证券代码：603728 证券简称：鸣志电器 公告编号：2025-028 上海鸣志电器股份有限公司 关于 2024 年度网上业绩说明会召开情况的公告 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。 上海鸣志电器股份有限公司（以下简称"公司"）于 2025 年 5 月 8 日（星 期 四 ） 上 午 10:00 ~ 11:00 ， 通 过 上 海 证 券 报 • 中 国 证 券 网 路 演 中 心 （https://roadshow.cnstock.com/）召开了公司 2024 年度网上业绩说明会，现将本 次业绩说明会的召开情况公告如下： 一、 业绩说明会的召开情况 公司于 2025 年 4 月 26 日在《中国证券报》、《上海证券报》、《证券时报》、 《证券日报》及上海证券交易所网站（www.sse.com.cn）披露了《关于召开 2024 年度网上业绩说明会的公告》。 2025 年 5 月 8 日上午 10:00 ~ 11:00，公司董事长兼总裁常建鸣先生、董事兼 财务总监程建国先生、董事兼董事会秘书温治中先生、独立董 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 2.416 billion in 2024, a decrease of 4.99% year-on-year, and a net profit attributable to shareholders of 78 million, down 44.53% year-on-year. In Q1 2025, the company achieved a revenue of 595 million, a slight decrease of 2.16% year-on-year, but net profit increased by 10.82% year-on-year to 7 million due to improved inventory management [5][6]. - The overall gross margin remained stable at 37.68% in 2024, with room for improvement in expense control. The company’s operating profit margin was 3.29%, down 2.29% year-on-year, primarily due to increased sales, management, and R&D expenses [11][12]. - The company has highlighted growth in specific segments, particularly in the robotics field, where revenue from the slotless hollow cup business grew nearly 200%. The company is expected to achieve faster growth in this area [11][12]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.416 billion, with a gross profit of 910 million, resulting in a gross margin of 37.68%. The net profit attributable to shareholders was 78 million, reflecting a significant decline from the previous year [5][11]. - For Q1 2025, the company reported a revenue of 595 million, with a net profit of 7 million, indicating a recovery trend compared to the previous year [5][11]. Market Conditions - The overall demand in the downstream industry is in a phase of adjustment, leading to intensified market competition and a slowdown in demand growth. The domestic revenue was 1.346 billion, down 0.21% year-on-year, while overseas revenue was 1.070 billion, down 10.39% year-on-year [11][12]. - The company’s performance in the control motor and drive system segments showed mixed results, with some areas experiencing declines while others, like power and lighting control products, saw a revenue increase of 10.03% [11][12]. Segment Highlights - The company’s brushless motor segment achieved a revenue of 220 million in 2024, growing by 31% year-on-year. The servo control system business generated 551 million, although it faced a decline of 21.3% overall, with certain products still maintaining growth [11][12]. - The traditional business segments showed improvement, particularly in security equipment, financial devices, 3D printing, and communication devices, with revenue growth rates of 14%, 21%, 37%, and 6% respectively [11][12].

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to factory relocation and increased management and R&D expenses, leading to overall performance significantly below expectations [1] Financial Performance - In 2024, the company achieved revenue of 2.416 billion yuan, a decrease of 4.99%, and a net profit of 78 million yuan, down 44.5% [1] - For Q1 2025, the company reported revenue of 595 million yuan, a year-on-year decline of 2.16%, while net profit attributable to the parent company was 7.2 million yuan, an increase of 10.82% [1] Business Segments - The company faced overall growth pressure in 2024, with specific revenue changes across segments: control motors and drives (-5.45%), power and lighting (+10.03%), equipment status management (-16.33%), and trading business (-8.70%) [2] - Notably, the brushless motor segment saw a revenue increase of 31% to 220 million yuan, with sales of robot hollow cups growing by 200% [2] - The precision linear drive segment reported a revenue increase of 5% to 79.83 million yuan, driven by new product launches [2] - The motion control segment generated approximately 551 million yuan in revenue, with servo revenue at about 231 million yuan, reflecting a 6.5% year-on-year increase [2] Profitability Metrics - The company's overall gross margin improved slightly in 2024, with a gross margin of 37.68%, an increase of 0.49 percentage points year-on-year [3] - The gross margin for control motors and drives was approximately 38.78%, showing a decline of 0.62 percentage points [3] - In Q1 2025, the gross margin was about 36.87%, down 1.21 percentage points, primarily due to intensified industry competition [3] Profit Forecast and Valuation - Due to fluctuations in gross margin and weakened industry demand, the company has revised its 2025 net profit forecast down by 64.6% to 100 million yuan, while introducing a 2026 net profit forecast of 154 million yuan [4] - Following a significant valuation increase in the humanoid robot sector since September 2024, the target price for 2026 has been raised by 70.7% to 70 yuan, indicating a potential upside of 6.3% compared to the current stock price [4]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][5] Financial Data - The financial statements for the first quarter of 2025 are unaudited, including the consolidated balance sheet, profit statement, and cash flow statement [3][5][6] - The net profit for the merged entity prior to consolidation was reported as 0 yuan for the current and previous periods [5][6] Shareholder Information - There are no changes reported in the top ten shareholders or significant shareholders participating in the securities lending business compared to the previous period [4] Other Important Information - The company has not applied new accounting standards or interpretations that would affect the financial statements for the current reporting period [6]

