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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in Q2 2024, driven by the continued ramp-up of orders from SharkNinja and automotive components [3][9] - In H1 2024, the company reported revenue of 1.862 billion yuan (up 38.77% year-on-year) and a net profit attributable to shareholders of 207 million yuan (up 20.78%) [3][14] - The company maintains its profit forecast, expecting net profits of 410 million, 540 million, and 670 million yuan for 2024-2026, with corresponding EPS of 1.10, 1.44, and 1.81 yuan [14] Summary by Sections 1. Revenue Growth in Q2 2024 - In Q2 2024, the company achieved revenue of 1.038 billion yuan (up 33.42% year-on-year) and a net profit of 122 million yuan (down 5.8%) [3][9] - The home appliance and automotive motor segments continued to show high growth, with the home appliance business benefiting from new projects with SharkNinja and HOT [11][14] 2. Margin and Expense Analysis - The gross margin for Q2 2024 was 17.9%, reflecting a year-on-year increase of 0.6 percentage points [12][13] - The expense ratio for Q2 2024 was 4.82%, an increase of 6.94 percentage points year-on-year, primarily due to fluctuations in financial expenses related to exchange rate changes [12][13] 3. Profit Forecast and Investment Recommendations - The company expects to maintain its profit growth trajectory, with projected net profits of 4.1 billion, 5.4 billion, and 6.7 billion yuan for 2024-2026 [14] - The current stock price corresponds to P/E ratios of 14.5, 11.0, and 8.8 for the years 2024, 2025, and 2026, respectively, supporting the "Buy" rating [14]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,862,343,159.16, representing a 38.77% increase compared to ¥1,342,083,037.90 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥207,127,855.48, up 20.78% from ¥171,494,208.60 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥195,490,509.93, reflecting a 17.43% increase from ¥166,469,874.74 year-on-year[12]. - The net cash flow from operating activities surged to ¥137,018,364.35, a significant increase of 2,308.60% compared to ¥5,688,710.42 in the same period last year[12]. - Basic earnings per share for the reporting period (January to June) increased to 0.56 CNY, up 21.74% from 0.46 CNY in the same period last year[13]. - The company reported a total profit of ¥229,432,165.21, an increase of 18% from ¥194,603,301.32 in the first half of 2023[98]. - The company achieved a gross profit margin of approximately 13.1% in the first half of 2024, compared to 10.5% in the previous year[99]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥4,900,290,127.66, which is a 14.69% increase from ¥4,272,760,377.44 at the end of the previous year[12]. - Total liabilities were CNY 2,100,152,324.42, up from CNY 1,541,049,439.31, which is an increase of approximately 36.4%[93]. - The company's equity attributable to shareholders reached CNY 2,800,137,803.24, compared to CNY 2,731,710,938.13, showing an increase of about 2.5%[93]. - The company's cash and cash equivalents at the end of the period amounted to CNY 1,513,418,985.81, representing 30.88% of total assets, up 33.45% from CNY 1,134,066,124.10[31]. Market and Strategic Initiatives - The company has established strategic partnerships with leading international brands such as TTI and Shark Ninja, enhancing its market presence in the small home appliance sector[15]. - The vacuum cleaner market in North America has maintained high sales levels, with a compound annual growth rate (CAGR) of 6.5% from 2018 to 2023, expected to continue at 5.56% from 2023 to 2028[17]. - The global market for high-speed hair dryers reached 598.50 million USD in 2022, projected to grow to 2,532.65 million USD by 2029, with a CAGR of 20.87% from 2023 to 2029[17]. - The company aims to leverage its technological advantages in the motor sector to drive growth in both small home appliances and automotive components[15]. Research and Development - The company has established a research and development center in Vietnam, with 39 new projects under development in the home appliance sector[25]. - The company is focusing on technological innovation, with 26 new projects under research, including 10 related to DP-EPS and R-EPS[28]. - R&D expenses increased by 35.88% to CNY 62,327,204.21 from CNY 45,867,995.06, driven by the expansion of R&D projects[30]. Risks and Challenges - The company faces risks from trade tensions, particularly due to high export business concentration in North America and Europe, which could adversely affect overall operational performance if not managed effectively[43]. - The company has a high customer concentration risk, with sales to the top three customers accounting for over 90% of total sales during the reporting period, necessitating measures to diversify its customer base[43]. - The company is exposed to raw material price fluctuation risks, particularly for plastics and other commodities, which could significantly impact profit margins if price increases cannot be passed on to customers[43]. Corporate Governance and Compliance - The company held its first extraordinary general meeting on March 28, 2024, where eight resolutions were passed, including amendments to the Articles of Association and the election of a new supervisor[46]. - The annual general meeting on May 17, 2024, approved 15 resolutions, including the 2023 financial report and a three-year dividend plan for 2024-2026[46]. - The company has established a performance management system to mitigate the risk of talent loss, ensuring the retention of key personnel in a competitive industry[43]. - The company has not reported any legal disputes during the reporting period, indicating a stable operational environment[41]. Shareholder Commitments - The controlling shareholders and actual controllers have committed to a 36-month lock-up period for their shares starting from the company's IPO date, with a further two-year restriction on selling shares thereafter[54]. - The company has implemented measures to stabilize its stock price for three years following the IPO, ensuring shareholder confidence[54]. - The commitments made by the board and senior management regarding immediate return compensation in case of dilution are long-term in nature, reflecting a focus on shareholder value[54]. Cash Flow and Financing - The company reported a net cash inflow from financing activities of ¥161,895,608.68, compared to a net outflow of ¥290,467,497.80 in the previous period[102]. - The company experienced a net increase in cash and cash equivalents of ¥357,128,904.10, contrasting with a net decrease of ¥268,151,909.89 in the previous period[102]. - The total cash inflow from investment activities was CNY 1,713,751,532.70, compared to CNY 141,232,659.94 in the same period last year[101]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[113]. - The financial statements are prepared based on the assumption of going concern, indicating the company's ongoing viability[114]. - The company has implemented a new accounting standard starting in 2024, which may impact future financial reporting and disclosures[183].

