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]

Group 1 - The core viewpoint of the news is that 德昌股份 has achieved significant growth in its automotive parts and home appliance businesses, with a focus on becoming a leading player in the EPS motor and brake motor industries [1][2]. - In 2024, the company reported a revenue of over 4 billion yuan, marking a year-on-year increase of 27.51%, while total revenue exceeded 40 billion yuan, reflecting a growth of 47.56% [1]. - The home appliance segment generated a revenue of 35.11 billion yuan, up 43.08% year-on-year, while the automotive parts business saw a remarkable revenue increase of 104.54%, reaching 4.12 billion yuan [1]. Group 2 - The automotive parts business, initiated in 2017, has established core advantages in the EPS and brake motor sectors, achieving its first profitable year in 2024 with a supply volume exceeding 2 million units [2]. - The EPS market is highlighted as a significant opportunity, with the global market size being substantial and the domestic industry gradually catching up with international leaders in technology [2]. - The company has invested 1.38 billion yuan in R&D in 2024, a 36.17% increase, and has established multiple R&D centers in China and Vietnam to develop innovative products [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved a revenue of 4.09 billion yuan in 2024, representing a year-on-year growth of 47.6%. The net profit attributable to shareholders was 410 million yuan, up 27.5% year-on-year [1]. - The automotive motor business saw significant growth, with revenue increasing by 104.5% to 410 million yuan, and a gross margin improvement of 11.4 percentage points [1]. - The company is actively expanding its overseas production capacity, with projects in Vietnam and Thailand aimed at enhancing supply stability and flexibility [2]. Financial Performance - The overall gross margin slightly decreased by 1.7 percentage points to 17.4% in 2024, with a net profit margin of 10.0%, down 1.6 percentage points year-on-year [2]. - The company expects net profits for 2025, 2026, and 2027 to be 477 million, 593 million, and 725 million yuan respectively, with growth rates of 16.2%, 24.3%, and 22.2% [3]. - The earnings per share (EPS) for 2024 is projected at 1.10 yuan, with a price-to-earnings (P/E) ratio of 17.6 [5][6]. Business Segments - Revenue from vacuum cleaners reached 2.12 billion yuan, growing by 30.2%, while small home appliances generated 1.39 billion yuan, up 68.6% [1]. - The company is diversifying its customer base and product categories, enhancing its market presence both domestically and internationally [2].

关于开展金融衍生品交易业务的可行性分析报告 宁波德昌电机股份有限公司 一、公司开展衍生品交易业务的背景和目的 受国际政治经济波动影响，国际汇率市场和利率市场风险加大，公司及子公 司开展境外业务或开展外汇融资等业务，形成的外汇资产或外汇负债敞口，因计 价货币的汇率或利率变动，承受较大的外汇风险。公司及子公司拟通过开展金融 衍生品交易业务，提前锁定外汇汇率价格或锁定利率水平，借助金融工具规避市 场波动风险，有效规避和防范汇率及利率大幅波动对公司造成的不利影响，增强 公司财务稳健性。 二、公司开展的金融衍生品交易业务概述 公司以日常生产经营活动为基础开展金融衍生品交易业务，交易工具包括但 不限于远期结售汇、人民币和其他外汇的掉期业务、外汇买卖、外汇掉期、外汇 期权、利率互换、利率掉期、利率期权等产品或上述产品的组合。上述金融衍生 品交易业务其种类、规模及期限均需与管理的风险敞口相匹配，以遵循公司合法 、谨慎、稳健、安全有效的风险管理原则。 三、公司开展金融衍生品交易的主要条款 1、交易工具：包括但不限于远期结售汇、人民币和其他外汇的掉期业务、 外汇买卖、外汇掉期、外汇期权、利率互换、利率掉期、利率期权等产品或上述 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-012 宁波德昌电机股份有限公司 关于召开2024年年度股东大会的通知 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： 一、召开会议的基本情况 （一）股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：浙江省宁波市余姚市永兴东路 18 号公司会议室 （五）网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9 ...

第二届监事会第十一次会议决议公告 证券代码：605555 证券简称：德昌股份 公告编号：2025-003 宁波德昌电机股份有限公司 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： 一、监事会会议召开情况 宁波德昌电机股份有限公司（以下简称"公司"）第二届监事会第十一次会 议于 2025 年 4 月 19 日在公司会议室以现场结合通讯方式召开。本次监事会已于 2025 年 4 月 9 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。 二、监事会会议审议情况 1、审议通过《2024 年度监事会工作报告》 表决结果：3 票同意，0 票弃权，0 票反对。 本项议案尚需提交股东大会审议批准。 2、审议通过《2024 年度财务决算报告》 表决结果：3 票同意，0 票弃权，0 票反对。 监事会审核并发表意见如下：公司 2024 年度财务决算报告真实、准确、完 整地反映了公司 2024 年度财务 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-002 宁波德昌电机股份有限公司 第二届董事会第十六次会议决议公告 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 宁波德昌电机股份有限公司（以下简称"公司"）第二届董事会第十六次会 议于2025年4月19日以现场结合通讯方式在公司会议室召开。本次董事会已于 2025年4月9日以电子邮件、电话等方式通知全体董事、监事、高级管理人员。会 议由董事长黄裕昌先生主持，会议应出席董事7人，实际出席董事7人。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》、《董事会议事规 则》的规定。 二、董事会会议审议情况 表决情况：7 票同意，0 票弃权，0 票反对。 本项议案尚需提交股东大会审议批准。 4、审议通过《2024 年年度报告及摘要》 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。 1、审议通过《2024年度总经理工作报告》 表决情况：7 票同意，0 票弃权，0 票反对。 2、 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-004 宁波德昌电机股份有限公司 关于 2024 年度利润分配及资本公积金转增股本方案的公告 经立信会计师事务所（特殊普通合伙）审计，公司 2024 年归属于上市公司 股东的净利润 410,825,975.36 元，截至 2024 年 12 月 31 日，母公司累计未分配 利润为 878,319,164.13 元。经董事会决议，公司拟以实施权益分派股权登记日 登记的总股本为基数，实施 2024 年度利润分配和资本公积金转增方案，具体如 下： 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。 1、公司拟向全体股东每 10 股派发现金红利 3.5 元（含税）。截至 2024 年 12 月 31 日 ， 公 司 总 股 本 372,360,800 股 ， 以 此 计 算 合 计 拟 派 发 现 金 红利 130,326,280.00 元（含税）。本年度公司现金分红占公司 2024 年度合并报表中 归属于上市公司股东净利润的比例为 31.72%。 重要内容提示: 一、利润分 ...