Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [5][11]. Core Insights - The company's revenue for 2024 reached 680.28 million yuan, a year-on-year increase of 16.63%, with a net profit attributable to shareholders of 211.61 million yuan, up 14.76% [1][12]. - In Q1 2025, the company reported revenue of 178.99 million yuan, reflecting a growth of 26.15%, and a net profit of 66.82 million yuan, which is a 37.59% increase year-on-year [1][12]. - The growth in overseas business significantly contributed to the overall performance, with international revenue reaching 292.32 million yuan in 2024, a 47.0% increase, accounting for 43.0% of total revenue [1][12]. - The company is expanding into the screw rod sector by establishing a new subsidiary, which is expected to leverage the strengths of its partners in high-end manufacturing and supply chain management [4][11]. Revenue and Profitability - The company achieved a gross margin of 51.9% in 2024, slightly down from 53.34% in 2023, but still demonstrating resilience amid competitive pressures [2][3]. - The operating expense ratio decreased to 16.69% in 2024, leading to a net profit margin of 32.25%, an increase of 0.35 percentage points [3][12]. - The return on equity (ROE) improved to 16.36% in 2024, up 0.58 percentage points from the previous year [3][12]. Market Segments - Revenue from the passenger vehicle segment was 487.06 million yuan in 2024, growing by 15.68%, while the commercial vehicle segment generated 117.29 million yuan, up 17.87% [2][12]. - The company is expected to continue stable growth with new projects from clients like Chery and international commercial vehicle manufacturers [2][12]. Financial Forecast - The company forecasts net profits of 246.02 million yuan, 284.93 million yuan, and 330.97 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 1.80, 2.09, and 2.42 yuan [11][12].

Core Viewpoint - The automotive parts sector is experiencing a strong rally, with several stocks hitting the daily limit up, driven by favorable trade news regarding tariff exemptions for parts manufactured in Canada and Mexico under the USMCA agreement [1] Group 1: Stock Performance - Disenly has achieved three consecutive limit-up days over six trading days [1] - Other stocks such as Jin Qilin, Xin Zuo Biao, and Xin Zhi Group also reached their daily limit up [1] - Companies like Xingmin Zhitong, Rongtai Co., Fuda Co., and Zhongding Co. showed significant price increases [1] Group 2: Trade Policy Impact - The U.S. Customs and Border Protection confirmed that automotive parts made in Canada and Mexico are part of the USMCA and will be exempt from a 25% tariff [1] - This tariff exemption is set to take effect on May 3 [1]

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

重要内容提示 股票交易异常波动的情形：杭州新坐标科技股份有限公司（以下简称"公司" 或"新坐标"）股票于 2025 年 4 月 28 日、4 月 29 日、4 月 30 日连续三个交易日内日 收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动的情形。 证券代码：603040 证券简称：新坐标 公告编号：2025-024 杭州新坐标科技股份有限公司 股票交易异常波动的公告 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。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，市场环境、行业政策未发生重大调整， 内部生产经营秩序正常。 （二）重大事项情况 经公司自查，并向控股股东、实际控制人及其一致行动人书面问询核实，截至本公 告发布之日，公司不存在应披露而未披露的重大信息。公司于 2025 年 4 月 10 日披露了 《新坐标关于以集中竞价交易方式回购股份方案的公告暨回购报告书》，公司拟以自有 资金 2,500 万元（含）-5,000 万元（含）人 ...

本次减持计划实施前，杭州新坐标科技股份有限公司（以下简称"新坐标" 或"公司"）董事任海军先生持有公司股份 73,155 股，占公司总股本的 0.0536%； 监事杨琦苹女士持有公司股份 15,000 股，占公司总股本的 0.0110%。 减持计划的实施结果情况 2025 年 4 月 3 日，公司在上海证券交易所网站披露了《新坐标董监高减持 股份计划公告》（公告编号：2025-003），公司董事任海军先生、监事杨琦苹女 士、副总经理兼董事会秘书郑晓玲女士出于自身资金需求，计划以集中竞价交易 减持不超过 99,348 股，减持比例不超过总股本的 0.0728%。 证券代码：603040 证券简称：新坐标 公告编号：2025-025 杭州新坐标科技股份有限公司 董事、监事减持股份结果公告 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： 董事、监事持股的基本情况 2025 年 4 月 30 日，公司收到任海军先生、杨琦苹女士出具的《关于减持新 坐标股份结果情况告知函》。截至本公告披露日，任海军先生减持公司股 ...