宁波德昌电机股份有限公司 关于部分募投项目增加实施主体及实施地点的公告 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： 宁波德昌电机股份有限公司（以下简称"公司"或"德昌股份"）于 2024 年 8 月 27 日召开第二届董事会第十三次会议和第二届监事会第九次会议，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，并增加"浙江省余姚市 永兴东路 21 号"作为该项目的实施地点。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2021〕3062 号《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，宁波德昌电机股份有限公司 （以下简称"公司"或"德昌股份"）向社会公开发行人民币普通股（A 股）股 票 5,000 万股，每股发行价格为 32.35 元，募集资金总额 1,617,500,000.00 元， 扣除发行费用后 ...

中信证券股份有限公司 关于宁波德昌电机股份有限公司 部分募投项目增加实施主体及实施地点的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为宁波德昌 电机股份有限公司（以下简称"德昌股份"、"公司"）首次公开发行股票并上市 的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》（2023年8月修订）《上市公司监管指引第2号——上市公司募集资金管理和使用 的监管要求（2022年修订）》《上海证券交易所上市公司自律监管指引第1号——规范 运作》等有关规定，就德昌股份部分募投项目增加实施主体及实施地点事项进行了核 查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2021〕3062号《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，宁波德昌电机股份有限公司（以下 简称"公司"或"德昌股份"）向社会公开发行人民币普通股（A股）股票5,000万 股，每股发行价格为32.35元，募集资金总额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。上述募集资金于2021 ...

具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的 《2024 年半年度报告》、《2024 年半年度报告摘要》。 监事会审核并发表意见如下：监事会对董事会编制的公司《2024 年半年度 报告》全文及摘要进行了认真审核，认为： 宁波德昌电机股份有限公司（以下简称"公司"）第二届监事会第九次会议 于 2024 年 8 月 27 日在公司会议室以现场方式召开。本次监事会已于 2024 年 8 月 17 日以电子邮件、电话等方式通知全体监事。会议由监事会主席朱巧芬主持， 应出席监事 3 名，实际出席监事 3 名。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》的规定。 证券代码：605555 证券简称：德昌股份 公告编号：2024-039 宁波德昌电机股份有限公司 第二届监事会第九次会议决议公告 本公司监事会及全体监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： 二、监事会会议审议情况 一、监事会会议召开情况 1、审议通过《<2024 年半年度报告>全文及摘要》 表决结果：3 票同意，0 票弃权 ...

