-0.16 0. 07 1.07 0.27 0.37 宁波华翔（002048.SZ） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 证券研究报告 -163 68 1,076 272 366 公司研究 5% 1. 4% 12.8% 10 % .7 % 14.6% 18.4 % -4.3% 1. 8% 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 赵启政 汽车行业高级分析师 执业编号：S1500525030004 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852 ...

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

证券代码:002048 证券简称:宁波华翔 公告编号:2025-035 宁波华翔电子股份有限公司 关于签署战略合作协议的公告 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公告中的虚假记载、误导 性陈述或者重大遗漏承担责任。 特别提示： 1、本次签署的《战略合作协议》为三方基于战略合作意愿订立的框架性文件，在后续开展具体合作业 务时将另行商洽签订相关协议，具体合作事项及实施进展存在不确定性，敬请广大投资者注意投资风 险。 2、本协议对公司2025年度经营业绩不构成重大影响，对公司未来经营业绩的影响将视具体业务的推进 和实施情况而定。 登录新浪财经APP 搜索【信披】查看更多考评等级 一、合作签署概况 2025年5月8日，宁波华翔电子股份有限公司（以下简称"宁波华翔"或"公司"）与象山县工业投资集团有 限公司（以下简称"象山工投"）、上海智元新创技术有限公司（以下简称"上海智元"）基于资源共享、 优势互补的原则，在宁波象山签订《战略合作协议》（以下简称"协议"），拟在合资公司组建、机器人 装配、供应链、场景、基金投资、海外业务拓展等方面加强合作，共同打造具身智能机器人生态体系。 本协议无需 ...

Group 1 - Ningbo Huaxiang officially announced its entry into the robotics sector through a strategic cooperation agreement with Xiangshan Industrial Investment Group and Shanghai Zhiyuan [1][3] - A joint venture will be established in Xiangshan, with Ningbo Huaxiang leading the investment in the assembly production line for embodied robots, while partners will provide application scenarios and technology [3] - The collaboration aims to create an ecosystem for embodied intelligent robots, focusing on six areas including fund investment and overseas expansion [3] Group 2 - Despite the ambitious framework of the agreement, Ningbo Huaxiang emphasized that it is a "framework document" and specific cooperation details will require separate agreements, with no significant impact on 2025 performance [3] - Financially, Ningbo Huaxiang reported a revenue of 23.236 billion yuan in 2024, a year-on-year increase of 13.07%, but net profit decreased by 13.18% to 1.256 billion yuan, indicating a "revenue growth without profit growth" situation [5] - The company faced challenges in its overseas business, planning to sell six European subsidiaries for 1 euro due to long-term losses, despite having invested over 50 million euros to acquire them [5]

董事会公告 证券代码:002048 证券简称:宁波华翔 公告编号:2025-035 宁波华翔电子股份有限公司 关于签署战略合作协议的公告 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 1、本次签署的《战略合作协议》为三方基于战略合作意愿订立的框架性文件，在 后续开展具体合作业务时将另行商洽签订相关协议，具体合作事项及实施进展存在不 确定性，敬请广大投资者注意投资风险。 2、本协议对公司 2025 年度经营业绩不构成重大影响，对公司未来经营业绩的影 响将视具体业务的推进和实施情况而定。 3、法定代表人：洪海 4、注册资本：50000 万人民币 5、主营业务：对授权范围内国有资产实施经营投资管理。 6、主要股东：象山县国有资产管理中心持股 100%。 一、合作签署概况 2025 年 5 月 8 日，宁波华翔电子股份有限公司（以下简称"宁波华翔"或"公 司"）与象山县工业投资集团有限公司（以下简称"象山工投"）、上海智元新创技术有 限公司（以下简称"上海智元"）基于资源共享、优势互补的原则，在宁波象山签订 《战略合作协议》（以下 ...