证券代码：603040 证券简称：新坐标 公告编号：2025-023 杭州新坐标科技股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/10，由公司实际控制人、董事长兼总经理 | | --- | --- | | | 徐纳提议 | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 2,500万元~5,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 370,800股 | | 累计已回购股数占总股本比例 | 0.2716% | | 累计已回购金额 | 9,088,463.00元 | | 实际回购价格区间 | 23.89元/股~24.80元/股 | 一、回购股份的基本情况 公司于 2025 年 4 月 9 日召开第五届董事会第十一次会议，审议通过了《关于 以集中竞价交易方式 ...

关于《杭州新坐标科技股份有限公司关于股票交易异 常波动的问询函》的回函 杭州新坐标科技股份有限公司: 本人作为杭州新坐标科技股份有限公司(以下简称"新坐标")的实际控制 人,截至目前,不存在影响新坐标股票交易异常波动的重大事项;不存在其他应 披露而未披露的重大信息,包括但不限于重大资产重组、股份发行、重大交易类 事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投 资者等重大事项。 公司发来的《杭州新坐标科技股份有限公司关于股票交易异常波动的问询函》 己收悉。经本公司自查,现就相关事项回复如下: 本公司作为杭州新坐标科技股份有限公司（以下简称"新坐标"）的控股股 东,截至目前,不存在影响新坐标股票交易异常波动的重大事项;不存在其他应 披露而未披露的重大信息,包括但不限于重大资产重组、股份发行、重大交易类 事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投 资者等重大事项。 特此回复。 (本页以下无正文,下接签署页) (本页无正文,为《杭州新坐标科技股份有限公司关于股票交易异常波动的问 询函》的回函签署页) 控股股东:杭州佐表投资管理2 公司 20万 年 4月 30日 关于 ...