证券代码：605555 证券简称：德昌股份 公告编号：2024-038 宁波德昌电机股份有限公司 第二届董事会第十三次会议决议公告 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 本议案已经公司 2024 年第五次董事会审计委员会会议审议通过，同意提交 董事会审议。 表决情况：7 票同意，0 票弃权，0 票反对。 2、审议通过《2024 年半年度募集资金存放与实际使用情况的专项报告》 具体内容详见公司于上海证券交易所网站（www.sse.com.cn）同日披露的 《2024 年半年度募集资金存放与实际使用情况专项报告》（公告编号：2024-040）。 本议案已经公司 2024 年第五次董事会审计委员会会议审议通过，同意提交 董事会审议。 本次会议应出席董事7名，实际出席董事7名。 本次董事会全部议案均获通过，无反对票、弃权票。 表决情况：7 票同意，0 票弃权，0 票反对。 宁波德昌电机股份有限公司（以下简称"公司"）第二届董事会第十三次会 议于2024年8月27日以现场结合通讯方式在公司 ...

证券代码：605555 证券简称：德昌股份 公告编号：2024-040 宁波德昌电机股份有限公司 2024 年半年度募集资金存放与实际使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等相关规定，本公司就 2024 年上半年度募集资 金存放与实际使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额和资金到账情况 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, ...

德昌股份（605555.SH）首次覆盖报告 [盈利预测与财务指标 Table_Forcast] 家电汽零多维业务布局，长期成长势能充足 2024 年 08 月 16 日 ➢ 深耕清洁电器电机及整机代工，外延拓展至小家电及汽车 EPS 电机。吸尘 器整机出口代工为公司基本盘业务，公司与吸尘器龙头企业 TTI 达成多年战略合 作，2007 年开始为其供应吸尘器电机，2012 年开始为其供应吸尘器整机，TTI 作为公司第一大客户，2023 年销售额占比超过 50%。在稳健的主业基础上，公 司分别于 2017 年、2019 年进军汽车 EPS 电机及多元小家电代工领域，2023 年 小家电及汽零营收占比达到 29.63%/7.26%,目前公司已形成以吸尘器为基础业 务、以多元小家电为成长性业务、以 EPS 电机为战略性业务的多层次业务格局。 ➢ 核心看点一：新客户及新品类持续拓展，小家电收入有望维持高增 公司在与大客户 TTI 合作的过程中积累了丰富的经验，并制定了战略大客户合作 路线，分别在 2019 年、2023 年切入了小家电优质大客户 HOT、SharkNinja 的 供应链，成功将公司在家电板块的产品品类由 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 20.44 CNY per share based on a PE ratio of 18x for 2024 [3][7]. Core Insights - The company reported a revenue of 1.86 billion CNY for the first half of 2024, representing a year-over-year increase of 38.8%. The net profit attributable to shareholders was 210 million CNY, up 20.4% year-over-year, with a net profit margin of 11.1% [2][3]. - The report highlights that despite apparent declines, the core business profitability has improved, particularly when excluding foreign exchange gains. The company is expected to maintain high growth in revenue driven by major customer orders and improvements in production efficiency [6][26]. Financial Summary - Revenue projections for 2024 to 2026 are 4.23 billion CNY, 5.42 billion CNY, and 6.84 billion CNY, reflecting year-over-year growth rates of 31%, 28%, and 26% respectively [3]. - The company’s EBITDA is forecasted to grow from 881 million CNY in 2024 to 1.03 billion CNY in 2026, indicating a strong upward trend in operational profitability [27]. - The net profit attributable to shareholders is expected to increase from 423 million CNY in 2024 to 684 million CNY in 2026, with corresponding growth rates of 31.2% and 26.2% [27].