Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5][63]. Core Views - The company, Xiaxia Precision, is a leading domestic player in small modulus gears, primarily serving the automotive gear, power tools, and reducer markets. The humanoid robot industry is expected to drive new growth for the company's gear and reducer products [5][39]. - The company has shown stable revenue growth, with a projected revenue increase from 6.57 billion yuan in 2024 to 9.77 billion yuan in 2026, alongside a recovery in profit margins [5][63]. - The humanoid robot industry is entering a critical phase of industrialization, with significant production expectations from major players like Tesla, which could lead to a substantial increase in demand for gears and reducers [5][43]. Financial Data and Valuation - The company reported total revenue of 5.28 billion yuan in 2023, with a projected growth rate of 24% in 2024 and 23% in 2025 [5][64]. - The net profit for 2023 was 720 million yuan, with expectations of 810 million yuan in 2024 and 980 million yuan in 2025 [5][64]. - The company's PE ratio is projected to decrease from 73.5 in 2024 to 46.9 in 2026, indicating improving valuation metrics [5][63]. Business Overview - Xiaxia Precision has a market share of 1.8% in the global small modulus gear market, ranking second [5][49]. - The company has a stable ownership structure, with the controlling family holding a significant majority of shares [5][23]. - The main products include automotive gears, electric tool gears, reducers, and related equipment, with automotive gears accounting for nearly 60% of revenue [5][5][19]. Industry Trends - The gear and reducer industry is expected to benefit from the rapid growth of the humanoid robot market, with a projected CAGR of over 80% from 2025 to 2035 [5][43]. - The overall gear market in China reached 346 billion yuan in 2023, with the reducer market at 138.7 billion yuan, both showing steady growth driven by the automotive and robotics sectors [5][34].

Core Viewpoint - Xiaxia Precision experienced a decline of 6.12% in its stock price, with a turnover rate of 28.08% and a trading volume of 453 million yuan, indicating significant market activity and volatility [1] Trading Activity - The stock was listed on the Dragon and Tiger List due to its turnover rate reaching 28.08%, with institutional investors net buying 11.42 million yuan [1] - The top five trading departments accounted for a total transaction volume of 152 million yuan, with buying transactions amounting to 66.75 million yuan and selling transactions totaling 85.20 million yuan, resulting in a net selling of 18.44 million yuan [1] - Among the trading departments, three institutional special seats were involved, with total buying amounting to 43.78 million yuan and selling amounting to 32.36 million yuan, leading to a net buying of 11.42 million yuan [1] Historical Performance - Over the past six months, the stock has appeared on the Dragon and Tiger List 10 times, with an average price increase of 1.09% the day after being listed and an average decline of 0.37% in the following five days [1] Capital Flow - The stock saw a net outflow of 40.40 million yuan in main funds today, with a significant outflow of 27.28 million yuan from large orders and 13.12 million yuan from major orders [1] - In the past five days, the main funds experienced a net inflow of 41.21 million yuan [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company, Xiaxia Precision, is a leader in small modulus gears and is expected to expand into the humanoid robot sector, which presents significant growth opportunities [2][9]. - The report highlights the company's core advantages, including product synergy, technological capabilities, and strong customer resources, particularly in the automotive sector [2][15]. Summary by Sections Business Overview - Xiaxia Precision is a leading domestic small modulus gear manufacturer, with automotive gears accounting for 60% of its revenue in 2023, and a gross margin of approximately 29% [12][29]. - The company has shown a compound annual growth rate (CAGR) of 15% in revenue and 24% in net profit from 2019 to 2023 [17]. Humanoid Robot Market Potential - The report identifies screws and reducers as core components for humanoid robots, with a significant market potential as the industry matures [9][34]. - The market for planetary roller screws is projected to reach approximately 668 billion yuan if annual production of humanoid robots reaches 500,000 units [43]. Gear Business - The global gear market was valued at 1.3 trillion yuan in 2023, with expectations for the automotive and electric tool gear markets to reach 112.8 billion yuan and 35.3 billion yuan, respectively, by 2025 [3]. - The company has established a strong customer base and has formed advantages in technology, production, and quality control, positioning itself as a leader in the small modulus precision cylindrical gear market [3][19]. Financial Forecast - The company is expected to generate revenues of 685 million yuan in 2024, with a projected net profit of 68 million yuan, reflecting a 5% decrease year-on-year [4]. - The projected earnings per share for 2024-2026 are 1.1 yuan, 1.4 yuan, and 1.5 yuan, respectively, with corresponding price-to-earnings ratios of 90, 71, and 64 [4][21].

