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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown overall stable performance in 2023, with a revenue of 4.83 billion yuan, representing a year-on-year growth of 8.54%. The net profit attributable to shareholders was 714.1 million yuan, a year-on-year increase of 1.83% [1] - The company is accelerating its global expansion, particularly through the establishment of a North American R&D center and a manufacturing base in Mexico, enhancing its supply chain and service system [2] - The company is positioned as a lightweight solution provider and is actively promoting its global expansion strategy, which is expected to support long-term growth [2] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.26 billion yuan, a year-on-year increase of 5.84%, but the net profit decreased by 30.94% year-on-year to 149 million yuan [1] - For Q1 2024, the revenue was 1.14 billion yuan, a year-on-year decrease of 2.91%, with a net profit of 157 million yuan, down 18.49% year-on-year [1] - The gross margin for Q4 2023 was 20.86%, a decrease of 4.44 percentage points, while Q1 2024 saw an improvement in gross margin to 23.81%, an increase of 2.95 percentage points [12] - The company’s net profit margin for Q4 2023 was 11.85%, down 2.23 percentage points, while it improved to 13.80% in Q1 2024, up 1.95 percentage points [12] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024 and 2025 has been adjusted to 836 million yuan and 1.066 billion yuan, respectively, with a new forecast for 2026 at 1.334 billion yuan [13] - The corresponding EPS for these years is projected to be 0.90 yuan, 1.14 yuan, and 1.43 yuan, with P/E ratios of 15.21, 11.93, and 9.54, respectively [13]

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 ...

