桂林福达股份有限公司 2024 年年度股东大会会议材料 2025 年 4 月 16 日 股票简称：福达股份 股票代码：603166 桂林福达股份有限公司 GUILIN FUDA CO., LTD 2024 年年度股东大会会议材料 | 4 | y | 1 | 1 | . | 1 | | --- | --- | --- | --- | --- | --- | | | | | | | | | 2024 | | 年年度股东大会会议须知 2 | | --- | --- | --- | | 2024 | | 年年度股东大会会议议程 4 | | 关于 | 2024 | 年年度报告全文及摘要的议案 5 | | 关于 | 2024 | 年度董事会工作报告的议案 6 | | 关于 | 2024 | 年度监事会工作报告的议案 7 | | 关于 | 2024 | 年度财务决算的议案 8 | | 关于 | 2024 | 年度利润分配的预案 9 | | | | 关于提请股东大会授权董事会进行中期分红方案的议案 11 | | 关于 | 2024 | 年度独立董事述职报告的议案 12 | | | | 关于续聘会计师事务所的议案 13 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 1.648 billion yuan for 2024, representing a year-on-year increase of 21.8%, and a net profit of 185 million yuan, up 79.0% year-on-year [5][6] - The fourth quarter of 2024 saw a revenue of 538 million yuan, with a quarter-on-quarter increase of 33.4% and a year-on-year increase of 37.5%, aligning closely with expectations [5] - The company is benefiting from the significant growth in the PHEV market, with projected sales of 5.1385 million units in 2024, a year-on-year increase of 83.4% [7] - The company is expanding its robot business, focusing on the production of planetary gear reducers and collaborating with Changban Technology to enhance its capabilities in precision transmission components [7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 1.352 billion yuan in 2023 to 3.806 billion yuan by 2027, with a compound annual growth rate (CAGR) of 18.0% [6][9] - Net profit is expected to increase from 104 million yuan in 2023 to 466 million yuan in 2027, reflecting a CAGR of 18.4% [6][9] - The gross margin is forecasted to stabilize around 25.6% by 2027, with a return on equity (ROE) projected to reach 15.8% [6][9] Business Segment Performance - The crankshaft segment is expected to generate 1.04 billion yuan in revenue for 2024, a year-on-year increase of 41.3%, with a gross margin of 30.3% [7] - The precision forging segment is projected to achieve 200 million yuan in revenue, up 24.9% year-on-year, with a gross margin of 21.6% [7] - The gear segment is anticipated to see a decline in revenue to 92 million yuan, down 7.5% year-on-year, but with an improved gross margin of 14.4% [7]

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 has made significant progress in its transition to new energy and is beginning to enter the robotics sector [1]. - The company achieved a revenue of 1.648 billion yuan in 2024, representing a year-on-year growth of 21.83% [7]. - The net profit attributable to the parent company for 2024 was 185.28 million yuan, with a remarkable year-on-year increase of 78.96% [7]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, reflecting confidence in its financial strength [7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 1,647.57 million yuan - 2025E: 2,390.19 million yuan (growth rate: 45.07%) - 2026E: 3,166.96 million yuan (growth rate: 32.50%) - 2027E: 3,901.61 million yuan (growth rate: 23.20%) [2][10] - **Net Profit Forecast**: - 2024A: 185.28 million yuan - 2025E: 283.72 million yuan (growth rate: 53.13%) - 2026E: 403.56 million yuan (growth rate: 42.24%) - 2027E: 538.00 million yuan (growth rate: 33.31%) [2][10] - **Earnings Per Share (EPS)**: - 2024A: 0.29 yuan - 2025E: 0.44 yuan - 2026E: 0.62 yuan - 2027E: 0.83 yuan [2][10] - **Return on Equity (ROE)**: - 2024A: 7.74% - 2025E: 10.75% - 2026E: 13.51% - 2027E: 15.62% [2][10] - **Price-to-Earnings (PE) Ratio**: - 2024A: 48 - 2025E: 32 - 2026E: 22 - 2027E: 17 [2][10] Business Expansion and Strategy - The company is expanding its production capacity, aiming for 4 million crankshafts by 2025, with a new super factory expected to start production in July 2025 [8]. - The company has successfully entered the supply chains of major clients such as Geely and BYD, with six new projects confirmed [7][8]. - The subsidiary Alfen has shown significant profit growth, with a revenue increase of 49.9% in 2024 [7]. Dividend and Share Buyback - The company plans to distribute a total cash dividend of 1.77 billion yuan, which represents 95.38% of its net profit for 2024 [7].

