股票代码：000700 股票简称：模塑科技 公告编号：2025-034 江南模塑科技股份有限公司 一、召开会议基本情况 （一）股东大会届次：2024年度股东大会 （二）股东大会的召集人：公司董事会 公司第十一届董事会第三十九次会议审议通过了《关于召开公司2024年度 股东大会的议案》。 （三）会议召开的合法、合规性：召开本次股东大会符合《公司法》、 《上市公司股东大会规则》、《公司章程》等法律法规和规范性文件的规定。 （四）会议召开的日期、时间： 现场会议时间：2025年6月16日【星期一】下午2：00 网络投票时间：通过交易系统进行网络投票的时间为：2025年6月16日9： 15－9：25，9：30－11：30，13：00－15：00；通过互联网投票系统投票的具 体时间为：2025年6月16日上午9：15至下午3：00期间的任意时间。 关于召开 2024 年度股东大会的通知 本公司及其董事、监事、高级管理人员保证公告内容的真实、准确和完整，公告不存在 虚假记载、误导性陈述或者重大遗漏。 本公司第十一届董事会第三十九次会议决定召开公司2024年度股东大会， 现将会议召开股东大会的有关事宜通知如下： （五）会议 ...

股票代码：000700 股票简称：模塑科技 公告编号：2025-031 江南模塑科技股份有限公司 第十一届监事会第十八次（临时）会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 【一】监事会会议召开情况 江南模塑科技股份有限公司（以下简称"公司"）第十一届监事会第十八次 （临时）会议于 2025 年 5 月 19 日以专人送达、传真或电子邮件等形式发出会议 通知，并于 2025 年 5 月 22 日在总部办公楼 3 楼会议室以通讯方式召开，全体监 事均通过通讯方式参加。本次监事会会议应出席监事 4 名，实际出席监事 4 名。 会议由公司监事会召集人朱晓东先生主持，公司全体高级管理人员列席本次会议。 1、审议通过《关于修订<公司章程>的议案》 表决结果：同意4票，反对0票，弃权0票，议案获得通过。 本次修订后，公司不再设监事会，朱晓东先生不再担任公司监事会召集人， 费洪海先生、周曹兴先生、汪忠伟先生不再担任公司监事。截至本公告披露之日， 朱晓东先生、费洪海先生、周曹兴先生、汪忠伟先生均不存在应当履行而未履行 的承诺事项。 公司对朱晓东先生、费洪海先生 ...

江南模塑科技股份有限公司 第十一届董事会第四十一次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 【一】董事会会议召开情况 股票代码：000700 股票简称：模塑科技 公告编号：2025-030 江南模塑科技股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第四十 一次（临时）会议已于 2025 年 5 月 19 日以专人送达、传真或电子邮件等形式发出会议 通知，并于 2025 年 5 月 22 日在公司总部办公楼 3 楼会议室以通讯方式召开。本次董事 会应出席董事 5 名，实际出席董事 5 名，全体董事均以通讯方式参加。会议由董事长曹 克波先生主持，公司全体监事及高级管理人员列席了本次会议。 本次会议的召集、召开符合《公司法》及《公司章程》的规定。 【二】董事会会议审议情况 1、审议通过《关于董事会换届选举非独立董事的议案》 根据《公司法》和《公司章程》的有关规定，经董事会提名委员会审核通过，公司 董事会提名曹克波先生、曹明芳先生、朱晓东先生、曹轶沫先生、姚伟先生为公司第十 二届董事会非独立董事候选人。上述非独立董事候选人简历见 ...

Financial Performance - In 2024, the company achieved operating revenue of 7.136 billion yuan, a decrease of 18.18% year-on-year [2] - The net profit attributable to shareholders was 626 million yuan, an increase of 39.46% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 518 million yuan, a year-on-year increase of 13.68% [2] Order Acquisition - In 2024, the company secured 5 major project contracts with an estimated total sales value of approximately 7.532 billion yuan [3] - This year, the company has obtained 4 major project contracts with an estimated total sales value of about 3.3 to 3.39 billion yuan [3] - The successful acquisition of these orders reflects the company's recognized manufacturing capabilities, quality assurance, service commitment, and technical research and development [3] Shareholder Information - As of March 31, 2025, the number of shareholders was 61,514 [3] - The company discloses the number of shareholders at the end of each quarter in its periodic reports [3] Dividend Policy - In 2024, the company distributed dividends totaling 299 million yuan, accounting for 47.78% of the net profit attributable to shareholders [3] - The company will not distribute profits for the 2024 fiscal year to ensure stable and sustainable operations [3] - The dividend plan for 2025 will be arranged based on actual operating conditions and cash flow [3] Share Buyback and Tariff Impact - Currently, there are no plans for share buybacks, with future decisions to be made based on actual needs and market conditions [4] - The recent tariff policies have had a minimal direct impact on the company's automotive exterior parts sold to the U.S. from its Mexico facility [4]

