证券代码：603305 证券简称：旭升集团 公告编号：2024-026 宁波旭升集团股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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。 重要内容提示： ● 会议召开时间：2024年5月15日（星期三）下午15:00－16:00 ● 会议召开地点：证券日报网路演平台（http://www.zqrb.cn/huiyi/lyhd/inde x.html） ● 会议召开方式：视频录播和文字网络互动 ● 投资者可在业绩说明会召开日前（5月9日-5月14日），提前将需要了解 的情况和有关问题通过电子邮件发送至公司证券部邮箱xsgf@nbxus.com。公司将 在本次业绩说明会上对投资者关注的问题进行交流。 宁波旭升集团股份有限公司（以下简称"公司"）已于2024年4月26日在上海 证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了《公司2023年年 度报告》及摘要、《公司2024年第一季度报告》。为便于广大投资者更全面深入 地了解公司20 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Insights - The company's performance met expectations, with a focus on expanding downstream application scenarios [1]. - The company is a leader in lightweight manufacturing with a sufficient backlog of quality orders. In Q1 2024, the sales gross margin increased by 3 percentage points quarter-on-quarter, and the net profit margin increased by 2 percentage points quarter-on-quarter, primarily due to high-margin orders from leading automotive companies and improved operational efficiency [2]. - The company possesses advanced automotive manufacturing processes and is entering the energy storage sector, which is expected to drive future growth. The company has established strong relationships with major automotive clients and is collaborating with them to penetrate the energy storage market, which is projected to grow significantly [2]. Financial Performance Summary - In 2023, the company reported revenue of 4.83 billion yuan, a year-on-year increase of 9%, and a net profit of 710 million yuan, a year-on-year increase of 1.8%. The sales gross margin was 24.0%, and the net profit margin was 14.7% [5]. - For Q1 2024, the company reported revenue of 1.14 billion yuan, a year-on-year decrease of 2.9%, and a net profit of 160 million yuan, a year-on-year decrease of 18%. The sales gross margin was 23.8%, and the net profit margin was 13.8% [5]. - The global automotive market showed recovery, with total sales of 92.72 million vehicles in 2023, a year-on-year increase of 12%, including 14.18 million electric vehicles, which saw a year-on-year increase of 35% [5]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 840 million yuan, 1.09 billion yuan, and 1.32 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 16, 12, and 10 times [6].

Investment Rating - The report maintains a "Buy" rating for the company [10][11]. Core Views - The company is one of the few in the industry that simultaneously masters three major aluminum alloy forming processes: die casting, forging, and extrusion, which positions it well for integrated production and self-developed alloy materials [2]. - The company has successfully expanded its global customer base, including partnerships with major players like CATL and ZF, leading to a decrease in revenue contribution from large customers from 34.4% in 2022 to 27.9% in 2023 [2]. - The company has extended its advantages in the new energy vehicle sector to energy storage products, achieving mass supply of energy storage product casings in 2023 [2]. Financial Summary - In 2023, the company's revenue increased by 8.5% year-on-year to 4.834 billion yuan, while net profit rose by 1.8% to 714 million yuan [10]. - The company's revenue is projected to grow from 5.770 billion yuan in 2024E to 9.060 billion yuan in 2026E, with a compound annual growth rate (CAGR) of 26.10% [4]. - The net profit is expected to increase from 763 million yuan in 2024E to 1.226 billion yuan in 2026E, reflecting a CAGR of 29.21% [4]. - The company's gross margin improved in Q1 2024, reaching 23.8%, up 3.0 percentage points from the previous quarter [3]. Operational Insights - The company is currently constructing a production base in Mexico, expected to commence operations by the end of 2024 or early 2025, which is anticipated to enhance its operational capacity and profitability [3][10]. - The report indicates that the company's operating margin is expected to improve as the new factory ramps up production and costs are gradually absorbed [3]. Valuation Metrics - The target price for the company's stock is set at 16.38 yuan, corresponding to a price-to-earnings (P/E) ratio of 20x for 2024E [11]. - The report projects a decrease in the company's P/E ratio from 18 in 2023 to 10 in 2026, indicating a potential undervaluation in the long term [4][11].

