Investment Rating - The investment rating for Junduoli Technology (001311.SZ) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for the company's integrated die-casting business and customer structure optimization [2][4]. Core Views - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 420 million yuan, down 14.4% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 1.1 billion yuan, a decline of 5.3% year-on-year, with a net profit of 80 million yuan, down 24.1% year-on-year [2][4]. - The decline in performance is attributed to terminal fluctuations and increased costs, including asset depreciation and impairment provisions [4]. - The company is positioned to ramp up its integrated die-casting production, having established multiple large-scale production lines and secured several customer orders, with expectations for significant contributions to performance starting in the second half of 2025 [4][5]. - The company is projected to achieve revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 580 million yuan, 700 million yuan, and 820 million yuan for the same years [4][5]. Summary by Sections Financial Performance - In 2024, the total revenue was 3.59 billion yuan, with a year-on-year growth rate of -8.2% [5]. - The net profit attributable to the parent company was 420 million yuan, reflecting a year-on-year decrease of 14.4% [5]. - The gross profit margin for 2024 was 21.08%, down 2.13 percentage points from the previous year [4][5]. Business Outlook - The integrated die-casting business is expected to enter a phase of large-scale production starting in the second half of 2025, following a period of investment and business development [4]. - The company has established a strong customer base, including major clients such as NIO, Leap Motor, and Li Auto, and has accumulated experience in advanced equipment, product yield, cost control, and process design [4]. Earnings Forecast - The forecast for 2025-2027 indicates a revenue growth trajectory with expected revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan, respectively [5]. - Corresponding net profits are projected to be 580 million yuan, 700 million yuan, and 820 million yuan for the same years, with price-to-earnings ratios of 10, 9, and 7 times [4][5].

Group 1: Company Performance - In 2024, the company achieved operating revenue of 3.592 billion yuan, a year-on-year decrease of 8.19% [4] - The net profit attributable to shareholders was 425 million yuan, down 14.43% year-on-year [4] - The company’s integrated die-casting business is in the ramp-up phase, with expectations for significant contributions to performance once projects reach breakeven [4] Group 2: Market and Industry Outlook - The automotive parts market in 2025 will be driven by policies, technology, and consumer demand, with electrification and intelligence as the main themes [5][6] - Global penetration rate of new energy vehicles is expected to continue rising, with new energy vehicle sales reaching 40.9% of total new car sales in 2024 [6] - The automotive industry maintained steady growth in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking increases of 3.7% and 4.5% year-on-year [6] Group 3: Customer and Product Diversification - The company’s main customers include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others [3] - The company plans to diversify its customer and product structure to enhance core competitiveness and risk resistance [3] - The company is actively developing new customers and products while strengthening cooperation with existing clients [4] Group 4: Production Capacity and Utilization - The current stamping parts capacity utilization rate is only 80%, with plans to increase as new orders are fulfilled [2] - The company’s integrated die-casting and hot-forming production lines are expected to achieve significant capacity utilization improvements by 2026 [4] - The company is currently supplying parts for the C series models of Leap Motor and has not yet supplied for the B series models [2]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for the company's integrated die-casting business and customer structure optimization [2][4]. Core Viewpoints - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 420 million yuan, down 14.4% year-on-year [2][4]. - The decline in performance is attributed to terminal fluctuations and increased costs, including asset depreciation and impairment provisions [4]. - The company is positioned to ramp up its integrated die-casting production, having established multiple large-scale production lines and secured several customer orders, with expectations for significant contributions to performance starting in the second half of 2025 [4]. - The company is projected to achieve revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 580 million yuan, 700 million yuan, and 820 million yuan for the same years [4][5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 3.59 billion yuan, a decrease of 8.2% from 2023, and a net profit of 420 million yuan, down 14.4% year-on-year [2][4]. - The gross profit margin for 2024 was 21.08%, a decline of 2.13 percentage points compared to the previous year [4]. - The company expects to see revenue growth of 32.7%, 19.2%, and 15.1% in 2025, 2026, and 2027, respectively [5]. Business Outlook - The integrated die-casting business is anticipated to enter a phase of large-scale production starting in the second half of 2025, following a period of investment and business development [4]. - The company has established a strong customer base, including notable clients such as NIO, Leap Motor, and Li Auto, which is expected to enhance its market position [4]. Profitability Forecast - The company is projected to achieve a net profit of 580 million yuan in 2025, with a corresponding price-to-earnings ratio (P/E) of 10 times [5]. - The expected earnings per share (EPS) for 2025 is 2.43 yuan, with a forecasted P/E ratio decreasing to 7.32 by 2027 [5].

