Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company's performance is under short-term pressure, with a focus on global expansion [2][4] - Revenue for H1 2024 was 2.149 billion, down 8.95% year-on-year, and net profit attributable to the parent company was 265 million, down 32.78% year-on-year [2][4] - The company is expected to achieve net profits of 571 million, 696 million, and 922 million for 2024, 2025, and 2026 respectively, with a year-on-year change of -20%, +22%, and +32% [3] Financial Performance Summary - Total revenue for 2022 was 4.454 billion, with a year-on-year growth of 47.3%, and is projected to reach 8.023 billion by 2026 [2][5] - The gross profit margin for Q2 2024 was 21.65%, a decrease of 2.16 percentage points quarter-on-quarter and 2.61 percentage points year-on-year [4] - The company issued 2.8 billion in convertible bonds in H1 2024, primarily for lightweight automotive components and new energy vehicle powertrains [4][5] Financial Metrics - The company's P/E ratio is projected to be 15 and 12 for 2024 and 2025 respectively, maintaining a "Buy" rating [3] - The ROE is expected to decline to 8.4% in 2024, before recovering to 10.9% by 2026 [2][5] - The EPS (diluted) is projected to be 0.61, 0.75, and 0.99 for 2024, 2025, and 2026 respectively [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 2.149 billion yuan in H1 2024, a year-on-year decrease of 8.95%, and a net profit attributable to shareholders of 265 million yuan, down 32.8% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 1.01 billion yuan, with year-on-year and quarter-on-quarter declines of 15% and 11% respectively, and a net profit of 108 million yuan, down 46% year-on-year and 32% quarter-on-quarter [1]. - The company's performance was impacted by fluctuations in production from key customer Tesla, which saw a global production decrease of 8% and a 14% decline in China during Q2 2024 [1]. - The company is progressing steadily with its global expansion, including the establishment of a convertible bond project and the construction of a factory in Mexico, indicating substantial growth potential [1]. Financial Summary - The company is expected to achieve net profits of 590 million yuan, 720 million yuan, and 900 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14, 12, and 9 times [1][2]. - The gross margin for Q2 2024 was reported at 21.65%, reflecting a decrease of 2.61 percentage points year-on-year and 2.16 percentage points quarter-on-quarter, primarily due to customer sales, rising aluminum prices, and the ramp-up of new factory capacity [1]. - The total revenue for 2024 is projected to be 4.895 billion yuan, with a growth rate of 1.3% year-on-year [2]. Industry Context - The automotive parts industry is experiencing a recovery, with domestic passenger car sales increasing by 11% quarter-on-quarter and U.S. automotive sales up by 10% in Q2 2024 [1]. - The company is one of the few in the industry that simultaneously masters three core processes: die-casting, forging, and extrusion, which positions it well for future growth [1].

证券研究报告·公司点评报告·汽车零部件 旭升集团（603305） 2024 年半年度报告点评：2024Q2 业绩短期 承压，轻量化龙头全球化加速 2024 年 08 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4454 | 4834 | 4920 | 6246 | 7885 | | 同比（ % ） | 47.31 | 8.54 | 1.77 | 26.96 | 26.24 | | 归母净利润（百万元） | 701.25 | 714.10 | 560.61 | 692.09 | 892.88 | | 同比（ % ） | 69.70 | 1.83 | (21.49) | 23.45 | 29.01 | | EPS- 最新摊薄（元 / 股） | ...

Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company's Q2 performance is under pressure, with H1 2024 revenue at 2.15 billion yuan, down 8.9% year-on-year, and net profit attributable to shareholders at 260 million yuan, down 32.8% year-on-year [2][6] - Q2 2024 revenue was 1.01 billion yuan, down 14.9% year-on-year and 11.3% quarter-on-quarter, with net profit at 110 million yuan, down 46.5% year-on-year and 31.6% quarter-on-quarter [2][6] - The decline in performance is attributed to weaker-than-expected terminal sales from some vehicle and component customers [6] - The company is making progress in its global layout, with ongoing capacity expansion both domestically and overseas, which is expected to enhance global supply capabilities [2][6] Financial Performance Summary - For H1 2024, the company reported revenue of 2.15 billion yuan, a decrease of 8.9% year-on-year, and a net profit of 260 million yuan, down 32.8% year-on-year [6] - Q2 2024 gross margin was 21.6%, down 2.6 percentage points year-on-year, and net profit margin was 10.6%, down 6.3 percentage points year-on-year [6] - The company’s operating expenses increased, with a total expense ratio of 11.2%, up 7.8 percentage points year-on-year [6] Production and Capacity Expansion - The company is focusing on three main aluminum alloy forming processes: die-casting, forging, and extrusion, and is actively expanding its integrated business [6] - The company has secured multiple platform model projects in die-casting and has received project approvals for new products in forging and extrusion [6] - Domestic capacity expansion is supported by a convertible bond issuance of up to 2.8 billion yuan for new energy vehicle powertrain projects and lightweight automotive components [6] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 5.45 billion yuan, 6.74 billion yuan, and 8.05 billion yuan, with year-on-year growth rates of 12.7%, 23.7%, and 19.4% respectively [6][7] - Net profit forecasts for the same period are 720 million yuan, 871 million yuan, and 1.06 billion yuan, with year-on-year growth rates of 0.9%, 20.9%, and 21.4% respectively [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 9.05 yuan on August 29, 2024, corresponding to PE ratios of 15, 12, and 9 for the years 2024, 2025, and 2026 respectively [1][3]. Core Insights - The company reported a revenue of 2.149 billion yuan for H1 2024, a year-on-year decrease of 8.95%, and a net profit attributable to shareholders of 265 million yuan, down 32.78% year-on-year [1]. - The second quarter of 2024 saw revenue of 1.010 billion yuan, a decline of 14.91% year-on-year and 11.31% quarter-on-quarter, primarily due to decreased sales from major downstream customers [1]. - The company is diversifying its customer base, with the revenue share from the top five customers decreasing from 66.2% in 2021 to 56.2% in 2023, indicating reduced dependency on single customers [1]. - The company is optimizing its industrial layout and accelerating its globalization strategy, including the issuance of 2.8 billion yuan in convertible bonds for key projects in lightweight automotive components and powertrains for new energy vehicles [1]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 4.94 billion yuan, 5.95 billion yuan, and 7.5 billion yuan respectively, with growth rates of 2.1%, 20.6%, and 26.0% [2][4]. - The net profit attributable to shareholders is expected to be 564 million yuan in 2024, 712 million yuan in 2025, and 929 million yuan in 2026, with growth rates of -21.0%, 26.2%, and 30.4% respectively [2][4]. - The earnings per share (EPS) are forecasted to be 0.60 yuan in 2024, 0.76 yuan in 2025, and 1.00 yuan in 2026 [2][4].

