[Table_Title] 证券研究报告 / 公司点评报告 收入稳健增长，机器人加速布局 事件： [Table_Summary] 公司发布 2024 年年度报告及 2025 年一季报。2024 年实现营业收入 59.18 亿元，同比增长 28.22 %，归母净利润 0.21 亿元，同比下滑 91.32%，扣非归母净利润 0.19 亿元，同比下滑 92.59%。2025Q1 实现 营收 12.56 亿元，同比下滑 2.93 %，归母净利润 0.06 亿元，同比下滑 87.86 %，扣非归母净利润 0.06 亿元，同比下滑 86.64%。 收入稳步增长，盈利静待改善。收入端，公司 2024 年实现较好增长， 分业务来看，汽车零部件/电动车零部件/冰压机零部件实现营收 39.05/9.27/3.88 亿元，同比增长 39.91% / 3.02%/ 22.74%。盈利端，公司 盈利增速慢于收入端，2024 年毛利率实现 8.49%，同比减少 5.31pct， 净利率 0.35 %，同比减少 4.83pct。分业务来看，汽车零部件/电动车零 部件/冰压机零部件实现毛利率 3.76%/-7.35%/-3.18%，同比-5 ...

Group 1: Industry Overview - As of April 25, over 180 automotive parts companies in A-shares disclosed their 2024 annual reports, with 60% of companies reporting year-on-year growth in net profit attributable to shareholders, and 13 companies achieving over 100% growth [1] - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units respectively, marking year-on-year increases of 3.7% and 4.5%, benefiting many automotive parts manufacturers [1] - The automotive parts industry is experiencing both high growth and high pressure, with some companies facing performance declines due to intensified industry competition [2] Group 2: Company Performance - Shuanglin Co., specializing in interior and exterior parts, achieved a revenue of 4.91 billion yuan, a year-on-year increase of 18.64%, and a net profit of 497 million yuan, up 514.49% [1] - Taited Co., a precision bearing manufacturer, reported total revenue of 340 million yuan, a 23.13% increase, and a net profit of 24.95 million yuan, up 216.53% [1] - Xiling Power's automotive parts business saw revenue of 1.75 billion yuan, a 15.38% increase, and a net profit of 50.61 million yuan, turning around from losses [2] - Xinzhi Group reported total revenue of 5.918 billion yuan, a 28.22% increase, but a net profit decline of 91.32% due to competitive pressures [2] - Summer Precision achieved revenue of 666 million yuan, a 26.09% increase, but faced significant margin pressure in its automotive gear segment [3] Group 3: Strategic Shifts - Many automotive parts companies are pivoting towards the humanoid robotics industry as a core strategic direction, leveraging existing technologies and customer relationships to create a "second growth curve" [3][4] - Summer Precision is focusing on the humanoid robotics sector, positioning it as a core growth area, and is accelerating the development of industrial robot gear through IPO funding [3] - Top Group is establishing an electric drive division to capitalize on opportunities in the robotics sector, integrating various resources for rapid development [4] - Companies like Xiling Power and WanTong Intelligent Control are also entering the humanoid robotics field, utilizing their technological advantages in precision processing and sensor technology [5][6] Group 4: R&D and Innovation - Shuanglin Co. has made significant advancements in precision transmission technology, establishing a trial production line for planetary roller screw products, which are critical for humanoid robots [5] - Xinzhi Group's subsidiary is focusing on core components for humanoid robots, having initiated collaborations with leading companies in the field [6] - Summer Precision is increasing investments in precision small gears and reducers to support the rapid development of humanoid robots [6]

关于部分股票期权注销完成的公告 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。 证券代码：002664 证券简称：信质集团 公告编号：2025-035 信质集团股份有限公司 信质集团股份有限公司(以下简称"公司")于 2025 年 4 月 16 日召开的第五届董事 会第二十一次会议、第五届监事会第二十次会议审议通过了《关于 2024 年股票期权激 励计划第一个行权期行权条件未成就及注销部分股票期权的议案》，同意对第一个行权 期行权条件未成就的激励对象（不含已辞职人员）已获授的股票期权 261.84 万份进行注 销，同时注销因离职不再具备激励资格的 4 名激励对象已获授的股票期权 12.80 万份， 本次拟合计注销 274.64 万份股票期权。具体内容详见公司于 2025 年 4 月 18 日刊登在《证 券时报》及巨潮资讯网 www.cninfo.com.cn 的《关于 2024 年股票期权激励计划第一个 行权期行权条件未成就及注销部分股票期权的公告》（公告编号：2025-028）。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司上述股票期权注销事 宜已 ...

