Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, but there are signs of improvement in profitability in Q1 2025, with potential growth opportunities in lightweight technology for robotics [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 4.409 billion, a year-on-year decrease of 8.79% - The net profit attributable to shareholders was 416 million, down 41.71% year-on-year - The adjusted net profit was 358 million, a decline of 46.76% year-on-year [1] - In Q1 2025, the company reported operating revenue of 1.046 billion, a year-on-year decrease of 8.12% - The net profit attributable to shareholders was 96 million, down 39.15% year-on-year - The adjusted net profit was 81 million, a decline of 42.67% year-on-year [1] Profitability Improvement - The gross margin for Q1 2025 was 20.80%, an increase of 3.25 percentage points quarter-on-quarter - The net profit margin was 9.14%, up 1.16 percentage points quarter-on-quarter - The company is expected to enhance profitability further as capacity utilization improves [2] Growth Opportunities - The company is focusing on lightweight technology in robotics, which is a key development direction - It is leveraging its expertise in aluminum alloy precision processing to develop critical products such as joint shells and torso components - The company has secured projects from multiple domestic and international clients, indicating potential new growth points in the robotics sector [2] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 501 million, 648 million, and 833 million respectively, representing year-on-year growth of 21%, 29%, and 29% - As of April 25, the market capitalization corresponds to PE ratios of 24 and 19 for 2025 and 2026 respectively, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 4.409 billion yuan in 2024, a decrease of 8.79% year-on-year, and a net profit attributable to shareholders of 416 million yuan, down 41.71% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.046 billion yuan, a decline of 8.12% year-on-year, with a net profit of 96 million yuan, down 39.15% year-on-year [1] - The company is focusing on lightweight technology and has made significant investments in the robotics sector, which is expected to open new growth opportunities [4] - The company’s gross margin improved to 20.80% in Q1 2025, with a net profit margin of 9.14%, indicating enhanced profitability [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 501 million, 648 million, and 833 million yuan respectively, representing year-on-year growth of 20%, 29%, and 29% [4] Financial Summary - Total revenue is projected to increase from 4.409 billion yuan in 2024 to 7.693 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [3] - The net profit attributable to shareholders is expected to rise from 416 million yuan in 2024 to 833 million yuan in 2027, reflecting a significant recovery [3] - The company’s gross margin is expected to stabilize around 21.7% by 2027, showing a gradual improvement from 20.3% in 2024 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 29.22 in 2024 to 14.43 in 2027, indicating a more attractive valuation over time [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 4.409 billion yuan in 2024, a year-on-year decrease of 8.79%, and a net profit attributable to the parent company of 416 million yuan, down 41.71% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.046 billion yuan, a decrease of 8.12% year-on-year, and a net profit of 96 million yuan, down 39.15% year-on-year [1] - The company is focusing on lightweight technology and has made significant investments in the robotics sector, which is expected to open new growth opportunities [4] - The company’s gross margin improved to 20.80% in Q1 2025, with a net profit margin of 9.14%, indicating enhanced profitability [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 501 million yuan, 648 million yuan, and 833 million yuan, representing year-on-year growth of 21%, 29%, and 29% respectively [4] - The company maintains a market valuation corresponding to a PE ratio of 24 and 19 times for 2025 and 2026 respectively, supporting the "Buy" rating [4] Financial Summary - Total revenue for 2023 was 4.834 billion yuan, with a year-on-year growth of 8.5%, while the forecast for 2024 is 4.409 billion yuan, reflecting a decline of 8.8% [3] - The net profit attributable to the parent company for 2023 was 714 million yuan, with a slight increase of 1.8%, while the forecast for 2024 is 416 million yuan, a decrease of 41.7% [3] - The gross margin for 2023 was 23.8%, expected to decrease to 20.3% in 2024, and forecasted to recover to 20.5% in 2025 [3] - The company's return on equity (ROE) was 11.4% in 2023, projected to decline to 6.3% in 2024, and gradually improve to 9.4% by 2027 [3] - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to drop to 0.45 yuan in 2024, and forecasted to rise to 0.87 yuan by 2027 [3]