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 has made significant progress in its transition to new energy and is beginning to enter the robotics sector, indicating a strategic shift towards high-end intelligent manufacturing [1][7]. - The company reported a revenue of 1.647 billion yuan for 2024, representing a year-on-year growth of 21.83%, with a net profit attributable to the parent company of 185.28 million yuan, up 78.96% year-on-year [7][10]. - The company is expanding its production capacity significantly, aiming for 4 million crankshafts by 2025, with a new super factory expected to start full production in July 2025 [8][10]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1,647.57 million yuan, with projected revenues of 2,390.19 million yuan in 2025, 3,166.96 million yuan in 2026, and 3,901.61 million yuan in 2027, reflecting growth rates of 21.83%, 45.07%, 32.50%, and 23.20% respectively [2][10]. - The net profit attributable to the parent company is expected to grow from 185.28 million yuan in 2024 to 538 million yuan in 2027, with growth rates of 78.96%, 53.13%, 42.24%, and 33.31% respectively [2][10]. Business Segments - The crankshaft business generated 1.036 billion yuan in revenue in 2024, with a growth rate of 41.32% and a gross margin of 30.25% [10]. - The company has successfully entered the supply chains of major clients such as Geely and BYD, with six new projects confirmed, two of which began mass production in 2024 [7][10]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year, amounting to 1.27 billion yuan, which represents 68.34% of the net profit attributable to shareholders [7][10]. - The total planned distribution, including share buybacks, is 1.77 billion yuan, accounting for 95.38% of net profit, demonstrating strong financial confidence [7][10]. Future Outlook - The company forecasts a compound annual growth rate (CAGR) of 42.7% for net profit over the next three years, with expected net profits of 2.8 billion yuan in 2025, 4.0 billion yuan in 2026, and 5.4 billion yuan in 2027 [7][10].

证券代码：603166 证券简称：福达股份 公告编号：2025-022 变更后联系电话:19571855667 桂林福达股份有限公司 关于变更投资者热线电话的公告 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个别及连带责任。 桂林福达股份有限公司（以下简称"公司"）为确保与投资者的正常沟通联系， 更好地服务于广大投资者，现对公司投资者联系电话进行变更，具体情况如下: 变更前联系电话:0773-3681001 桂林福达股份有限公司董事会 2025 年 3 月 29 日 除上述调整外，公司办公地址、投资者关系电子邮箱等其他联系方式保持不变。 敬请广大投资者关注以上变更，由此给您带来的不便，敬请谅解。欢迎广大投资者通 过上述变更后的联系方式与公司沟通交流。 特此公告。 ...

Core Viewpoint - Fuda Co., Ltd. demonstrated strong financial performance in its 2024 annual report, with significant growth in revenue and net profit, particularly in the automotive and internal combustion engine parts sector [2][8]. Financial Performance - Total revenue reached 1.648 billion yuan, a year-on-year increase of 21.83% - Net profit attributable to shareholders was 185 million yuan, up 78.96% - Non-recurring net profit was 180 million yuan, an increase of 82.59% - In Q4, total revenue was 538 million yuan, up 33.41% year-on-year, with net profit of 64.44 million yuan, a 63.36% increase [2]. Profitability Analysis - Gross margin improved to 25.05%, an increase of 12.19% - Net margin rose to 11.25%, up 46.89% - Earnings per share reached 0.29 yuan, an increase of 81.25% - Operating cash flow per share was 0.73 yuan, up 135.73% [3]. Financial Health - Cash and cash equivalents amounted to 216 million yuan, a 42.32% increase - The ratio of cash to current liabilities was only 19.49% - Interest-bearing debt rose to 854 million yuan, an increase of 50.62% - Accounts receivable reached 470 million yuan, up 20.38%, with a ratio to profit of 253.41% [4]. Cost and Expense Control - Total selling, administrative, and financial expenses were 126 million yuan, accounting for 7.62% of revenue, an increase of 3.4% - Administrative expenses increased by 29.88% due to higher employee compensation and stock incentive costs - Financial expenses rose by 27.6% due to increased borrowing costs [5]. Main Business Analysis - Main business revenue primarily comes from automotive and internal combustion engine parts, accounting for 94.61% - Crankshaft revenue was 1.036 billion yuan, representing 62.87% of total revenue with a gross margin of 30.25% - Revenue distribution by region: Central China (22.71%), Northwest (20.32%), and East China (20.17%) [6]. Development Strategy and Outlook - The company will continue to focus on the new energy vehicle industry, emphasizing the development of new energy hybrid crankshafts, electric drive gears, and core components for robotics - Through digital management and technological innovation, the company aims to enhance market competitiveness while remaining vigilant against industry fluctuations and raw material price volatility [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company reported a revenue of 1.65 billion yuan for 2024, a year-on-year increase of 22%, and a net profit attributable to shareholders of 185 million yuan, up 79% year-on-year. The non-recurring net profit was 180 million yuan, reflecting an 83% increase year-on-year [2][4]. - The company is accelerating its transformation into robotics in 2025, with significant growth expected in its core business areas, particularly in the automotive parts sector [2][8]. Financial Performance Summary - **2024 Financial Indicators**: - Total revenue: 1,648 million yuan, with a year-on-year growth of 21.8% [4]. - Net profit attributable to shareholders: 185 million yuan, with a year-on-year growth of 79.0% [4]. - Earnings per share: 0.29 yuan [4]. - Price-to-earnings ratio: 49 times [4]. - Price-to-book ratio: 3.8 times [4]. - **Future Projections**: - Revenue is projected to reach 2,351 million yuan in 2025, with a growth rate of 42.7% [4]. - Net profit is expected to increase to 282 million yuan in 2025, reflecting a growth rate of 52.4% [4]. - Earnings per share are forecasted to rise to 0.44 yuan in 2025 [4]. Business Transformation and Growth - The company is benefiting from increased demand from major clients like BYD, with a significant rise in revenue in the fourth quarter of 2024 [8]. - The company is entering a new expansion cycle in its crankshaft business, with plans to produce 1 million automated new energy hybrid crankshafts by May 2025 [8]. - The robotics transformation is gaining momentum, with the company developing a planetary gearbox product and making strategic investments in related technologies [8].

