Core Viewpoint - The company maintains a stable credit rating outlook due to its strong market position in the automotive parts industry and anticipated growth in its new energy vehicle components segment, despite facing challenges from market fluctuations and pricing pressures [2][4][5]. Financial Performance - The company's total assets increased to 64.45 billion, up from 62.22 billion, with equity rising to 31.30 billion from 30.24 billion [2][3]. - Net profit for the company was reported at 3.21 billion, reflecting a growth from previous periods [3]. - The operating cash flow showed a significant improvement, with a net cash flow of 6.11 billion compared to -1.19 billion in the previous year [3]. Business Segments - The automotive parts segment, particularly the synchronizer business, is the main revenue driver, with a market share increase and stable customer relationships with major clients like Magna and Volkswagen [2][15]. - The new energy vehicle components segment is expected to see substantial growth, with a projected revenue increase of 72.80% in 2024 due to the ramp-up of differential assembly production [4][16]. - The aerospace components segment also showed a positive trend, with revenue expected to rise to 2.83 billion, marking a 27.71% increase [4]. Market Environment - The automotive industry in China is projected to continue its growth trajectory, with new energy vehicles achieving sales of 1,286.6 million units in 2024, a 35.5% increase year-on-year [10][11]. - The competitive landscape remains challenging, with price wars among manufacturers leading to pressure on profit margins for parts suppliers [11][12]. Risks and Challenges - The company faces potential capacity digestion issues in its synchronizer products and new energy segments due to market volatility and customer pricing pressures [4][5]. - High dependency on a few key clients in the aerospace segment poses operational risks, particularly regarding cash flow and working capital [4][5]. - The company has a significant amount of restricted assets, amounting to 19.81 billion, which could pose risks if operational performance does not meet expectations [5]. Future Outlook - The company is expected to benefit from the ongoing transition to new energy vehicles, with plans to enhance production capabilities in this area [4][16]. - The credit rating agency maintains a stable outlook for the company, anticipating continued revenue growth driven by both traditional and new energy vehicle segments [5][6].

根据《上市公司证券发行注册管理办法》《公司债券发行与交易管理办法》 《上海证券交易所公司债券上市规则》等有关规定，成都豪能科技股份有限公司 （以下简称"公司"）委托信用评级机构中证鹏元资信评估股份有限公司（以下 简称"中证鹏元"）对公司 2024 年发行的可转换公司债券（债券简称"豪 24 转债"）进行了跟踪信用评级。 公司前次主体信用评级结果为 AA-，评级展望为稳定，"豪 24 转债"前次 评级结果为 AA-。评级机构为中证鹏元，评级时间为 2024 年 7 月 18 日。 中证鹏元在对公司经营状况及行业情况进行综合分析与评估的基础上，于 2025 年 6 月 13 日出具了《2024 年成都豪能科技股份有限公司向不特定对象发行 可转换公司债券 2025 年跟踪评级报告》，维持公司主体信用等级为 AA-，维持 评级展望为稳定，维持"豪 24 转债"的信用等级为 AA-。本次评级结果较前次 未发生变化。 | 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-034 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技 ...

2024 年成都豪能科技股份有限公 司向不特定对象发行可转换公司 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【173】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评 ...

从指数持仓来看，上证财富中小盘指数十大权重分别为：福达股份（1.41%）、有方科技（1.29%）、 迈信林（1.06%）、豪能股份（0.92%）、晶华新材（0.92%）、新坐标（0.88%）、春风动力 （0.88%）、华培动力（0.88%）、海南华铁（0.86%）、浙江自然（0.83%）。 金融界6月9日消息，上证指数高开高走，上证财富中小盘指数 (沪财中小，000091)上涨1.04%，报 11965.17点，成交额338.75亿元。 数据统计显示，上证财富中小盘指数近一个月上涨2.05%，近三个月下跌0.26%，年至今上涨8.79%。 据了解，上证财富中小盘指数旨在沪市中小市值上市公司中，选取财富增长速度最快的200家上市公司 证券作为指数样本，并且样本权重配置与其财富增长速度的大小相适应。该指数以2004年12月31日为基 日，以1000.0点为基点。 从上证财富中小盘指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证财富中小盘指数持仓样本的行业来看，工业占比27.08%、可选消费占比25.03%、原材料占比 13.96%、信息技术占比6.91%、医药卫生占比6.86%、公用事业占比5. ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [4][8]. Core Insights - The company is strategically positioned in the transmission system components sector and is proactively entering the robotics field, particularly focusing on robotic reducers [1][3]. - The company has demonstrated strong revenue growth and structural optimization, leading to a continuous improvement in profitability [28][31]. - The company is expanding its product offerings in the differential and synchronizer markets, capitalizing on the growth of new energy vehicles [2][49]. Summary by Sections 1. Company Overview - Established in 2006, the company has developed a comprehensive product line including synchronizers, differential assemblies, and aerospace precision components. It plans to invest in smart manufacturing for robotic reducers in 2024 [1][13]. 2. Revenue Growth and Profitability - From 2020 to 2024, the company's revenue is projected to grow from 12 billion to 24 billion CNY, with a CAGR of 19%. The growth is driven by the stabilizing synchronizer business and the increasing demand for new energy vehicle components [28][31]. 3. Differential and Synchronizer Market Expansion - The differential assembly market is expected to grow significantly, with projections indicating a market size exceeding 150 billion CNY by 2030. The company has established a joint venture to enhance its differential production capabilities [2][49]. - The synchronizer market is also expanding, with the company holding over 30% market share in China. The market for synchronizers in passenger vehicles is expected to exceed 8 billion CNY by 2025 [2][8]. 4. Aerospace and Robotics - The aerospace segment is showing strong profitability, with plans for expansion to support performance growth. The company is also leveraging its manufacturing expertise to enter the robotics sector, focusing on high-precision reducers [3][19]. 5. Financial Projections - The company anticipates significant growth in net profit, with projections of 4.3 billion, 5.4 billion, and 6.5 billion CNY for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 33%, 26%, and 21% [8][9].

