Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has experienced significant revenue growth driven by the ramp-up of new projects, with a year-on-year revenue increase of 40.33% to 2.987 billion yuan for the first three quarters of 2024 [1]. - Despite the revenue growth, the profit margins have declined due to foreign exchange pressures, with the net profit for the first three quarters of 2024 increasing by only 14.50% to 302 million yuan [1]. - The gross margin has decreased, with a year-on-year drop of 0.75 percentage points to 17.58% for the first three quarters of 2024 [2]. - The company expects net profits for 2024-2026 to grow at rates of 25.5%, 24.2%, and 22.8% respectively, indicating a positive outlook [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.987 billion yuan, with a quarterly revenue of 1.124 billion yuan in Q3, reflecting a 42.99% year-on-year increase [1]. - The net profit for Q3 2024 was 94 million yuan, a 2.78% increase year-on-year, while the net profit excluding foreign exchange effects was 107 million yuan, up 15.43% [1]. - The company’s projected revenues for 2024, 2025, and 2026 are 3.83 billion yuan, 4.65 billion yuan, and 5.57 billion yuan respectively, with corresponding growth rates of 38.0%, 21.4%, and 19.9% [3]. Profitability Metrics - The net profit margin for the first three quarters of 2024 decreased by 2.28 percentage points to 10.10% [2]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.09 yuan, with a P/E ratio of 18.3 [3]. - The return on equity (ROE) is expected to improve from 11.8% in 2022 to 16.9% by 2026 [3].

证券代码：605555 证券简称：德昌股份 公告编号：2024-045 宁波德昌电机股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 投资者可于 2024 年 11 月 13 日(星期三) 至 11 月 19 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@dechang-motor.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 宁波德昌电机股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年度第三季度经营成果、财务状况，公司计划于 2024 年 11 月 20 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度经营 成果及财务指标的具体情况 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,124,465,678.50, representing a year-on-year increase of 42.99%[2] - The net profit attributable to shareholders for Q3 2024 was ¥94,439,411.38, with a slight increase of 2.78% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥91,134,331.76, reflecting a year-on-year growth of 0.24%[2] - Total operating revenue for the first three quarters of 2024 reached ¥2,986,808,837.66, a 40.5% increase from ¥2,128,461,093.81 in the same period of 2023[13] - Net profit attributable to shareholders for the first three quarters of 2024 was ¥301,567,266.86, compared to ¥263,380,338.34 in 2023, marking a 14.5% increase[15] - Total comprehensive income for the third quarter of 2024 reached ¥292,082,132.48, an increase from ¥273,773,694.19 in the same period of 2023[16] - Basic and diluted earnings per share for Q3 2024 were both ¥0.81, up from ¥0.71 in Q3 2023, representing a growth of approximately 14.08%[16] Assets and Liabilities - The total assets as of the end of Q3 2024 amounted to ¥4,884,819,552.59, an increase of 14.32% from the end of the previous year[3] - Total assets as of the end of the third quarter of 2024 amounted to ¥4,884,819,552.59, up from ¥4,272,760,377.44 at the end of the same period in 2023[12] - Total liabilities increased to ¥1,991,352,761.98 from ¥1,541,049,439.31, indicating a rise in financial obligations[12] - Non-current assets totaled ¥1,638,840,088.25, compared to ¥1,288,998,954.60 in the previous year, showing growth in long-term investments[12] Cash Flow - The company reported a cash flow from operating activities of ¥262,716,738.41 for the year-to-date, which is a decline of 19.39% year-on-year[2] - Cash inflow from operating activities for the first three quarters of 2024 was ¥3,047,651,646.70, compared to ¥1,988,980,924.36 in the same period of 2023, indicating a significant increase of 53.23%[17] - Cash outflow from operating activities totaled ¥2,784,934,908.29 for the first three quarters of 2024, up from ¥1,663,054,376.85 in 2023, reflecting a rise of 67.47%[17] - Net cash flow from operating activities for the first three quarters of 2024 was ¥262,716,738.41, down from ¥325,926,547.51 in 2023, a decrease of 19.36%[17] - Cash inflow from investment activities was ¥2,245,641,236.82 for the first three quarters of 2024, compared to ¥141,761,777.94 in 2023, marking a substantial increase[18] - Cash outflow from investment activities reached ¥2,436,421,550.87 in the first three quarters of 2024, up from ¥379,329,203.74 in 2023, indicating a rise of 542.73%[18] - Net cash flow from investment activities was -¥190,780,314.05 for the first three quarters of 2024, an improvement from -¥237,567,425.80 in 2023[18] - Cash inflow from financing activities was ¥654,375,000.00 in the first three quarters of 2024, compared to ¥300,000,000.00 in 2023, showing an increase of 118.125%[18] - The ending balance of cash and cash equivalents as of the end of Q3 2024 was ¥1,082,039,413.97, a slight decrease from ¥1,648,204,865.73 at the end of Q3 2023[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,803, with the top ten shareholders holding a combined 86.35% of shares[7] - The top shareholder, Huang Yuchang, holds 24.36% of the shares, indicating a strong concentration of ownership[7] - The company has not reported any significant changes in shareholder relationships or actions regarding share lending during the reporting period[8] Operational Insights - The increase in operating revenue is primarily driven by the gradual ramp-up of new projects contributing significantly to revenue growth[6] - The company is focusing on new project development and market expansion strategies to enhance revenue growth[8] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[12] Research and Development - Research and development expenses for the first three quarters of 2024 were ¥97,509,358.84, compared to ¥70,495,105.96 in the same period of 2023, reflecting a 38.3% increase in R&D investment[13] Inventory and Receivables - Accounts receivable increased to RMB 1,227.26 million, up from RMB 904.28 million at the end of 2023, indicating a growth of approximately 36%[10] - Inventory levels rose to RMB 519.33 million, compared to RMB 375.74 million at the end of 2023, reflecting a 38% increase[10] - The company reported a significant decrease in trading financial assets, which fell to RMB 70.59 million from RMB 320.52 million[10] - The total current assets amounted to RMB 3,245.98 million, an increase from RMB 2,983.76 million at the end of 2023[10]

