Summary of Conference Call Notes Company and Industry Involved - The conference call primarily discusses the automotive industry, focusing on companies such as Tesla, Li Auto, and SAIC Motor Corporation. Key Points and Arguments Revenue Projections and Customer Contributions - The company anticipates a revenue increase from approximately 5.5 to 6.5 billion in the upcoming year, driven by customer growth, particularly from Tesla, which is expected to see a 10% growth due to the launch of a new model [2][3] - The revenue contribution from major customers is expected to be stable, with each customer projected to have growth, despite some potential declines in specific segments [4][5] Customer-Specific Insights - Tesla's new six-seat Model Y is expected to contribute significantly to revenue, with production starting in Q1 of the next year [2][5] - The company has stable monthly shipment volumes for models C10 and C16, indicating a consistent demand [3] - SAIC's revenue is projected to remain around 5.5 billion, with a notable contribution from its self-owned brands [7] Market Dynamics and Competitive Landscape - The competitive landscape is characterized by tight pricing and reduced margins, with suppliers facing pressure to maintain profitability amidst declining prices [22][24] - The company is cautious about investing heavily in new production capacities due to the risk of overcapacity and low margins in the current market [17][26] Production Capacity and Investment Plans - The company has invested in four production lines, with plans for additional capacity depending on customer demand and market conditions [15][20] - There is a focus on integrating new technologies and platforms, particularly with electric vehicle models, to enhance production efficiency and product offerings [18][19] Strategic Partnerships and Future Outlook - The company is exploring partnerships with new players in the market, including potential collaborations with Huawei and Xiaomi, while being cautious about the financial stability of these partnerships [16][26] - There is an ongoing evaluation of international expansion opportunities, particularly in North America and Europe, to diversify revenue streams [27] Financial Performance and Margins - The overall gross margin has seen a decline of 2-3 percentage points year-over-year, attributed to increased production costs and investments in new technologies [11][12] - The company is managing its financial exposure by limiting investments in high-risk customers and focusing on stable revenue sources [26] Other Important but Possibly Overlooked Content - The company has secured land for future production facilities at a significantly lower cost compared to market rates, indicating strategic planning for future growth [8][9] - There is a recognition of the lifecycle of vehicle models, with expectations for new models to emerge as older ones reach maturity [10][21] - The company is actively monitoring the market for potential shifts in demand and is prepared to adjust its strategies accordingly [27][28]

Group 1: Financial Performance - In Q3 2024, the company achieved operating revenue of 9.55 billion CNY, a 26.86% increase from Q2 2024 [1] - Net profit attributable to shareholders was 1.23 billion CNY, up 17.94% from Q2 2024 [1] - Net profit excluding non-recurring gains and losses was 1.22 billion CNY, a 17.51% increase from Q2 2024 [1] - For the first nine months of 2024, operating revenue was 24.87 billion CNY, a decrease of 9.42% year-on-year [1] - Net profit attributable to shareholders for the first nine months was 3.42 billion CNY, down 11.68% year-on-year [1] - The comprehensive gross profit margin for the first three quarters was 22.12%, a decrease of 2.22 percentage points year-on-year [1] Group 2: Business Development and Projects - The company has established four integrated die-casting production lines in Jiangsu Yancheng and Anhui Lu'an, which have transitioned from construction to fixed assets [2] - In September 2023, the company secured a project with a leading domestic new energy vehicle manufacturer for integrated die-casting components, with production expected to ramp up in 2025 [2] - The company is also investing in a project in Jinhua City for integrated structural components, with production lines planned for construction [2] - The Jinhua production base is primarily supporting models for the customer Leap Motor, with production capacity nearing saturation [2] - Future investments will focus on traditional stamping, welding, integrated die-casting, and hot forming sectors [3]

Core Viewpoint - Duoli Technology (001311) announced that its wholly-owned subsidiary, Kunshan Daya Automotive Parts Co., Ltd., has received confirmation from two leading domestic electric vehicle manufacturers for integrated die-casting components for new projects, with expected mass production starting in 2026 and projected total sales of approximately 1.2 billion to 1.4 billion yuan over the project lifecycle [1] Group 1 - The subsidiary Kunshan Daya has been designated as a supplier for new projects by two major electric vehicle manufacturers [1] - The projects are expected to commence mass production in 2026 [1] - The total projected sales amount for the project lifecycle is estimated to be between 1.2 billion and 1.4 billion yuan [1]

证券代码：001311 证券简称：多利科技 公告编号：2024-048 滁州多利汽车科技股份有限公司 关于子公司获得客户项目定点的公告 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。 重要内容提示： 1、定点意向并不反映客户最终的实际采购数量，目前项目销售总金额仅为预 计金额，后续实际开展情况存在不确定性，具体以订单结算金额为准。 2、本次项目预计 2026 年开始量产，预计不会对公司本年度业绩产生重大影响。 3、实际供货量可能会受到汽车产业政策、市场需求和客户生产计划等因素影 响，具有不确定性。 一、基本情况 滁州多利汽车科技股份有限公司（简称"公司"）全资子公司昆山达亚汽车零 部件有限公司（简称"昆山达亚"）近日收到国内两家头部新能源汽车制造商（限 于保密协议，无法披露其名称，以下总称"客户"）的定点通知，确认昆山达亚为 上述客户新项目配套一体化压铸零部件。根据客户规划，上述项目预计都将于 2026 年开始量产，项目生命周期内预计销售总金额约 12-14 亿元。 二、对公司的影响 本次项目定点体现了客户对公司综合实力及在一体化压铸业务领域的认可，有 利于公 ...

