Financial Performance - The company achieved operating revenue of RMB 3,652,016,316.77, representing a 20.37% increase compared to the previous year[29]. - Net profit attributable to shareholders reached RMB 281,976,704.08, marking a 36.91% growth year-over-year[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 241,400,145.50, up 41.33% from the previous year[29]. - The company's net cash flow from operating activities was RMB 508,888,238.52, a decrease of 24.66% compared to last year[29]. - The total assets at the end of 2024 were RMB 6,494,172,233.49, down 3.19% from the end of 2023[29]. - The weighted average return on equity increased to 6.66%, up 1.59 percentage points from the previous year[30]. - The company achieved a main business revenue of ¥3,643,582,336.63, representing a year-on-year growth of 20.65%[59]. - Main business costs amounted to ¥2,571,571,965.93, with a year-on-year increase of 19.74%[59]. - The gross profit margin for linear drive products was 29.42%, an increase of 0.54 percentage points compared to the previous year[62]. Dividend Policy - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling approximately RMB 115 million, which represents a cash dividend payout ratio of 40.80% for the year 2024[7]. - The total cash dividend amount for the current period is RMB 115,036,966.50, which represents 40.80% of the net profit attributable to ordinary shareholders in the consolidated financial statements[151]. - The company has established a profit distribution policy that emphasizes a minimum cash dividend of 20% of the distributable profit for the year, ensuring a balance between investor returns and the company's funding needs[144]. - In the case of a mature development stage with no significant capital expenditures, the minimum cash dividend proportion should reach 80%[145]. - The total cash dividend amount over the last three accounting years is CNY 280,422,771.15, with an average annual net profit of CNY 271,896,952.59, resulting in a cash dividend payout ratio of 103.14%[153]. Research and Development - In 2024, the company's R&D expenses amounted to 232.32 million yuan, accounting for 6.36% of total revenue, ensuring sufficient funding for innovation and technology enhancement[41]. - The company has obtained a total of 941 patents, including 111 domestic invention patents and 109 international invention patents[51]. - Research and development expenses amounted to ¥232,323,168.61, which is an increase of 11.59% compared to the previous year[58]. - The company established a robotics actuator business center to advance R&D in key areas such as linear actuators and hollow cup motors, aiming for systematic development in production and market[41]. - The number of R&D personnel is 653, accounting for 13.79% of the total workforce[73]. Market Strategy and Expansion - The company is enhancing its global layout and integrating overseas resources, particularly in Europe and the U.S.[40]. - The company is actively responding to the "Belt and Road" initiative, focusing on building logistics and production bases in Europe[40]. - The company reported a significant increase in local service capabilities in Europe, enhancing its competitiveness and sustainability[40]. - The company aims to strengthen its overseas R&D, manufacturing, delivery, and service capabilities to create value for global customers[40]. - The company has established production bases in multiple locations, including Ningbo, New Chang, Malaysia, the USA, and Europe, to support global operations[53]. - The company has set up subsidiaries in various countries, including the USA, Germany, and Japan, to enhance its international market presence[53]. Risk Management - The management has outlined potential risks in the future development section of the report[12]. - The company faces risks from macroeconomic fluctuations and cyclical downturns in downstream industries, which could lead to reduced orders and inventory buildup[109]. - The company has been impacted by U.S. tariffs on exports to North America, with a 25% tariff imposed since August 2020, creating uncertainty in trade relations[111]. - The company is at risk of declining gross margins if it cannot maintain high product quality and control costs amid increasing competition[112]. - Fluctuations in raw material prices, such as steel and electronic components, significantly impact production costs and gross margins[112]. - The company is exposed to risks from high customer concentration, with the top five customers holding significant market share, which could lead to operational risks if demand changes[113]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[6]. - The company confirmed that all board members attended the board meeting[5]. - The company has not reported any instances of more than half of the directors being unable to guarantee the authenticity of the annual report[11]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, adhering to governance standards[120]. - The company held one annual and one extraordinary shareholders' meeting during the reporting period, ensuring compliance with legal and regulatory requirements[119]. Employee Management - The total number of employees in the parent company is 2,354, while the main subsidiaries employ 2,383, resulting in a total of 4,737 employees[140]. - The professional composition includes 2,465 production personnel, 257 sales personnel, 653 technical personnel, 71 financial personnel, and 1,291 administrative personnel[141]. - The educational background of employees shows 16 with a doctorate, 145 with a master's degree, 856 with a bachelor's degree, 983 with a college diploma, and 2,737 with high school or below[141]. - The company has implemented a systematic training plan to enhance employee skills and management capabilities, focusing on project development and R&D management[143]. Environmental and Social Responsibility - The company has invested CNY 1,966,400 in environmental protection during the reporting period[160]. - The company has implemented carbon reduction measures, including the installation of rooftop photovoltaic systems and promoting energy-saving practices among employees[162]. - The company has engaged in social responsibility initiatives, contributing CNY 1,797,500 in donations and sponsorships during the reporting period[164]. - The company has disclosed its ESG report, detailing its environmental, social, and governance practices for the year[162]. Financial Management - The company has established a comprehensive internal control system, ensuring the accuracy and fairness of financial reporting without any significant deficiencies reported during the period[157]. - The internal control audit for the 2024 fiscal year received a standard unqualified opinion from the auditing firm, confirming the effectiveness of the internal control system[158]. - The company has a robust mechanism for profit distribution decision-making, involving independent directors and ensuring communication with minority shareholders[146]. - The company has committed to enhancing asset quality and improving profitability through effective management of raised funds, aiming for early project completion and expected benefits[168].