证券代码：605555 证券简称：德昌股份 公告编号：2024-044 宁波德昌电机股份有限公司 关于 2024 年半年度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 10 月 9 日（星 期三） 15:00-16:00 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 年半年度 业绩说明会（以下简称"说明会"），现将有关事项公告如下： 公司于 2024 年 8 月 29 日在上海证券交易所官网（www.sse.com.cn）披露了 《关于召开 2024 年半年度业绩说明会的公告》（公告编号：2024-042）。本次 业绩说明会于 2024 年 10 月 9 日 15:00-16:00 召开，公司董事长兼总经理黄裕昌 先生、董事会秘书齐晓琳女士、财务总监许海云女士、独立董事陈希琴女士、独 立董事马良华先生参加了本次业绩说 ...

证券代码：605555 证券简称：德昌股份 公告编号：2024-043 宁波德昌电机股份有限公司 关于签署募集资金专户存储四方监管协议的公告 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。 宁波德昌电机股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开 第二届董事会第十三次会议，审议通过了《关于部分募投项目增加实施主体及实 施地点的议案》：同意公司新增全资子公司宁波德昌科技有限公司（以下简称"德 昌科技"）作为募投项目"德昌电机年产 300 万台 EPS 汽车电机生产项目"的实 施主体，增加实施主体后，公司根据项目实际需求，以借款形式拨付募集资金至 德昌科技专户使用，以推进募投项目的实施，授权公司管理层全权办理开设专户、 签署监管协议以及借款事项的具体工作，具体内容详见公司于 2024 年 8 月 29 日 在上海证券交易所网站（www.sse.com.cn）披露的《关于部分募投项目增加实施 主体及实施地点的公告》（公告编号：2024-041）。截至本公告日，德昌科技已 开设专户并会同公司、保荐机构中信证券 ...

家电业务蓬勃发展，EPS 电机高速增长 ——2024 年半年报点评 证 券 研 究 报 告 公 司 研 究 公 司 点 评 ◼ 事件描述 2024 年 8 月 28 日，德昌股份发布 2024 年半年报。24H1，公司实现营 业收入 18.62 亿元（同比+38.77%），归母净利润 2.07 亿元（同比 +20.78%），剔除汇兑收益影响后的净利润 1.89 亿元（同比+44.00%）。 24Q2，公司实现营业收入 10.38 亿元（同比+33.42%，环比+25.86%）， 归母净利润 1.22 亿元（同比-5.80%，环比+42.85%），扣非归母净利润 1.14 亿元（同比-9.41%，环比+40.43%）。24H1 销售毛利率为 17.70%， 同比+0.04pct；24H1 销售净利率为 11.12%，同比-1.66pct。24Q2 销售 毛利率为 17.91%，同比+0.58pct，环比+0.48pct；24Q2 销售净利率为 11.74%，同比-4.89pct，环比+1.40pct。 ◼ 核心观点 24H1 家电、汽零业务蓬勃发展，收入同比增长显著。24H1，家电业 务实现营业收入 16.44 ...