Summary of the Conference Call for Multi-Tech Company Overview - The conference call discusses the performance and outlook of Multi-Tech, focusing on its financial results for 2024 and projections for 2025, particularly in relation to its major clients such as Tesla and Li Auto [1][2][3]. Key Financial Highlights - In 2024, Multi-Tech reported revenue of 3.592 billion yuan, a decrease of 8.19% year-on-year [3]. - Net profit attributable to shareholders was 425 million yuan, down 14.45% year-on-year [3]. - The decline in revenue and profit was primarily due to extended holidays taken by major clients, leading to reduced operational activity [2][3]. - Depreciation and amortization increased by 80 million yuan due to new fixed assets, alongside a 20 million yuan rise in management expenses [2][3]. Impairment and Cost Management - In Q4 2024, the company made an impairment provision of 54 million yuan for accounts receivable, inventory, and mold assets related to Hozon Auto [2][4][5]. - The total impairment provision significantly impacted net profit attributable to shareholders [5][6]. - R&D expenses were notably high, but these are expected to positively influence revenue over the next two years [5][6]. New Orders and Production Capacity - Multi-Tech secured new orders for integrated die-casting and hot forming, with unit values ranging from 1,400 to 2,400 yuan per vehicle [2][5]. - The company anticipates that production for the new models will ramp up in the second half of 2025, improving capacity utilization and financial performance [7][30]. - The hot forming production line cost approximately 80 million yuan and has completed depreciation [9]. Profitability and Margin Outlook - Excluding one-time impairments and R&D costs, the gross margin for core business remained stable between 18% and 21% [6][7]. - Despite challenges, the company expects to maintain a steady gross margin above 20% in the long term [10]. Export and Market Challenges - The outlook for exports in 2025 is not optimistic, with projected revenue of approximately 120 million yuan for the first three quarters and a significant decline in Q4 [11]. - The company plans to continue operations in the European market but faces uncertainties in the U.S. market due to tariff issues [11][13]. Strategic Partnerships and Future Plans - Multi-Tech is exploring partnerships with established automotive parts companies in Europe to enhance production capabilities [13]. - The company is also in discussions with Tesla and Li Auto regarding ongoing collaborations and potential production changes [25][26]. Emerging Business Areas - Multi-Tech is focusing on developing logistics and handling robots, with plans to launch products in the second half of the year [22]. - The company is also exploring humanoid robotics, emphasizing the development of key components for internal efficiency [24][29]. Conclusion and Future Outlook - Despite a challenging 2024, Multi-Tech expects significant revenue growth in 2025 due to new business orders and improved client structure [30]. - The company is entering a new growth cycle with diversified products and a focus on integrated die-casting, hot forming, and other key areas [30].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 29.3 yuan for 2025 [2][9]. Core Views - The company's 2024 revenue is reported at 3.59 billion yuan, a year-on-year decrease of 8%, with a net profit attributable to the parent company of 425 million yuan, down 14% year-on-year [2][5]. - The company is recognized as a leader in stamping technology and is emerging in integrated die-casting and hot forming, with diversified layouts supporting long-term development [4][9]. - The fourth quarter performance is under pressure due to impairment provisions, but revenue is expected to recover to historical highs in the upcoming quarters [9]. Financial Summary - **Revenue Forecast**: - 2024: 3.59 billion yuan (down 8.2%) - 2025: 3.98 billion yuan (up 10.8%) - 2026: 4.39 billion yuan (up 10.2%) - 2027: 4.85 billion yuan (up 10.7%) [5][10] - **Net Profit Forecast**: - 2024: 425 million yuan (down 14.4%) - 2025: 466 million yuan (up 9.6%) - 2026: 532 million yuan (up 14.1%) - 2027: 582 million yuan (up 9.5%) [5][10] - **Earnings Per Share (EPS)**: - 2024: 1.78 yuan - 2025: 1.95 yuan - 2026: 2.23 yuan - 2027: 2.44 yuan [5][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 15 times [9][10]. Business Performance - The company’s revenue in Q4 2024 was 1.1 billion yuan, with a year-on-year decline of 5% and a quarter-on-quarter increase of 16% [9]. - The automotive parts segment generated 3.32 billion yuan in revenue for 2024, down 5% year-on-year, primarily due to weak sales performance from major client T China [9]. - The company has secured new project contracts worth 2.5 to 3 billion yuan, which are expected to significantly support revenue growth in 2025 [9]. Market Position - The company has established itself as a key supplier for major automotive manufacturers, including Tesla and Li Auto, and is recognized for its high gross margin of over 20% and net margin of over 10% in the stamping industry [9]. - The integrated die-casting and hot forming technologies are seen as areas of strong competitive advantage, with recent contracts indicating growing client recognition in these new business areas [9].