Financial Performance - The company achieved operating revenue of ¥4,833,865,278.87, an increase of 8.54% compared to the same period last year[8]. - Operating profit was ¥819,425,274.70, reflecting a growth of 4.47% year-on-year[8]. - Net profit reached ¥711,607,623.17, marking a 1.63% increase from the previous year[8]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 6.9786 million yuan[42]. - The company reported a significant decrease in trading financial assets, down 100% to 0 due to the sale of cash management products[74]. - Accounts receivable financing increased by 2,132.14% to 49,092,470.12, primarily due to an increase in bank acceptance bills[74]. - Other current assets rose by 91.87% to 69,770,164.82, mainly from increased prepayments and VAT credits[74]. - Fixed assets increased by 36.70% to 3,995,987,804.33, attributed to the transfer of factory buildings and equipment to fixed assets[74]. - Intangible assets grew by 31.77% to 599,557,973.19, primarily due to the acquisition of land use rights[74]. - The company experienced a 90.78% increase in taxes payable, reaching 50,571,141.28, due to higher corporate income tax and property tax[74]. - Deferred income increased by 100.79% to 218,349,140.45, mainly from government subsidies[74]. - Short-term borrowings decreased by 59.43% to 434,523,384.05, primarily due to a reduction in bill financing[74]. - The company reported a 116.54% increase in other non-current assets to 270,155,765.36, mainly from increased prepayments for equipment[74]. - The total cost for aluminum parts was 2,102,509,851.37, accounting for 57.44% of total costs, a decrease of 2.83% compared to the previous year[1]. - The manufacturing expenses for aluminum parts increased by 26.06% to 1,164,541,884.40, representing 31.81% of total costs[1]. - The total sales revenue from the top five customers was 2,718,260,999.18, which constitutes 56.23% of the annual sales total[86]. - The company reported a significant increase in labor costs for aluminum parts, rising by 34.76% to 393,565,321.61, which is 10.75% of total costs[1]. - The total sales from automotive products were 1,887,224,097.24, representing 57.18% of total costs, with a decrease of 6.64% compared to the previous year[1]. - Research and development expenses increased by 11.88% to 193,632,046.31 compared to the previous year[89]. - The total cost for industrial products decreased by 11.88% to 57,938,823.09, with direct materials accounting for 64.49% of that total[1]. - The company experienced a 40.82% increase in costs for mold products, totaling 92,313,811.04, with direct materials making up 66.92%[1]. - The total procurement amount from the top five suppliers was 123,579.45, accounting for 50.08% of the annual procurement total[88]. Governance and Management - The company updated 19 internal management systems, including the Articles of Association and the Independent Director Work System, to enhance governance compliance[32]. - The company has no significant changes in the competitive landscape or insider information management issues that affect operations[34]. - The company’s independent directors and supervisors have extensive experience in education, law, and finance, contributing to effective governance[39]. - The company’s financial officer, Lu Jianbo, has been appointed as an independent director at Hangzhou Yongyao Technology Co., Ltd. starting December 2023[42]. - The company’s independent directors have held their positions since 2018, 2021, and 2023, ensuring continuity in governance[41]. - The company’s management remuneration is determined based on performance evaluation standards and industry benchmarks[42]. - The company has implemented a specialized meeting system for independent directors to discuss remuneration matters[42]. - The company’s governance structure has been strengthened to ensure compliance with regulatory updates and improve operational efficiency[32]. - The company has a well-structured internal control system that meets regulatory requirements and effectively safeguards shareholder interests[133]. - The company has no significant internal control deficiencies reported during the reporting period[134]. - The company has maintained effective governance mechanisms and internal controls in response to regulatory requirements and changes in the operating environment[155]. Research and Development - The total R&D investment amounted to 193,632,046.31 CNY, representing 4.01% of the operating revenue[68]. - The company has 690 R&D personnel, accounting for 15.00% of the total workforce[69]. - The company’s R&D expenses for the reporting period amounted to approximately ¥193.63 million[161]. Environmental Responsibility - The company is committed to environmental responsibility, meeting all relevant discharge standards for wastewater and emissions[142]. - The company has made significant investments in environmental protection, totaling approximately ¥11.51 million during the reporting period[178]. - The company adheres to environmental protection laws and regulations, ensuring stable compliance with emissions standards for waste gas and wastewater[189]. - The company has established industrial solid waste storage warehouses that meet regulatory requirements, ensuring proper classification and storage[186]. - The company has implemented emergency response plans for environmental incidents at its facilities, which have been filed with the local ecological environment bureau[187]. - The company has selected low-noise, low-vibration environmentally friendly equipment to reduce noise pollution[182]. - The company conducts regular monitoring of wastewater, waste gas, and noise levels through qualified third-party monitoring agencies[189]. - The company has committed to green and low-carbon production practices as part of its ecological protection responsibilities[190]. - The company has implemented measures to enhance ventilation and reduce emissions from machining odors and other waste gases[186]. - The company has ensured that all construction projects comply with environmental impact assessment requirements and national emission standards[187]. Strategic Initiatives - The company has established a global customer resource system, focusing on North America, Asia, and Europe, with notable clients including Rivian, Lucid, and Volkswagen[6]. - The company has a strong focus on the new energy vehicle sector, having formed stable partnerships with two major global players in 2023[4]. - The company is committed to digital and intelligent transformation, implementing a "5+1" digital strategy to enhance core competitiveness[22]. - The company plans to optimize talent selection and training mechanisms to support long-term high-quality development[23]. - The company has adopted a "sales-driven production" model, producing customized products based on client specifications[3]. - The company has invested in high-end equipment and established an automation talent team to ensure efficient production[7]. - The company aims to become a leader in the global new energy lightweight sector, focusing on technology innovation and cost control[19]. - The company plans to explore business opportunities in the energy storage sector and related fields to expand its downstream applications of lightweight aluminum alloy precision components[51]. - The company has established a shareholder dividend return plan for 2023-2025, emphasizing cash dividends and sustainable development[105]. - The company plans to distribute at least 10% of the annual distributable profits as cash dividends, with a minimum of 20% during significant capital expenditure phases[108][109]. - The strategic committee convened 2 meetings to discuss the issuance of convertible bonds and related proposals[118]. - The company approved the establishment of subsidiaries in Hong Kong, the United States, and Mexico during board meetings[119]. - The company has a plan for external investments or acquisitions that may exceed 10% of its latest audited net assets and exceed ¥50 million within the next 12 months[149]. Employee and Compensation - The total number of employees in the parent company is 4,552, with a combined total of 4,601 including major subsidiaries[120]. - The company has a total of 1,402,920.50 hours of outsourced labor, with total payments amounting to approximately 37.72 million RMB[122]. - The company has established a comprehensive salary and performance evaluation system to ensure that compensation aligns with individual performance and company profitability[121]. - The company aims to maintain a minimum cash dividend ratio of 40% during profit distributions when in a mature development stage with significant capital expenditures[127]. - The company plans to distribute a cash dividend of 2.30 RMB per 10 shares, totaling approximately 214.64 million RMB, which represents 30.06% of the net profit attributable to ordinary shareholders[128].