流通股本（万股） 93,321.49 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 收入端同比稳定增长，产能布局持续完善 ——旭升集团（603305）2023 年年报及 2024 年一季报 相关报告 点评报告 2024 年 4 月 26 日，旭升集团发布 2023 年年报及 2024 年一季报。2023 年，公司实现营业收入 48.34 亿元，同比增长 8.54%；实现归母净利润 7.14 亿元，同比增长 1.83%；实现扣非归母净利润 6.73 亿元，同比增长 2.82%。2024 年一季度，公司实现营业收入 11.39 亿元，同比下滑 2.91%； 归母净利润为 1.57 亿元，同比下滑 18.49%；实现扣非归母净利润为 1.42 亿元，同比下滑 23.08%。 表现 1M 3M 12M 2023 年收入端持续增长，2024Q1 毛利率与 2023 年整体水平基本 持平。 公司 2023 年全年收入端呈持续增长态势，2023 年实现 营收 48.34 亿元，同比增长 8.54%；实现归母净利润 7.14 亿元，同 比增长 1.8 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 16.29 yuan from the previous 25.52 yuan [2][6]. Core Views - The global trend towards automotive lightweighting is expected to increase the demand for aluminum alloy components, and the company is actively building a global service system to benefit from this trend [2][6]. - The company is facing pressure on performance due to intensified industry competition, which has led to a downward adjustment in earnings forecasts [2][6]. Summary by Relevant Sections Financial Performance - For 2023, the company is projected to achieve revenue of 48.3 billion yuan, a year-on-year increase of 8.5%, with a net profit attributable to shareholders of 7.1 billion yuan, up 1.8% year-on-year [2][6]. - The Q1 revenue was 11.4 billion yuan, down 2.9% year-on-year and down 9.5% quarter-on-quarter, with a net profit of 1.6 billion yuan, down 18.5% year-on-year [2][6]. - The company’s EPS forecast for 2023 is adjusted to 0.89 yuan, with further projections of 1.07 yuan for 2024 and 1.37 yuan for 2026 [2][6]. Cost and Margin Analysis - The gross margin for Q1 2023 was 20.9%, a decrease of 5.4 percentage points year-on-year, while the company is expected to see improvements in gross margin in Q4 2023 [2][6]. - The report indicates that the company is experiencing a significant increase in expense ratios, which has impacted overall profitability [2][6]. Strategic Initiatives - The company is advancing the construction of a manufacturing base in Mexico, which is anticipated to enhance the flexibility of its global supply chain and help expand its customer base in North America [2][6]. - The report highlights the company's efforts to optimize its customer structure and secure new contracts in the lightweight automotive sector [2][6]. Valuation Metrics - The company’s current market capitalization is approximately 12.72 billion yuan, with a PE ratio of 17.75 for 2023 and projected to decrease to 14.99 for 2024 [2][6]. - The report notes that the company’s net asset return rate is expected to be 11.4% in 2023, with a slight increase projected for subsequent years [2][6].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 17.2 CNY per share, maintaining the rating [6][10]. Core Views - The company's revenue for 2023 was 4.834 billion CNY, a year-on-year increase of 8.54%, while the net profit attributable to shareholders was 714 million CNY, up 1.83% year-on-year [2][3]. - In Q1 2024, the company reported revenue of 1.139 billion CNY, a decrease of 2.91% year-on-year, and a net profit of 157 million CNY, down 18.49% year-on-year [4]. - The company has reduced its reliance on major customers, with the revenue concentration of the top five customers decreasing from 66.2% in 2021 to 56.23% in 2023 [3]. - The gross profit margin for 2023 was 24%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 14.72%, a decrease of 1 percentage point year-on-year [3]. - The company has diversified its product offerings, achieving mass supply of energy storage product casings in 2023 [3][5]. Financial Performance Summary - For 2023, the company achieved a revenue of 48.34 billion CNY and a net profit of 7.14 billion CNY, with a gross profit margin of 24% and a net profit margin of 14.72% [3]. - In Q1 2024, the company’s revenue was 1.139 billion CNY with a gross profit margin of 23.81% [4]. - The company’s projected net profits for 2024, 2025, and 2026 are 810 million CNY, 960 million CNY, and 1.18 billion CNY respectively, with corresponding P/E ratios of 16, 13.5, and 10.9 [10].

