2024 | 2 | | --- | | 3 | | 3 | | 12 | 2024 2024 1. 2. 2025 4 22 www.cninfo.com.cn 2025 4 29 www.cninfo.com.cn 3. 2025 4 22 www.cninfo.com.cn 2025 4 29 www.cninfo.com.cn - 1 - 4. 2025 4 22 www.cninfo.com.cn 2025 4 29 www.cninfo.com.cn 2024 5. 6. 1. 2025 4 22 www.cninfo.com.cn 2025 5 16 2025 4 29 www.cninfo.com.cn 2024 2. 2025 5 16 14 18 3. 2025 5 16 9:15-9:25 9:30-11:30 13:00-15:00 2025 5 16 9:15 15:00 - 2 - 1. / 1 9 215,279,077 57.8146% 2 228 34,931,532 9.3811% 237 250,210,609 67.1957% 230 13,548,224 3.6385 ...

宁波德昌电机股份有限公司 2024 年年度股东大会会议资料 股票代码：605555 股票简称：德昌股份 宁波德昌电机股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月·宁波 1 宁波德昌电机股份有限公司 2024 年年度股东大会会议资料 目 录 | 2024 年年度股东大会会议须知 | | | 3 | | --- | --- | --- | --- | | 2024 年年度股东大会会议议程 | | | 5 | | 议案一：2024 年度董事会工作报告 | | | 7 | | 议案二：2024 年度监事会工作报告 | | | 11 | | 议案三：2024 年度财务决算报告 | | | 15 | | 议案四：2024 年年度报告及摘要 | | | 18 | | 议案五：2024 年度利润分配及资本公积金转增股本方案 | | | 19 | | 议案六：关于确认 2024 年度董事、高级管理人员薪酬执行情况及拟定 | 2025 | 年度薪酬方 | | | 案的议案 | | | 20 | | 议案七：关于确认 2024 年度监事薪酬执行情况及拟定 2025 年度薪酬方案的议案 | | .. | 22 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company achieved a revenue of 1 billion yuan in Q1 2025, representing a year-on-year increase of 21.33%, while the net profit attributable to the parent company was 81 million yuan, down 4.97% year-on-year [1] - The automotive motor business showed significant growth, and despite uncertainties in international trade, the company expects continued high growth in automotive parts revenue due to sufficient orders on hand [1][2] - The company is actively pursuing market opportunities, with dishwasher products already certified by CQC and EU CE, and other product categories are also being developed [1] - The automotive parts segment is expected to improve long-term profitability, with a gross margin of 15.8% in Q1 2025, down 1.6 percentage points year-on-year [2] - The company plans to expand its customer base and overseas production capacity, including new facilities in Vietnam and Thailand, to ensure stable and flexible product supply [3] Financial Summary - Revenue is projected to grow from 2,775.13 million yuan in 2023 to 7,081.52 million yuan in 2027, with growth rates of 43.19%, 47.56%, 24.62%, 18.62%, and 16.98% respectively [4] - The net profit attributable to the parent company is expected to increase from 322.18 million yuan in 2023 to 722.29 million yuan in 2027, with growth rates of 7.92%, 27.51%, 22.24%, 21.45%, and 18.42% respectively [4] - The company’s earnings per share (EPS) is projected to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 21.99 in 2023 to 9.81 in 2027, indicating an attractive valuation over time [4]

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]

Core Insights - The company reported a total revenue of 4.1 billion yuan for 2024, representing a year-on-year increase of 48% [1] - The net profit attributable to shareholders reached 410 million yuan, up 28% year-on-year, while the non-recurring net profit was 390 million yuan, reflecting a 25% increase [1] - In Q4 2024, the company achieved revenue of 1.1 billion yuan, a significant year-on-year growth of 71%, with net profit also increasing by 86% to 110 million yuan [1] Revenue Breakdown - The home appliance segment saw rapid growth, benefiting from new customer acquisitions and orders for new product categories, with vacuum cleaner revenue at 2.1 billion yuan, up 30% year-on-year, and small home appliances revenue at 1.4 billion yuan, a 69% increase [1] - Other small appliances outpaced vacuum cleaners in growth, indicating strong category expansion capabilities [1] Product Development and Market Expansion - The company is enhancing its product lineup and increasing R&D efforts, focusing on personal health and garden tools to explore new market opportunities [1] - The dishwasher business has commenced mass production and received CQC and CE certifications [1] Automotive Parts Business - The automotive parts segment achieved its first-year profitability with revenue exceeding 410 million yuan, doubling year-on-year, and a gross margin improvement to 21.7% from 11.4% in 2023 [1][2] - The company added 9 new designated projects, with total sales exceeding 2.3 billion yuan over the product lifecycle [2] Financial Metrics - The company reported a gross margin of 17.36% for 2024, a decrease of 1.8 percentage points year-on-year, with stable expense ratios for sales, management, R&D, and finance [2] - Financial expenses were impacted by reduced foreign exchange gains and decreased dollar asset settlements [2] Strategic Initiatives - The company has been proactively establishing production bases in Southeast Asia since 2019, including a new factory in Vietnam with an annual capacity of 3 million small appliances and a factory in Thailand with a capacity of 5 million appliances [2] - This multi-country base layout ensures stable and flexible product supply, mitigating risks associated with high revenue exposure to the U.S. market [2] Investment Outlook - The company is projected to achieve net profits of 500 million, 610 million, and 760 million yuan for 2025-2027, reflecting year-on-year growth rates of 22%, 22%, and 24% respectively [2] - The current stock price corresponds to PE valuations of 15, 12, and 10 times for the respective years, maintaining a "strong buy" investment rating [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 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 ...