证券代码：002664 证券简称：信质集团 公告编号：2025-034 信质集团股份有限公司 关于部分股票期权注销完成的公告 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。 特别提示： 1、本次注销 2022 年股票期权激励计划部分已授予但尚未行权的股票期权共计 110.95 万份，占回购注销前公司总股本 408,200,000 股的 0.2718%。上述股票期权全部 注销完成后，公司 2022 年股票期权激励计划将自行终止。 2、截至目前，上述股票期权已在中国证券登记结算有限责任公司深圳分公司完 成注销手续。 信质集团股份有限公司(以下简称"公司")于 2025 年 4 月 16 日召开的第五届董 事会第二十一次会议、第五届监事会第二十次会议审议通过了《关于注销 2022 年股 票期权激励计划第二个行权期已到期未行权的股票期权的议案》，公司将对 2022 年 股票期权激励计划第二个行权期已到期未行权的 7.35 万份股票期权进行注销。具体内 容详见公司于 2025 年 4 月 18 日刊登在《证券时报》及巨潮资讯网 www.cninfo.com.cn 的《关 ...

根据市场公开信息及4月18日披露的机构调研信息，知名私募盘京投资近期对1家上市公司进行了调研， 相关名单如下： 1）信质集团 （盘京投资参与公司特定对象调研） 调研纪要：信质集团2024年实现营业收入59.18亿元，同比增长28.22%，但经营利润波动，主要因大规 模资本投入、产能利用率提升、折旧摊销、原材料上涨、制造费用增加、研发费用增加。2025年第一季 度公司实现营业收入12.56亿元，盈利能力有所改善。展望2025年，公司将在新能源汽车电机领域持续 快速成长，拓展无人机、工程机械、工业电机、三轮电动车、电摩等领域，推进机器人电机和低空经济 新兴领域。公司聚焦全球化布局、技术驱动、智能制造三大战略，目标有效增长、技术领先、卓越运 营、组织活力，重点突破人形机器人电机和低空经济领域，以新能源汽车电机为增长引擎。公司持续与 第一大股东沟通，相关事项处于内部流程推进中，待收到通知后将及时披露。公司通过全资子公司在匈 牙利设立新公司负责项目建设，正积极推进ODI备案工作。公司出口美国业务收入占比很小，主要集中 在传统电机零部件业务，正与客户讨论应对方式，大力发展新能源电驱、机器人电机业务，降低影响。 机构简介： ...

Group 1 - The company reported a total revenue of 5.918 billion yuan for 2024, representing a year-on-year increase of 28.22%, indicating strong market expansion and business growth [1][4] - Despite significant revenue growth, the company's net profit fell sharply by 91.32% year-on-year to only 21 million yuan, raising concerns about its profitability [1][4] - The company's gross profit for 2024 was 503 million yuan, a decline of 20.41% year-on-year, highlighting issues in cost control [5] Group 2 - The company faced increased production costs due to rising raw material prices, including silicon steel, enameled wire, aluminum ingots, and magnetic steel [6] - Research and development expenses rose to 190 million yuan, a 30.08% increase year-on-year, accounting for 3.22% of total revenue, which, while enhancing product competitiveness, also exerted pressure on profitability [6] - The company's inventory value reached 1.075 billion yuan, representing 31.63% of net assets, with a provision for inventory depreciation of 70.33 million yuan, indicating challenges in inventory management [6] Group 3 - The electric motor industry is experiencing rapid growth driven by market demand and technological upgrades, with the company benefiting from the expanding new energy vehicle market [7] - Increased competition in the industry poses significant challenges for the company in terms of technological innovation and product optimization [7] - The company, despite being recognized as a national high-tech enterprise and one of the top ten companies in the automotive electronics and electrical industry, faces diminishing competitive advantages due to intensified market competition [7]