Core Viewpoint - Zhenjiu Lidu has demonstrated robust growth since its listing as the first Hong Kong stock liquor company in 2023, achieving a revenue of 7.07 billion yuan in 2024, a year-on-year increase of 0.5%, and an adjusted net profit of 1.68 billion yuan, up 3.3% [2][3] Financial Performance - From 2020 to 2024, adjusted net profit surged from 520 million yuan to 1.68 billion yuan, marking a 223% increase over four years [3] - In 2024, the gross margin reached 58.6%, with an adjusted net profit margin of 23.7%, both showing a year-on-year increase of 0.6 percentage points [3] Market Strategy - The company focuses on two core products, Zhen 15 and Zhen 30, and has introduced high-end products that have received positive market feedback [5] - Zhenjiu Lidu is expanding production capacity in Guizhou, Hunan, and Jiangxi, with a storage of 100,000 tons of quality base liquor and a production capacity of 44,000 tons [7] Brand Development - The company employs a multi-brand strategy, leveraging its quality production and cultural attributes to enhance brand influence [7] - Zhenjiu Lidu has successfully entered international markets, including Hong Kong, Malaysia, Singapore, and Australia, and collaborates with China Duty Free Group to expand its reach [10] Social Responsibility and Sustainability - Zhenjiu Lidu has received multiple awards for its green initiatives, including recognition as a "National Green Factory" [13] - The company actively engages in social responsibility projects, contributing over 17.9 million yuan to various causes and supporting rural development through agricultural partnerships [15] Industry Context - The liquor industry is undergoing structural adjustments, with Zhenjiu Lidu's growth reflecting a broader trend of differentiation among companies [16] - The company emphasizes a long-term strategy focused on quality improvement, channel optimization, and social responsibility, positioning itself as a leader in the evolving market landscape [16]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Changjiang Automobile** and its joint venture with **Tuman Intelligent**, focusing on the **four-wheel drive system** and **screw rod production**. The collaboration aims to leverage both companies' strengths to overcome technical bottlenecks and enhance equipment qualifications and R&D capabilities [2][5]. Key Financial Performance and Growth Factors - In Q1 2025, Changjiang Automobile reported **revenue of 180 million yuan**, a **26% year-on-year increase**, with a profit of approximately **70 million yuan**, reflecting a **37% growth**. The revenue growth is primarily driven by overseas markets, with expectations for continued contributions from traditional business in 2025 [4][40]. - The gross margin for Q1 2025 improved due to **scale effects** and **internal process enhancements**, particularly a **10% increase in assembly line efficiency**. This improvement helped meet the rising demand from clients like BYD [2][6][7]. - The company anticipates **20%+ overall revenue growth** in 2025, with overseas revenue expected to rise from **40% in 2024 to 50% in 2025** [3][40]. Market Expansion and Performance - The Czech market is projected to grow by **80% in 2024**, with a net profit margin of **20%**, while the Mexican market is expected to grow by **30%**. This indicates significant revenue and profitability improvements in overseas markets [2][8]. - BYD is expected to account for approximately **15% of revenue in 2024**, with Volkswagen contributing around **40-50%**, of which **30% is from overseas**. BYD's sales are projected to increase significantly in 2025, potentially enhancing market share for Changjiang [25][37]. Joint Venture and Product Development - The joint venture with Tuman Intelligent will focus on producing screw rods using **extrusion and grinding processes**, targeting both vehicle and robotics sectors. The partnership includes exclusive agreements to protect interests and is expected to start sample deliveries in the second half of 2025 [2][10][21]. - The company is also developing screw rod equipment in collaboration with Tuman, leveraging Tuman's strengths in gear machine tools and grinding machines [11][12]. Challenges and Strategic Considerations - Despite strong overseas growth, the company faces challenges in management, particularly regarding local employee management and initial profit margins. However, the European market remains profitable, and the company is optimistic about its performance [30][31]. - The company plans to maintain a **high capacity utilization rate** of **80-90%** in overseas markets, with ongoing improvements in assembly line efficiency to support profitability [26]. Research and Development - R&D expenses are expected to increase in 2025, particularly for the **magnetic steel project**, with a total budget of **500 million yuan**. The company is in the early stages of this project, with significant investments planned for future phases [47][48]. Conclusion and Investor Communication - The company is in a preliminary R&D phase, with many details remaining confidential. The chairman expresses confidence in the company's future and encourages investors to reach out with any questions [54].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company is actively expanding its growth opportunities in the screw rod sector and has shown strong revenue and profit growth in recent quarters [7]. - The company reported a revenue of 680.28 million yuan for 2024, representing a year-on-year increase of 16.63%, and a net profit attributable to the parent company of 211.61 million yuan, up 14.76% year-on-year [7]. - The company is focusing on enhancing its profitability and has achieved a gross margin of 51.9% in 2024, with a net margin of 32.3% [7]. Financial Performance Summary - **Revenue Forecast**: The company expects revenues to grow from 680.28 million yuan in 2024 to 1,507.60 million yuan by 2027, with compound annual growth rates (CAGR) of 32.4% [2][12]. - **Net Profit Forecast**: The net profit is projected to increase from 211.61 million yuan in 2024 to 490.86 million yuan in 2027, with significant growth rates in the coming years [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.55 yuan in 2024 to 3.60 yuan in 2027 [2][12]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 15.72% in 2024 to 21.09% in 2027 [2][12]. Business Segment Performance - **Valve Transmission Group**: Revenue from this segment is expected to grow from 500.17 million yuan in 2024 to 1,009.46 million yuan by 2027, with a gross margin of 56% by 2025 [9]. - **Cold Forged Precision Wire**: This segment is projected to see revenue growth from 40 million yuan in 2024 to 190.44 million yuan in 2027, with an improving gross margin reaching 10% by 2027 [9]. - **Overseas Business Growth**: The company has reported a 47% year-on-year increase in overseas revenue, driven by new projects and increased production capacity [7]. Strategic Initiatives - The company is investing approximately 500 million yuan in establishing a new joint venture focused on precision transmission components, which is expected to enhance its market position in the screw rod sector [7].