Group 1 - The stock of Xiaxia Precision reached the daily limit, with a turnover rate of 44.46% and a transaction amount of 689 million yuan, showing a fluctuation of 13.59% [1] - Institutional investors net sold 21.87 million yuan, while brokerage seats collectively net bought 30.39 million yuan [1] - The stock was listed on the Dragon and Tiger list due to its turnover rate, with the top five trading departments accounting for a total transaction of 194 million yuan, including a buying amount of 101 million yuan and a selling amount of 92.62 million yuan, resulting in a net buying of 8.52 million yuan [1] Group 2 - Among the trading departments listed, five institutional special seats were involved, with total buying amount of 54.73 million yuan and selling amount of 76.61 million yuan, leading to a net sell of 21.87 million yuan [1] - Over the past six months, the stock has appeared on the Dragon and Tiger list nine times, with an average price increase of 2.22% the day after being listed and an average increase of 5.89% in the following five days [1] - The stock saw a net inflow of 74.30 million yuan from main funds today, with a significant single net inflow of 44.25 million yuan and a large single net inflow of 30.05 million yuan, totaling a net inflow of 151 million yuan over the past five days [1]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [3][6]. Core Views - The company is a leading player in the small modulus gear industry, with a strong focus on automotive and robotics sectors driving growth. It has been in the gear industry for 25 years and has a diverse product application range [1][2]. - In 2023, the company achieved a revenue of 528 million yuan, a year-on-year increase of 1.97%, with automotive gear revenue accounting for 60.25% of total revenue, growing by 34.34% year-on-year [1][23]. - The automotive gear business is expected to continue growing due to the expanding automotive market, particularly in the new energy vehicle sector, which saw a domestic sales increase of 33.5% in 2023 [2][53]. - The robotics industry is also rapidly developing, with the company's planetary gear products expected to benefit from increased demand in this sector [2][3]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of small modulus gears and related products, serving various industries including electric tools, fuel vehicles, new energy vehicles, robotics, smart home devices, and medical equipment [1][15]. - It holds a significant market share, ranking second globally in the small modulus gear market, with a focus on high precision and reliability in its products [2][16]. Financial Performance - The company’s revenue has shown steady growth, with projections for 2024, 2025, and 2026 to reach 614 million, 744 million, and 844 million yuan respectively, reflecting year-on-year growth rates of 16.4%, 21.1%, and 13.4% [3][5]. - The net profit attributable to the parent company is expected to be 68 million, 80 million, and 91 million yuan for the same years, with corresponding EPS of 1.09, 1.30, and 1.47 yuan [3][5]. Market Dynamics - The automotive industry is a major growth driver, with China being the largest automotive production country, accounting for 32.5% of global production in 2021 [49][52]. - The new energy vehicle market is projected to continue its rapid growth, supported by favorable policies and increasing consumer acceptance [53][56]. Product and Technology Advantages - The company’s products are characterized by low noise, low cost, high reliability, high precision, and long lifespan, which are critical in the automotive and robotics sectors [2][47]. - The company has developed advanced manufacturing technologies that enhance product quality and reduce reliance on imported components, thereby improving its competitive edge [47][48].