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company reported a revenue of 2.487 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.42%, with a net profit attributable to shareholders of 342 million yuan, down 11.68% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 955 million yuan, with a year-on-year decrease of 5.68% but a quarter-on-quarter increase of 26.86%. The net profit attributable to shareholders was 123 million yuan, reflecting a year-on-year increase of 11.77% and a quarter-on-quarter increase of 17.94% [2]. - The company is deepening its partnerships with high-quality clients such as Tesla, Li Auto, NIO, and Leap Motor, with significant improvements in sales volume for these core clients in Q3 2024 [2]. - The company is accelerating its layout in integrated die-casting, with plans to invest 1 billion yuan in a project in Jinhua City, with the first phase planned for 600 million yuan and the second phase for 400 million yuan [2]. - The company is expected to see revenue growth from 3.97 billion yuan in 2024 to 5.41 billion yuan in 2026, with corresponding net profits increasing from 510 million yuan to 710 million yuan [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a gross margin of 21.55%, with a year-on-year decrease of 2.14 percentage points and a quarter-on-quarter decrease of 0.21 percentage points. The net profit margin was 12.81%, down 0.90 percentage points year-on-year and 0.95 percentage points quarter-on-quarter [2]. - The company’s revenue forecast for 2024 is 3.97 billion yuan, with a growth rate of 1.5%, and is expected to reach 5.41 billion yuan by 2026, with a growth rate of 16.2% [3]. Client Relationships - The company has established strong partnerships with leading electric vehicle manufacturers, with Tesla's sales in China reaching 181,900 units in Q3 2024, a quarter-on-quarter increase of 24.67%. Li Auto's sales were 152,800 units, up 40.75% quarter-on-quarter [2]. Investment Strategy - The company is focusing on integrated die-casting to enhance production efficiency and is expected to gradually ramp up production by 2025 [2].

滁州多利汽车科技股份有限公司 关于公司监事股份减持计划实施完毕的公告 公司监事赵国文先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 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。 滁州多利汽车科技股份有限公司（简称"公司"）于 2024 年 10 月 9 日披露了《关于 公司监事股份减持计划的预披露公告》（公告编号：2024-045），持有公司股份 135,200 股（占本公司总股本比例 0.0566%）的公司监事赵国文先生计划自减持计划预披露公告 披露之日起 15 个交易日后的 3 个月内以集中竞价交易方式减持公司股份不超过 33,800 股（占公司总股本比例 0.0142%）。 证券代码：001311 证券简称：多利科技 公告编号：2024-047 1、股东减持股份情况 | 股东名称 | 减持方式 | 减持期间 | | | 减持均价 | 减持股数 | 占总股本 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （元/股） | （股） | 的 ...