| 投资要点 | | --- | 事件： 公司发布2024年年度报告和2025年一季度报告。2024年公司实现营收44.09亿元，同比-8.79%； 归母净利润4.16亿元，同比-41.71%，符合我们预期。24Q4公司营收达11.35亿元，同比-9.86%/ 环比+0.85%；24Q4公司归母净利润达0.93亿元，同比-37.48%/环比+60.25%。25Q1营收达10.46 亿元，同比-8.12%/环比-7.76%，归母净利润达0.96亿元，同比-39.15%/环比+2.53%。 费用率方面，2024Q4公司三费费用率达6.22%，同比+3.16pct/环比+0.07pct，其中销售费用/管 理费用/财务费用率分别达-1.17%/5.00%/2.39%，研发费用率达3.25%；25Q1公司三费费用率达 6.39% ， 同 比 +2.70pct/ 环 比 +0.17pct ， 其 中 销 售 费 用 / 管 理 费 用 / 财 务 费 用 率 分 别 达 0.26%/4.65%/1.47%，研发费用率达4.79%。 未经许可，不得转载或者引用。 净利润方面，2024Q4公司归母净利润达0.93亿元，同比- ...

Core Viewpoint - Ningbo Xusheng Group Co., Ltd. reported a solid financial performance for 2024, with a focus on lightweight aluminum alloy technology and expansion into emerging sectors such as energy storage and humanoid robotics [2][3]. Financial Performance - In 2024, the company achieved a total revenue of 4.409 billion RMB and a net profit attributable to shareholders of 416 million RMB [2]. - The company plans to distribute a cash dividend of 3.80 RMB per 10 shares, totaling 355 million RMB [2]. - For Q1 2025, the company reported revenue of 1.046 billion RMB and a net profit of approximately 95.64 million RMB [4]. Business Development - The company has secured approximately 1.9 billion RMB in orders from mainstream electric vehicle platforms in North America and has concentrated on key projects with major domestic new energy manufacturers [2]. - In 2024, revenue from energy storage projects reached about 234 million RMB, representing over a 200% year-on-year growth [3]. - The company is actively developing key products for humanoid robotics, including joint shells and torso components, and has established partnerships with several domestic and international clients [3]. Strategic Expansion - Xusheng Group has established a triangular production network in "China + North America + Southeast Asia," enhancing its dual-track strategy of "technology going global" and "local coexistence" [4]. - The company is focusing on magnesium alloy products, having successfully developed a semi-solid injection molded motor housing and initiated cooperation on magnesium alloy electric drive housing projects with foreign clients [3].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 2024 aligns with expectations, with total revenue of 4.409 billion yuan, down 8.79% year-on-year, and a net profit attributable to shareholders of 416.26 million yuan, down 41.71% year-on-year. The fourth quarter of 2024 saw revenue of 1.135 billion yuan, a decrease of 9.86% year-on-year, but a slight increase of 0.85% quarter-on-quarter. The first quarter of 2025 reported revenue of 1.046 billion yuan, down 8.12% year-on-year and 7.76% quarter-on-quarter, with a net profit of 960 million yuan, down 39.15% year-on-year but up 2.53% quarter-on-quarter [10][11] - The company has adjusted its net profit forecasts for 2025-2026 to 554.42 million yuan and 682.98 million yuan, respectively, due to declining sales from major customers and cost-cutting demands. However, the overseas and robotics businesses are expected to enter a harvest period, justifying the "Buy" rating [3][10] Financial Summary - For 2023A, total revenue was 4.834 billion yuan, with a year-on-year growth of 8.54%. The net profit attributable to shareholders was 714.10 million yuan, with a year-on-year growth of 1.83%. The latest diluted EPS was 0.75 yuan, with a P/E ratio of 16.71 [1][3] - The financial forecasts for 2024A to 2027E show a projected total revenue of 4.409 billion yuan in 2024, with a decline of 8.79%, and an expected recovery in subsequent years, reaching 7.575 billion yuan by 2027. The net profit is expected to recover from 416.26 million yuan in 2024 to 802.77 million yuan in 2027, with corresponding EPS increasing from 0.44 yuan to 0.84 yuan [1][3][11]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 2024 aligns with expectations, with total revenue of 4.409 billion yuan, down 8.79% year-on-year, and a net profit attributable to shareholders of 416.26 million yuan, down 41.71% year-on-year. The fourth quarter of 2024 saw revenue of 1.135 billion yuan, a decrease of 9.86% year-on-year, but a slight increase of 0.85% quarter-on-quarter. The first quarter of 2025 reported revenue of 1.046 billion yuan, down 8.12% year-on-year and 7.76% quarter-on-quarter, with a net profit of 960 million yuan, down 39.15% year-on-year but up 2.53% quarter-on-quarter [10][11] - The company has adjusted its net profit forecasts for 2025-2026 to 554.42 million yuan and 682.98 million yuan, respectively, due to declining sales from major clients and cost-cutting demands. However, the overseas and robotics businesses are expected to enter a harvest period, justifying the "Buy" rating [3][10] Financial Summary - For 2023A, total revenue was 4.834 billion yuan, with a year-on-year growth of 8.54%. The net profit attributable to shareholders was 714.10 million yuan, with a year-on-year growth of 1.83%. The latest diluted EPS was 0.75 yuan, with a P/E ratio of 16.71 [1][11] - The financial forecasts for 2024A to 2027E show total revenues of 4.409 billion yuan, 5.350 billion yuan, 6.420 billion yuan, and 7.575 billion yuan, respectively, with corresponding net profits of 416.26 million yuan, 554.42 million yuan, 682.98 million yuan, and 802.77 million yuan. The EPS for these years is projected to be 0.44 yuan, 0.58 yuan, 0.72 yuan, and 0.84 yuan, with P/E ratios of 28.67, 21.53, 17.48, and 14.87, respectively [1][3][11] Business Development - The company is actively expanding its robotics business, focusing on key product development such as joint shells and torso structure components. It has secured projects from multiple domestic and international clients, indicating a forthcoming harvest period. Additionally, the company is establishing production bases in Mexico and Thailand to enhance its global footprint and transition into a lightweight component supplier [10][11]