Core Viewpoint - The company has announced a profit distribution plan for the fiscal year 2024, proposing a cash dividend of RMB 1.00 per 10 shares, subject to shareholder approval [1][2][5]. Profit Distribution Plan Details - The proposed cash dividend distribution is based on a total share capital of 646,208,651 shares, minus 9,519,200 shares held in the company's repurchase account, resulting in a total cash dividend of RMB 63,668,945.10 (including tax) [2]. - The company achieved a consolidated net profit of RMB 185,280,977.88 for 2024, with the parent company reporting a net profit of RMB 298,304,626.71 after statutory surplus reserve allocation [2][4]. - The company plans to maintain the per-share distribution ratio even if there are changes in total share capital before the record date for the dividend distribution [3]. Compliance and Approval - The profit distribution plan has been approved by the company's board of directors and will be submitted for approval at the upcoming shareholder meeting [4][5]. - The company does not fall under any risk warning scenarios as it has a positive net profit and has maintained a cumulative cash dividend exceeding 30% of the average net profit over the last three years [3][4]. Future Considerations - The company is seeking authorization from the shareholder meeting to allow the board to determine the mid-term dividend plan for 2025, with the total cash dividend not exceeding 100% of the net profit attributable to shareholders for that period [5][6].

Meeting Overview - The sixth session of the Supervisory Board of Guilin Fuda Co., Ltd. was held on March 26, 2025, with all three supervisors present, complying with legal and regulatory requirements [1]. Annual Report and Summary - The Supervisory Board confirmed that the preparation and review procedures for the 2024 Annual Report and Summary met all legal, regulatory, and internal management requirements [2][3]. - The content and format of the 2024 Annual Report and Summary were found to comply with the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational and financial status [1][2]. Dividend Distribution - The Supervisory Board proposed a cash dividend distribution of RMB 1.00 per 10 shares (including tax), subject to the approval of the 2024 Annual General Meeting [2][3]. - The proposal for the 2024 dividend distribution considered the company's current operational and financial conditions, ensuring alignment with shareholder interests and long-term benefits [3]. Internal Control Evaluation - The Supervisory Board evaluated the internal control system for 2024, confirming its compliance with relevant regulations and the absence of significant violations [4][5]. - The internal control evaluation report was deemed comprehensive and accurately reflecting the company's internal control practices [5]. Fund Management - The management and use of raised funds were found to comply with regulatory requirements, with no violations in the use of funds reported [6]. - The Supervisory Board approved the special report on the storage and actual use of raised funds for 2024 [6]. Related Party Transactions - The execution of related party transactions for 2024 and the expected transactions for 2025 were confirmed to be necessary for normal operations, adhering to fair pricing principles [6]. Credit and Guarantee Applications - The decision-making process for applying for comprehensive credit limits and providing guarantees for wholly-owned subsidiaries was found to comply with legal and regulatory requirements, supporting the company's development needs [7]. Auditor Appointment - The Supervisory Board agreed to reappoint Rongcheng Accounting Firm for the 2025 audit services, affirming the firm's qualifications and independence [8]. Accounting Estimate Changes - The changes in accounting estimates were found to comply with relevant accounting standards and did not harm the company's or shareholders' interests [9].

Meeting Information - The annual general meeting of shareholders will be held on April 16, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The on-site meeting will take place at the company's office in Guilin [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system [2][3] - Voting will be available from 9:15 AM to 3:00 PM on the day of the meeting [1][3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3] Meeting Agenda - The meeting will review proposals that have been approved by the board and supervisory committee [2] - Specific shareholders are required to abstain from voting due to conflicts of interest [2] Attendance Requirements - Only shareholders registered by the close of trading on April 9, 2025, are eligible to attend [4] - Shareholders must register in advance to attend the meeting [4] Registration Details - Registration will occur from April 11, 2025, with specific times outlined [4] - Required documents for registration include identification and shareholder account information [4] Additional Information - The meeting is expected to last half a day, with attendees responsible for their own travel and accommodation costs [5]