（一）审议通过《关于<公司 2024 年半年度报告>及其摘要的议案》 该报告中的相关财务信息已经公司董事会审计委员会审议通过，具体内容详 见同日披露于上海证券交易所网站（www.sse.com.cn)及指定媒体的《宁波旭升 集团股份有限公司 2024 年半年度报告》及其摘要。 一、董事会会议召开情况 宁波旭升集团股份有限公司（以下简称"公司"）第四届董事会第二次会议通 知于 2024 年 8 月 19 日以专人送达、邮件等方式发出，会议于 2024 年 8 月 29 日在公司会议室以现场表决方式召开。本次会议应到董事 6 人，实到董事 6 人， 公司董事长徐旭东先生召集和主持本次会议，公司监事及高级管理人员列席了本 次会议。本次会议的召集和召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 表决结果：6 票赞成，0 票反对，0 票弃权。 | 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | | 宁波旭升集团股份有限公司 第四届董事会第二次会议决议公告 本公司 ...

| 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | | 宁波旭升集团股份有限公司 根据中国证券监督管理委员会出具的《关于同意宁波旭升集团股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可[2024]764 号），公司获 准向不特定对象发行面值总额为人民币 280,000.00 万元的可转换公司债券，期限 6 年。公司本次发行可转换公司债券应募集资金 280,000.00 万元，实际募集资金 280,000.00 万元，扣除保荐承销费及其他发行相关费用合计(不含税)人民币 833.93 万元后，实际募集资金净额为人民币 279,166.07 万元。上述募集资金已于 2024 年 6 月 20 日全部到位，中汇会计师事务所（特殊普通合伙）已进行验资并出具了中 汇会验[2024]8953 号《可转换公司债券募集资金到位情况验证报告》。上述向不特 定对象发行可转债募集资金，公司已按照要求开立募集资金专户存储。 (二) 募集金额使用情况和结余情况 截至2024年6月3 ...

2024 年半年度报告 公司代码：603305 公司简称：旭升集团 债券代码：113685 债券简称：升 24 转债 宁波旭升集团股份有限公司 2024 年半年度报告 1 / 179 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人徐旭东、主管会计工作负责人卢建波及会计机构负责人（会计主管人员）朱梦圆 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及关于本公司的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质 承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间 的差异，敬请注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 ...

| 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | | 宁波旭升集团股份有限公司 第四届监事会第二次会议决议公告 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个别及连带责任。 一、监事会会议召开情况 宁波旭升集团股份有限公司（以下简称"公司"）第四届监事会第二次会 议的通知于 2024 年 8 月 19 日以专人送达、邮件等方式发出，会议于 2024 年 8 月 29 日在公司会议室以现场表决方式召开。本次会议应到监事 3 人， 实到监事 3 人，本次会议由监事会主席提议召开并主持。公司董事会秘书列 席了本次会议。会议的召开符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 宁波旭升集团股份有限公司 监事会 （一）审议通过《关于<公司 2024 年半年度报告>及其摘要的议案》 2024 年 8 月30 日 与会监事认为：《公司 2024 年半年度报告》及摘要的编制和审核程序符合法 律、 ...

| 证券代码：603305 | 证券简称：旭升集团 公告编号：2024-061 | | --- | --- | | 债券代码：113685 | 债券简称：升 转债 24 | 宁波旭升集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 为落实国务院《关于加强监管防范风险推动资本市场高质量发展的若干意 见》《关于进一步提高上市公司质量的意见》相关要求，积极响应上海证券交易 所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，践行"以投资者为 本"的上市公司发展理念，维护全体股东利益，宁波旭升集团股份有限公司（以 下简称 "公司"）围绕主营业务、股东回报、信息披露和投资者关系、公司治理 等方面制定"提质增效重回报"行动方案。具体举措如下： 一、聚焦主营业务，提升经营质量 公司长期从事精密铝合金零部件的研发、生产与销售，产品主要聚焦于新能 源汽车领域，涵盖多个汽车核心系统。公司是目前行业内少有的同时掌握压铸、 锻造、挤压三大铝合金成型工艺的企业，并具备量产能 ...