2025年4月，宁波旭升集团股份有限公司（以下简称"旭升集团"）发布2024年年度报告。报告期内，公 司面临诸多挑战，多项关键财务指标出现显著变化。其中，净利润同比减少41.71%，筹资活动产生的 现金流量净额同比大增2144.60%，这些数据的变动值得投资者密切关注。 营收与利润：规模与效益的双重考验 营业收入：下滑背后的市场挑战 2024年，旭升集团实现营业收入4,408,751,349.58元，较去年同期的4,833,865,278.87元减少8.79%。从业 务板块来看，汽车类业务收入3,778,514,517.72元，同比下降10.87%，作为公司的核心业务，其下滑对 整体营收影响较大。公司表示，全球新能源汽车行业竞争加剧，产业链价格战激烈，终端需求波动，部 分客户订单量未达预期，是导致营收下滑的主要原因。 净利润：成本与市场双重挤压 销售费用为19,765,092.51元，较去年的21,221,652.78元下降6.86%。公司可能在优化销售渠道或控制销 售支出方面取得一定成效，在营收下滑的情况下，销售费用的下降有助于缓解成本压力。 管理费用：显著增长 管理费用为169,329,692.83元，同 ...

第一章 总则 第一条 为进一步提高宁波旭升集团股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股价、商业信誉及正常生产经营活动造成的影响，切实维护投资者和公司的 合法权益，根据相关法律法规和《公司章程》的有关规定，结合公司实际情况， 特制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； 宁波旭升集团股份有限公司 舆情管理制度 宁波旭升集团股份有限公司 舆情管理制度 （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情（尤其是媒体质疑危机时）实行"统一领导、统 一组织、快速反应、协同应对、高效处理"的总体原则，有效引导内外舆论，避 免和消除因媒体报道可能对公司造成的各种负面影响，切实维护公司的利益和形 象。 第四条 公司成立舆情管理工作领导小组（以下简称"舆情工作组 ...

宁波旭升集团股份有限公司 2024 年度独立董事述职报告--李圭峰 本人作为宁波旭升集团股份有限公司（以下简称"公司"）的独立董事，在任 职期间严格按照《公司法》《证券法》《上市公司独立董事管理办法》《公司章程》 《公司独立董事制度》等相关规定，本着客观、公正、独立的原则，勤勉尽责、 独立履职，积极出席相关会议，认真审议各项议案，对公司的发展及经营活动进 行独立判断，充分发挥独立董事及各专门委员会委员的作用，切实维护公司和全 体股东的合法权益。现将 2024 年度本人履行独立董事职责的工作情况汇报如下： 一、本人基本情况 （一）个人工作履历、专业背景以及兼职情况 本人李圭峰，男，1977 年出生，中国国籍，无境外永久居留权，本科学历， 律师。曾任浙江联鑫律师事务所主任律师；现任浙江理脉律师事务所负责人，宁 波市北仑党外知识联谊会监事长，宁波市北仑区工商联副会长，宁波市公共关系 协会副会长，公司独立董事。 （二）是否存在影响独立性的情况说明 本人没有在公司担任除董事外的其他任何职务，与公司及其主要股东、实际 控制人不存在直接或者间接利害关系，不存在其他可能影响本人进行独立客观判 断的关系，没有从公司及其主要股东 ...