in AI-driven consumer sectors, and (4) The rise of instant retail and cost-effective dining options [1] - The Consumption Leader ETF passively tracks the Consumption Leader Index, with top ten weighted stocks including Kweichow Moutai, Gree Electric, Yili, and others [2]

Core Viewpoint - The company achieved a net profit growth of 10% year-on-year in Q3 2025 [2][6]. Financial Performance - In Q3 2025, the company reported operating revenue of 1.86 billion yuan, representing a year-on-year increase of 7.9% and a quarter-on-quarter increase of 4.3% [3][6]. - The net profit attributable to shareholders was 322 million yuan, showing a year-on-year growth of 10.36% and a quarter-on-quarter growth of 2.04% [3][6]. - The gross profit margin for Q3 2025 was 32.59%, with a year-on-year increase of 2.84 percentage points and a quarter-on-quarter increase of 2.85 percentage points [8]. Cost Management - The company successfully reduced sales, management, and R&D expense ratios, with financial expenses fluctuating due to exchange rate impacts [8]. Strategic Developments - The acquisition of 71% of Zhuoerbo's shares was completed, enhancing industrial synergy and positioning the company to build a dual-driven model of "automotive industry + robotics industry" [4][14]. - The company is focusing on the growing demand for lightweight components and large die-casting parts in the new energy vehicle sector, while accelerating its global business expansion [5][15]. Global Expansion - The company has established manufacturing bases in North America, Europe, and Southeast Asia, which are beginning to show collaborative effects and meet customer demands for localized supply chains [3][5]. - The second phase of the factory in Mexico has commenced production, improving responsiveness in the North American market [15].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][3] Core Insights - The company reported a 10% year-on-year increase in net profit for Q3 2025, with total revenue reaching 1.86 billion yuan, a 7.9% increase year-on-year and a 4.3% increase quarter-on-quarter [1][7] - The gross profit margin improved by 2.8 percentage points, reaching 32.59% in Q3 2025, indicating effective cost control and operational efficiency [1][13] - The completion of the acquisition of 71% of Zhuolibo's shares is expected to enhance the company's position in the automotive micro-motor sector and accelerate the integration of resources between the automotive and robotics industries [2][16] - The company is focusing on the growing demand for lightweight components and large castings in the new energy vehicle sector, while also expanding its global manufacturing footprint [19][2] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 5.957 billion yuan, with a net profit of 913 million yuan, reflecting a growth rate of 40.8% [4][24] - The earnings per share (EPS) is expected to be 1.02 yuan in 2023, with a projected increase to 1.75 yuan by 2027 [4][24] - The company's return on equity (ROE) is forecasted to improve from 14.4% in 2023 to 16.3% in 2027, indicating enhanced profitability [4][24] Future Outlook - The company has raised its profit forecast, expecting net profits of 1.242 billion yuan, 1.518 billion yuan, and 1.799 billion yuan for the years 2025, 2026, and 2027 respectively [3][22] - The strategic focus on expanding into the robotics sector and enhancing the product matrix is anticipated to drive sustained profit growth [22][3] - The establishment of new production facilities in Mexico and Malaysia is expected to bolster the company's responsiveness in North America and Southeast Asia, further supporting its global expansion strategy [19][2]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][22][3] Core Views - The company achieved a net profit of 322 million yuan in Q3 2025, representing a year-on-year growth of 10.36% and a quarter-on-quarter growth of 2.04%. Revenue for the same period was 1.86 billion yuan, up 7.9% year-on-year and 4.3% quarter-on-quarter. The growth is attributed to the company's ongoing upgrade of product structure towards integration and modularization, with the synergistic effects of its North American, European, and Southeast Asian production bases gradually becoming evident [1][7][19] - The completion of the acquisition of 71% of Zhaolbo's equity is expected to accelerate the company's industrial synergy layout, enhancing its dual-driven model of "automotive industry + robotics industry" [2][16] - The company is well-positioned to meet the increasing demand for lightweight components and large castings in the new energy vehicle era, while also accelerating its global business expansion [19][22] Financial Performance and Forecast - The company’s gross margin improved by 2.8 percentage points, reaching 32.59% in Q3 2025, with a year-on-year increase of 2.84 percentage points and a quarter-on-quarter increase of 2.85 percentage points. The sales, management, R&D, and financial expense ratios were 0.65%, 5.54%, 4.84%, and 1.08%, respectively [13][1][19] - The report projects net profits of 1.242 billion yuan, 1.518 billion yuan, and 1.799 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting an upward revision from previous forecasts [3][22][4] - Key financial metrics for 2025 include revenue of 8.143 billion yuan, a net profit margin of 18.7%, and a return on equity (ROE) of 13.8% [4][24]

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2025-130 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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。 爱柯迪股份有限公司（以下简称"公司"）于 2025 年 11 月 7 日（星期五） 下 午 13:00-14:00 通 过 上 海 证 券 交 易 所 上 证 路 演 中 心 平 台 （http://roadshow.sseinfo.com/，以下简称"上证路演中心"）召开 2025 年 第三季度业绩说明会，现将业绩说明会召开情况公告如下： 一、2025 年第三季度业绩说明会召开基本情况 1、会议召开时间：2025 年 11 月 7 日（星期五）下午 13:00-14:00 2、会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、会议出席情况： ...

