| 证券代码：605088 | 证券简称：冠盛股份 | 公告编号：2025-026 | | --- | --- | --- | | 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 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个别及连带责任。 重要内容提示： ●温州市冠盛汽车零部件集团股份有限公司（以下简称"公司"）股票于 2025 年 4 月 3 日至 2025 年 4 月 8 日连续 3 个交易日内日收盘价格跌幅偏离值累 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 波动情形。 ●经公司自查并向控股股东及实际控制人核实，截至本公告披露日，不存在 应披露而未披露的重大信息。 ●重大事项情况：公司目前经营活动一切正常，公司业务以及内外部经营环 境未发生重大变化，敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司股票于 2025 年 4 月 3 日至 2025 年 4 月 8 日连续 3 个交易日内日收盘价 格跌幅偏离值累计超 ...

《关于温州市冠盛汽车零部件集团股份有限公司 股票交易异常波动问询函》的回函 温州市冠盛汽车零部件集团股份有限公司： 贵公司《关于温州市冠盛汽车零部件集团股份有限公司股票交易 异常波动问询函》已收悉，本人作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"）的实际控制人，针对函件进行严格自 查，回复和声明如下： 截至目前，除公司已披露事项外，不存在影响公司股票交易异常 波动的重大事项；不存在其他涉及公司应披露而未披露的重大信息， 包括但不限于重大资产重组、股份发行、上市公司收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重组、 重大业务合作、引进战略投资者等重大事项。 不存在买卖公司股票的情况。 特此回函。 （以下无正文，下接签署页） （本页无正文，为《<关于温州市冠盛汽车零部件集团股份有限公司股票交易异常波动问询 函>的回函》之签署页 ) 实际控制人: 周家儒 （本页无正文，为《<关于温州市冠盛汽车零部件集团股份有限公司股票交易异常波动问询 函>的回函》之签署页) 实际控制人: Richard Zhou (周隆盛) 日 《关于温州市冠盛汽车零部件集团股份有限公司 股票交易异常波 ...

Core Viewpoint - Multiple listed companies reported that the recent adjustments to U.S. tariffs have limited impact on their operations, with many having minimal direct exposure to the U.S. market [1][2][3][4][5]. Company Summaries - **Lizhong Group (SZ300428)**: The company focuses on functional intermediate alloy new materials, recycled aluminum alloy materials, and aluminum alloy wheels. Its products related to recycled aluminum alloy materials have little to no exports to the U.S., thus not affected by the tariff changes. The company is monitoring policy changes and is proactively adjusting its supply chain and customer negotiations [1]. - **Shenghong Co., Ltd. (SZ300693)**: The company’s direct exports to the U.S. amount to approximately 56 million yuan, representing only 1% to 2% of its total revenue. It has prepared for uncertainties by collaborating with a Malaysian factory for local production, expected to be ready by May 2025 [1]. - **Hudian Co., Ltd. (SZ002463)**: The company’s direct exports to the U.S. account for less than 5% of its revenue, with most products exported to Southeast Asia. It is closely monitoring trade disputes and communicating with customers to find solutions [2]. - **Xizi Clean Energy (SZ002534)**: The company has a small proportion of business related to the U.S. market, focusing mainly on Southeast Asia, the Middle East, and Africa. Its main operations are not significantly impacted by U.S. tariffs [2]. - **Hengshuai Co., Ltd. (SZ300969)**: Direct sales to the U.S. represent about 2.7% of the company’s overall business. The company uses EXW and FOB pricing methods, minimizing the impact of tariff increases. Future strategies will focus on optimizing capacity and development plans [3]. - **Jinfu Technology (SZ003018)**: The company stated that tariff issues will not significantly affect its existing overseas sales regions [5]. - **Weixing Co., Ltd. (SZ002003)**: The company’s international business is primarily in Bangladesh and Vietnam, with a very low percentage of direct exports to the U.S. [5]. - **Hailide (SZ002206)**: The company has established a multi-dimensional response mechanism, including optimizing its production structure in Vietnam and enhancing customer price negotiation strategies [5]. - **Guansheng Co., Ltd. (SH605088)**: The company does not heavily rely on the U.S. market, indicating that the tariff increases will have limited long-term effects [5].

事件：2025年4 月2 日，四川天链机器人股份有限公司与冠盛股份签署了《战略合作协议》，双方本着 互惠互利、实现双赢的目标，利用自身优势，共享市场资源和销售渠道，研发、生产高品质、低成本的 机器人轴承产品。 风险提示：宏观经济波动，海外贸易摩擦加剧，汽车行业竞争加剧，新产品开发和落地节奏不及预期， 客户开拓不及预期等。 另外，我们认为公司作为后市场综合服务商掌握产品定价权且和客户合作时间久，未来毛利率会保持在 相对稳定且可持续的区间，同时随着规模增长整体费用率有望进一步下降。催化上，公司在机器人领域 实现了新突破，未来更多合作值得期待；当前固态行业在大规模量产前催化事件频繁，公司的固态电池 聚合物路线具有稀缺性、落地速度明确且较快，下游可触达的客户包括机器人、低空等领域，当前公司 在手现金充裕，也具备拓展更多业务的资金实力及意愿。 投资建议：我们认为公司基本面上"可攻可守"，既有稳健增长的汽车后市场业务，也有想象空间充足的 机器人及固态电池业务；投资上兼备高胜率与高赔率，高胜率源于公司在全球汽车后市场领域的业绩确 定性和持续性，高赔率源于公司未来在机器人、固态电池领域更多值得期待的突破。我们维持公司 202 ...

