Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has maintained high revenue growth, with a reported revenue of 4.095 billion yuan in 2024, representing a year-on-year increase of 47.56%. The net profit attributable to shareholders was 411 million yuan, up 27.51% [5] - In Q1 2025, the company achieved a revenue of 1 billion yuan, reflecting a growth of 21.33%, while the net profit attributable to shareholders decreased by 4.97% to 81 million yuan [5] - The company is accelerating its capacity expansion in Southeast Asia, with plans to raise up to 1.524 billion yuan for various projects, including the production of home appliances and high-performance motors [5] - The automotive motor segment is expected to see significant growth, with revenue from this segment increasing by 104.5% year-on-year in 2024 [5] Financial Summary - The company reported a gross margin of 17.36% in 2024, with the automotive motor segment showing a significant increase in gross margin due to scale effects [6] - The projected revenues for 2025, 2026, and 2027 are 5.248 billion yuan, 6.520 billion yuan, and 7.867 billion yuan, respectively, with year-on-year growth rates of 28.2%, 24.2%, and 20.7% [7] - The earnings per share (EPS) are expected to be 1.35 yuan in 2025, 1.70 yuan in 2026, and 2.10 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 14.8, 11.7, and 9.5 [7]

Core Viewpoint - Dechang Co., Ltd. has achieved significant growth in both its home appliance and automotive parts businesses, with a notable increase in revenue and net profit for the year 2024 [1][2]. Group 1: Financial Performance - In 2024, Dechang Co. reported a revenue of 4.095 billion yuan, representing a year-on-year increase of 47.56% [1] - The net profit attributable to shareholders reached 411 million yuan, up 27.51% year-on-year [1] - The net profit excluding non-recurring gains and losses was 393 million yuan, reflecting a growth of 24.93% [1] Group 2: Business Segments - The home appliance segment generated a revenue of 2.124 billion yuan from vacuum cleaners, marking a 30.22% increase [1] - The small home appliance segment achieved a revenue of 1.386 billion yuan, with a remarkable growth of 68.60% [1] - The automotive parts business, initiated in 2017, generated 412 million yuan in revenue for 2024, a substantial increase of 104.54% [2] Group 3: Strategic Initiatives - Dechang Co. plans to raise up to 1.524 billion yuan through a private placement to fund various projects, including the construction of manufacturing facilities in Thailand and Vietnam [2][3] - The company aims to alleviate capacity constraints in its small home appliances and EPS motor products, enhancing supply and profitability [2][3] - As of the end of 2024, the total investment from the IPO proceeds reached 1.487 billion yuan, with an investment progress of 98.16% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue met expectations, but the performance was below expectations. In Q1 2025, the company achieved revenue of 1 billion yuan, a year-on-year increase of 21%, while the net profit attributable to the parent company was 81 million yuan, a year-on-year decrease of 5% [6] - The company announced a shareholder dividend return plan for the next three years (2025-2027), with minimum cash dividend ratios of 80%, 40%, and 20% for different stages of business maturity [6] - The home appliance business is experiencing rapid order growth, with increased market share from major clients and new project contributions. The automotive parts business is entering a revenue realization phase, contributing to growth [6] - The automotive parts business saw revenue of 412 million yuan in 2024, a year-on-year increase of 104.54%, with a gross margin increase of 11.37 percentage points to 21.65% [6] - The company maintains profit forecasts for 2025-2027 at 472 million, 536 million, and 673 million yuan, with year-on-year growth rates of 15.0%, 13.6%, and 25.4% respectively, corresponding to PE ratios of 16, 14, and 11 [6] Financial Data and Profit Forecast - Total revenue forecast for 2024 is 4,095 million yuan, with a projected growth rate of 47.6%. For 2025, the revenue is expected to be 5,158 million yuan, with a growth rate of 26.0% [2][8] - The net profit attributable to the parent company is forecasted to be 411 million yuan in 2024, with a year-on-year growth of 27.5%, and is expected to reach 472 million yuan in 2025, reflecting a growth of 15.0% [2][8] - The gross margin is projected to be 18.0% in 2025, with a return on equity (ROE) of 14.2% [2][8] Market Data - As of April 28, 2025, the closing price of the stock is 19.91 yuan, with a market capitalization of 7,414 million yuan [3] - The stock has a price-to-book ratio of 2.5 and a dividend yield of 1.76% based on the most recent dividend announcement [3]

