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 ...

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2025 年第一季度报告 证券代码：605555 证券简称：德昌股份 宁波德昌电机股份有限公司 2025 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 2/12 宁波德昌电机股份有限公司2025 年第一季度报告 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | 营业收入 | 1,000,469,829.44 | 824,559,684.09 | 21.33 | | 归属于上市公司股东的净利润 | 81,048, ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a total revenue of 4.1 billion yuan for 2024, representing a year-over-year increase of 48%, with a net profit attributable to shareholders of 410 million yuan, up 28% year-over-year [1] - In Q4 2024, the company achieved a total revenue of 1.11 billion yuan, marking a 71% year-over-year growth, and a net profit of 110 million yuan, which is an 86% increase year-over-year [1] - The company has diversified its product offerings in the home appliance sector, achieving significant growth in various categories, including a 30% increase in vacuum cleaner sales and a 69% increase in small home appliances [2] - The automotive motor segment saw a remarkable 105% year-over-year growth, with the business achieving its first year of profitability and securing nine new projects [2] Revenue Breakdown - The revenue from vacuum cleaners reached 2.1 billion yuan, up 30% year-over-year [2] - Small home appliances generated 1.39 billion yuan, reflecting a 69% year-over-year increase [2] - The automotive motor segment contributed 410 million yuan, with a year-over-year growth of 105% [2] Profitability Metrics - For 2024, the gross margin was 17.4%, down 1.8 percentage points year-over-year, while the net profit margin was 10.0%, a decrease of 1.6 percentage points year-over-year [3] - In Q4 2024, the gross margin was 16.8%, down 4.9 percentage points year-over-year, with a net profit margin of 9.9%, an increase of 0.7 percentage points year-over-year [3] Expense Ratios - For 2024, the sales, management, R&D, and financial expense ratios were 0.4%, 4.2%, 3.4%, and -2.0%, respectively, with year-over-year changes of +0.0, -0.2, -0.3, and +1.0 percentage points [4] - In Q4 2024, the expense ratios were 0.5%, 4.5%, 3.6%, and -4.1%, with year-over-year changes of -0.0, -0.3, -1.2, and -3.9 percentage points [4] Financial Forecast - The company expects revenues of 5.1 billion yuan, 6.2 billion yuan, and 7.3 billion yuan for 2025, 2026, and 2027, respectively, representing year-over-year growth rates of 24%, 22%, and 19% [5] - The projected net profits for the same years are 499 million yuan, 602 million yuan, and 721 million yuan, with corresponding year-over-year growth rates of 21%, 21%, and 20% [8]

Investment Rating - The investment rating for 德昌股份 is "Add" [4] Core Views - The company reported an annual revenue of 4.09 billion yuan, a year-on-year increase of 47.6%, with a net profit attributable to shareholders of 410 million yuan, up 27.5% year-on-year [1][2] - The home appliance business exceeded expectations, generating 3.51 billion yuan in revenue, a 43% increase year-on-year, while the automotive parts business saw a significant growth of 105%, reaching 410 million yuan [2] - The company achieved a quarterly revenue of 1.11 billion yuan in Q4, reflecting a 71.4% year-on-year increase, primarily driven by the addition of new projects [2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 410 million yuan, with a net profit margin of 10.0%, a decrease of 1.6 percentage points year-on-year [3] - The automotive parts business turned profitable for the first time, with a gross margin of 21.7%, an increase of 11.4 percentage points year-on-year, surpassing the main business of home appliance OEM [3] - The company optimized its expense ratios, with reductions in sales, management, R&D, and financial expense ratios [3] Earnings Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 500 million yuan, 600 million yuan, and 720 million yuan, respectively, representing year-on-year growth rates of 22.0%, 20.4%, and 19.0% [4] - The corresponding price-to-earnings ratios for these years are estimated at 15x, 12x, and 10x [4]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [6][18]. Core Views - The company reported a significant revenue increase of 47.56% year-on-year, reaching 4.095 