Investment Rating - The report assigns a "Buy" rating for the company, marking the initial coverage [4][8]. Core Insights - The company is strategically positioned in the transmission system components sector and is proactively entering the robotics field, particularly focusing on the development of robotic reducers [1][3]. - The company has established a comprehensive manufacturing capability across the entire supply chain for its products, including synchronizers and differentials, and is expanding into the aerospace and robotics sectors [1][19]. - The revenue growth is driven by the increasing demand for electric vehicle components and the expansion of its aerospace business, with a projected revenue increase from 12 billion to 24 billion CNY from 2020 to 2024, reflecting a CAGR of 19% [28][35]. Summary by Sections 1. Company Overview - Founded in 2006, the company has developed a full industrial chain capability from raw material casting to precision forging and assembly for synchronizers and differentials [13][19]. - The company is expanding its operations into the robotics sector with a significant investment in intelligent manufacturing projects for core components [1][19]. 2. Revenue Growth and Profitability - The company’s revenue is expected to grow significantly, with a forecasted increase in net profit from 1.8 billion CNY in 2020 to 3.2 billion CNY in 2024, achieving a CAGR of 15% [35]. - The gross margin has remained stable, fluctuating between 31% and 36% over recent years, with specific business segments showing varying margins [34]. 3. Differential and Synchronizer Business - The differential market is projected to grow significantly, with the market size expected to exceed 150 billion CNY by 2030, driven by the increasing sales of electric vehicles [49]. - The company has a strong market presence in the synchronizer segment, holding over 30% market share domestically, and is expanding into the heavy-duty vehicle market [2][3]. 4. Aerospace and Robotics - The aerospace segment has shown strong profitability, with the company expanding its production capabilities to support growth in this area [19][28]. - The company is leveraging its regional advantages to integrate into the robotics supply chain, aiming to benefit from the industry's transformation [3][19]. 5. Financial Projections - The company is expected to achieve a net profit of 4.3 billion CNY in 2025, with a year-on-year growth of 33% [8]. - Revenue projections indicate a steady increase, with expected revenues of 3.021 billion CNY in 2025, reflecting a growth rate of 28% [9].

Group 1 - The automotive industry is experiencing growth, with the passenger car market retailing 932,000 units from May 1-18, representing a 12% year-on-year increase and an 18% increase compared to the previous month [3] - The new energy vehicle market is also expanding, with 484,000 units sold during the same period, a 32% year-on-year increase and a 15% increase from the previous month, achieving a penetration rate of 52% [3] - The automotive sector's investment strategy includes maintaining an "overweight" rating, with recommendations for companies benefiting from advancements in autonomous driving and domestic replacements in components [2] Group 2 - Haoneng Co., Ltd. is expanding into the robotics transmission field, focusing on high-precision reducers and joint drive assemblies for humanoid robots, which are critical components with high entry barriers [3] - The company is implementing measures such as technological iteration and cost reduction to strengthen its core business while exploring new growth areas in key components for new energy vehicles and robotics [3] - The market for reducers in humanoid robots is rapidly evolving, with recommendations for companies like Shuanghuan Transmission and Zhongding Co., Ltd. as potential beneficiaries of this trend [3]

