Investment Rating - The report maintains a "Buy" rating for the company [12][14]. Core Insights - The company has shown robust growth in 2023, with total revenue increasing by 16.6% year-on-year, driven by significant sales growth from key clients such as Tesla and Li Auto, which saw increases of 38% and 182% respectively [2][9]. - The company is expanding its client base in the new energy sector, with nearly 60% of its revenue contribution coming from this segment since 2022 [2]. - Despite a slight revenue decline of 5.5% year-on-year in Q1 2024, the introduction of the "trade-in" policy is expected to boost automotive sales in the latter half of the year [2][9]. - The company has made significant progress in integrated die-casting, with a new production line in Yancheng achieving mass production and expected to contribute over 2 billion yuan in revenue over its lifecycle [7]. Financial Performance - In 2023, the company achieved a revenue of 3.913 billion yuan, with a net profit of 497 million yuan, reflecting a year-on-year growth of 11% [9]. - The projected revenues for 2024, 2025, and 2026 are 4.654 billion yuan, 5.539 billion yuan, and 6.596 billion yuan respectively, with corresponding net profits of 616 million yuan, 703 million yuan, and 833 million yuan [3][14]. - The company's gross margin for 2023 was 23.2%, slightly down from 24.5% in 2022, while the net margin was 12.7% [11][9]. Market Position and Strategy - The company is strategically positioning itself in the automotive parts industry, focusing on stamping and integrated die-casting, with a diverse product range of over 3,000 types of stamped components [7]. - The company has secured orders from leading automotive manufacturers, enhancing its market presence and revenue potential [7]. - A planned investment of 3 billion yuan in new capacity in Jiangsu is expected to contribute an additional 1.7 billion yuan in revenue upon reaching full production [7].

[Table_Summary 事件：公司发布] 2023年报，实现营收 39.13亿元，同比+16.62%，实现归母净 利润 4.97 亿元，同比+11.05%。分拆来看，Q4 实现营收 11.66 亿元，同比 +21.01%，环比+15.25%，实现归母净利润 1.10 亿元，同比-16.60%，环比 -21.20%。 受益于下游客户销量增长，公司业绩稳中有增。收入端：23年公司实现营收39.13 亿元，同比+16.62%，预计主要受下游两大客户特斯拉、理想销量增长支撑。 根据乘联会数据，23年特斯拉中国/理想汽车零售销量分别为 60.37/37.60万辆， 同比增长 37.27%/182.21%，两大客户持续发力，公司全年新能源汽车客户营收 占比超 70%。盈利能力来看，23年公司毛利率/净利率分别为 23.21%/12.67%， 同比-1.32pp/-0.63pp，期间费用率为 5.93%，同比-0.9pp，费用管控呈现一定 效果。我们预计，23 年毛利率下滑主要受到固定资产折旧等因素所致，今年在 行业竞争加剧背景下，公司或将继续加强费用管控。 积极提升产能，新增定点保障盈利持续性。23年公司为配套客户 ...

