证券代码：605555 证券简称：德昌股份 公告编号：2024-049 宁波德昌电机股份有限公司 关于投资建设年产 120 万台智能厨电产品生产项目的公告 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。 二、投资项目的基本情况 1、项目名称：年产 120 万台智能厨电产品生产项目 2、建设地址：本项目建设地址位于宁波余姚朗霞街道，截至目前，所涉土 地尚在招拍挂前期准备工作阶段。 重要内容提示： 1、本项目尚处于初始阶段，已通过建设项目初审，尚未取得项目用地，需 要通过招拍挂方式进行竞拍，竞拍结果存在不确定风险。竞得土地后，项目须经 投资项目备案审批、以及节能审查、规划许可、环境影响评价等报建审批工作， 项目审批能否通过存在不确定性风险； 2、项目建设过程中如因宏观经济政策、公司实际发展情况或市场环境等因 素发生变化，项目的实施可能存在顺延、变更、中止或终止的风险； 3、投资项目的运营与市场供求、国家产业政策、行业竞争情况、技术进步、 公司管理及人才等因素密切相关，上述任何因素的变动都可能对投资项目的预期 效益带来不确定性。 敬 ...

宁波德昌电机股份有限公司 第二届董事会第十五次会议决议公告 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： 一、董事会会议召开情况 宁波德昌电机股份有限公司（以下简称"公司"）第二届董事会第十五次会 议于2024年12月20日以现场结合通讯方式在公司会议室召开。本次董事会已于 2024年12月17日以电子邮件、电话等方式通知全体董事。会议由董事长黄裕昌先 生主持，会议应出席董事7人，实际出席董事7人。本次会议的召集和召开符合《 公司法》等有关法律法规及《公司章程》、《董事会议事规则》的规定。 二、董事会会议审议情况 1、审议通过《关于投资建设泰国厂区年产 500 万台家电产品建设项目的议 案》 证券代码：605555 证券简称：德昌股份 公告编号：2024-047 表决情况：7 票同意，0 票弃权，0 票反对。 2、审议通过《关于投资建设年产 120 万台智能厨电产品生产项目的议 案》 本议案已经公司 2024 年第五次董事会战略委员会会议审阅，董事会战略委 员会提出建议，认为：本次投资基于公司实际业务需求，有利 ...

证券代码：605555 证券简称：德昌股份 公告编号：2024-046 宁波德昌电机股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 问题 2：目前 IPO 的募投 734 万台小家电进度如何，能否具体介绍一下？ 公司答复：尊敬的投资者您好，公司"年产 734 万台小家电产品建设项目" 系为扩大各类小家电的生产规模，建设地址为宁波余姚，该项目完工日期预计为 2024 年 12 月，感谢您的关注和提问。 问题 3：截至第三季度，汽车零部件的营收是多少，净利润多少？ 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。 宁波德昌电机股份有限公司（以下简称"公司"）于 2024 年 11 月 20 日（星 期三） 16:00-17:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/），通过网络互动的方式召开了 2024 年第三季 度业绩说明会（以下简称"说明会"），现将有关事项公告如下： 一、本次说明会的召开情况 公司于 2024 年 1 ...

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company's home appliance business continues to grow with new customers and product categories, contributing to sustained revenue growth. The automotive parts business is also expanding rapidly, improving profitability [2][3] - The company achieved a revenue of 2.99 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 40.3%. The net profit attributable to shareholders was 300 million yuan, up 14.5% year-on-year [2] - The gross margin for Q3 2024 decreased by 2.1 percentage points to 17.4% due to high base effects from the previous year and increased depreciation costs [3] Financial Summary - Revenue projections for 2024-2026 are 3.66 billion yuan, 4.59 billion yuan, and 5.56 billion yuan, respectively, with growth rates of 32.01%, 25.41%, and 20.98% [4] - The net profit attributable to shareholders is forecasted to be 403.45 million yuan in 2024, 508.90 million yuan in 2025, and 625.83 million yuan in 2026, with growth rates of 25.23%, 26.14%, and 22.98% respectively [4] - The earnings per share (EPS) are projected to be 1.08 yuan in 2024, 1.37 yuan in 2025, and 1.68 yuan in 2026 [4] - The return on equity (ROE) is expected to improve from 11.79% in 2023 to 15.62% in 2026 [4] Business Development - The home appliance segment is expected to continue its growth trajectory through partnerships, such as the collaboration with SharkNinja, which is anticipated to drive revenue growth [2] - The automotive parts business is expanding its customer base, including partnerships with well-known suppliers, and is expected to achieve economies of scale as projects move into mass production [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [3][11]. Core Insights - The company achieved a revenue of 2.99 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 40.33%. The net profit attributable to the parent company was 300 million yuan, up 14.50% year-on-year [1]. - In Q3 2024, the company reported a revenue of 1.12 billion yuan, a year-on-year increase of 42.99%, while the net profit was 94.44 million yuan, reflecting a growth of 2.78% year-on-year [1]. - The company is actively pursuing a multi-category strategy, with significant contributions from its home appliance and automotive parts businesses, and has begun production of dishwashers following certifications [1]. - The gross margin for Q3 2024 was 17.4%, down 2.1 percentage points year-on-year, primarily due to depreciation from new facilities and the investment phase of new businesses [1]. - The company is expected to achieve net profits of 390 million, 490 million, and 590 million yuan for the years 2024, 2025, and 2026 respectively, with adjusted profit forecasts due to short-term gross margin pressures [1]. Financial Data Summary - The company’s projected revenue for 2024 is 3.84 billion yuan, with a growth rate of 38.54%. By 2026, revenue is expected to reach 5.53 billion yuan, with a growth rate of 16.60% [2][6]. - The net profit attributable to the parent company is forecasted to be 389.56 million yuan in 2024, increasing to 585.13 million yuan by 2026, with corresponding growth rates of 20.91% and 19.42% [2][6]. - The earnings per share (EPS) is projected to be 1.05 yuan in 2024, rising to 1.57 yuan in 2026 [2][6]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 19.05 in 2024 to 12.68 in 2026, indicating improving valuation metrics [2][6].