宁波旭升集团股份有限公司 年度募集资金存放与使用情况鉴证报告 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 Floors 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 您可使用手机"扫一扫"或进入"注册会议 宁波旭升集团股份有限公司全体股东; 我们鉴证了后附的宁波旭升集团股份有限公司(以下简称旭升集团)管理层编 制的《关于2023年度募集资金存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供旭升集团年度报告披露时使用,不得用作任何其他目的。我们 同意将本鉴证报告作为旭升集团年度报告的必备文件,随同其他文件一起报送并对 外披露。 二、管理层的责任 正明该审计报告是否由具有执业许可的会计师事务所出身 师行业统一监管平台（http://acc.mof.gov.cn） 进行查验 报告编码:法 年度募集资金存放与使用情况鉴证报告 ...

公司第三届监事会由丁忠豪（监事会主席）、顾百达、丁海平（职工代表监 事）三人组成。报告期内，监事会成员未发生变化。报告期内，公司监事会共召 开了 5 次会议，会议情况如下： 1、2023 年 1 月 3 日，监事会召开了第三届第十四次会议，审议通过了《关 于使用部分暂时闲置可转换公司债券募集资金进行现金管理的议案》《关于使用 银行承兑汇票及信用证方式支付可转换公司债券募集资金投资项目并以募集资 金等额置换的议案》。 2、2023 年 3 月 7 日，监事会召开了第三届第十五次会议，审议通过了《关 于<公司 2022 年度监事会工作报告>的议案》《关于<公司 2022 年度财务决算报 告>的议案》《关于<公司 2022 年年度报告及其摘要>的议案》《关于公司 2022 年度利润分配预案的议案》《关于<公司 2022 年度内部控制评价报告>的议案》 《关于确认公司 2022 年度监事薪酬的议案》《关于 2022 年度募集资金存放与实 际使用情况的专项报告的议案》《关于开展外汇套期保值业务的议案》《关于公 司符合向不特定对象发行可转换公司债券条件的议案》《关于公司向不特定对象 发行可转换公司债券方案的议案》《关于公 ...

宁波旭升集团股份有限公司 2023 年度董事会审计委员会履职情况报告 根据《上市公司治理准则》《上海证券交易所上市公司董事会审计委员会运 作指引》《上海证券交易所股票上市规则》《宁波旭升集团股份有限公司章程》和 《宁波旭升集团股份有限公司董事会审计委员会实施细则》的相关规定，宁波旭 升集团股份有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则， 认真履行审计监督职责。现将 2023 年度董事会审计委员会履职情况报告如下： 一、董事会审计委员会基本情况 本届审计委员会产生于 2021 年 7 月 22 日，公司召开第三届董事会第一次会 议，选举产生了第三届董事会审计委员会成员，由独立董事王伟良先生、李圭峰 先生及董事陈兴方女士 3 名成员组成。 根据中国证券监督管理委员会颁布并于 2023 年 9 月 4 日生效实施的《上市 公司独立董事管理办法》，审计委员会成员应当为不在上市公司担任高级管理人 员的董事。公司审计委员会委员陈兴方女士为公司董事、副总经理，陈兴方女士 已向董事会提交辞去审计委员会职务的书面申请。公司第三届董事会第二十三次 会议审计补选独立董事王民权为新委员。 截至 2023 年 12 ...

宁波旭升集团股份有限公司董事会 关于 2023 年度独立董事独立性评估的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等法律法规、规范性文件及《宁波旭升集团股份有限公司独立董事工 作细则》的规定，宁波旭升集团股份有限公司（以下简称"公司"）董事会， 就公司独立董事王民权、李圭峰、王伟良的独立性情况进行评估并出具如下专 项意见： 经核查上述人员的任职经历以及其签署的相关自查报告，上述人员未在公 司担任除独立董事以外的任何职务,也未在公司主要股东公司担任任何职务，与 公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的 关系，公司独立董事符合《上市公司独立董事管理办法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 及《宁波旭升集团股份有限公司独立董事工作细则》中对独立董事应具有独立 性的相关要求。 宁波旭升集团股份有限公司董事会 2024 年 4 月 25 日 ...