证券代码：603583 证券简称：捷昌驱动 公告编号：2025-006 浙江捷昌线性驱动科技股份有限公司 关于归还用于暂时补充流动资金的募集资金的公告 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法律责任。 浙江捷昌线性驱动科技股份有限公司（以下简称"公司"）于 2024 年 4 月 22 日召开了第五届董事会第十二次会议及第五届监事会第十二次会议，审议通 过了《关于公司使用部分闲置募集资金临时补充流动资金的议案》，同意公司使 用不超过人民币 15,000 万元（含）闲置募集资金暂时用于补充流动资金，使用 期限自董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 4 月 24 日在上海证券交易所网站（www.sse.com.cn）披露的《关于公司使用部分 闲置募集资金临时补充流动资金的公告》（公告编号：2024-005）。 2025 年 4 月 15 日，公司已将临时补充流动资金的 15,000 万元闲置募集资金 归还至募集资金专用账户。 截至本公告披露日，公司已将用于临时补充流动资金的闲置募集资金全部归 还至募 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company is a leading player in the domestic linear drive industry, demonstrating stable operations and a comprehensive layout. It has achieved a compound annual growth rate (CAGR) of 22.14% in revenue from 2018 to 2023, with a revenue of 2.568 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 22.20% [1][22]. - The linear drive industry is in an upward phase, with the global market expected to reach $5.529 billion in 2024, growing by 7.2% year-on-year. The market is highly concentrated in North America, Europe, and the Asia-Pacific region, which together account for nearly 90% of the total market [2][41]. - The company has partnered with Lingqiao Intelligent to establish a joint venture focused on robotics, which is expected to diversify its product offerings and create a strong second growth curve [3][15]. Summary by Sections 1. Domestic Linear Drive Leader with Stable Operations - The company, established in 2000, specializes in the research, production, and sales of linear drive products, achieving a global market share of 1 in the office sector. It has expanded its operations internationally with subsidiaries in various regions [15][18]. 2. Linear Drive Industry on the Rise - The linear drive industry is experiencing growth, with applications spanning consumer and manufacturing sectors. The market for smart office products is projected to grow at a compound annual growth rate of over 10% [2][36]. 3. Strong Partnership with Lingqiao Intelligent - The joint venture with Lingqiao Intelligent aims to develop core components for robotics, enhancing the company's product range and positioning it for future growth in the robotics sector [3][15]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 3.654 billion yuan, 4.246 billion yuan, and 5.055 billion yuan, respectively, with corresponding net profits of 360 million yuan, 464 million yuan, and 701 million yuan. The current market valuation corresponds to price-to-earnings ratios of 33.4, 25.9, and 17.1 times for the respective years [3][5].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 04 11 年 月 日 与灵巧智能强强联合，共赴机器人星辰大海。灵巧智能是一家以灵巧操作 为核心科技能力的具身智能机器人企业。公司创始人、实际控制人许春山 是上海交通大学博士，同时也是亿嘉和创始合伙人、上海人工智能研究院 副院长，深耕机器人领域近 30 年，具有深厚的行业经验。公司由中国科 学院院士机器人技术首席专家领衔，由硬核机器人科学家及专家合作组 建，依托上海交通大学的科研实力与人才优势，在人形机器人领域一马当 先。2024 年公司与灵巧智能合资成立灵捷机器人，专注于机器人科技领 域内零部件，如机器人灵巧手、关节模组及驱动器等核心零部件的研发与 制造。此作合作扩宽了公司产品谱系，有望成为公司强劲的第二增长曲线。 盈利预测与投资建议。我们预计公司 2024-2026 年营业收入分别为 36.54/42.46/50.55 亿元，归母净利润分别为 3.60/4.64/7.01 亿元，当前 市值对应 PE 分别为 33.4/25.9/17.1X。公司携手灵巧智能布局灵巧手，同 时可向机器人线性关节技术跃迁，具备较高的估值和业绩弹性。首次覆盖， ...