德昌股份(605555) 公司研究/公司深度 | --- | |-------| | | | | | --- | |-------| | | | | | --- | |-------| | | | | "小家电+汽零"双轮驱动，受益于出海和国产替代 ——首次覆盖深度报告 ◼ 核心观点 吸尘器、小家电代工领跑者，EPS 电机构筑新增长极。公司是中国十 大吸尘器出口企业、浙江省绿色工厂、浙江省隐形冠军培育企业。公 司依托电机领域的技术优势，深度布局小家电和汽车零部件领域，聚 焦客户需求，以创新驱动发展，通过规模化、专业化、国际化路径， 践行"以吸尘器为基础业务、以多元小家电为成长性业务、以 EPS 电 机为战略性业务"的战略。 吸尘器出口景气回升，多元小家电业务崭露头角。公司已与 TTI、HOT、 SharkNinja 等国际龙头家电品牌商达成战略合作，产品覆盖地面清洁 电器、环境家居电器、个人护理电器等。据海关总署，2024 年 1~5 月 吸尘器累计出口数量为 6194 万台（同比+25.2%），吸尘器累计出口金 额为 223.64 亿元（同比+13.7%）。截至 2023 年末，公司在研新项目 28 个，覆 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company's revenue performance aligns with the mid-year forecast, achieving a revenue of 1.862 billion yuan in H1 2024, representing a 39% year-on-year growth. The net profit attributable to shareholders reached 207 million yuan, up 21% year-on-year [4][5]. - The small home appliance segment is experiencing rapid growth, with significant contributions from major clients. The home appliance business generated 1.644 billion yuan in revenue, a 37% increase year-on-year, while the automotive parts business saw a 69% increase, reaching 148 million yuan [4][5]. - The automotive parts business is entering a phase of rapid growth, with a net profit margin expected to exceed 5% in H1 2024. The company has established partnerships with several leading global clients and is focusing on high-value projects [5]. Financial Summary - For H1 2024, the company reported total revenue of 1.862 billion yuan, with a year-on-year growth rate of 38.8%. The net profit attributable to shareholders was 207 million yuan, reflecting a 20.8% increase [7]. - The company forecasts revenues of 3.677 billion yuan, 4.537 billion yuan, and 5.561 billion yuan for 2024E, 2025E, and 2026E respectively, with corresponding year-on-year growth rates of 32.5%, 23.4%, and 22.6% [7]. - The earnings per share (EPS) are projected to be 1.17 yuan, 1.40 yuan, and 1.60 yuan for 2024E, 2025E, and 2026E respectively, indicating a positive growth trajectory [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [10]. Core Views - The company reported a strong revenue growth of 38.8% year-on-year, reaching 1.86 billion yuan in the first half of 2024, with a net profit of 210 million yuan, up 20.8% year-on-year [1]. - The core home appliance business showed robust growth, with revenue of 1.644 billion yuan, a 37% increase year-on-year, driven by strong performance in vacuum cleaners and a growing multi-category product matrix [1]. - The automotive motor business also saw significant growth, with revenue of 148 million yuan, a 68.88% increase year-on-year, and the addition of seven new projects with a total sales value exceeding 1.5 billion yuan [1]. - The report anticipates that the pressure from high base effects on net profit margins has passed, and profitability is expected to improve in the second half of the year due to economies of scale in the automotive motor business [1]. Financial Summary - The company achieved a revenue of 2.775 billion yuan in 2023, with a projected revenue growth of 34% to 3.71 billion yuan in 2024, and further growth to 4.669 billion yuan in 2025 and 5.634 billion yuan in 2026 [2][6][7][8]. - Net profit is expected to grow from 322 million yuan in 2023 to 407 million yuan in 2024, 520 million yuan in 2025, and 644 million yuan in 2026, reflecting growth rates of 26%, 28%, and 24% respectively [2][6][7][8]. - The earnings per share (EPS) is projected to increase from 0.87 yuan in 2023 to 1.09 yuan in 2024, 1.40 yuan in 2025, and 1.73 yuan in 2026 [2][6][7][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 18.9 in 2023 to 14.9 in 2024, and further to 11.7 in 2025 and 9.4 in 2026, indicating an attractive valuation [2][6][7][8].

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 1.86 billion yuan in H1 2024, representing a year-on-year growth of 38.8%. The net profit attributable to the parent company was 210 million yuan, up 20.8% year-on-year [1]. - The company is experiencing strong growth in its core products, with significant revenue contributions from its home appliance and automotive parts businesses, which generated 1.64 billion yuan and 150 million yuan respectively in H1 2024, reflecting year-on-year increases of 37% and 69% [1]. - The company is actively expanding its market presence, with new projects such as dishwashers beginning production and certifications obtained for European markets [1]. Financial Performance - The gross profit margin for H1 2024 was 17.7%, consistent with the previous year, while the net profit margin for Q2 2024 was 11.7%, down 4.9 percentage points year-on-year. However, excluding financial expenses, the net profit margin was approximately 9.0%, an increase of 1.5 percentage points year-on-year [1]. - The company is expected to achieve net profits of 430 million yuan, 540 million yuan, and 630 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14.3x, 11.4x, and 9.6x [1][2]. Growth Drivers - The company is making significant progress in its automotive parts business, with key clients such as Nidec, ZF, and JTEKT, and is enhancing its technical capabilities [1]. - The introduction of the international small appliance brand SharkNinja is expected to contribute to revenue growth, alongside deepening cooperation with long-term client TTI [1]. - The smart dishwasher production line is expected to commence mass production in 2024, which will gradually contribute to revenue [1].