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 （浙江省宁波市余姚市凤山街道东郊工业园区永兴东路 18 号） 2025 年度向特定对象发行 A 股股票预案 二〇二五年四月 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏。 2、本次向特定对象发行 A 股股票完成后，公司经营与收益的变化，由公司 自行负责；因本次向特定对象发行 A 股股票引致的投资风险，由投资者自行负 责。 3、本预案是公司董事会对本次向特定对象发行 A 股股票的说明，任何与之 相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 5、本预案所述事项并不代表审批机关对于本次向特定对象发行 A 股股票相 关事项的实质性判断、确认、批准或同意注册。本预案所述本次向特定对象发行 A 股股票相关事项的生效和完成尚需公司股东大会审议通过，并需取得上海证券 交易所审核通过并取得中国证监会同意注册的批复。 1 特别提示 本部分所述的词语或简称与本预案"释义"中所定义的词语或简称具有相同 的含义。 1、本次向特定对象发行的 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,000,469,829.44, representing a 21.33% increase compared to ¥824,559,684.09 in the same period last year[4] - The net profit attributable to shareholders decreased by 4.97% to ¥81,048,766.01 from ¥85,290,883.51 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥71,858,141.54, down 11.62% from ¥81,308,183.59 in the previous year[4] - The total operating revenue for the first quarter of 2025 reached RMB 1,000,469,829.44, an increase of 21.4% compared to RMB 824,559,684.09 in the first quarter of 2024[18] - Net profit for Q1 2025 was ¥81.05 million, a decrease of 4.3% from ¥85.29 million in Q1 2024[19] - The company reported a total comprehensive income of ¥78.39 million for Q1 2025, down from ¥82.18 million in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥47,455,059.49, compared to a positive cash flow of ¥50,002,796.04 in the same period last year[4] - The company reported a net cash outflow from operating activities of ¥47.46 million in Q1 2025, compared to a net inflow of ¥50.00 million in Q1 2024[22] - Cash and cash equivalents at the end of Q1 2025 stood at ¥1,173.24 million, down from ¥1,636.92 million at the end of Q1 2024[24] - The company generated cash inflows from investment activities totaling approximately ¥1,446.69 million in Q1 2025, compared to ¥325.12 million in Q1 2024[22] - The company incurred a net cash outflow from investment activities of ¥12.60 million in Q1 2025, contrasting with a net inflow of ¥201.15 million in Q1 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,273,527,505.55, a 1.17% increase from ¥5,212,462,354.42 at the end of the previous year[5] - The total current assets increased to RMB 3,417,515,632.77 from RMB 3,403,070,437.32, indicating a rise of 0.4%[13] - The company's cash and cash equivalents stood at RMB 1,264,029,093.62, slightly up from RMB 1,255,126,077.63, showing a growth of 0.6%[13] - The accounts receivable increased to RMB 1,302,880,392.74 from RMB 1,270,190,338.25, marking a growth of 2.0%[13] - The inventory level rose to RMB 657,514,760.95, compared to RMB 575,079,976.46, reflecting an increase of 14.3%[13] - The total liabilities decreased to RMB 2,185,521,875.51 from RMB 2,202,846,027.47, a decline of 0.8%[15] - The equity attributable to shareholders increased to RMB 3,088,005,630.04 from RMB 3,009,616,326.95, representing a growth of 2.6%[15] - The non-current assets totaled RMB 1,856,011,872.78, up from RMB 1,809,391,917.10, indicating a growth of 2.6%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,688[9] - The largest shareholder, Huang Yuchang, holds 24.36% of the shares, totaling 90,719,181 shares[9] Research and Development - The company’s research and development expenses increased to ¥37.31 million in Q1 2025 from ¥27.45 million in Q1 2024, reflecting a focus on innovation[19] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[3] - The weighted average return on equity decreased by 0.41 percentage points to 2.66% from 3.07% year-on-year[4] - The company reported non-recurring gains of ¥9,190,624.47 for the period, after accounting for tax effects[7] - Total operating costs for Q1 2025 were ¥923.32 million, up 25.2% from ¥737.35 million in Q1 2024, with operating costs specifically rising from ¥680.82 million to ¥842.28 million[19] - Basic and diluted earnings per share for Q1 2025 were both ¥0.22, a slight decrease from ¥0.23 in Q1 2024[20]

Core Viewpoint - The company, 德昌股份 (605555), announced the plan to issue A-shares to specific targets, pending approval from shareholders and regulatory bodies [1] Group 1 - The board of directors and the supervisory board will meet on April 26, 2025, to review the proposal for the issuance of A-shares [1] - The proposal and related documents have been disclosed on the Shanghai Stock Exchange website on the same day [1] - The issuance of shares requires approval from the company's shareholders' meeting, the Shanghai Stock Exchange, and the China Securities Regulatory Commission for registration [1]

Group 1 - The company Dechang Co., Ltd. (605555) reported a revenue of 1 billion yuan in the first quarter of 2025, representing a year-on-year increase of 21.33% [1] - The net profit for the same period was 81.0488 million yuan, showing a year-on-year decline of 4.97% [1]

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]

公司发布2024年业绩： Q4：收入11.08 亿（同比+71.4%），归母净利润1.09 亿（同比+85.8%），扣非归母净利润1.07 亿（同比 +85.8%）； 24 年：收入40.95 亿（同比+47.6%），归母净利润4.11 亿（同比+27.5%），扣非归母净利润3.93 亿 （同比+24.93%）。 Q4 收入利润超市场预期。公司拟每10 股派息3.5 元转增3 股，对应分红率32%（上年40%）。 毛利率： Q4 毛利率同/环比各-4.9/-0.6pct，预计主因高基数和新建工厂转固提折旧影响。全年毛利 率-1.8pct，其中吸尘器/小家电/汽车电机各-1.4/-5.2/+11.4pct，汽零规模效应释放实现首年盈利。 净利率： Q4/全年归母净利率同比各+0.8/-1.6pct，Q4 销/管/财/研费率各-0.1/-0.3/-3.8/-1.1pct，费率整体 改善，汇兑显著增厚利润。 投资建议： 我们的观点： 公司家电主业多元化发展，越南泰国产能已有布局；汽零在手订单充足，受益国产替代潜力可期。 盈利预测：我们预计 2025-2027 年公司收入51.8/63.0/74.7 亿元（25-26 ...

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].