Summary of the Conference Call Company Overview - The conference call involved Guansheng Co., Ltd. and its management team, including General Manager Zhou Rongshun, Financial Officer Huang Zhenrong, Chairman Zhou Jiaru, and Independent Director Wang Xu [1] Key Points and Arguments Financial Performance - In 2024, Guansheng achieved total revenue of 4.02 billion yuan, reflecting a year-on-year growth of 26.41% [2] - The net profit for the same period was 298 million yuan, with a year-on-year increase of 4.83% [2] - Revenue from the transmission system, including transmission axle assemblies, reached 2.061 billion yuan, up 18.31% year-on-year [2] - The wheel bearing unit series generated sales of 661 million yuan, marking a 27.39% increase [3] - Sales from rubber damping series and other products totaled 1.288 billion yuan, with a significant growth of 42.47% [3] Regional Performance - Revenue growth was observed across various regions, with North America showing a remarkable increase of 41.75%, Europe at 14.01%, Asia at 12.85%, and South America at 19.15% [3] Operational Improvements - The company focused on enhancing production capabilities through optimized workshop layouts and improved production processes, leading to increased efficiency [4] - Guansheng implemented a digital transformation strategy, integrating digital tools across various operational aspects to enhance data integrity and optimize planning [4] Marketing and Customer Engagement - The company adopted a "go to market" strategy, emphasizing customer needs and ensuring product quality aligns with market applications [5] - Guansheng established a supply chain service center to enhance global supply chain management and customer service [5] Supply Chain and Global Expansion - The company is expanding its global supply chain, including the establishment of a Southeast Asia supply chain center in Malaysia, which has passed customer audits and commenced operations [6] - Guansheng is also exploring overseas production bases to enhance international collaboration [6] New Energy Initiatives - Guansheng is entering the new energy sector, with plans for a semi-solid battery factory expected to start production by the end of 2025 [7] - Strategic partnerships with domestic industry leaders are being formed to explore diverse applications for battery technology [7] ESG and Sustainability - The company has prioritized ESG initiatives, achieving an AA rating and recognition for its sustainable practices [8] - Guansheng's global marketing network spans over 120 countries, enhancing its international presence [8] Future Growth Strategy - The company plans to implement a dual-driven growth strategy focusing on the automotive aftermarket and solid-state battery business as new growth engines [10] - Guansheng aims to enhance its product offerings and market responsiveness to maintain steady growth [12] North American Market Focus - North America is identified as a key growth area, with significant investments in local marketing and supply chain enhancements [16] - The company has adapted to tariff challenges by optimizing its supply chain and maintaining competitive pricing [18] Financial Outlook - Guansheng anticipates continued growth in its automotive aftermarket business, while the battery segment is expected to become a new revenue contributor [15] - Profit growth may slow due to ongoing investments in new projects [15] Additional Important Content - The company is committed to maintaining high product quality and performance standards in its battery products, which are designed for various applications including commercial energy storage and electric vehicles [20][21] - Guansheng's solid-state batteries are positioned to address safety and performance issues prevalent in current battery technologies [22] Conclusion - The conference highlighted Guansheng's robust financial performance, strategic initiatives in new energy, and commitment to sustainability, positioning the company for future growth and resilience in a competitive market [9][23]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [3][13]. Core Views - The company achieved a revenue of 4,020 million yuan in 2024, representing a year-on-year growth of 26%. The net profit attributable to the parent company was 298 million yuan, with a year-on-year increase of 5% [4][6]. - The company is actively advancing its solid-state battery business, having established a research institute in collaboration with Dongchi to enhance R&D and industrialization efforts [8][9]. - The company’s revenue growth is robust across various regions, with North America showing a significant increase of 42% year-on-year [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4,020 million yuan, with a growth rate of 26% year-on-year. The net profit was 298 million yuan, reflecting a 5% increase [4][6]. - The company’s gross margin for 2024 was 25.51%, a decrease of 0.70 percentage points compared to the previous year, primarily due to the impact of lower-margin products [7]. Revenue Breakdown - Revenue by region in 2024: Europe 1,470 million yuan (+14% YoY), North America 910 million yuan (+42% YoY), Asia and Africa 710 million yuan (+13% YoY), domestic 600 million yuan (+78% YoY), South America 320 million yuan (+19% YoY) [6]. - Revenue by product in 2024: Drive shafts 1,480 million yuan (+23% YoY), constant velocity joints 580 million yuan (+9% YoY), wheel hub bearings 660 million yuan (+27% YoY), rubber dampers 390 million yuan (+23% YoY), corner modules 420 million yuan (+40% YoY), and other revenues 480 million yuan (+66% YoY) [6]. Profitability and Cost Analysis - The company incurred sales, management, and R&D expenses totaling 601 million yuan in 2024, a year-on-year increase of 26.46% [7]. - Financial expenses increased to 1.23 million yuan, primarily due to higher convertible bond interest expenses and reduced exchange gains [7]. Future Outlook - The company forecasts net profits of 381 million yuan, 475 million yuan, and 582 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16, 13, and 11 [9][11]. - The report emphasizes the importance of monitoring the industrialization progress of the solid-state battery business, which could provide significant growth potential [9].

