Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q1 2025 net profit exceeded expectations, with a year-on-year increase of 27% and a quarter-on-quarter increase of 9%. The revenue for Q1 2025 was 893 million yuan, representing a year-on-year growth of 19% but a quarter-on-quarter decline of 21% [1][3] - The solid-state battery business is expected to gradually reach production capacity starting mid-2026, while the robot bearing business is further expanding growth potential. The projected net profits for 2025-2027 are 394 million, 467 million, and 584 million yuan, respectively, with corresponding EPS of 2.15, 2.55, and 3.19 yuan, and PE ratios of 16, 13, and 11 times [3][4] Financial Performance Summary - In Q1 2025, the gross margin was 25.18%, a decrease of 1.2 percentage points year-on-year but an increase of 2.6 percentage points quarter-on-quarter. The net margin was 9.25%, with a year-on-year increase of 0.5 percentage points and a quarter-on-quarter increase of 2.6 percentage points [1][4] - The company’s total revenue is projected to grow from 3,180 million yuan in 2023 to 8,970 million yuan in 2027, with year-on-year growth rates of 8.1%, 26.4%, 21.5%, 36.3%, and 34.8% respectively [5] - The net profit attributable to the parent company is expected to increase from 284 million yuan in 2023 to 584 million yuan in 2027, with year-on-year growth rates of 19.5%, 4.8%, 32.1%, 18.6%, and 25.0% respectively [5] Business Development Summary - The company’s main business is progressing steadily, with limited impact from U.S. tariffs due to the unique position of the domestic auto parts aftermarket industry. North America accounts for approximately 23% of revenue, and the company has sufficient production capacity flexibility [4] - The semi-solid battery business is set to begin shipments in 2026, with a planned production capacity of 2.1 million cells and systems, which is expected to significantly enhance revenue and profit. The company has strategic partnerships for robot bearings to leverage market resources and sales channels [4][3]

注:上述表格总股本按照 2025 年 4 月 8 日总股本（即 183,157,724 股）计算。 一、回购股份的基本情况 2025 年 4 月 10 日，公司召开 2025 年第一次临时董事会和 2025 年第一次临 时监事会，审议通过《关于以集中竞价交易方式回购公司股份的预案》，同意公司 使用自有资金及自筹资金以集中竞价交易方式回购公司股份用于员工持股计划或 者股权激励，回购价格不超过人民币 56.05 元/股（含），回购资金总额不低于 8,000 万元（含）且不超过 12,000 万元（含），回购期限为自董事会审议通过回购股份 方案之日起 12 个月内。 证券代码：605088 证券简称：冠盛股份 公告编号：2025-039 温州市冠盛汽车零部件集团股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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： | 回购方案首次披露日 | 2025/4/11 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company's Q1 2025 performance exceeded expectations, with revenue of 889 million yuan, a year-on-year increase of 19%, and a net profit of 84 million yuan, up 27% year-on-year. The growth is attributed to increased demand in downstream markets, particularly in Europe [2][8]. - The solid-state battery business is progressing steadily, with partial production expected to commence at the Wenzhou factory by the end of 2025. The company is also working on overseas brand registration and product certification [8][9]. - The collaboration with Tianlian Robotics aims to expand product offerings in the robotics sector, enhancing the company's market reach [8][9]. Financial Summary - Total revenue is projected to grow from 4,020 million yuan in 2024 to 6,946 million yuan in 2027, with a compound annual growth rate (CAGR) of 26.4% [4]. - Net profit is expected to increase from 298 million yuan in 2024 to 589 million yuan in 2027, with a CAGR of 31.4% [4]. - The company's earnings per share (EPS) is forecasted to rise from 1.64 yuan in 2024 to 3.24 yuan in 2027, reflecting strong profitability growth [4][9]. Market Position - The company has a total market capitalization of approximately 58.98 billion yuan, with a circulating market value of 57.31 billion yuan [5]. - The asset-liability ratio stands at 54.86%, indicating a balanced financial structure [5]. - The stock price as of April 28, 2025, is 32.20 yuan, with a target price range of 41.3 to 51.6 yuan based on a price-to-earnings (P/E) ratio of 20-25 times [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance exceeded expectations, showcasing both resilience and flexibility. The Q1 revenue reached 893 million yuan, a year-on-year increase of 19%, while the net profit attributable to the parent company was 84 million yuan, up 27% year-on-year [7] - The report emphasizes that the company has a stable and sustainable gross margin of 25.2% in Q1 2025, despite a slight year-on-year decline of 1.2 percentage points [7] - The company is well-positioned to handle short-term tariff impacts due to its global operations and established pricing power in the North American market [7] - The report highlights the company's strong growth potential in the automotive aftermarket and its strategic initiatives in robotics and solid-state battery sectors, which are expected to drive future growth [7] Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 4,020 million yuan, with a year-on-year growth of 26.4%. The net profit attributable to the parent company is expected to be 298 million yuan, reflecting a growth of 4.8% [5] - The company forecasts a steady increase in revenue and net profit for the years 2025 to 2027, with net profit estimates of 380 million yuan in 2025, 456 million yuan in 2026, and 581 million yuan in 2027, corresponding to growth rates of 27.5%, 19.9%, and 27.6% respectively [5][7] - The report projects a consistent improvement in key financial ratios, including a return on equity (ROE) expected to rise from 12.3% in 2024 to 15.0% in 2027 [5] Market Position and Strategy - The company is recognized for its robust position in the global automotive aftermarket, which is characterized by stable demand and growth potential [7] - The collaboration with Sichuan Tianlian in the robotics sector and advancements in solid-state battery technology are seen as significant catalysts for future growth [7] - The report suggests that the company has the financial strength and willingness to expand its business into new areas, enhancing its overall market competitiveness [7]