Group 1: Macro Insights - The first round of China-US trade talks has made substantial progress, exceeding market expectations, which will inject more certainty and stability into the global economy, further highlighting the irreplaceability of Chinese manufacturing and enhancing the investment value of Chinese assets [3] - The latest comprehensive tariff rate imposed by the US on China has decreased to 42.5%, which is expected to reduce China's exports by 4.0-5.2 percentage points and GDP by 0.5-0.7 percentage points, indicating significant downward pressure on China's economy [3] - The report emphasizes the importance of monitoring three key areas regarding China-US negotiations: potential fluctuations in tariffs, the main topics of negotiation, and the progress of negotiations between the US and other countries that may involve China [3] Group 2: Convertible Bonds - The report indicates that balanced convertible bonds have a high risk premium and are suitable for long-term allocation, while timing strategies have not significantly improved performance [4] - Conversely, equity-linked convertible bonds have a low risk premium but high timing value, with strategies based on valuation improving risk-adjusted returns [4] Group 3: Communication Industry - The company focuses on the optical communication industry, with its main business covering optical chips and devices, benefiting from the rapid development of AI and increasing demand from data centers [5] - The projected net profits for the company are estimated at 382 million, 539 million, and 713 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 35, 25, and 19 [5] Group 4: Electronics Industry - The company is a leader in video codec technology and is expanding into new fields such as automotive electronics and edge AI, with a comprehensive product plan for AI SoC series [6] - Expected revenues for the company are projected to be 2.49 billion, 3.07 billion, and 3.63 billion yuan for 2025, 2026, and 2027, with net profits of 140 million, 230 million, and 310 million yuan, respectively [6] Group 5: Automotive Industry - The company reported a revenue of 3.6 billion yuan in 2024, a decrease of 8% year-on-year, while Q1 2025 revenue increased by 12% year-on-year, driven by growth in domestic new energy vehicle sales [8] - The company has maintained a competitive edge through continuous investment in technology and R&D, enhancing its production capabilities and expanding its product offerings [9][10]

证券研究报告 | 季报点评 gszqdatemark 2025 05 13 年 月 日 模塑科技（000700.SZ） 2025Q1 扣非业绩同环比高增，盈利能力修复 事件：公司 2025Q1 实现营收 16 亿元，同/环比分别-11.65%/-15.27%； 归母净利润 1.5 亿元，同/环比分别+2.74%/+70.15%；扣非归母净利润 1.4 亿元，同/环比分别+45.09%/+145.62%。 2025Q1 扣非业绩同环比高增，盈利能力修复。行业层面，根据 Wind 数 据，2025Q1 国内乘用车销量环比-28%，公司部分核心客户华晨宝马环比 -27%，北京奔驰环比-17%，上汽通用环比-30%，特斯拉全球环比-32%。 公司收入环比增速好于行业，预计主要受益于新势力客户的销量带动。盈 利能力方面，公司 2025Q1 净利率 9.26%，预计主要受益于国内工厂的新 项目爬坡，带动产能利用率恢复。 毛利率修复，费用率环比略有提升。公司 2025Q1 单季度毛利率 20.9%， 同/环比+3.7/3.8 PCT，我们预计主要受益于国内以旧换新带动下游销量 修复，以及公司自身经营效率提升。期间费用率合计 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In Q1 2025, the company achieved a revenue of 1.6 billion, with a year-on-year decrease of 11.65% and a quarter-on-quarter decrease of 15.27%. However, the net profit attributable to the parent company was 150 million, showing a year-on-year increase of 2.74% and a quarter-on-quarter increase of 70.15%. The non-recurring net profit was 140 million, with a year-on-year increase of 45.09% and a quarter-on-quarter increase of 145.62% [1] - The company's performance in Q1 2025 indicates a recovery in profitability, benefiting from the sales boost from new energy vehicle clients, despite a general decline in domestic passenger car sales [1][2] - The gross margin for Q1 2025 was 20.9%, reflecting a year-on-year increase of 3.7 percentage points and a quarter-on-quarter increase of 3.8 percentage points, attributed to improved operational efficiency and the domestic vehicle replacement policy [2] - The company is actively expanding its client base in the new energy sector while maintaining its advantages with luxury car manufacturers, with new projects expected to generate significant sales [2] Financial Summary - The company forecasts net profits attributable to the parent company for 2025-2027 to be 699 million, 795 million, and 898 million respectively, with corresponding P/E ratios of 10, 8, and 7 times [2][3] - The projected revenue for 2025 is 8.118 billion, with a year-on-year growth rate of 13.8% [3] - The latest diluted EPS for 2025 is expected to be 0.76, with a net asset return rate of 18.1% [3][7]

股票代码：000700 股票简称：模塑科技 公告编号：2025-028 江南模塑科技股份有限公司 关于控股股东部分股权解除质押和再质押的公告 2、本次股东股份质押的基本情况 | 股东名称 | 是否为第 一大股东 | 质押股 | 占其所 | 占公司 | 是否 | 是否为 | 质押开 | 质押到期 | 质权人 | 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 及一致行 | 数 | 持股份 | 总股本 | 为限 | 补充质 | 始日期 | 日 | | | | | | | 比例 | 比例 | 售股 | 押 | | | | | | | 动人 | | | | | | | | 上海浦东 | | | 江阴模塑 | | 201.45 | | | | | 2025- | 质押人申 | 发展银行 | 资金调 | | 集团有限 | 是 | 万股 | 0.58% | 0.22% | 否 | 否 | 5-6 | 请解除质 | 股份有限 | 度需要 | | 公司 | | | | | | | | 押为止 | 公司江阴 | | | | ...

