证券代码：002429 证券简称：兆驰股份 公告编号：2025-038 深圳市兆驰股份有限公司 关于董事会延期换届及部分独立董事任期届满的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会延期换届 深圳市兆驰股份有限公司（以下简称"公司"）第六届董事会、监事会任期将 于 2025 年 11 月 9 日届满，根据《公司法》《上市公司章程指引》《关于新〈公司 法〉配套制度规则实施相关过渡安排》等法律法规、规范性文件的有关要求，公司 拟不再设立监事会和监事，由董事会审计委员会行使《公司法》规定的监事会职权。 鉴于公司换届选举、配套管理制度修订以及监事会改革等相关工作正在筹备中，为 确保相关工作的连续性和稳定性，公司本次董事会的换届选举工作将适当延期，公 司董事会各专门委员会及高级管理人员的任期亦将相应顺延。 在董事会换届选举及监事会改革完成前，公司第六届董事会全体董事、监事会 全体监事及高级管理人员将严格依照法律法规及《公司章程》等规定，继续履行相 应的义务与职责。本次延期换届事宜不会影响公司的正常运营，公司将加快推进董 事会换届、监事会改革等工 ...

Investment Rating - The investment rating for the company is downgraded to "Recommended" with a target price of 7.00 CNY [2][7]. Core Views - The company's short-term performance is under pressure, but there is an expectation for gradual recovery in profitability [7]. - The revenue for Q3 2025 was 5.41 billion CNY, a year-on-year decrease of 18.5%, while the net profit attributable to the parent company was 340 million CNY, down 26.6% year-on-year [7]. - The decline in revenue is attributed to ongoing global trade disputes impacting the television ODM business and a high base effect from the previous year [7]. - The company has increased its production capacity in Vietnam to 11 million units annually, which is expected to enhance supply during peak seasons [7]. - The gross margin for Q3 2025 was 14.4%, showing a slight year-on-year increase of 0.01 percentage points, supported by a higher proportion of revenue from emerging businesses [7]. - The overall expense ratio has increased, leading to a decline in profitability, with the net profit margin for Q3 2025 at 6.3%, down 0.7 percentage points year-on-year [7]. - The company is expected to recover its profitability as overseas production efficiency improves and trade disputes ease [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 20,326 million CNY, 18,793 million CNY, 21,332 million CNY, and 23,466 million CNY respectively, with a year-on-year growth rate of -7.5% in 2025E [3][8]. - Net profit attributable to the parent company is forecasted to be 1,602 million CNY in 2024A, 1,322 million CNY in 2025E, 1,622 million CNY in 2026E, and 2,082 million CNY in 2027E, reflecting a year-on-year decline of 17.5% in 2025E [3][8]. - Earnings per share (EPS) are projected to be 0.35 CNY for 2024A, 0.29 CNY for 2025E, 0.36 CNY for 2026E, and 0.46 CNY for 2027E [3][8]. - The price-to-earnings (P/E) ratio is expected to be 21 for 2025E, decreasing to 13 by 2027E [3][8].

Core Viewpoint - Zhaochi Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decline in revenue and net profit year-on-year, indicating potential challenges in the market [1][2]. Financial Performance - As of September 30, 2025, Zhaochi Co., Ltd. reported a revenue of 13.896 billion yuan, a year-on-year decrease of 14.03% [2]. - The net profit attributable to shareholders was 1 billion yuan, reflecting a year-on-year decline of 27.13% [2]. - The company has cumulatively distributed 1.944 billion yuan in dividends since its A-share listing, with 1.308 billion yuan distributed over the past three years [3]. Stock Market Activity - On November 7, Zhaochi's stock price fell by 2.02%, trading at 6.32 yuan per share, with a total market capitalization of 28.610 billion yuan [1]. - The stock has increased by 11.40% year-to-date, with a 2.76% rise over the last five trading days, but a 4.53% decline over the last 20 days [1]. - The company experienced a net outflow of 12.9827 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 101,400, with an average of 44,640 circulating shares per person, a slight decrease of 0.78% [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 50.1909 million shares, an increase of 16.2729 million shares compared to the previous period [3].