Summary of Key Points from Conference Call Records Industry Overview: Robotics Industry - The robotics industry is shifting focus from speculative new concepts to practical application scenarios, such as textiles, logistics, and healthcare robots. This shift is beneficial for companies like Sanhua Intelligent Control and Top Group, as well as others like Jinguang, Fuda, Longxi, and Haoneng, which are progressing rapidly in this space [1][4]. Company Highlights 1. Saisir Automotive - The Saisir M8 model has received over 80,000 pre-orders within 32 days of its launch, with expectations to exceed 20,000 units in sales. The M9 model is projected to maintain monthly sales of over 30,000 units, establishing a foothold in the high-end market. The new M7 model is expected to launch in Q3 [1][5]. 2. Meihua Co., Ltd. - Meihua is investing 700 million yuan to establish a production and R&D base in Chongqing, focusing on marine and automotive equipment, harmonic reducers, and joint modules. The planned annual production capacity for harmonic reducers is 200,000 sets [1][8]. 3. Haoneng Co., Ltd. - Haoneng has a diverse client base, including TL one, Saisir, and Xiaomi, and has exceeded market expectations with Q1 performance, projecting annual earnings to surpass 420 million yuan [1][10]. 4. Jinyang Co., Ltd. - Jinyang has completed shareholder integration and is set to deepen cooperation with Xiaomi, focusing on harmonic actuators and other core components, enhancing its role in the supply chain [1][13]. Market Trends and Developments - The robotics sector is experiencing a transition towards application-driven innovations, with significant benefits observed in textile, logistics, and healthcare robots. The demand for T-box products is increasing, particularly for companies like Sanhua Intelligent Control and Top Group [2][3]. - The cost of LiDAR technology has significantly decreased, making it a standard sensor in advanced driver assistance systems and robotic vision, which is expected to drive broader adoption in the industry [3][20]. Emerging Technologies - The development of large-scale robot models is accelerating, with significant advancements from major companies like Nvidia, which is providing open-source development tools that will enhance the evolution of data and model architectures crucial for humanoid robots [3][21]. - The market is increasingly focused on robotic operating systems and related hardware and software technologies, indicating a rapid pace of development and a search for profitable investment opportunities [23]. Financial Projections - The partnership between Suoteng and Kuma Technology is expected to generate at least 2 billion yuan in revenue over the next three years from the delivery of 1.2 million LiDAR-equipped robotic lawnmowers, significantly boosting Suoteng's overall revenue [24]. - Hesai Technology, as the exclusive supplier for Xiaomi's SU7, is anticipated to see sustained business growth and enhanced market competitiveness due to stable and substantial orders from a well-known brand [25]. Conclusion - The robotics industry is poised for growth driven by practical applications and technological advancements, with several companies making significant strides in production capabilities and market positioning. The focus on collaboration and innovation will likely yield substantial investment opportunities in the near future.

Core Viewpoint - Chengdu Haoneng Technology Co., Ltd. has decided not to exercise the early redemption option for its "Hao 24 Convertible Bonds" despite triggering the conditional redemption clause due to the stock price reaching 130% of the conversion price, aiming to protect investor interests [1][5]. Group 1: Convertible Bond Issuance and Terms - The company issued 5.5 billion yuan worth of convertible bonds on October 23, 2024, with a face value of 100 yuan per bond, totaling 5.5 million bonds [2]. - The "Hao 24 Convertible Bonds" were listed on the Shanghai Stock Exchange on November 20, 2024, under the code "113690" [2]. - The bond has a 6-year term with a tiered interest rate starting at 0.20% in the first year and increasing to 2.10% in the sixth year [2]. Group 2: Redemption Clause and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price, which is currently set at 6.33 yuan per share [3][5]. - From April 29, 2025, to May 22, 2025, the stock price has exceeded 8.23 yuan (130% of the conversion price) for 15 trading days, triggering the redemption clause [5]. Group 3: Decision on Early Redemption - The board of directors has resolved not to redeem the "Hao 24 Convertible Bonds" early, considering current market conditions and the company's situation [5]. - The company will not exercise the early redemption option for the next three months, and any future decisions will be made after August 22, 2025, if the redemption conditions are met again [1][5]. Group 4: Related Party Transactions - The actual controllers and major shareholders have engaged in transactions involving the "Hao 24 Convertible Bonds" within the last six months, with specific holdings and changes detailed in the announcement [5]. - No plans for reduction in holdings of the "Hao 24 Convertible Bonds" have been reported by the relevant parties as of the announcement date [5].

| 证券代码：603809 | 证券简称：豪能股份 | | 公告编号：2025-033 | | --- | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 | 转债 | | 成都豪能科技股份有限公司 关于不提前赎回"豪 24 转债"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： 成都豪能科技股份有限公司（以下简称"公司"）股票自 2025 年 4 月 29 日至 2025 年 5 月 22 日期间，已有 15 个交易日的收盘价不低于"豪 24 转债" 当期转股价格 6.33 元/股的 130%（即 8.23 元/股），已触发"豪 24 转债"的有 条件赎回条款。公司董事会决定本次不行使"豪 24 转债"的提前赎回权，不提 前赎回"豪 24 转债"。 未来 3 个月内（即 2025 年 5 月 23 日至 2025 年 8 月 22 日），如再次触 发"豪 24 转债"有条件赎回条款的，公司亦不行使"豪 24 转债"的提前赎回权。 自 2025 年 8 月 22 日 ...