billion yuan in 2024, with a net profit of 411 million yuan, up 27.51% year-on-year [1][2]. - The automotive parts business showed remarkable growth, achieving a revenue increase of 104.54% year-on-year, with a total sales amount exceeding 2.3 billion yuan from newly added projects [2][4]. - The company is expanding its product lines and customer base, with successful certifications for new products like dishwashers, indicating a proactive approach to market opportunities [2][4]. Financial Performance - In 2024, the company achieved a gross margin of 17.36%, with specific margins for different segments: vacuum cleaners at 15.67%, small appliances at 17.80%, and automotive motors at 21.65% [3]. - The net profit margin for 2024 was 10.0%, reflecting a slight decrease of 1.6 percentage points year-on-year [3]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, with a dividend payout ratio of 31.72% [1]. Revenue and Profit Forecast - The company forecasts continued growth in net profit, estimating 520 million yuan for 2025, 640 million yuan for 2026, and 750 million yuan for 2027, with corresponding P/E ratios of 14.0x, 11.5x, and 9.7x [4][5]. - Revenue is expected to grow at a rate of 26.45% in 2025, 18.83% in 2026, and 16.78% in 2027 [5][12]. Market Position and Strategy - The company is recognized for its comprehensive capabilities in the automotive parts sector, with a supply volume exceeding 2 million units in 2024, indicating a growing scale effect [4]. - Plans for overseas capacity expansion include new factories in Vietnam and Thailand, aimed at ensuring stable and flexible product supply [4]. - The company is committed to deepening its expertise in motor technology, focusing on a strategic development model that includes vacuum cleaners, small appliances, and EPS motors [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing rapid growth across multiple business segments, with significant contributions from its home appliance and automotive parts divisions. The production capacity in Vietnam and Thailand is already established, and there is a strong order backlog in the automotive parts sector, benefiting from domestic substitution potential [7][9] - Revenue projections for 2025-2027 are estimated at 5.18 billion, 6.30 billion, and 7.47 billion yuan, reflecting year-on-year growth rates of 26.4%, 21.7%, and 18.7% respectively. The net profit attributable to the parent company is forecasted to be 500 million, 610 million, and 740 million yuan, with corresponding growth rates of 22.7%, 21.8%, and 20.0% [7][10] Revenue Analysis - All three major business segments are accelerating in growth, with significant increases in revenue across the board. The company reported a revenue of 4.095 billion yuan for 2024, a year-on-year increase of 47.6% [9][10] Profitability Analysis - The company’s profitability is enhanced by foreign exchange gains. The gross margin for 2024 is projected to be 17.4%, with a gradual increase expected in subsequent years [10][12] - The net profit margin for 2024 is expected to be 10.0%, with improvements in operational efficiency reflected in reduced expense ratios [12] Financial Forecast - Key financial metrics for 2024A to 2027E include: - Revenue: 4,095 million (2024), 5,176 million (2025), 6,296 million (2026), 7,473 million (2027) - Net Profit: 411 million (2024), 504 million (2025), 614 million (2026), 736 million (2027) - EPS: 1.10 (2024), 1.35 (2025), 1.65 (2026), 1.98 (2027) [10][11]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Insights - The company reported a significant revenue increase of 47.56% year-on-year, reaching 4.095 billion yuan in 2024, with a net profit of 411 million yuan, up 27.51% [1][5]. - The company is expanding its product categories and customer base, with notable growth in its automotive parts business, which saw a revenue increase of 104.54% [2][4]. - The company is actively pursuing market opportunities, including certifications for new products like dishwashers, and is expanding its production capacity in Vietnam and Thailand [2][4]. Financial Performance - In Q4 2024, the company achieved a revenue of 1.108 billion yuan, a year-on-year increase of 71.36%, and a net profit of 109 million yuan, up 85.81% [1][3]. - The