Group 1: Financial Performance and Projections - The divestment of European operations will significantly impact the company's 2025 profit and loss, leading to a more accurate reflection of operational performance post-transaction [2] - The company anticipates that revenue from its own brand will exceed 40% of domestic sales in 2025, indicating a strong growth trajectory in this area [2] - The decline in net profit for 2024 is attributed to increased losses in overseas operations and rising costs associated with new factory production, despite steady growth in domestic revenue [3] Group 2: Strategic Initiatives and Market Expansion - The company is focusing on enhancing its presence in Southeast Asia, primarily serving Japanese clients, and plans to adjust its strategy based on market conditions [3] - There is a commitment to increasing research and development efforts in response to rapid technological advancements in the electric vehicle components sector [4] - The company aims to expand its product offerings in the intelligent cockpit sector, leveraging its existing strengths in R&D and customer relationships [4] Group 3: Challenges and Risk Management - The company faces challenges in maintaining profit margins due to increased competition and a price war in the domestic automotive market [6] - The impact of rising costs from new factory operations is expected to be temporary, with long-term benefits anticipated as production scales up [5] - The company is actively managing the implications of carbon tariffs and has dedicated resources to monitor and address these challenges [8] Group 4: Competitive Advantages - The company boasts a stable core customer base and a strong R&D capability, which are key competitive advantages in the automotive parts industry [6] - It has established a comprehensive global production base, enhancing its ability to meet diverse market demands [6] - The company is positioned to capitalize on emerging opportunities in the electric vehicle market while maintaining its traditional fuel vehicle component business [5]

Industry Overview - The automotive parts industry includes all components and parts excluding the vehicle chassis, with parts being indivisible components and assemblies being combinations of parts [1] - The industry has evolved from imitation production to technological research and transformation, with significant improvements in production processes and product quality over the years [8][10] Industry Chain Analysis - The automotive parts manufacturing industry involves various upstream and downstream sectors, including raw material suppliers and vehicle manufacturers [4] - Key upstream suppliers include steel, non-ferrous metals, and electronic components, while downstream includes vehicle manufacturers and repair shops [6] Market Demand and Supply - China's automotive ownership is projected to reach 353 million vehicles by 2024, reflecting a growth of 5.06% [17] - The automotive parts market in China is expected to exceed 4.5 trillion yuan in 2023, with a forecast of 5 trillion yuan in 2024 [20][23] Competitive Landscape - The competitive landscape is fragmented, with leading companies like CATL, Huayu Automotive, and Weichai Power showing strong market positions [24][26] - CATL holds approximately 6% market share in the automotive parts sector, while Huayu Automotive and Weichai Power each exceed 2% [29] Development Trends and Future Outlook - The industry is expected to focus on high technology, green environmental practices, and intelligent development, particularly in electric vehicles and automated driving technologies [31] - The automotive parts industry is projected to maintain steady growth, with an estimated compound annual growth rate of about 7% from 2025 to 2030, potentially exceeding 7.5 trillion yuan by 2030 [33]

| 代码 | 简称 | 5月6日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002475 | 立讯精 | 3.11 | 22762.09 | 366746.67 | 1.59 | 电子 | | | 密 | | | | | | | 300339 | 润和软 | 9.55 | 21202.14 | 329127.09 | 7.49 | 计算机 | | | 件 | | | | | | | 000158 | 常山北 明 | 10.02 | 19869.88 | 129714.39 | 3.29 | 计算机 | | 000977 | 浪潮信 息 | 2.81 | 16598.98 | 435062.27 | 5.66 | 计算机 | | 600839 | 四川长 | 7.05 | 15626.99 | 239086.15 | 4.61 | 家用电 | | | 虹 | | | | | 器 | | 300059 | 东方财 | ...

Core Viewpoint - Ningbo Huaxiang's battery casing production capacity is expected to begin steady mass production next year, with a significant focus on localized production in North America [1] Group 1 - The production capacity layout for battery casings has been largely completed [1] - The company has established a comprehensive layout in North America, with most products sourced from local production [1] - Increased investments are being made in North America to reduce reliance on imported components [1]

董事会公告 股票代码：002048 股票简称：宁波华翔 公告编号：2025-034 宁波华翔电子股份有限公司 关于回购公司股份的进展公告 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 宁波华翔电子股份有限公司（以下简称"公司"）于 2024 年 11 月 13 日、2024 年 12 月 4 日分别召开第八届董事会第十三次会议、2024 年第一次临时股东大会，审议通 过了《关于回购公司股份方案的议案》，同意公司使用自有资金和专项贷款资金以集中 竞价交易方式回购公司股份，用于注销并减少公司注册资本。本次回购资金总额为不 低于人民币 3000 万元（含）且不超过 5000 万元（含）；本次回购股份的价格为不超过 人民币 20.16 元/股（含）。本次回购股份的实施期限为自股东大会审议通过回购股份方 案之日起不超过 12 个月。具体内容详见公司于 2024 年 11 月 15 日、2024 年 12 月 7 日 在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案暨取得金融 机构回购专项贷款的公告》（ ...