Core Viewpoint - The company has reported significant developments in its business operations, including securing projects with a well-known domestic new energy client, which is expected to contribute to future revenue growth [5]. Financial Data - The company has confirmed that its quarterly report is not audited and does not require restatement of previous accounting data [3][7]. - There are no non-recurring profit and loss items reported for the current quarter [3]. - The company has not identified any changes in major accounting data and financial indicators that require explanation [4]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the top ten shareholders, although specific figures are not provided [5]. Other Important Matters - The company has been awarded three exterior component projects for new energy SUVs, with an estimated annual sales volume of approximately 310,000 to 330,000 units over a project lifecycle of three years, translating to total sales revenue of about 1.23 to 1.32 billion yuan [5].

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,598,973,929.91, a decrease of 11.65% compared to ¥1,809,847,349.85 in the same period last year[5] - Net profit attributable to shareholders increased by 2.74% to ¥148,371,285.01 from ¥144,411,457.30 year-on-year[5] - The net profit after deducting non-recurring gains and losses rose by 45.09% to ¥137,070,887.47, compared to ¥94,475,152.61 in the previous year[5] - Total operating revenue for the current period is ¥1,598,973,929.91, a decrease of 11.6% compared to ¥1,809,847,349.85 in the previous period[18] - Net profit for the current period is ¥148,129,455.02, representing an increase of 3.6% from ¥143,543,199.66 in the previous period[19] - Total comprehensive income for the current period is ¥152,642,473.43, down 17.0% from ¥184,062,871.49 in the previous period[19] - Basic and diluted earnings per share increased to ¥0.162, up from ¥0.157 in the previous period[19] Cash Flow and Assets - The net cash flow from operating activities decreased by 31.24% to ¥103,486,771.20 from ¥150,497,185.94 in the same period last year[5] - Cash flow from operating activities generated a net amount of ¥103,486,771.20, down 31.1% from ¥150,497,185.94 in the previous period[21] - Cash and cash equivalents stood at RMB 1.57 billion, down from RMB 1.79 billion, representing a decline of approximately 12.5%[16] - Cash and cash equivalents at the end of the period decreased to ¥1,097,504,529.47 from ¥1,003,291,660.71 in the previous period[21] - The company's current assets totaled RMB 4.12 billion, down from RMB 4.42 billion at the beginning of the period, indicating a reduction of approximately 6.9%[16] - The company's total assets at the end of the reporting period were ¥8,074,760,023.43, down 3.46% from ¥8,363,941,935.09 at the end of the previous year[5] - As of March 31, 2025, the company's total assets amounted to RMB 8.07 billion, a decrease from RMB 8.36 billion at the beginning of the period[16] Liabilities and Equity - The company's total liabilities were RMB 4.42 billion, a decrease from RMB 4.86 billion at the beginning of the period, reflecting a reduction of about 9.1%[17] - The company's retained earnings increased to RMB 1.83 billion from RMB 1.68 billion, showing an increase of about 8.5%[17] - The company reported a decrease in short-term borrowings to RMB 2.06 billion from RMB 2.08 billion, a reduction of approximately 0.4%[17] - The company’s total equity increased to RMB 3.66 billion from RMB 3.50 billion, reflecting an increase of about 4.5%[17] - Shareholders' equity attributable to the parent company increased by 4.38% to ¥3,639,826,938.17 from ¥3,486,942,634.75 at the end of the previous year[5] Expenses and Costs - Total operating costs decreased to ¥1,489,710,394.28, down 16.0% from ¥1,773,739,058.88 in the previous period[18] - Research and development expenses decreased to ¥46,281,488.47, down 15.5% from ¥54,691,302.55 in the previous period[18] - The company experienced a 67.40% decrease in financial expenses, attributed to reduced interest expenses and exchange gains from its Mexican subsidiary[9] Other Key Information - The company reported a foreign exchange loss of ¥2,860,467.36, compared to a gain of ¥10,245,409.80 in the previous period[21] - The number of ordinary shareholders at the end of the reporting period was 61,514[11] - The company secured three exterior component projects from a well-known domestic new energy client, with an expected annual sales volume of approximately 310,000 to 330,000 units over a project lifecycle of three years, totaling estimated sales of about RMB 1.23 billion to RMB 1.32 billion[13] - The company has not undergone an audit for the first quarter report[22] - The weighted average return on equity was 4.16%, an increase of 0.1 percentage points from 4.06% in the previous year[5] - Accounts receivable decreased to RMB 1.22 billion from RMB 1.29 billion, indicating a reduction of about 5.5%[16] - The company's inventory decreased to RMB 838 million from RMB 870 million, reflecting a decline of approximately 3.7%[16] - The company reported a significant increase in contract liabilities by 74.50% to ¥8,914.31 million, primarily due to increased prepayments for specialized equipment[9]