gross margin for 2024 was reported at 17.36%, with the automotive motor segment showing a significant improvement in profitability [3][12]. - The company plans to construct a new facility in Ningbo with an annual production capacity of 1.2 million smart kitchen appliances, which is expected to contribute to future revenue [4][11]. Revenue and Profit Forecast - The company forecasts revenues of 5.178 billion yuan in 2025, 6.153 billion yuan in 2026, and 7.186 billion yuan in 2027, with corresponding net profits of 524 million yuan, 637 million yuan, and 752 million yuan respectively [5][12]. - The expected growth rates for revenue are 26.45% in 2025, 18.83% in 2026, and 16.78% in 2027 [5][13]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.84 in 2024 to 9.74 in 2027, indicating an attractive valuation as earnings grow [5][12]. - The price-to-book (P/B) ratio is expected to decline from 2.43 in 2024 to 1.74 in 2027, further supporting the investment case [5][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing rapid growth across multiple business segments, with significant contributions from its home appliance and automotive parts divisions. The production capacity in Vietnam and Thailand is already established, and there is a strong order backlog benefiting from domestic substitution potential [7][9] - Revenue and profit forecasts for 2025-2027 are optimistic, with expected revenues of 5.18 billion, 6.30 billion, and 7.47 billion yuan, representing year-on-year growth of 26.4%, 21.7%, and 18.7% respectively. Net profit attributable to the parent company is projected to be 500 million, 610 million, and 740 million yuan, with year-on-year growth of 22.7%, 21.8%, and 20.0% respectively [7][10] Revenue Analysis - All three major business segments are accelerating, with significant year-on-year revenue growth reported. The company achieved a total revenue of 4.095 billion yuan in 2024, reflecting a 47.6% increase compared to the previous year [9][10] Profitability Analysis - The company’s profitability is enhanced by foreign exchange gains. The gross margin for 2024 is expected to be 17.4%, with a gradual increase projected in subsequent years [7][10] - The net profit margin for 2024 is reported at 10.0%, with improvements in expense ratios contributing to overall profitability [11][12] Financial Projections - Key financial metrics for 2024A to 2027E include: - Revenue: 4,095 million (2024), 5,176 million (2025), 6,296 million (2026), 7,473 million (2027) - Net profit: 411 million (2024), 504 million (2025), 614 million (2026), 736 million (2027) - EPS: 1.10 (2024), 1.35 (2025), 1.65 (2026), 1.98 (2027) [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's revenue performance exceeded expectations, with total revenue for 2024 reaching 40.95 billion yuan, a year-on-year increase of 48%. The net profit attributable to shareholders was 4.11 billion yuan, up 28% year-on-year [7] - The vacuum cleaner and small appliance businesses achieved rapid growth, with vacuum cleaner revenue at 21.24 billion yuan (up 30.22%) and small appliances at 13.86 billion yuan (up 68.60%). The company also invested 1.38 billion yuan in R&D, a 36.17% increase [7] - The automotive parts business saw significant revenue growth of 4.12 billion yuan, a 104.54% increase, with a gross margin improvement of 11.37 percentage points to 21.65% [7] - The company has established a research and development center in Vietnam and is expanding its product offerings, including a new dishwasher line [7] - Profit forecasts have been slightly adjusted for 2025 and 2026, with expected net profits of 4.72 billion yuan and 5.36 billion yuan, respectively, reflecting growth rates of 15.0% and 13.6% [7] Financial Data Summary - Total revenue projections for the company are as follows: 2023: 2,775 million yuan, 2024: 4,095 million yuan, 2025E: 5,158 million yuan, 2026E: 6,288 million yuan, 2027E: 7,504 million yuan [6][9] - Net profit projections are: 2023: 322 million yuan, 2024: 411 million yuan, 2025E: 472 million yuan, 2026E: 536 million yuan, 2027E: 673 million yuan [6][9] - The company’s gross margin is projected to be 19.1% in 2023, decreasing to 17.4% in 2024, and then stabilizing around 18% in the following years [6]