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]

养老金视角，本期较上一季度持股减少的养老金基金共计1个，即基本养老保险基金九零三组合，持股 减少占比小幅下跌。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.13%。 2025年4月29日，模塑科技(000700.SZ)发布2024年年度报告。截至2025年4月28日，共有61个机构投资 者披露持有模塑科技A股股份，合计持股量达3.76亿股，占模塑科技总股本的40.94%。其中，前十大机 构投资者包括江阴模塑集团有限公司、香港中央结算有限公司、中国建设银行股份有限公司-中欧价值 发现股票型证券投资基金、基本养老保险基金九零三组合、中欧潜力价值灵活配置混合A、工银双利债 券A、汇添富中证500指数增强A、工银灵活配置混合A、嘉实沪深300指数研究增强A、中欧优势成长混 合，前十大机构投资者合计持股比例达40.81%。相较于上一季度，前十大机构持股比例合计下跌了2.67 个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计2个，包括中欧价值发现混合A、中欧潜力价值 灵活配置混合A，持股减少占比达0.66%。本期较上一季度新披露的公募基金共计56个，主要包 ...

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、本次会计政策变更概述 股票代码：000700 股票简称：模塑科技 公告编号：2025-026 江南模塑科技股份有限公司关于会计政策变更的公告 董 事 会 2024 年 12 月 31 日，财政部颁发了《企业会计准则解释第 18 号》（财会 〔2024〕24 号)，对"关于不属于单项履约义务的保证类质量保证的会计处理" 进行了规定。公司根据该项规定进行了会计政策变更，并对 2023 年财务报表相 关项目进行追溯调整。本事项无需提交董事会、股东大会审议。 二、会计政策变更对公司的影响 《企业会计准则解释第 18 号》规定对不属于单项履约义务的保证类质量保 证产生的预计负债，应当按确定的金额计入"主营业务成本"和"其他业务成本" 等科目，该解释规定自印发之日起施行，允许企业自发布年度提前执行。 本公司自 2024 年度开始执行该规定，将保证类质保费用计入营业成本。执 行该项会计处理规定，对列报前期最早期初财务报表留存收益的累计影响数为 0， 对 2023 年度合并及母公司比较财务报表相关项目调整如下： 单位：元 | ...

根据财政部对上述会计准则内容的规定及相关文件要求，对江南模塑科技股 份有限公司（以下简称"公司"）原会计政策进行了相应的变更。 本次会计政策变更事项无需提交公司董事会、股东大会审议。 江南模塑科技股份有限公司董事会 关于会计政策变更的说明 一、本次会计政策变更概述 2024 年 12 月，财政部颁布了《企业会计准则解释第 18 号》(财会〔2024〕 24 号)，规定了"关于浮动收费法下作为基础项目持有的投资性房地产的后续计 量的会计处理"、"关于不属于单项履约义务的保证类质量保证的会计处理"的 相关内容，要求自印发之日起施行，允许企业自发布年度提前执行。 江南模塑科技股份有限公司 董 事 会 2025 年 4 月 29 日 本次会计政策变更是公司根据财政部《关于印发的通知》（财会〔2024〕24） 的要求进行的合理变更，变更后的会计政策能够更加客观、公允地反映公司的财 务状况和经营成果，符合相关法律法规的规定和公司实际情况。 二、本次会计政策变更的具体情况及对公司的影响 本次会计政策变更不会对公司财务状况、经营成果和现金流量产生重大影响， 不涉及对公司以前年度的重大追溯调整，亦不存在损害公司和全体股东特别是 ...