Financial Performance - The company's revenue for Q1 2024 was ¥780,410,297.23, a decrease of 5.53% compared to ¥826,056,538.65 in the same period last year[5] - Net profit attributable to shareholders increased by 7.83% to ¥114,929,425.83 from ¥106,582,692.18 year-on-year[5] - Basic and diluted earnings per share decreased by 30.00% to ¥0.63 from ¥0.90 in the same period last year[5] - Total operating revenue for Q1 2024 was CNY 780,410,297.23, a decrease of 5.5% from CNY 826,056,538.65 in the same period last year[15] - Net profit for Q1 2024 was CNY 114,475,840.48, representing an increase of 7.1% compared to CNY 106,582,692.18 in Q1 2023[15] - Earnings per share (EPS) for Q1 2024 was CNY 0.63, down from CNY 0.90 in the previous year[16] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥112,102,833.84, a 490.69% increase from a negative cash flow of ¥28,693,911.97 in the previous year[5] - Operating cash inflow for the current period was $798,867,101.32, an increase of 10% from $725,840,957.04 in the previous period[18] - Cash outflow from investing activities totaled $504,448,416.58, compared to $64,428,396.55 in the previous period, resulting in a net cash flow from investing activities of -$121,861,176.67[19] - Cash inflow from financing activities was $8,000,000.00, a decrease from $2,097,488,649.29 in the previous period, leading to a net cash flow from financing activities of -$39,449,954.80[19] - The ending cash and cash equivalents balance was $600,262,454.18, down from $1,698,434,623.29 in the previous period[19] - Cash received from other investment activities was $380,000,000.00, a significant increase from $882,500.00 in the previous period[18] - Cash paid for the purchase of fixed assets and other long-term assets was $124,448,416.58, up from $61,875,692.04 in the previous period[19] - The impact of exchange rate changes on cash and cash equivalents was $317,439.57, compared to a negative impact of $1,241,192.11 in the previous period[19] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥5,239,986,865.70, down 3.14% from ¥5,409,761,980.94 at the end of the previous year[5] - The company's total current assets amount to 2,921,881,262.87 CNY, a decrease from 3,147,388,620.13 CNY at the beginning of the period[13] - The total non-current assets are 2,318,105,602.83 CNY, an increase from 2,262,373,360.81 CNY at the beginning of the period[13] - The total liabilities decreased to CNY 840,111,475.92 from CNY 1,124,362,431.64 in the previous year[15] - The company's investment properties are valued at 3,323,121.85 CNY, down from 3,484,883.77 CNY[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,961[9] - The largest shareholder, Cao Dalong, holds 47.41% of the shares, totaling 87,100,000 shares, with 5,500,000 shares pledged[9] - The second-largest shareholder, Deng Liqin, holds 23.35% of the shares, totaling 42,900,500 shares, also with 5,500,000 shares pledged[9] Research and Development - Research and development expenses decreased by 37.92% to ¥17,464,945.96 from ¥28,131,818.99 year-on-year[7] - Research and development expenses decreased to CNY 17,464,945.96, down from CNY 28,131,818.99 year-over-year[15] Other Income and Investments - Investment income surged by 23,787.52% to ¥2,846,198.34 compared to ¥11,915.00 in the same period last year[7] - Other income increased by 706.69% to ¥3,721,104.39 from ¥461,281.65 year-on-year, primarily due to government subsidies[7] - The company reported a significant increase in investment income to CNY 2,846,198.34, compared to CNY 11,915.00 in the same period last year[15] Future Outlook - The company aims to enhance market expansion and product development strategies in the upcoming quarters[15] - The company’s cash flow statement is pending further details, indicating ongoing financial management efforts[17]

市场表现 [Table_QuoteInfo] -49.60% -36.60% -23.60% -10.60% 2.40% 15.40% 2023/4 2023/7 2023/10 2024/1 多利科技 海通综指 [Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 多利科技（001311）公司年报点评 2024 年 04 月 24 日 多利科技发布 2023 年年度报告。公司 2023 年实现营收 39.1 亿元，同比 +16.6%；实现归母净利润 5.0 亿元，同比+11.2%。其中 2023 年四季度实现 营收 11.7 亿元，同比+21.0%，环比+15.3%；实现归母净利润 1.1 亿元，同 比-16.6%，环比-21.2%。 积极布局一体化压铸业务，为业绩贡献增量。根据公司 2023 年中报，公司 已在江苏盐城、安徽六安布局了四条一体化压铸生产线，其中盐城 6100T 一 体化压铸生产线已投入使用，并实现量产销售。根据公司获得客户项目定点 的公告，公司将为国内某头部新能源车企提供一体化压铸后地板零部件，预 计将于 2025 年开始量产，生命周期内预计销售总金额约 21 ...

[Table_Title] 评级：买入（维持） 市场价格：34.47 元 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,355 3,913 4,611 5,303 6,099 增长率 yoy% 21% 17% 18% 15% 15% 净利润（百万元） 446 497 608 712 839 增长率 yoy% 16% 11% 22% 17% 18% 每股收益（元） 2.43 2.70 3.31 3.88 4.57 每股现金流量 1.54 2.78 3.43 4.28 4.89 净资产收益率 24% 12% 13% 13% 13% P/E 14.2 12.8 10.4 8.9 7.5 P/B 3.4 1.5 1.3 1.1 1.0 备注：数据截至 2024/04/19 [Table_Profit] 基本状况 总股本(百万股) 184 流通股本(百万股) 47 市价(元) 34.47 市值(百万元) 6,333 流通市值(百万元) 1,608 多利科技(001311.SZ)/汽车 证券研究报告/公司点评 2024 年 ...

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|--------------------|--------------------|---------------------------|---------------------------| | 2024 年 04 月 21 日 \n多利科技（ 001311.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 汽车 \| | 汽车零部件Ⅲ | | 行业景气叠加一体化压铸的持续推进，公司业绩预期向好 | 投资评级 | | 增持 -A( | 首次) | | 投资要点 | 股价 | (2024-04-19) | | 34.47 元 | | | 交易数据 | | | | | 事件内容： 4 月 18 日晚，公司披露 2023 年度报告。 2023 年公司实现营业收入 39.13 | 总市值（百万元） | | | 6,333.29 | ...