| 证券代码：605088 | 证券简称：冠盛股份 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：111011 | 债券简称：冠盛转债 | | 经审核，监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法 律、行政法规、中国证监会和公司章程等各项规定，报告的内容能够真实、准确、 完整地反映公司 2025 年第一季度的经营情况。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的《公司 2025 年第一季度报告》（公告编号：2025-037）。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 温州市冠盛汽车零部件集团股份有限公司 2025 年第二次临时监事会决议公告 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。 一、 监事会会议召开情况 温州市冠盛汽车零部件集团股份有限公司（以下简称"公司"）2025 年第二 次临时监事会于 2025 年 4 月 26 日以书面、邮件等方式发出通知，并于 2025 年 4 月 28 ...

| 证券代码：605088 | 证券简称：冠盛股份 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：111011 | 债券简称：冠盛转债 | | 温州市冠盛汽车零部件集团股份有限公司 2025 年第二次临时董事会决议公告 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。 表决情况：同意 8 票，反对 0 票，弃权 0 票。 表决结果：通过。 公司审计委员会已对本议案进行事前审议，并发表了同意的意见。 （二）审议通过《2024 年度环境、社会及治理（ESG）报告》 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的《2024 年度环境、社会及治理（ESG）报告》（公告编号：2025-038）。 一、董事会会议召开情况 温州市冠盛汽车零部件集团股份有限公司（以下简称"公司"）2025 年第 二次临时董事会于 2025 年 4 月 26 日以书面、邮件等方式发出通知，并于 2025 年 4 月 28 日在公司会议室召开。本次会议以现场结合通讯的 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥893,420,751.20, representing an increase of 18.65% compared to ¥752,967,761.57 in the same period last year[4] - Net profit attributable to shareholders was ¥83,984,106.91, up 26.84% from ¥66,215,037.80 year-on-year[4] - The net profit after deducting non-recurring gains and losses increased by 45.38%, amounting to ¥75,769,532.25 compared to ¥52,117,107.84 in the previous year[4] - The basic earnings per share rose to ¥0.47, a 14.63% increase from ¥0.41 in the same period last year[4] - Net profit for Q1 2025 was ¥82,652,636.83, representing a 25.4% increase compared to ¥65,902,467.01 in Q1 2024[19] - Earnings per share for Q1 2025 were ¥0.47, compared to ¥0.41 in Q1 2024[20] - The company reported a total comprehensive income of ¥81,920,548.41 for Q1 2025, compared to ¥67,703,575.55 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,912,762,256.12, a decrease of 1.75% from ¥6,018,243,492.33 at the end of the previous year[5] - Current assets decreased to CNY 4,405,556,867.50 from CNY 4,562,046,171.52, reflecting a decline of approximately 3.43%[13] - Cash and cash equivalents decreased to CNY 987,936,125.43 from CNY 1,259,953,035.83, representing a decline of about 21.5%[13] - Accounts receivable slightly decreased to CNY 1,172,850,260.37 from CNY 1,213,414,778.43, a reduction of approximately 3.36%[13] - Total current liabilities decreased to CNY 2,734,972,604.15 from CNY 3,001,460,109.34, a decline of about 8.88%[14] - The company's total liabilities decreased to CNY 3,020,302,409.71 from CNY 3,283,121,732.46, a decline of about 8.00%[14] - Total liabilities decreased to ¥3,243,960,710.13 in Q1 2025 from ¥3,447,173,902.39 in Q1 2024[15] - Total equity increased to ¥2,668,801,545.99 in Q1 2025 from ¥2,571,069,589.94 in Q1 2024[15] Cash Flow - The company reported a net cash flow from operating activities of -¥137,607,237.29, an improvement from -¥154,021,468.25 in the same period last year[4] - Operating cash inflow totaled $1,154,666,184.18, an increase from $911,532,440.16 year-over-year[23] - Operating cash outflow amounted to $1,292,273,421.47, compared to $1,065,553,908.41 in the previous period[23] - Cash inflow from investment activities was $579,369,808.81, down from $782,194,867.51[23] - Net cash flow from investment activities was -$182,101,936.61, compared to $104,653,898.25 in the previous period[23] - Cash inflow from financing activities totaled $497,341,543.70, an increase from $445,108,099.67[24] - Net cash flow from financing activities was $41,196,530.40, a decrease from $247,408,932.59 year-over-year[24] - The ending balance of cash and cash equivalents was $963,210,702.19, down from $1,367,400,006.99[24] Equity and Return - Shareholders' equity attributable to the parent company increased by 4.08%, reaching ¥2,522,484,770.86 compared to ¥2,423,487,749.93 at the end of the previous year[5] - The weighted average return on equity increased to 3.40%, up 0.10 percentage points from 3.30% in the previous year[4] - The company's equity position remains stable, with total equity reflecting the changes in assets and liabilities[14] Future Plans - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the upcoming quarters[4] - The company plans to implement new accounting standards starting in 2025, which may affect financial statements[24] Non-Recurring Items - Non-recurring gains and losses totaled ¥8,214,574.66 for the period, with significant contributions from government subsidies and asset disposals[6][7] - Research and development expenses for Q1 2025 were ¥26,854,926.44, slightly up from ¥25,259,764.37 in Q1 2024[19]

