Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company reported a revenue of 1.457 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.62%. The net profit attributable to shareholders reached 61 million yuan, a significant year-on-year increase of 111% [1] - The net profit for Q3 2024 was 23 million yuan, reflecting a year-on-year growth of 128.64%, driven by economies of scale and cost reduction efforts [1] - The company maintains a leading market position in the steering gear and damper piston rod segments within the automotive chassis sector, benefiting from the recovery in downstream automotive sales [1] Financial Performance Summary - Revenue for 2024 is projected to be 2.124 billion yuan, with a growth rate of 12.91% [3] - The net profit attributable to shareholders is expected to reach 79 million yuan in 2024, with a growth rate of 54.77% [3] - The company has established independent production capabilities for planetary roller screws and is expanding its production capacity, which is expected to drive future growth [1][5] Market Data - As of October 2024, the company's stock price is 28.28 yuan, with a market capitalization of approximately 10.144 billion yuan [1] - The company has signed an investment agreement to invest 1.85 billion yuan in building a research and production base for planetary roller screws, which will enhance its production capabilities [1] Earnings Forecast - The forecasted net profit for 2024-2026 is 79 million yuan, 113 million yuan, and 162 million yuan respectively, with corresponding P/E ratios of 128.8, 90.1, and 62.5 [3][5] - The company is expected to benefit from the commercialization of humanoid robots, which presents significant growth potential [1][5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 28.28 CNY per share on October 24, 2024 [4]. Core Views - The company has shown significant improvement in profitability, with a notable increase in revenue and net profit for the first three quarters of 2024. Revenue reached 1.457 billion CNY, up 9.62% year-on-year, while net profit attributable to shareholders was 61 million CNY, reflecting a 111% increase year-on-year [2]. - The company is focusing on expanding its planetary roller screw production capacity, which is expected to support future growth. An investment agreement was signed for a new production base in Jiangsu, with a total investment of 1.85 billion CNY [2]. - The company is positioned as a leader in the automotive chassis components sector, with steady growth in its core business and new product launches contributing to increased orders [2]. Financial Performance Summary - For 2024, the company forecasts revenues of 2.141 billion CNY, with a growth rate of 13.8% compared to 2023. Net profit is expected to reach 84 million CNY, a 64.5% increase [3][5]. - The earnings per share (EPS) is projected to be 0.23 CNY for 2024, with a price-to-earnings (PE) ratio of 121 [3][5]. - The gross profit margin is expected to improve, with a forecasted gross margin of 18.77% for 2024, up from 17.42% in 2023 [5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥486,508,577.53, representing a year-on-year increase of 1.72%[2] - The net profit attributable to shareholders for Q3 2024 was ¥22,913,105.30, a significant increase of 128.64% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥17,771,995.72, up 102.56% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.0639, reflecting a 129.03% increase compared to the same period last year[3] - The diluted earnings per share for Q3 2024 was also ¥0.0639, indicating a 129.03% increase year-on-year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 1,456,937,506.31, an increase of 9.6% compared to CNY 1,329,082,354.81 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was CNY 63,217,876.91, compared to CNY 27,335,285.73 in 2023, representing a significant increase of 131.5%[17] - The total comprehensive income attributable to the parent company for Q3 2024 was ¥60,809,000.65, compared to ¥28,819,006.71 in Q3 2023, representing an increase of approximately 111.1%[18] - Basic and diluted earnings per share for Q3 2024 were both ¥0.1695, up from ¥0.0803 in Q3 2023, indicating a growth of 111.1%[18] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥3,369,384,588.08, a slight decrease of 0.65% from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2024 was ¥1,645,021,043.55, an increase of 2.49% compared to the end of the previous year[3] - Current liabilities totaled CNY 1,462,176,675.05, a decrease from CNY 1,525,694,509.98 in the previous year, indicating a reduction of 4.2%[14] - The total liabilities of the company decreased to CNY 1,599,341,809.45 from CNY 1,663,938,059.36, a reduction of 3.9%[14] - The equity attributable to shareholders of the parent company increased to CNY 1,645,021,043.55, compared to CNY 1,605,018,388.06 in the previous year, an increase of 2.5%[14] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥125,176,921.40, showing a marginal increase of 0.25%[2] - Cash inflow from operating activities for the first three quarters of 2024 was ¥1,138,583,161.87, compared to ¥1,084,670,501.86 in the same period of 2023, reflecting an increase of about 5%[20] - Net cash flow from operating activities for the first three quarters of 2024 was ¥125,176,921.40, slightly up from ¥124,867,264.37 in the previous year[20] - Cash outflow from investing activities for the first three quarters of 2024 was ¥177,108,524.27, compared to ¥119,796,507.85 in the same period of 2023, showing an increase of approximately 47.8%[20] - Net cash flow from financing activities for the first three quarters of 2024 was -¥6,669,052.09, an improvement from -¥65,991,600.94 in the same period of 2023[21] - The ending balance of cash and cash equivalents as of Q3 2024 was ¥116,001,217.30, compared to ¥78,683,222.41 at the end of Q3 2023, representing an increase of approximately 47.5%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,188[9] - The largest shareholder, Jin Kun, holds 106,884,100 shares, representing 29.80% of the total shares[9] - The company has a repurchase account holding 20,178,807 shares, accounting for 5.63% of the total share capital[11] - The top ten shareholders include various institutional investors, with the largest being Jin Kun and Jin Xiaotang, who are related parties[10] - The company has not reported any changes in the participation of the top ten shareholders in margin trading or securities lending[11] Operational Insights - There are no significant changes in the operational situation of the company during the reporting period[11] - Research and development expenses for the first three quarters of 2024 were CNY 77,261,890.39, up from CNY 64,480,497.89 in 2023, marking an increase of 19.7%[17] - The company reported a significant increase in sales expenses, which rose to CNY 45,011,577.36 from CNY 31,918,393.38, reflecting a year-on-year increase of 41.2%[17] - Accounts receivable decreased to ¥524,379,853.80 from ¥560,987,691.02 year-over-year[12] - Inventory increased slightly to ¥491,372,162.56 compared to ¥483,691,736.95 at the end of 2023[12] - The total current assets as of September 30, 2024, are ¥1,500,642,141.14, down from ¥1,568,374,084.12 at the end of 2023[12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest 1.85 billion yuan to establish a planetary roller screw production base, which is expected to benefit significantly from the humanoid robot industry trend [1] - The company has signed an investment agreement with the management committee of Jiangsu Kunshan Economic Development Zone and will set up a wholly-owned subsidiary, Jiangsu Beite Robotics, to implement the project [1] - The planetary roller screw is a major cost component in humanoid robots, accounting for approximately 28.6% of the total machine cost, indicating a strong demand for cost reduction and a significant opportunity for domestic suppliers [1] - The company has over 20 years of experience in the automotive parts industry, which provides a solid foundation for the new robotics-related technology and products [1] - The company is expected to achieve revenue of 2.143 billion yuan, 2.478 billion yuan, and 2.896 billion yuan from 2024 to 2026, with net profits of 83 million yuan, 124 million yuan, and 164 million yuan respectively [1] Financial Data Summary - Revenue for 2022 was 1,705.50 million yuan, with a growth rate of -1.86%. The projected revenue for 2024 is 2,143.36 million yuan, reflecting a growth rate of 13.94% [5] - The net profit for 2022 was 45.94 million yuan, with a growth rate of -29.42%. The projected net profit for 2024 is 82.78 million yuan, indicating a growth rate of 62.74% [5] - The gross margin for 2022 was 17.15%, expected to increase to 18.49% by 2024 [5] - The price-to-earnings (P/E) ratio is projected to decrease from 206.89 in 2022 to 114.82 in 2024 [5] - The return on equity (ROE) is expected to rise from 2.93% in 2022 to 4.99% in 2024 [5]