Group 1: Company Performance Overview - In 2024, the company achieved operating revenue of 3.592 billion yuan, a year-on-year decrease of 8.19% [3] - The net profit attributable to shareholders was 425 million yuan, down 14.43% compared to the previous year [3] - The comprehensive gross profit margin was 21.08%, a decline of 2.13 percentage points year-on-year [3] Group 2: Factors Affecting Performance - Revenue and net profit declines were primarily due to fluctuations in downstream product sales, increased asset depreciation, and higher impairment provisions [3] - The company recorded an additional impairment provision of 55.4683 million yuan in 2024, including 26.8949 million yuan for credit impairment and 28.5734 million yuan for inventory impairment [3] Group 3: Production Capacity and Utilization - The overall capacity utilization rate for the stamping and welding business is approximately 80% [4] - The capacity utilization rate for integrated die-casting and hot forming production lines is expected to significantly increase by 2026 [4] Group 4: Market and Clientele - The company’s export revenue for 2024 was 144 million yuan, accounting for 4.01% of total revenue, with exports to the U.S. making up about 3.6% [5] - Major clients include Tesla, Li Auto, NIO, and BYD, with ongoing efforts to expand the customer base [6] Group 5: Future Strategies - The company plans to enhance production efficiency and product quality through continuous R&D and technological upgrades [7] - There is a focus on expanding production scale, optimizing capacity layout, and developing new clients to improve market competitiveness [7]

Core Viewpoint - The overall performance of the company is poor, with significant declines in revenue and net profit, primarily due to the downturn in its core stamping and welding components business, despite some progress in the new energy vehicle parts sector [1][4][7]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 3.592 billion yuan, a year-on-year decrease of 8.19% [1]. - The net profit attributable to shareholders was 425 million yuan, down 14.43% year-on-year [1]. - The comprehensive gross profit margin for 2024 was 21.08%, a decline of 2.13 percentage points compared to the previous year [7]. Group 2: Core Business Challenges - The company's main business includes automotive stamping, welding assembly components, functional components, stamping molds, and integrated die-casting parts [4]. - Revenue from stamping and welding components significantly declined due to fluctuations in downstream product sales, with the stamping mold business accounting for only 3.13% of total revenue, far below the 90.80% from automotive parts sales [4]. - The transition of the automotive industry towards lightweight and electric vehicles has further shrunk the market demand for traditional stamping and welding components, posing severe challenges to the company's competitiveness in this area [4]. Group 3: Future Growth Potential - The company has made progress in the integrated die-casting business, which is seen as a key driver for future growth, especially with the increasing market demand due to the lightweight trend in new energy vehicles [5]. - New project orders in the integrated die-casting sector are expected to gradually enter mass production in the second half of 2025 [5]. - However, the integrated die-casting business is currently in a production ramp-up phase, with high management and manufacturing costs, making it difficult to contribute significantly to overall performance in the short term [5][6]. Group 4: Cost Pressures and Profitability - The company faces increased cost pressures due to rising asset depreciation, impairment provisions, and other expenses, which have impacted profitability [7]. - Despite efforts to enhance profitability through cost reduction and process optimization, the company still faces significant challenges due to intensified industry competition and price pressures from end-product manufacturers [7]. - Maintaining profitability amidst fierce market competition is a critical issue for the company's future development [7].

内部控制审计报告 滁州多利汽车科技股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 中汇会审[2025]3656号 滁州多利汽车科技股份有限公司全体股东 : 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了滁州多利汽车科技股份有限公司(以下简称多利科技公司)2024年12月31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是多利科技 公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计 ...

国泰海通证券股份有限公司 关于滁州多利汽车科技股份有限公司 2025 年度预计为子公司提供担保额度的核查意见 国泰海通证券股份有限公司（曾用名为国泰君安证券股份有限公司，以下简 称"国泰海通"或"保荐机构"）作为滁州多利汽车科技股份有限公司（以下简 称"多利科技"或"公司"）持续督导工作的保荐机构，根据《证券发行上市保 荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 1 号—主板上市公司规范运作》《深圳证券交易所上市公司自律 监管指引第 13 号—保荐业务》等有关规定的要求，对多利科技 2025 年度预计为 子公司提供担保额度事项进行了核查，并出具本核查意见如下： 一、担保基本情况 根据公司及子公司日常经营需要和对未来的融资和担保需求，公司董事会决 议向股东大会申请公司 2025 年为资产负债率超过 70%的子公司提供担保额度 40,000 万元，为资产负债率不超过 70%的子公司提供担保额度 40,000 万元。在上 述额度范围内可以将资产负债率超过 70%的担保对象的担保额度调剂给资产负 债率不超过 70%的担保对象使用。有关担保额度有效期为自股东大会审议通过有 关 ...

中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 目 景 | | 页 次 | | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 审核说明 | 1-2 | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | 3-4 | 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 关于滁州多利汽车科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 我们接受委 ...