c > > 冠盛股份 温州市冠盛汽车零部件集团股份有限公司 地址：浙江省温州市瓯海高新技术产业园区高翔路１号 电话：+86-0577-86291860 邮箱: ir@gsp.cn 网址：https://www.gsp.cn 温州市冠盛汽车零部件集团股份有限公司 环境、社会与治理报告 2024 Environmental, Social and Governance Report 2024 (1) of 2 - 2024 环境、社会与治理报告 0 关于本报告 《冠盛股份 2024 年度环境、社会及治理报告》（以下简称"ESG 报告"、"本报告"）是温州市冠盛汽车零部件 集团股份有限公司发布的第三份 ESG 报告， 详细披露与反映了公司及附属公司在经营过程中 ESG 方面的表现，本 报告的发布旨在以透明公开的方式与各利益相关方进行有效交流，系统性地回应利益相关方的期望与要求。本报告 为年度报告,涵盖 2024 年 1 月 1 日至 2024 年 12 月 31 日财务年度（以下简称"报告期"）的工作，部分关联信 息可能溯及报告期外。本报告中涉及的金额,如无特别说明,均以人民币作为计量单位。 报告编制参考 本报告编 ...

一、主要会计数据和财务指标 前十大流通股东累计持有： 10363.74万股，累计占流通股比： 58.55%，较上期变化： 608.58万股。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4700 | 0.4100 | 14.63 | 0.1700 | | 每股净资产（元） | 13.5 | 11.7 | 15.38 | 10.46 | | 每股公积金(元) | 5.4 | 4.55 | 18.68 | 4.21 | | 每股未分配利润(元) | 6.89 | 6.28 | 9.71 | 5.04 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.93 | 7.53 | 18.59 | 6.28 | | 净利润(亿元) | 0.84 | 0.66 | 27.27 | 0.28 | | 净资产收益率(%) | 3.40 | 3.30 | 3.03 | 1.63 | 数据四舍五入，查看更多财务数据>> 二、前 ...

| 证券代码：605088 | 证券简称：冠盛股份 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：111011 | 债券简称：冠盛转债 | | 温州市冠盛汽车零部件集团股份有限公司 一、担保情况概述 1、担保基本情况 近日，公司与交通银行股份有限公司温州分行、中国进出口银行浙江省分行 组成的银团签署了《银团贷款保证合同》（合同编号：温交银 2025 年冠盛银团 保证 001 号），合同约定公司为冠盛东驰拟向交通银行股份有限公司温州分行、 中国进出口银行浙江省分行组成的银团办理的 70,000 万元人民币贷款提供连带 保证责任。 2、公司就本次担保事项履行的内部决策程序 关于为控股子公司提供担保的进展公告 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： ●被担保人名称及是否为上市公司关联人：浙江冠盛东驰能源科技有限公司 （以下简称"冠盛东驰"）为温州市冠盛汽车零部件集团股份有限公司（以下简 称"公司"）的控股子公司，本次担保不存在关联担保。 ●本次担保金额及已实际 ...