Group 1 - The black home appliance sector increased by 0.35% compared to the previous trading day, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Group 2 - In terms of capital flow, the black home appliance sector experienced a net outflow of 10.4 million yuan from main funds, while retail investors saw a net inflow of 102 million yuan [2] - Speculative funds had a net inflow of 2.12 million yuan into the sector [2]

Core Insights - The black home appliance sector saw a rise of 0.73% on October 31, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - *ST Gauss closed at 8.00, up 2.56% with a trading volume of 45,500 shares and a turnover of 36.18 million yuan [1] - Other notable performers include: - Chuangwei Digital: closed at 13.60, up 2.56% with a trading volume of 231,100 shares [1] - Hisense Visual: closed at 24.78, up 2.19% with a trading volume of 165,500 shares [1] - Sichuan Jiuzhou: closed at 15.32, up 1.46% with a trading volume of 151,900 shares [1] - Jiu Lian Technology: closed at 10.12, up 1.30% with a trading volume of 125,600 shares [1] - Sichuan Changhong: closed at 10.18, up 0.99% with a trading volume of 854,600 shares [1] - Other stocks showed mixed results, with some experiencing declines [1] Capital Flow - The black home appliance sector experienced a net outflow of 6.06 million yuan from institutional investors and 61.07 million yuan from retail investors, while individual investors saw a net inflow of 67.13 million yuan [1] - Notable capital flows include: - Sichuan Changhong: net inflow of 62.17 million yuan from institutional investors [2] - Hisense Visual: net inflow of 47.43 million yuan from institutional investors [2] - Chuangwei Digital: net inflow of 15.56 million yuan from institutional investors [2] - *ST Gauss: net inflow of 7.67 million yuan from institutional investors [2] - Other companies like Extreme Technology and Tongzhou Electronics saw significant net outflows from institutional investors [2]

Market Overview - The black home appliance sector experienced a decline of 2.16% on October 30, with Sichuan Jiuzhou leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable stock performances in the black home appliance sector included: - Jiulian Technology (688609) rose by 1.63% to a closing price of 66.6 [1] - Sichuan Jiuzhou (000801) fell by 4.25% to a closing price of 15.10 [1] - Tongzhou Electronics (002052) saw a decline of 3.73% to a closing price of 15.21 [1] - The trading volume and turnover for key stocks were significant, with Sichuan Changhong (600839) recording a turnover of 946 million [1] Capital Flow - The black home appliance sector saw a net outflow of 374 million from main funds, while retail investors contributed a net inflow of 223 million [1] - The capital flow for individual stocks indicated: - Jiulian Technology had a net inflow of 3.55 million from main funds [2] - Sichuan Jiuzhou experienced a significant net outflow of 66.24 million from main funds [2] - Creative Digital (000810) had a net outflow of 31.78 million from main funds [2]

Core Viewpoint - Zhaochi Co., Ltd. reported a net profit attributable to shareholders of 1 billion yuan for the first three quarters, a year-on-year decrease of 27.13% [1] Financial Performance - In Q3, the net profit attributable to shareholders was 339 million yuan, down 26.64% year-on-year [1] - The company's revenue improved sequentially, increasing by 13.72% compared to Q2 and by 45.38% compared to Q1 [1] Operational Improvements - The company is expected to enhance production efficiency and capacity utilization in its smart terminal business following the completion of the intelligent transformation of its overseas production bases [1] - The gross margin of the smart terminal business is anticipated to gradually recover due to tariff and logistics cost optimization from global expansion [1] Growth Prospects - The first phase of the optical communication module and optical device project has gradually reached production capacity, leading to customer onboarding and opening new growth expectations for Zhaochi's third major business segment [1] - The company maintains a "buy" rating based on these developments [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the impact of global trade disputes on its television ODM business, although improvements were noted in the third quarter [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.896 billion yuan, a year-on-year decrease of 14.03% - The net profit attributable to shareholders was 1 billion yuan, down 27.13% year-on-year - The net profit excluding non-recurring items was 0.886 billion yuan, a decline of 32.41% year-on-year - In Q3 alone, the net profit attributable to shareholders was 0.339 billion yuan, a decrease of 26.64% year-on-year, while the net profit excluding non-recurring items was 0.308 billion yuan, down 31.87% year-on-year [1]. Business Operations - The television ODM business is crucial for the company's stability, and the adjustment of supply sources is vital amid global trade disputes - The company accelerated the expansion of its overseas production bases, achieving an annual capacity of 11 million units by mid-2025, which is essential for meeting seasonal demand in Q3 [2]. - The company plans to enhance the automation of its overseas production facilities in Q4 2025 to reduce costs and improve operational efficiency [2]. Growth Opportunities - The integration of optical communication has become a significant growth point for the company, which has successfully implemented a closed-loop integration in the LED and television ODM sectors over the past 15 years - The company has recently ventured into the optical communication sector, with initial projects achieving production and customer onboarding, opening new growth avenues [2][3]. - The successful supply to leading industry clients in mid-2025 marks a milestone for the company's optical communication business, potentially leading to further investments in high-speed optical modules [4]. Revenue Forecast - Projected revenues for 2025-2027 are 19.9 billion, 25.6 billion, and 34.8 billion yuan, with year-on-year growth rates of -2.06%, 28.50%, and 36.20% respectively - Corresponding net profits are expected to be 1.598 billion, 2.085 billion, and 2.935 billion yuan, with current market valuations corresponding to PE ratios of 18, 14, and 10 times [4].