2024 公司实现毛利率17.36%，同比-1.8pct，销售/管理/研发/财务费用率分别为0.4%/4.2%/3.4%/-1.9%， 同比+0.0/-0.2/-0.3/+1.0pct。财务费用变动主要系汇兑收益同比减少及美元资产结汇减少。 公司前瞻性布局东南亚生产基地，2019 年开始便启动建设。根据公司年报，近两年公司投资"新建越南 厂区年产 300 万台小家电产品项目"、"泰国厂区年产 500 万台家电产品建设项目"，多国基地布局确保 了产品供应的稳定性和灵活性，应对了美国收入占比较高的风险。 投资建议：我们预计公司25-27 预计分别实现归母净利润5/6.1/7.6 亿元，同比+22%/+22%/+24%，当前 股价对应PE 估值分别为15/12/10 倍，维持"强烈推荐"投资评级。 公司发布年报，2024 年实现总营收41 亿元，同比+48%；实现归母净利润4.1 亿元，同比+28%；实现扣 非归母净利润3.9 亿元，同比+25%。24Q4 实现营收11亿元，同比+71%；实现归母净利润1.1 亿元，同 比+86%；扣非归母净利润1.1亿元，同比+86%。 家电快速增长，充分受益新客户和新品类订单拉 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue is projected to grow from 2.775 billion yuan in 2023 to 7.422 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.3% [4] - The net profit attributable to shareholders is expected to increase from 322 million yuan in 2023 to 721 million yuan in 2027, with growth rates of 7.9%, 27.5%, 15.0%, 24.5%, and 22.7% for the respective years [4] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] Investment Strategy - The company aims to optimize its domestic and overseas production layout, focusing on the construction of new facilities in Thailand and Vietnam to enhance its product offerings [2] - The report anticipates a steady increase in net profit for the years 2025 to 2027, with expected figures of 4.7 billion yuan, 5.9 billion yuan, and 7.2 billion yuan respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue projections for 2025-2027 are 5.039 billion yuan, 6.169 billion yuan, and 7.422 billion yuan, with year-on-year growth rates of 23.0%, 22.4%, and 20.3% respectively [4] - The net profit attributable to shareholders is expected to be 472 million yuan in 2025, 588 million yuan in 2026, and 721 million yuan in 2027, with growth rates of 15.0%, 24.5%, and 22.7% respectively [4] - The latest diluted EPS is projected to be 1.27 yuan in 2025, increasing to 1.94 yuan by 2027 [4]

公司最近五年不存在被证券监管部门和证券交易所处罚的情况。 二、公司最近五年被证券监管部门和证券交易所采取的监管措施及整改情 况 2024 年 5 月 10 日，公司收到中国证监会宁波监管局下发的《关于对宁波德 昌电机股份有限公司、齐晓琳采取出具警示函措施的决定》（[2024]23 号）， 对公司未及时披露部分项目延期、未及时披露部分项目变更的情况采取监管措施。 具体内容详见公司于 2024 年 5 月 11 日在上海证券交易所网站（www.sse.com.cn） 披露公告（公告编号：2024-030）。在收到上述警示函之后，公司已对上述募集 资金披露问题进行了整改。 证券代码：605555 证券简称：德昌股份 公告编号：2025-017 宁波德昌电机股份有限公司 关于最近五年被证券监管部门和证券交易所采取处罚或监管措施的 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。 宁波德昌电机股份有限公司（以下简称"公司"）自上市以来始终严格按照 《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、法规、规范 性文件及《公司章 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-018 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"）2025 年度向特定对象发 行 A 股股票相关事项已经公司第二届董事会第十七次会议和第二届监事会第十 二次会议审议通过。现就本次向特定对象发行股票公司不存在直接或通过利益相 关方向参与认购的投资者提供财务资助或补偿事宜承诺如下： 本公司不存在向参与认购的投资者做出保底保收益或变相保底保收益承诺 的情形，不存在直接或通过利益相关方向参与认购的投资者提供财务资助、补偿、 承诺收益或其他协议安排的情形。 特此公告。 宁波德昌电机股份有限公司 宁波德昌电机股份有限公司 关于向特定对象发行 A 股股票不存在直接或通过利益相关方向参与 认购的投资者提供财务资助或补偿的公告 董事会 2025 年 4 月 29 日 ...

宁波德昌电机股份有限公司 前次募集资金使用情况报告 根据中国证券监督管理委员会《监管规则适用指引——发行类第 7 号》的相 关规定，本公司将截至 2024 年 12 月 31 日止前次募集资金使用情况报告如下： 一、前次募集资金基本情况 2021 年 9 月 17 日，经中国证券监督管理委员会证监许可〔2021〕3062 号文 《关于核准宁波德昌电机股份有限公司首次公开发行股票的批复》核准，公司公 开发行人民币普通股（A 股）总量为 50,000,000.00 股，每股面值 1.00 元，每 股发行价格 32.35 元，募集资金总额为人民币 1,617,500,000.00 元；扣除发行 费用后，实际募集资金净额为人民币 1,487,277,163.20 元。上述资金已于 2021 年 10 月 15 日到位，立信会计师事务所（特殊普通合伙）于 2021 年 10 月 15 日 对公司本次公开发行新股的资金到位情况进行了审验，并出具了信会师报字 [2021]第 ZA15679 号《验资报告》。 为规范募集资金的存储、使用和管理，切实保护投资者合法权益，公司根据 《上市公司监管指引第 2 号-上市公司募集资金管 ...

宁波德昌电机股份有限公司 未来三年（2025-2027 年）股东分红回报规划 为完善和健全宁波德昌电机股份有限公司（以下简称"公司"）科学、持续、稳定、 透明的分红决策和监督机制，积极回报投资者，引导投资者树立长期投资和理性投资理 念，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 3 号——上市公司现金分红》等相关法律法规、规范性文件以及《宁波德昌电机股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，在充分考虑公司实际经营情况及未 来发展需要的基础上，公司制定了《宁波德昌电机股份有限公司未来三年（2025-2027 年）股东分红回报规划》。 公司未来三年（2025-2027 年）股东分红回报规划主要内容如下： （一）公司利润分配原则 （二）公司利润分配形式 公司可以采取现金、股票、现金股票相结合及其他合法的方式分配股利，但利润分 配不得超过累计可分配利润的范围。在满足公司现金支出计划的前提下，公司可根据当 期经营利润和现金流情况进行中期现金分红。 （三）现金分红条件和比例 在公司当年实现的净利润为正数且当年末公司累计未分配利润为正数的情况下，公 司应当进行现金分红，以现金 ...