今天非常荣幸协助公司主持本场会议。首先介绍一下本场会议的参会嘉宾,包括德昌股份财务总监齐总以及公司的证券事务代表黄总。 那德昌股份的话一直是我们团队重点推荐和跟踪的公司看到公司三级报的话也是非常有亮点的首先这个单三级度的这个收入增速达到这个43%也是超过我们今天这个预期 也看到公司这个Shark Ninja和HOT这两个大客户这个通项目的话也是持续的一个放量那进入九月份的话汽车电机的话也是进入旺季然后这个每个月的这个量的话也都是比较大的 所以整个收入表现是非常亮眼的而且也看到这些新客户然后不断的给这个新订单然后也包括了一些新的品类的订单这个都给后续家电代工业的一个长期发展的话建立了很好的一个基础 那么在利润维度的话 确实受到了汇率的一些影响 包括美元利息的减少 然后还有汇兑损失这块有些增加那如果提出汇率的这个波动的话 公司的企业地的话也是比较稳定的我们预计公司的贷款这个经济的话也不能稳定在10%左右 那长期围固来看的话,公司也有向希望提一些新的项目,然后包括汽车片GEO的话也会持续的放量,让公司绑定了这个非常优质的大客户,然后未来几年的这个增速的话也是。 会继续维持比较好的一个增长所以我们具体强调就是看好德昌 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a significant revenue increase of 40.33% year-on-year, reaching 2.987 billion yuan in the first three quarters of 2024, while net profit grew by 14.50% to 302 million yuan [2]. - The revenue growth is attributed to the expansion of new product categories with major clients and the ramp-up of the automotive EPS motor business [2]. - The report forecasts revenue for 2024-2026 to be 3.969 billion, 4.975 billion, and 6.080 billion yuan, with corresponding year-on-year growth rates of 43.0%, 25.3%, and 22.2% [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 1.124 billion yuan, a year-on-year increase of 42.99%, and a net profit of 94 million yuan, up 2.78% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 17.58%, down 0.75 percentage points year-on-year, while the net profit margin was 10.10%, down 2.28 percentage points [2]. - The company’s financial metrics indicate a projected PE ratio of 18, 14, and 11 for the years 2024, 2025, and 2026, respectively [3][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's home appliance OEM business is expected to gradually expand its revenue boundaries by binding with advantageous major clients, while new projects such as dishwashers and automotive motors are anticipated to drive profit growth [2]. - The SharkNinja and HOT major clients are projected to maintain high growth momentum due to new project contributions, with HOT expected to achieve high double-digit growth and SharkNinja projected to double its quarterly growth [2]. - The automotive motor business is entering a peak season, with expectations for improved profitability as scale increases [2]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 1.124 billion yuan, representing a year-on-year increase of 40.33%, and a net profit of 302 million yuan, up 14.5% year-on-year [3]. - The gross profit margins for Q1, Q2, and Q3 of 2024 were 17.4%, 17.9%, and 17.4%, respectively, with a year-on-year change of -0.7%, +0.6%, and -2.1 percentage points [2]. - The net profit margin for Q1, Q2, and Q3 of 2024 showed year-on-year changes of +2.87%, -4.89%, and -3.29% respectively, primarily due to increased exchange losses and reduced dollar interest [2]. Revenue and Profit Forecast - The company forecasts revenue growth from 2.775 billion yuan in 2023 to 3.807 billion yuan in 2024, representing a year-on-year increase of 37.2% [4]. - The projected net profit for 2024 is 408 million yuan, reflecting a year-on-year growth of 26.6% [4]. - The expected EPS for 2024 is 1.10 yuan, with a P/E ratio of 18.0 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][5]. Core Insights - The company's revenue exceeded expectations with a total of 2.987 billion yuan for Q1-Q3 2024, representing a year-on-year growth of 40%. However, the net profit of 302 million yuan was below expectations, primarily due to foreign exchange losses from the appreciation of the RMB against the USD [4][6]. - The small appliance segment is experiencing rapid growth, with strategic partnerships expected to double orders for the year. The company is also expanding its product offerings, including the introduction of dishwashers [5][6]. - The automotive parts business is showing stable profitability, with a projected net profit margin exceeding 5% for H1 2024. The company has secured new projects with significant sales potential [6][5]. Financial Summary - For 2024, the company is projected to achieve total revenue of 3.677 billion yuan, with a year-on-year growth rate of 32.5%. The net profit is expected to reach 398 million yuan, reflecting a growth rate of 23.7% [8][9]. - The earnings per share (EPS) is forecasted to be 1.07 yuan for 2024, with a corresponding price-to-earnings (PE) ratio of 19 [8][9]. - The company's gross margin is expected to stabilize around 18% for 2024, with a return on equity (ROE) projected at 13.3% [8][9].

德昌股份（ [Table_StockNameRptType] 605555） 公司点评 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|-------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...