捷昌驱动 20250408 捷昌驱动如何看待美国关税对公司业务的影响？ 美国关税问题确实对市场产生了一定的波动，但捷昌驱动由于过去几年进行了 全球化布局，评估认为影响较小。具体而言，美国订单 90%左右已经在海外完 成，由马来西亚和美国工厂负责。因此，中国加征关税对我们影响不大。此外， 虽然马来西亚也被加征 24%的关税，但东盟正在与美国谈判，预计最终税率不 会那么高。马来西亚生产基地扩产已提上日程，美国今年也会扩产，因此覆盖 整个美国市场问题不大。去年（2024 年）美国营收占整体营收比例约三分之一， 加上马来西亚和美国工厂的覆盖，对整体业绩影响有限。此外，我们已与客户 协商涨价通知，大部分关税成本由客户承担，预计终端价格涨幅不会超过 5%。 • 捷昌驱动通过全球布局分散风险，欧洲和亚太市场增速显著，一季度宜家 订单翻倍，新客户订单增长，预计一季度营收和利润创新高，表明公司具 备较强的增长潜力。 • 公司预计 2025 年收入规模在 40-50 亿左右，海外产能持续扩张，尤其是在 马来西亚和美国，以应对贸易风险并支持未来营收增长。匈牙利工厂投产 将提升欧洲市场预期。 • 面对美国关税政策，捷昌驱动与客户协商 ...

捷昌驱动（603583）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 04[Table_StockInfo 月 01 日收盘价（元）] | 40.09 | | --- | --- | | 52 周股价波动（元） | 14.66-52.88 | | 总股本/流通 A 股（百万股） | 383/382 | | 总市值/流通市值（百万元） | 15373/15324 | 市场表现 [Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 [Table_QuoteInfo] -18.29% 22.71% 63.71% 104.71% 145.71% 2024/4 2024/7 2024/10 2025/1 捷昌驱动 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 3.9 | 49.0 | 62.2 | | --- | --- | --- | --- | | 相对涨幅（%） | 3.9 | 47.1 | 63.4 | | 资料来源：海通证券研究所 | | | | 分析师:徐柏乔 Tel:(0 ...