爱柯迪股份有限公司 2025 年第四次临时股东会 会议资料 中国·宁波 二〇二五年十一月十四日 | 2025 | 年第四次临时股东会参会须知 1 | | --- | --- | | 2025 | 年第四次临时股东会议程 2 | | 2025 | 年第四次临时股东会议案 3 | | | 关于变更公司注册资本、修订《公司章程》的议案 3 | 爱柯迪股份有限公司 2025 年第四次临时股东会会议资料 爱柯迪股份有限公司 四、股东要求在股东会上发言的，应征得大会主持人的同意，发言主题应与本次 股东会表决事项相关，简明扼要。发言时应先报告所持股份数额和姓名。主持人可安 排公司董事、高级管理人员等回答股东问题，与本次股东会议题无关或可能泄露公司 商业秘密或损害公司、股东共同利益的提问，大会主持人或其指定的有关人员有权拒 绝回答。 五、本次会议采用现场投票与网络投票相结合的方式进行表决。股东以其所持有 的有表决权股份数额行使表决权，每一股份享有一票表决权。股东在现场投票表决时， 应按照表决票中的要求在每项议案下设的"同意"、"弃权"、"反对"三项中任选 一项，并以打"√"表示，未填、错填、字迹无法辨认的表决票均视为"弃权" ...

Core Viewpoint - The rapid growth of the new energy vehicle (NEV) market is driving the demand for aluminum alloy components in the automotive industry, leading to significant market expansion in China's aluminum alloy automotive parts sector, projected to reach 697.84 billion yuan in 2024, a year-on-year increase of 22.46% [1][8]. Market Overview - Aluminum alloy automotive parts are defined as components made from aluminum-based alloys, which are processed through various methods to achieve lightweight, high strength, corrosion resistance, and recyclability, contributing to vehicle weight reduction and energy efficiency [2]. - The application of aluminum alloy parts spans the entire vehicle, categorized into powertrain, chassis, body, electronic systems, and decorative components [2]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including initiatives aimed at enhancing manufacturing reliability and promoting high-quality development in the NEV sector [2]. Industry Chain - The aluminum alloy automotive parts industry consists of upstream suppliers of aluminum materials and production equipment, midstream manufacturers of aluminum parts, and downstream automotive manufacturers and aftermarket services [4]. Market Growth - China's automotive market has seen substantial growth, with production and sales reaching 21.05 million and 21.12 million vehicles respectively from January to August 2025, marking a year-on-year increase of 12.7% and 12.6% [6]. Competitive Landscape - The aluminum alloy automotive parts market in China is characterized by a large number of companies, leading to a fragmented market structure. Key players include He Sheng Co., Ltd., Xusheng Group, and Wan Feng Ao Wei, among others [9][10]. - In 2024, Lichung Group led the industry with a revenue of 27.25 billion yuan, followed by Top Group and Minshi Group with revenues of 26.6 billion yuan and 23.15 billion yuan respectively [10]. Company Analysis - Lichung Group specializes in lightweight aluminum alloy products and has a complete industrial chain, with 54.5% of its revenue coming from casting aluminum alloys [11]. - Wan Feng Ao Wei focuses on lightweight metal components, achieving 80.81% of its revenue from automotive lightweight parts, totaling 6.056 billion yuan in the first half of 2025 [11]. Development Trends - The industry is expected to adopt smart factory and digital twin technologies, enhancing production efficiency and quality control. The use of recycled aluminum is anticipated to rise, aligning with sustainability goals and reducing production costs [12].

Core Insights - Material substitution is a key method for achieving lightweight design in humanoid robots, with major manufacturers already implementing this approach [1][3] - Aluminum alloy remains the primary material for lightweight applications in the automotive sector, while magnesium alloy is emerging as a new contender due to its superior performance and favorable price ratio [2] - High-end engineering plastics, particularly PEEK, PPS, and LCP, are increasingly replacing traditional metals in humanoid robots, contributing significantly to lightweight design [3] Industry Overview - Lightweight design can be achieved through structural optimization and material substitution, addressing four major pain points: enhancing battery life, optimizing energy efficiency, alleviating heat dissipation issues, and improving operational flexibility [1] - The injection molding market for engineering plastics shows promising prospects, with PEEK, PPS, and LCP being highlighted for their exceptional properties [3] Company Recommendations - Aikodi (600933): Expanding lightweight product categories and establishing a dual-driven development model [4] - Xingyuan Zhuomei (301398): Focusing on magnesium alloy die-casting core technology to drive lightweight growth [4] - Moulding Technology (000700): Targeting the lightweight path of substituting plastics for steel with high-quality customer resources [4] - Hengbo Co., Ltd. (301225): A national specialized small giant entering the PEEK lightweight sector through joint ventures [4]

Core Viewpoint - Aikodi announced that as of October 31, 2025, it has repurchased a total of 6.0682 million shares, representing 0.59% of the company's total share capital [2] Summary by Category - **Share Repurchase** - The company has completed a share repurchase of 6.0682 million shares [2] - This repurchase accounts for 0.59% of the total share capital [2] - The announcement was made on the evening of November 3 [2]