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Insights - The company has signed an investment agreement with the Kunshan government to invest 1.85 billion yuan in establishing a planetary roller screw research and production base, covering approximately 140 acres [2] - The company's main business is stable and well-established, divided into three segments: chassis components, aluminum alloy lightweighting, and air conditioning compressors and integrated thermal management [2][3] - The planetary roller screw technology has high barriers to entry and is a key component for humanoid robots, with domestic products nearing the performance of foreign counterparts, indicating significant potential for domestic substitution [2] - The company is actively developing screw samples for humanoid robots and has established a small-scale production line capable of independent production across all processes [2] - Revenue projections for 2024-2026 are 2.11 billion, 2.41 billion, and 2.92 billion yuan, with corresponding net profits of 80 million, 110 million, and 140 million yuan, leading to a projected PE ratio of 112.6, 80.9, and 60.5 times respectively [2][3] Summary by Sections Company Overview - The latest closing price is 24.06 yuan, with a one-year high/low of 27.56/7.41 yuan, a current PE of 123.35, and a market cap of 8.63 billion yuan [2] Financial Projections - Revenue for 2023 is projected at 1.88 billion yuan, with a growth rate of 10.3%, and net profit at 50 million yuan [3] - The company expects a revenue growth rate of 11.9% in 2024, 14.6% in 2025, and 20.9% in 2026 [3] Investment Recommendations - The report suggests a stable business foundation and proactive layout in roller screws, leading to the "Buy" rating [2]