冠盛股份 202050403 摘要 Q&A 2024 年冠盛股份在经营业绩方面取得了哪些显著成果？ 冠盛股份坚定践行全体员工走向市场、融入市场的 go to market 策略，对组织 构架与运行机制进行改革创新和优化升级。在业务前端紧密围绕客户需求，确 保产品技术与质量精准对接市场应用。从打造差异化供应链以满足不同客户需 求，到优化各区域客户接待流程，公司注重培养员工敏锐的市场思维与意识， 提高对市场变化的感知与响应速度，为逐步实现由单一供应商向全价值链综合 服务商转型打下坚实基础。 在供应链服务方面，公司有哪些突破？ 2024 年冠盛股份围绕全球仓网统筹一体化管理目标持续深耕，通过定制化创新 服务建立供应链服务中心，以北美仓为标杆，从仓储流程到库存管理进行深度 优化，使得仓储效率显著提升，运营人效提高约 20%。此外，公司加速布局更 多区域仓库，通过自主建设与战略合作相结合，不断完善全球仓网布局，以应 对未来潜在地缘政治风险并满足客户多元化需求。同时，公司建设并完善东南 亚供应链中心项目，在马来西亚生产基地取得重大进展，与兄弟企业携手开拓 海外生产基地，为全球买卖战略目标增添新动力。 公司在新能源领域有哪 ...

●本季度转股情况：自2025年1月1日至2025年3月31日，2025年第一季度转股金额为1,665,000.00元，因 转股形成的股份数量为97,874股。 一、可转债发行上市概况 （一）经中国证券监督管理委员会出具的《关于核准温州市冠盛汽车零部件集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2865号）的核准，温州市冠盛汽车零部件集团股份有限公司 （以下简称"公司"）于2023年1月3日公开发行了6,016,500张可转换公司债券（以下简称"可转债"），每 张面值100元，发行总额60,165万元，期限6年。票面利率为第一年0.30%、第二年0.40%、第三年 0.80%、第四年1.50%、第五年2.00%、第六年3.00%。 （二）经上海证券交易所自律监管决定书〔2023〕11号文同意，公司60,165万元可转债于2023年2月6日 起在上海证券交易所挂牌交易，债券简称"冠盛转债"，债券代码"111011"。 （三）根据有关规定和《温州市冠盛汽车零部件集团股份有限公司公开发行可转换公司债券募集说明 书》（以下简称"《募集说明书》"）的相关约定，公司本次发行的"冠盛转债"自2023 ...

| 证券代码：605088 | 证券简称：冠盛股份 | 公告编号：2025-025 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： ●累计转股情况：截至 2025 年 3 月 31 日，累计共有 260,521,000.00 元"冠 盛转债"已转换成公司股票，累计转股数 14,917,377 股，占可转债转股前公司 已发行股份总额的 8.9975%。 ●未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"冠盛转债"金 额为人民币 341,129,000，占冠盛转债发行总量的比例为 56.6989%。 （二）经上海证券交易所自律监管决定书〔2023〕11 号文同意，公司 60,165 万元可转债于 2023 年 2 月 6 日起在上海证券交易所挂牌交易，债券简称"冠盛 转债"，债券代码"111011"。 1 ●本季度转股情况：自 ...

2025 年 04 月 02 日 冠盛股份 (605088) 一年内股价与大盘对比走势： 04-01 05-01 06-01 07-01 08-01 09-01 10-01 11-01 12-01 01-01 02-01 03-01 04-01 -50% 0% 50% 100% 冠盛股份 沪深300指数 (收益率) 相关研究 《冠盛股份（605088）点评：短期费用压 力，不改长期增长趋势》 2024/10/30 《冠盛股份（605088）点评：高速增长下 经营质量的挑战不改长趋势》 2024/08/23 《冠盛股份（605088）点评：销量结构改 善提振毛盈利水平，海外布局厚积薄发》 2024/04/26 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 —— 海外大客户突破稳经营，固态电池提供估值弹性 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 01 日 | | --- | --- | | 收盘价（元） | 38.52 | | 一年内最高/最低（元） | 45.00/16.50 | | 市净率 | 3.0 | ...