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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company's home appliance and automotive parts businesses are experiencing significant growth, with a notable increase in revenue and net profit for the first half of 2024 [1]. - The home appliance segment generated revenue of 1.644 billion yuan, up 37.00% year-on-year, while the automotive parts segment saw revenue of 148 million yuan, up 68.88% year-on-year [1]. - The company is focusing on expanding its product range in home appliances and enhancing its overseas market presence, while also investing in R&D and digital factory initiatives [1]. - The EPS motor business is entering a high growth phase, with new customer contracts and a focus on innovation to maintain a competitive edge [1]. Financial Summary - For the first half of 2024, the company reported total revenue of 1.862 billion yuan, a year-on-year increase of 38.77%, and a net profit of 207 million yuan, up 20.78% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 3.585 billion yuan, 4.388 billion yuan, and 5.270 billion yuan, respectively, with year-on-year growth rates of 29.2%, 22.4%, and 20.1% [2]. - The projected net profits for the same years are 417 million yuan, 519 million yuan, and 638 million yuan, with growth rates of 29.5%, 24.5%, and 22.9% [2]. - The expected EPS for 2024, 2025, and 2026 are 1.12 yuan, 1.39 yuan, and 1.71 yuan, with corresponding P/E ratios of 14.22, 11.42, and 9.30 [2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading manufacturer of vacuum cleaners and small home appliances, benefiting from overseas expansion and domestic substitution [4]. - The company has established strategic partnerships with major international brands, enhancing its product offerings and market presence [4]. - The company is positioned to capitalize on the growing demand for electric power steering (EPS) motors in the automotive sector, with significant projects already secured [4]. Summary by Sections Company Overview - The company, established in 2002, focuses on the research and production of motors and vacuum cleaners, primarily targeting the European and American markets [31]. - It is recognized as one of China's top ten vacuum cleaner exporters and has received various industry accolades [31]. Business Performance - The company's revenue grew from 1.201 billion to 2.775 billion yuan from 2019 to 2023, with a CAGR of approximately 23.29% [38]. - The net profit increased from 150 million to 322 million yuan during the same period, with a CAGR of about 21.04% [38]. - The company has seen a recovery in revenue since Q2 2023, maintaining positive growth for four consecutive quarters [38]. Product and Market Development - The company has a diverse product range, including vacuum cleaners and various small appliances, with significant contributions from both segments [41]. - The vacuum cleaner and small appliance segments accounted for 58.77% and 29.62% of total revenue in 2023, respectively [41]. - The company has formed strategic partnerships with leading brands such as TTI, HOT, and SharkNinja, expanding its market reach [33]. Future Growth Prospects - Revenue forecasts for 2024-2026 are projected at 3.585 billion, 4.388 billion, and 5.270 billion yuan, with year-on-year growth rates of 29.2%, 22.4%, and 20.1% respectively [5]. - The net profit is expected to reach 417 million, 519 million, and 638 million yuan during the same period, with corresponding growth rates of 29.5%, 24.5%, and 22.9% [5]. - The company is also exploring opportunities in the humanoid robot sector, leveraging its motor technology [4].

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].

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]

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 ...