证券代码：603009 证券简称：北特科技 公告编号：2024-057 上海北特科技股份有限公司 关于全资子公司完成工商注册并取得营业执照的公告 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。 上海北特科技股份有限公司（以下简称"公司"）于2024年10月15日召开了 第五届董事会第十五次会议，审议通过了《关于江苏昆山经济技术开发区投资项 目进展暨设立全资子公司的议案》，同意在江苏省昆山市投资设立全资子公司， 具 体 内 容 详 见 公 司 于 2024 年 10 月 16 日 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）上披露的《北特科技关于江苏昆山经济技术开发区 投资项目进展暨设立全资子公司的公告》（公告编号：2024-055）。 近日，该全资子公司已完成工商注册登记手续，并已取得了昆山市数据局颁 发的《营业执照》，现将营业执照的基本信息公告如下： 1、公司名称：江苏北特机器人科技有限公司 3、类型：有限责任公司 4、住所：昆山开发区澄湖路58号12号楼1楼 5、法定代表人：潘磊 ...

第五届监事会第十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 证券代码：603009 证券简称：北特科技 公告编号：2024-054 上海北特科技股份有限公司 特此公告。 上海北特科技股份有限公司监事会 二〇二四年十月十六日 具体内容详见公司 同日于 指 定 信 息 披 露 网 站 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）上披露的《北特科技关于江苏昆山经济技术开发 区投资项目进展暨设立全资子公司的公告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （二）审议通过了《关于竞拍国有建设用地使用权的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 上海北特科技股份有限公司（以下简称"北特科技"或"公司"）第五届监 事会第十四次会议于 2024 年 10 月 15 日上午 11 时 30 分在公司会议室以现场结 合通讯方式举行。会前，会议召集人向全体监事说明了本次紧急召开监事会的 原因，经公司全体监事一致同意，本次监事会会议 ...

上海北特科技股份有限公司 关于江苏昆山经济技术开发区投资项目进展 证券代码：603009 证券简称：北特科技 公告编号：2024-055 暨设立全资子公司的公告 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： ●投资标的名称：江苏北特机器人科技有限公司（暂定名，具体以实际注 册登记为准，以下简称"江苏北特机器人"）。 ●投资金额：江苏北特机器人注册资本 30,000 万元，上海北特科技股份有 限公司（以下简称"北特科技"或"公司"）以货币出资方式出资，公司持股 比例为 100%。 ●特别风险提示：本次设立全资子公司的相关事项尚需行政管理部门的核 准登记，能否通过相关核准以及最终通过核准的时间存在一定的不确定性风险。 本次对外投资符合公司自身战略布局和业务发展需要，但新公司设立后仍可能 受到宏观经济、行业政策、市场竞争、经营管理等各方面的不确定性因素影响， 未来经营状况和收益存在不确定性的风险，敬请广大投资者注意投资风险。 一、对外投资概述 （一）对外投资的基本情况 为更好地推进江苏昆山经济技术开发区投资项目，公 ...

证券代码：603009 证券简称：北特科技 公告编号：2024-056 一、获取补助的基本情况 上海北特科技股份有限公司 关于收到政府补助的公告 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。 重要提示 ●2024 年 5 月 22 日至 2024 年 10 月 14 日，上海北特科技股份有限公司（以下 简称"北特科技"或"公司"）及子公司累计收到各类政府补助 513.73 万元。其中 123.73 万元为与收益相关的政府补助，占本公司 2023 年度经审计的归属于上市公 司股东净利润的 2.43%，390.00 万元为与资产有关的政府补助，占本公司 2023 年度 经审计归属于上市公司股东净资产的 0.24%。 经公司相关部门确认，2024 年 5 月 22 日至 2024 年 10 月 14 日，累计收到政府 各类补助 513.73 万元，其中 123.73 万元为与收益相关的政府补助，占本公司 2023 年度经审计的归属于上市公司股东净利润的 2.43%，390.00 万元为与资产有关的政 府补助，占本公司 2023 年 ...

（一）审议通过了《关于江苏昆山经济技术开发区投资项目进展暨设立全 资子公司的议案》 董事会同意公司在江苏省昆山市设立全资子公司，并授权公司管理层办理新 公司注册登记等相关事宜。具体内容详见公司同日于指定信息披露网站上海证券 交易所网站（http://www.sse.com.cn/）上披露的《北特科技关于江苏昆山经济 技术开发区投资项目进展暨设立全资子公司的公告》。 证券代码：603009 证券简称：北特科技 公告编号：2024-053 上海北特科技股份有限公司 第五届董事会第十五次会议决议公告 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、董事会会议召开情况 上海北特科技股份有限公司（以下简称"北特科技"或"公司"）第五届董 事会第十五次会议于 2024 年 10 月 15 日上午 10 时 30 分在公司会议室以现场结 合通讯方式举行。会前，会议召集人向全体董事说明了本次紧急召开董事会的原 因，经公司全体董事一致同意，本次董事会会议豁免通知时限要求，董事会会议 通知于 2024 年 10 月 14 日以电话和书面形式发 ...