[评Ta级ble：_T买itle入] （维持） 营业收入（百万元） 4,454 4,834 5,752 6,903 8,283 增长率 yoy% 47% 9% 19% 20% 20% 净利润（百万元） 701 714 814 988 1,172 增长率 yoy% 70% 2% 14% 21% 19% 每股收益（元） 0.75 0.77 0.87 1.06 1.26 每股现金流量 0.40 1.05 1.48 1.44 1.59 净资产收益率 12% 11% 12% 13% 14% P/E 18.1 17.8 15.6 12.9 10.8 P/B 2.3 2.0 1.9 1.7 1.5 备注：数据统计日期截至 2024 年 4 月 28 日收盘价 执业证书编号：S0740523020003 投资要点 23 年实现营业收入 48.34 亿元，同比+8.54%，归母净利润 7.14 亿元，同比+1.83%；其 中 23Q4 实现营业收入 12.59 亿，同比+5.84%，归母净利润 1.49 亿，同比-30.94%；24 Q1 实现营业收入 11.39 亿元，同比-2.91%，归母净利润 1.57 亿元，同比-18 ...

买入（维持） 证券研究报告·公司点评报告·汽车零部件 旭升集团（603305） 2023 年年报及 2024 年一季报点评：2023 年公司业 绩整体稳健，轻量化龙头加速全球拓展 2024 年 04 月 28 日 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 证券分析师 刘力宇 执业证书：S0600522050001 liuly@dwzq.com.cn | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4,454 | 4,834 | 6,005 | 7,690 | 9,644 | | 同比（ % ） | 47.31 | 8.54 | 24.23 | 28.05 | 25.42 | | 归母 ...

各位投资人分析师大家上午好非常欢迎大家参加旭声集团电话会议交流我是旭声集团傅倩倩同时参会的还有我们集团押注事业部总经理Cloud赵云董事会秘书周晓芬财务总监卢建波以及我们正代陈永回 首先由我回顾一下公司2023年以及2024年一季度的经营情况数据方面2023年度公司整体营收48.34亿元同比增长8.54%规模净利润7.14亿元同比增长1.83%营收以及规模的净利润都创了历史新高 2023年度毛利率24%较上年同期上升了0.09个百分点净利润率14.72依旧处于行业优秀水平年度分红方案每10股2.3元现金分红占规模净利润比例30%2024年一季度营业收入11.39亿元同比减少2.9% 主要系春节以及大客户终端交售的影响毛利率23.81%较去年同期基本持平规模净利润1.57亿元净利润率13.77净利润同比减少18%主要系汇兑收益减少以及固定资产折旧分摊增加所致还原后整体盈利情况边际向好 在经营方面面对国内外的竞争格局公司依旧保持理性乐观针对自身的发展优势在平台化全球化维度进行了深化经营以确保未来中长期的高质量高速的发展下面我就三个方面进行展开第一工艺的平台化在工艺维度公司已经实现了压住锻造挤出三大主流的铝合金成型 ...

宁波旭升集团股份有限公司 2023 年度审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 F I ors 5–8, 12 and 23, Block A, UDC Times Building, No. 8 Xinye Road, Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 该审计报告是否由具有执业许可日 您可使用手机"扫一扫"或进入 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17-18 | 三、财务报表附注 19-114 中国杭州市钱江 ...