131 业绩基本符合预期，一体化压铸有望放量 本报告导读： | --- | --- | --- | |-----------------------|--------------|------------| | | 运输设备业 / | 可选消费品 | | [Table_Invest] 评级： | | 增持 | | | 上次评级： | 增持 | | 目标价格： | | 44.81 | | | 上次预测： | 76.50 | | 当前价格： | | 34.47 | | | | 2024.04.20 | 股 票 研 究 [Table_MainInfo] [Table_Title] 多利科技(001311) | --- | --- | --- | |----------|---------------------|-----------------------| | | | ——多利科技 | | | 吴晓飞 ( 分析师 ) | 郁研 ( 研究助理 ) | | | 0755-23976003 | 021-38031026 | | | wuxiaofei@gtjas.com | yuyan028679@gtjas.com ...

累积投票制实施细则 第一章 总则 滁州多利汽车科技股份有限公司 第二章 董事、监事候选人的提名 第五条 公司董事会、监事会、单独或合并持有公司有表决权股份总数的3%以上的股东可 以根据国家法律法规以及《公司章程》等规定, 向董事会提名公司董事(包括独立 董事)候选人或向监事会提名由股东代表出任的监事候选人。 第四章 董事、监事候选人的当选 第三章 董事、监事候选人的投票 第十一条 采用累积投票制时, 股东大会对董事或监事候选人进行表决前, 股东大会主持人 应明确告知与会股东对候选董事或监事实行累积投票方式, 董、监事会必须置备适 2 第六条 股东大会选举产生的董事和监事人数及结构应符合《公司章程》的规定。按照拟 选任的人数, 根据符合提名条件的股东、董事会的初步提名, 由董事会提名委员会 提出董事候选人的建议名单, 经董事会决议通过后, 由董事会向股东大会提出董 事候选人并提交股东大会选举; 由符合提名条件的股东、监事会提出监事候选人的 建议名单, 经监事会决议通过后, 由监事会向股东大会提出监事候选人并提交股 东大会选举。 第七条 提名人在提名前应当征得被提名人的同意。董事或监事候选人应在股东大会召开 前作 ...

证券代码：001311 证券简称：多利科技 公告编号：2024-019 滁州多利汽车科技股份有限公司 关于 2024 年度公司及子公司向银行等机构申请综合授信 额度并接受关联方担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、公司本次申请综合授信额度事项在实际发生时如涉及公司及子公司对外担 保等事项，公司将按有关规定及时履行信息披露义务。 为满足公司经营发展需要，提高资金营运能力，公司及子公司拟向银行等机 构申请总额不超过人民币 80,000 万元的综合授信额度。授信额度事项的有效期自 2023 年年度股东大会批准之日起至 2024 年年度股东大会召开日止。 上述授信额度用于办理包括但不限于贸易融资(信用证)授信、流动资金(贷款) 授信、银行承兑汇票、商业汇票承兑、保函、票据贴现、项目融资、固贷、保理、 融资租赁等综合授信业务,融资期限以实际签署的合同为准。该等授信额度不等于 公司及子公司实际融资金额，实际授信额度以银行审批的授信额度为准,具体融资 金额将视公司及子公司运营资金的实际需求来确定。授信期限内,该等授信额度可 循环使用。 为提高工作效 ...

第一条 为了进一步规范滁州多利汽车科技股份有限公司(以下简称"公司")董事会的 议事方式和决策程序, 促使董事和董事会有效地履行其职责, 提高董事会规 范运作和科学决策水平, 根据《中华人民共和国公司法》(以下简称"《公司 法》")、《中华人民共和国证券法》、《上市公司治理准则》、《深圳证券交易所 股票上市规则》(以下简称"《上市规则》")等法律法规及《滁州多利汽车科技 股份有限公司章程》(以下简称"《公司章程》")的规定, 制订本规则。 滁州多利汽车科技股份有限公司 第二条 董事会行使下列职权: 1 (一) 召集股东大会, 并向股东大会报告工作; (二) 执行股东大会的决议; (三) 决定公司的经营计划和投资方案; (四) 制订公司的年度财务预算方案、决算方案; (五) 制订公司的利润分配方案和弥补亏损方案; (六) 制订公司增加或者减少注册资本、发行债券或其他证券及上市方案; (七) 拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公 司形式的方案; (八) 在股东大会授权范围内, 决定公司对外投资、收购出售资产、资产抵 押、对外担保事项、委托理财、关联交易、对外捐赠等事项; (九) 决定公司内 ...