股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 浙江夏厦精密制造股份有限公司（以下简称"公司"、"本公司"）股票（证 券简称：夏厦精密，证券代码：001306）于 2025 年 2 月 19 日、2 月 20 日、2 月 21 日连续 3 个交易日收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所 交易规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注及核实情况的说明 针对公司股票异常波动，公司董事会进行了全面自查，并通过书面问询的方 式对公司控股股东、实际控制人就相关问题进行了核实，核实情况如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 证券代码：001306 证券简称：夏厦精密 公告编号：2025-001 浙江夏厦精密制造股份有限公司 3、近期公司生产经营情况正常，不存在内外部经营环境、相关业务发生重 大变化的情形； 4、经核查，公司及控股股东、实际控制人不存在关于本公司的应披露而未 ...

Revenue and Profit - Revenue for Q3 2024 reached ¥175,170,055.85, an increase of 45.19% year-over-year, while year-to-date revenue was ¥460,958,532.96, up 21.25% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥12,353,475.19, a decrease of 18.06% year-over-year, with year-to-date net profit at ¥47,731,996.19, down 15.65%[2] - Basic earnings per share for Q3 2024 was ¥0.20, down 37.50% year-over-year, with year-to-date earnings per share at ¥0.77, a decrease of 36.89%[2] - The net profit for Q3 2024 was CNY 47,731,996.19, a decrease of 15.5% compared to CNY 56,588,088.94 in Q3 2023[13] - Total operating profit for Q3 2024 was CNY 51,075,301.36, down 18.1% from CNY 62,390,616.97 in Q3 2023[13] - The total profit for Q3 2024 was CNY 50,974,622.29, a decrease of 18.6% from CNY 62,662,246.31 in Q3 2023[13] - The company reported a total comprehensive income of CNY 47,681,904.10 for Q3 2024, compared to CNY 56,586,102.42 in Q3 2023[14] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.77, down from CNY 1.22 in the same quarter last year[14] Cash Flow and Financial Position - The net cash flow from operating activities for the year-to-date period was ¥3,481,826.66, reflecting a significant decline of 94.11% compared to the previous year[2] - The company's cash and cash equivalents decreased by 61.07% to ¥227,253,406.82, primarily due to loan repayments and increased procurement of long-term assets[4] - The company reported cash outflows for financing activities totaling CNY 169,899,664.80, which is significantly higher than the previous year's outflow of CNY 83,902,091.76[16] - Cash flow from financing activities resulted in a net outflow of CNY 115,399,664.80, contrasting with a net inflow of CNY 9,423,260.35 in the same quarter last year[16] - The total cash and cash equivalents at the end of the period stood at CNY 214,875,392.69, down from CNY 556,854,030.11 at the beginning of the period[16] - The impact of exchange rate changes on cash and cash equivalents was CNY 477,300.75, a decrease from CNY 604,154.85 in the prior year[16] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥1,847,002,459.16, a decrease of 1.14% from the end of the previous year[2] - The company's cash and cash equivalents as of September 30, 2024, amount to ¥227,253,406.82, a decrease from ¥583,771,200.22 at the beginning of the period[10] - The accounts receivable increased to ¥289,568,529.35 from ¥249,896,332.19, indicating a growth of approximately 15.9%[10] - Total liabilities decreased to ¥531,155,901.57, down 5.2% from ¥560,069,036.28 year-over-year[12] - The company's total liabilities increased, with short-term borrowings rising by 158.89% to ¥28,500,667.12, reflecting new short-term loans taken[4] - Long-term borrowings decreased to ¥161,345,759.48 from ¥254,039,990.80, a reduction of 36.4%[12] - Current assets totaled ¥1,016,083,598.81, down 17.7% from ¥1,234,996,750.56 year-over-year[11] - Non-current assets increased to ¥830,918,860.35, up 31.2% from ¥633,222,170.42 in the previous year[11] Investment and Expansion Plans - The company plans to invest up to $15 million in a project in Vietnam to produce 1 million sets of precision transmission structure products, with registration of related subsidiaries completed by August 2024[9] - The company is actively pursuing overseas market expansion, particularly in Vietnam, to support future business development[9] Operating Performance - Total operating revenue for Q3 2024 reached ¥460,958,532.96, an increase of 21.2% compared to ¥380,170,680.56 in the same period last year[12] - Total operating costs amounted to ¥413,378,167.73, up 28.4% from ¥321,961,180.41 year-over-year[12] - Research and development expenses increased to CNY 30,240,490.39, up 28.3% from CNY 23,571,924.16 in the same period last year[13] - Cash received from sales of goods and services was CNY 345,334,969.08, an increase from CNY 322,701,865.52 in the previous year[15] - Other income decreased to CNY 8,975,188.94 from CNY 12,696,511.99 in Q3 2023[13] - The income tax expense for Q3 2024 was CNY 3,242,626.10, down from CNY 6,074,157.37 in the same period last year[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,282, with the largest shareholder, Ningbo Xiasha Investment Holding Co., Ltd., holding 68.94% of shares, equating to 42,742,700 shares[7] - The number of shares held by the top ten unrestricted shareholders includes significant holdings by individual shareholders, with the largest being 68.94%[8] - The total number of shares held by the top ten shareholders participating in margin trading includes 191,800 shares held by shareholder Guan Shuai[8] - The company has no known relationships or concerted actions among the top ten unrestricted shareholders[8]