Investment Rating - The report assigns an "Outperform" rating to Chuzhou Duoli Automotive Technology with a target price of RMB 29.5 [1] Core Views - The company's Q3 2024 performance improved due to increased sales from core customers, with revenue reaching RMB 950 million, up 27% QoQ, and net profit attributable to shareholders reaching RMB 120 million, up 18% QoQ [2][3] - The company has expanded its NEV customer base, becoming a qualified supplier for Tesla, Li Auto, NIO, Leapmotor, and BYD, which contributed to the Q3 performance improvement [3] - The company is actively developing its integrated die-casting business, with four production lines already in operation, including a 6100T line in Yancheng, and plans to invest RMB 1 billion in a new project in Jinhua, expected to start mass production in 2025 [4] Financial Performance - For Q1-Q3 2024, the company achieved revenue of RMB 2.49 billion, down 9% YoY, and net profit attributable to shareholders of RMB 340 million, down 12% YoY [2] - The Q3 2024 gross profit margin was 21.6%, down 2.1 pct YoY, and the net profit margin was 12.8%, down 1 pct YoY [2] - Core customer sales in Q3 2024 showed significant growth: Tesla China sales were 182,000 units, up 25% QoQ; Li Auto sales were 153,000 units, up 41% QoQ; NIO sales were 62,000 units, up 8% QoQ [3] Business Development - The company has a strong R&D and production foundation in integrated die-casting, which enhances its integrated supply capabilities [4] - The company has established long-term stable relationships with major automakers such as SAIC Volkswagen, SAIC General Motors, and SAIC Motor, and has also partnered with automotive parts manufacturers like Xinpeng and Shanghai Tongzhou [9] Financial Forecast - The company is expected to achieve revenue of RMB 4.1/5.0/5.8 billion and net profit attributable to shareholders of RMB 500/630/750 million for 2024/25/26, with EPS of RMB 2.11/2.63/3.12 [5] - The closing price on November 1, 2024, corresponds to a PE of 12/10/8 times for 2024/25/26, and a PS of 1.5/1.2/1.0 times [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8] Core Insights - The company reported a revenue of 2.49 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 340 million yuan, down 12% year-on-year. In Q3 2024, the revenue was 950 million yuan, a decrease of 6% year-on-year but an increase of 27% quarter-on-quarter. The net profit for Q3 was 120 million yuan, also down 12% year-on-year but up 18% quarter-on-quarter [5][6] - The improvement in Q3 performance is attributed to an increase in sales from core customers. The company has expanded its customer base in the new energy vehicle sector, becoming a qualified supplier for major manufacturers such as Tesla, Li Auto, NIO, Leap Motor, and BYD. In Q3 2024, Tesla China sold 182,000 units, up 25% quarter-on-quarter, while Li Auto and NIO saw increases of 41% and 8% respectively [6][7] - The company is actively developing its integrated die-casting business, with four production lines established in Jiangsu and Anhui. The first line in Yancheng has begun mass production. A new investment project in Jinhua is planned with a total investment of 1 billion yuan, expected to generate sales of 2.1 to 2.3 billion yuan over its lifecycle [7][8] Financial Summary - The company forecasts revenues of 4.1 billion yuan for 2024, 5.0 billion yuan for 2025, and 5.8 billion yuan for 2026, with net profits of 500 million yuan, 630 million yuan, and 750 million yuan respectively. The earnings per share (EPS) are projected to be 2.11 yuan, 2.63 yuan, and 3.12 yuan for the same years. The price-to-earnings (PE) ratios are estimated at 12, 10, and 8 times for 2024, 2025, and 2026 respectively [8][9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.4 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.7% [1] - The third quarter revenue was 9.6 billion yuan, showing a quarter-on-quarter increase of 26.9% [1] - The company is expected to benefit from the recovery in customer demand and the ramp-up of new projects, particularly with major clients like Tesla [1] - The company is actively expanding its production capacity in integrated die-casting and lightweight vehicle body projects to meet customer needs [1] Financial Summary - Revenue (million yuan): - 2022A: 3,355 - 2023A: 3,959 - 2024E: 4,628 - 2025E: 5,218 [1] - Year-on-year growth rate for revenue: - 2022A: 21% - 2023A: 1% - 2024E: 17% - 2025E: 13% [1] - Net profit attributable to the parent company (million yuan): - 2022A: 446 - 2023A: 509 - 2024E: 614 - 2025E: 712 [1] - Year-on-year growth rate for net profit: - 2022A: 16% - 2023A: 2% - 2024E: 21% - 2025E: 16% [1] - Earnings per share (yuan): - 2022A: 1.87 - 2023A: 2.13 - 2024E: 2.57 - 2025E: 2.98 [1] - Price-to-earnings (P/E) ratio: - 2023A: 13.7 - 2024E: 12.0 - 2025E: 9.9 - 2026E: 8.6 [1] - Price-to-book (P/B) ratio: - 2023A: 1.3 - 2024E: 1.1 - 2025E: 1.0 [1]

Group 1: Financial Performance - In Q3 2024, the company achieved operating revenue of 9.55 billion CNY, a 26.86% increase compared to Q2 2024 [1] - Net profit attributable to shareholders was 1.23 billion CNY, up 17.94% from Q2 2024 [1] - For the first nine months of 2024, operating revenue totaled 24.87 billion CNY, a year-on-year decrease of 9.42% [1] - Net profit attributable to shareholders for the first three quarters was 3.42 billion CNY, down 11.68% year-on-year [1] - The comprehensive gross profit margin for the first three quarters was 22.12%, a decrease of 2.22 percentage points year-on-year [1] Group 2: Inventory and Production - As of September 2024, the company's inventory balance was 7.83 billion CNY, an increase of 2.16 billion CNY compared to the beginning of the year [2] - The increase in inventory was primarily due to higher procurement volumes from major customers in response to increased production and sales [2] - The company plans to maintain stable order production in Q4 2024, anticipating revenue growth from new model releases by major clients [2] Group 3: Client Relationships and Capital Expenditure - The company's main clients remain unchanged, including Tesla, Li Auto, and NIO, with ongoing discussions for new models [2] - Capital expenditures will focus on fundraising projects and ongoing construction projects, including a new manufacturing base for integrated automotive parts [2] - The company is expanding its integrated die-casting capacity based on customer demand, with new production lines being established in Jiangsu and Anhui [3]