Core Viewpoint - Zhaochi Co., Ltd. is a leading manufacturer in the home audio-visual and electronic products sector, with a comprehensive industry chain advantage and a focus on both consumer and commercial applications [1] Group 1: Business Performance - In Q3 2025, Zhaochi achieved a revenue of 13.896 billion, ranking third in the industry, with the top two competitors being Sichuan Changhong at 81.889 billion and Hisense Visual at 42.83 billion [2] - The company's net profit for the same period was 1.103 billion, also ranking third, with Hisense Visual and Sichuan Changhong leading at 1.903 billion and 1.892 billion respectively [2] - The main business segments include multimedia audio-visual products and services contributing 5.675 billion (66.90%) and the LED industry chain contributing 2.808 billion (33.10%) [2] Group 2: Financial Health - Zhaochi's debt-to-asset ratio stood at 39.46% in Q3 2025, down from 46.73% year-on-year and below the industry average of 57.25%, indicating strong solvency [3] - The gross profit margin was 15.88%, slightly lower than the previous year's 16.32%, but still above the industry average of 11.62%, reflecting a competitive edge in profitability [3] Group 3: Management Compensation - The chairman, Gu Wei, saw his salary increase from 3.303 million in 2023 to 5.66 million in 2024, an increase of 2.3567 million [4] - The general manager, Ou Jun, experienced a salary rise from 1.98 million in 2023 to 3.63 million in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.79% to 101,400, while the average number of shares held per shareholder decreased by 0.78% to 44,600 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [5] Group 5: Future Outlook - Southwest Securities noted a decline in revenue and net profit year-on-year due to tariff impacts on TV shipments, while new business segments are expected to drive growth [5] - Open Source Securities revised down its profit forecast for 2025-2027, estimating net profits of 1.37 billion, 1.68 billion, and 2.02 billion respectively, highlighting automation improvements and high-end product share increases in the LED sector [6]

Market Overview - The black home appliance sector increased by 1.37% on October 27, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Tongzhou Electronics (002052) closed at 16.37, up 3.61% with a trading volume of 453,300 shares and a turnover of 737 million yuan - Sichuan Changhong (600839) closed at 10.39, up 3.28% with a trading volume of 2,249,600 shares and a turnover of 2.323 billion yuan - Sichuan Jiuzhou (000801) closed at 15.80, up 1.87% with a trading volume of 171,400 shares and a turnover of 270 million yuan - Hisense Visual (600060) closed at 24.67, up 0.98% with a trading volume of 150,600 shares and a turnover of 372 million yuan - XGIMI Technology (688696) closed at 106.90, up 0.85% with a trading volume of 8,412 shares and a turnover of 89.9062 million yuan - Other stocks like ST Gauss (002848) and Skyworth Digital (000810) saw declines of 2.45% and 3.56% respectively [1] Capital Flow - The black home appliance sector experienced a net inflow of 243 million yuan from institutional investors, while retail investors saw a net outflow of 61.9178 million yuan [1] - Detailed capital flow for key stocks: - Sichuan Changhong had a net inflow of 22.6 million yuan from institutional investors but a net outflow of 77.5479 million yuan from retail investors [2] - Tongzhou Electronics saw a net inflow of 87.8210 million yuan from institutional investors but a net outflow of 61.6663 million yuan from retail investors [2] - XGIMI Technology had a net inflow of 11.9228 million yuan from institutional investors but a net outflow of 12.1622 million yuan from retail investors [2] - Skyworth Digital experienced a significant net outflow of 57.3983 million yuan from retail investors [2]