证券代码：001306 证券简称：夏厦精密 公告编号：2024-035 浙江夏厦精密制造股份有限公司 关于继续使用闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江夏厦精密制造股份有限公司（以下简称"公司"或"夏厦精密"）于 2024 年 10 月 23 日召开第二届董事会第八次会议和第二届监事会第七次会议，审议通 过了《关于继续使用闲置募集资金进行现金管理的议案》，同意公司在不影响募 集资金投资项目和公司正常运营的情况下，拟使用最高不超过人民币 2.5 亿元额 度的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好、保本型的 理财产品或存款类产品（包括但不限于结构性存款、大额存单、定期存款、通知 存款、协定存款等）。使用期限为自公司董事会审议通过之日起 12 个月，在上 述额度和期限范围内，资金可以循环滚动使用。公司董事会授权董事长在投资额 度内行使该项投资决策权并签署相关合同文件，具体事项由公司财务部负责具体 实施。具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意浙江夏厦精密制造股份有限公司 ...

证券代码：001306 证券简称：夏厦精密 公告编号：2024-037 浙江夏厦精密制造股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江夏厦精密制造股份有限公司（以下简称"公司"）第二届董事会第八次 会议审议通过了《关于召开公司 2024 年第一次临时股东大会的议案》，公司将 于 2024 年 11 月 20 日（星期三）召开 2024 年第一次临时股东大会，现将本次股 东大会有关事项通知如下： 一、召开会议的基本情况 1、会议届次：2024 年第一次临时股东大会 2、会议召集人：公司第二届董事会 关于召开 2024 年第一次临时股东大会的通知 3、会议召开的合法、合规性：本次股东大会会议的召开符合《公司法》等 有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 11 月 20 日（星期三）14:30 （2）网络投票： 深圳证券交易所交易系统投票时间：2024 年 11 月 20 日 09:15～09:25， 09:30～11:30 和 13:00～15:00； ...

证券代码：001306 证券简称：夏厦精密 公告编号：2024-036 浙江夏厦精密制造股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江夏厦精密制造股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开第二届董事会第八次会议和第二届监事会第七次会议，审议通过了《关于 2024 年前三季度计提资产减值准备的议案》，同意公司对 2024 年前三季度财务 报告合并会计报表范围内相关资产计提资产减值准备。现将相关事项公告如下： 一、本次计提资产减值准备的情况概述 为客观、公正地反映公司 2024 年前三季度财务状况、经营成果和资产价值， 本着谨慎性原则，根据《企业会计准则》及相关规则的要求，公司对各项资产进 行全面检查和减值测试，对公司截至 2024 年 9 月 30 日合并报表范围内有关资 产计提相应的减值准备。根据测试结果，公司 2024 年前三季度计提信用减值损 失合计人民币 202.36 万元，计提资产减值损失合计人民币 764.87 万元，具体明 细如下表： | 资产名称 ...