浙江捷昌线性驱动科技股份有限公司 关于对马来西亚全资子公司增资的公告 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法律责任。 重要内容提示： 1、本次增资事项涉及资金出境，尚需取得发改部门、商务部门、外汇管理 部门及马来西亚相关部门等的审批，存在未获准以及最终取得批准的时间、金额 不确定的风险； 2、本次投资为境外投资，马来西亚的法律体系、政治体系、商业环境及文 化氛围与国内有较大差异，可能给本次投资带来一定的风险； 3、本投资项目是基于公司自身发展和市场前景作出的决策，后续如行业政 策、市场环境等发生较大变化，存在项目的实际经营情况及盈利能力不及预期的 风险。 一、对外投资概述 证券代码：603583 证券简称：捷昌驱动 公告编号：2025-005 公司拟通过全资子公司新加坡 J-STAR 对全资子公司马来西亚 J-STAR 增资 新建生产基地，该项目总投资金额为 2,850 万美元，投资建设进度将根据生产经 营情况进行调整。上述资金将用于该生产基地的建设和业务开展所必需要的生产 经营活动，包括但不限于购置土地、建造厂房、购买设备及 ...

证券代码：603583 证券简称：捷昌驱动 公告编号：2025-004 浙江捷昌线性驱动科技股份有限公司 公司关注到近期市场对于人形机器人相关概念的关注度较高，部分机构 将公司列为机器人概念标的。公司主持的"领雁"研发攻关计划项目-高推力密度 电动线性致动器关键技术研究仍处于研发和测试阶段，目前尚未对市场进行批量 供货，暂未形成收入，不会对公司业绩产生影响。另外，公司与浙江灵巧智能科 技有限公司共同出资设立合资公司，总投资 430 万元。该公司主要从事关节模组 及驱动器等核心零部件的研发生产制造销售等相关业务。该公司目前处于设立初 期，暂不会对公司业绩产生影响，后续可能面临宏观经济、行业政策变化、市场 竞争、技术迭代等不可预测因素或不可抗力的影响，未来经营情况存在一定的不 确定性。敬请广大投资者理性投资，注意风险。 截至本公告披露日，公司基本面未发生重大变化。鉴于公司股票交易价 格近期波动较大，公司郑重提醒广大投资者注意二级市场交易风险，理性决策， 审慎投资。 一、二级市场交易风险 公司股票于 2025 年 3 月 3 日、3 月 4 日、3 月 5 日连续三个交易日内日收盘 价格涨幅偏离值累计超过 20%， ...

证券代码：603583 证券简称：捷昌驱动 公告编号：2025-003 浙江捷昌线性驱动科技股份有限公司 股票交易异常波动公告 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法律责任。 重要内容提示： 浙江捷昌线性驱动科技股份有限公司（以下简称"公司"）股票于 2025 年 3 月 3 日、3 月 4 日、3 月 5 日连续三个交易日内日收盘价格涨幅偏离值累计超 过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动 的情形。 经公司自查并向公司控股股东及实际控制人核实，截至本公告披露日， 确认不存在应披露而未披露的重大事项。 鉴于公司股票交易价格近期波动较大，敬请广大投资者注意二级市场交 易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 3 月 3 日、3 月 4 日、3 月 5 日连续三个交易日内日收盘 价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动的情形。 二、公司关注并核实的相关情况 （一）生产经营情况 公司关注到近期市场 ...

1、截至目前，本人不存在对贵公司股票交易价格可能产生重大 影响的应披露而未披露的重大信息,未筹划涉及贵公司的重大资产重 组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、 破产重整、重大业务合作、引进战略投资者等重大事项。 2、本人在股票交易价格异常波动期间不存在买卖贵公司股票的 情形。 特此函复。 控股股东及实际控制人: 名之《二名 关于浙江捷昌线性驱动科技股份有限公司 股价异动询证函的回函 浙江捷昌线性驱动科技股份有限公司: 贵公司《浙江捷昌线性驱动科技股份有限公司股票交易异常波动 询证函》已收悉,作为贵公司控股股东及实际控制人,经核查,现将 有关问题回复如下: >0>5年 4月5日 ...