Revenue and Profitability - Revenue for Q1 2025 was CNY 595,310,921.43, a decrease of 2.16% compared to CNY 608,465,650.49 in the same period last year[5] - Net profit attributable to shareholders increased by 10.82% to CNY 7,189,294.21 from CNY 6,487,479.20 year-on-year[5] - Net profit excluding non-recurring gains and losses rose by 42.87% to CNY 5,562,551.64, driven by improved inventory management[5] - Basic and diluted earnings per share increased by 11.69% to CNY 0.0172 per share[5] - Operating profit for Q1 2025 was ¥7.55 million, down 22.4% from ¥9.75 million in Q1 2024[17] - The company reported a total comprehensive income of ¥10.47 million for Q1 2025, down from ¥15.48 million in Q1 2024[18] - The net profit for Q1 2025 was a loss of CNY 3,282,610.56, compared to a loss of CNY 2,252,822.09 in Q1 2024, indicating a deterioration in profitability[26] Cash Flow and Liquidity - Net cash flow from operating activities decreased significantly by 75.88% to CNY 5,861,919.27, attributed to increased inventory from new business orders[5] - Cash flow from operating activities for Q1 2025 was ¥5.86 million, significantly lower than ¥24.30 million in Q1 2024[20] - The company generated net cash flow from investing activities of ¥14.42 million in Q1 2025, a recovery from a negative cash flow of ¥80.99 million in Q1 2024[21] - In Q1 2025, the net cash flow from operating activities was ¥45,019,053.98, a significant improvement compared to a net outflow of ¥14,566,193.72 in Q1 2024[28] - The net cash flow from financing activities was negative at -¥1,214,147.88, a decline from a positive net flow of ¥28,718,671.40 in Q1 2024[28] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,300,795,657.43, up 5.46% from CNY 4,078,091,039.81 at the end of the previous year[5] - Total liabilities increased to ¥1,367,680,785.93 from ¥1,156,442,968.02, reflecting a growth of approximately 18.2%[15] - The company's total liabilities increased to CNY 650,966,494.19 as of March 31, 2025, from CNY 475,482,000.94 at the end of 2024, representing a rise of approximately 36.73%[23] - The total assets of the company as of March 31, 2025, were ¥4,300,795,657.43, compared to ¥4,078,091,039.81 at the end of 2024, marking an increase of about 5.4%[15] Inventory and Receivables - The company's inventory stood at ¥605,518,282.91, which is an increase from ¥572,219,131.25, showing a growth of approximately 5.8%[13] - The company's inventory decreased slightly to CNY 17,570,006.18 from CNY 18,596,888.69, a decline of approximately 5.50%[22] - The company reported a significant increase in other receivables, which rose to ¥157,252,131.85 from ¥151,238,732.87, reflecting a growth of about 4.0%[13] - The company reported a significant increase in other receivables, totaling CNY 671,090,688.73 as of March 31, 2025, compared to CNY 641,633,404.35 at the end of 2024, an increase of about 4.59%[22] Operational Efficiency - The decrease in revenue was primarily due to a slight decline in overseas sales of motor and drive products[7] - The company maintains a focus on improving operational efficiency and inventory management to enhance profitability[7] - Research and development expenses for Q1 2025 were ¥60.39 million, slightly up from ¥59.36 million in Q1 2024[17] - Research and development expenses for Q1 2025 were CNY 2,055,702.09, down from CNY 2,566,268.77 in Q1 2024, reflecting a decrease of about 19.83%[26] Shareholders' Equity - Shareholders' equity attributable to the parent company increased slightly by 0.36% to CNY 2,923,536,166.23[5] - The company's total equity increased to ¥2,933,114,871.50 from ¥2,921,648,071.79, reflecting a growth of approximately 0.4%[15] - The total equity of the company as of March 31, 2025, was CNY 1,897,604,174.36, a slight decrease from CNY 1,900,886,784.92 at the end of 2024[24]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 2.被担保人：常州市运控电子有限公司 统一社会信用代码：91320400714976574P 成立时间：1999年8月23日 注册地址：武进区遥观镇建农村 法定代表人：许国大 注册资本：3,480万元人民币 经营范围：一般项目:电机制造;微特电机及组件制造;齿轮及齿轮减、变速箱制造;轴承、齿轮和传动部 件制造;铁路机车车辆配件制造;机械电气设备制造;工业自动控制系统装置制造;变压器、整流器和电感 器制造;机械零件、零部件加工;微特电机及组件销售;齿轮及齿轮减、变速箱销售;轴承、齿轮和传动部 件销售;铁路机车车辆配件销售;机械电气设备销售;工业自动控制系统装置销售;电子元器件批发;电子元 器件与机电组件设备销售;电机及其控制系统研发;技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广;软件开发;软件销售;采购代理服务;租赁服务（不含许可类租赁服务）;货物进出口;技术进 出口;进出口代理。 与公司的关系：运控电子为公司的控股子公司，公司持有运控电子99.5374%股权。 影响被担保人偿债能力的重大或有事项（包括担保、抵押、诉讼与仲裁事项）：无。截至本 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2025-016 上海鸣志电器股份有限公司 第五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。 上海鸣志电器股份有限公司（以下简称"公司"）第五届监事会第二次会议 于 2025 年 4 月 24 日以现场会议方式召开。会议通知于 2025 年 4 月 14 日以电话 及电子邮件方式向全体监事发出，会议应出席监事 3 名，实际出席监事 3 名。会 议由公司监事会主席邵颂一先生主持。会议的召集和召开符合《中华人民共和国 公司法》等有关法律、行政法规、规范性文件及《公司章程》的相关规定，会议 形成的决议合法、有效。 全体与会监事逐项讨论，审议了如下议案： 一、审议通过《关于审议<2024 年度监事会工作报告>的议案》 表决情况：3 票同意，0 票反对，0 票弃权。 表决结果：通过。 此项议案需提交公司股东大会审议。 二、审议通过《关于审议<2024 年度财务决算报告>的议案》 表决情况：3 票同意，0 票反对，0 票弃权。 表决结果：通过。 此项 ...