三、拟开展的金融衍生品交易业务计划 根据公司《金融衍生品交易管理办法》，结合相关法律、法规规定和公司实际经营 需要，公司本年计划开展最高余额不超过 3,000 万美元和 2,000 万欧元的低风险金融衍 生品业务，可循环使用。单一衍生品业务期限不超过项目合同执行期限或贷款期限，或 与之相匹配。 信质集团股份有限公司 金融衍生品交易可行性报告 一、开展金融衍生品交易业务的目的 信质集团股份有限公司（以下简称"公司"）营业收入 10%左右为外销，结算时均 以美元和欧元为主，为适应外汇市场的波动，避免汇率对公司经营利益的持续影响，公 司拟通过银行远期结汇产品来规避未来汇率波动的风险。 二、拟开展的金融衍生品交易业务品种 公司拟开展远期结汇业务。 2、内部控制风险：远期结汇专业性较强，可能存在内部控制风险。针对该风险，公 司已制订《远期外汇交易业务内部控制制度》，对远期结汇操作原则、审批权限、组织 机构及其职责、实施流程做出明确规定，有利于降低内部控制风险。 3、客户违约风险：客户应收账款可能发生逾期，导致远期结汇延期交割的风险。针 对该风险，公司将加强应收账款的管理，同时拟加大出口信用保险的办理力度，从而降 低客户 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.918 billion CNY, a year-on-year increase of 28.22%, with a net profit of 21.07 million CNY [2] - In Q1 2025, the company reported a revenue of 1.256 billion CNY and a net profit of 5.7 million CNY, showing improvement compared to the previous quarter [2] Group 2: Future Outlook - The company anticipates rapid growth in the electric motor sector for new energy vehicles in 2025, aiming to increase market share and become an industry leader [3] - Significant progress has been made in various sectors including drones, construction machinery, and electric motorcycles, with ongoing projects and orders reflecting strong expansion capabilities [3][4] Group 3: Strategic Planning - The company focuses on three core strategies: global layout, technology-driven initiatives, and smart manufacturing, with goals of effective growth, technological leadership, and operational excellence [5] - Over the next three years, the company will prioritize breakthroughs in humanoid robot motors and low-altitude economy sectors, using the electric motor sector for new energy vehicles as a growth engine [5] Group 4: Shareholder and Market Impact - The company is in communication with its largest shareholder regarding equity progress, with updates to be disclosed following internal processes [6] - The establishment of a new company in Hungary aims to advance project construction, with ongoing efforts to complete necessary approvals [7] Group 5: Market Challenges - The impact of the recent "reciprocal tariffs" imposed by the U.S. on China is minimal, as the revenue from U.S. exports constitutes a small portion of total revenue, primarily in traditional motor components [8] - The company is actively discussing strategies with downstream clients to mitigate the impact of tariffs while continuing to develop unaffected sectors such as new energy drives and humanoid robot motors [8]

证券代码：002664 证券简称：信质集团 公告编号：2025-020 信质集团股份有限公司 关于公司为子公司提供担保的公告 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。 提别提示： 由于本次担保对象信戈制冷、信质物资、成都信质、萍乡信质、重庆信质的资产负 债率超过70%，请投资者充分关注担保风险。 一、担保情况概述 为支持信质集团股份有限公司(以下简称"公司")子公司的经营发展需要，解决子公司 筹、融资问题，公司 2025 年度拟为子公司提供合计不超过 131,000 万元人民币的银行授 信担保，其中为信质电机(长沙)有限公司（以下简称"信质长沙"）提供担保额度为 7,000 万元，为浙江信戈制冷设备科技有限公司（以下简称"信戈制冷"）提供担保额度为 23,000 万元，为台州市信质物资供应有限公司（以下简称"信质物资"）提供担保额度为 30,000 万元，为浙江大行科技有限公司（以下简称"大行科技"）提供担保额度为 11,000 万元， 为河北信质科技有限公司（以下简称"河北信质"）提供担保额度为 10,000 万元，为成 都信质科技有限公司（以下简称" ...

证券代码：002664 证券简称：信质集团 公告编号：2025-021 信质集团股份有限公司 关于公司使用自有闲置资金购买银行短期理财产品的公告 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。 重要内容提示： 1、投资种类：安全性高、中低风险非保本浮动型短期银行理财产品。 2、投资金额：信质集团股份有限公司（以下简称"公司"）(含纳入公司合并报表 范围的下属子公司)使用不超过 100,000 万元人民币自有闲置资金购买中低风险非保 本浮动型短期银行理财产品，在上述额度内，资金可以滚动使用，理财取得的收益 可进行再投资，且收益再投资金额不包含在上述额度以内。 3、特别风险提示：因投资标的选择、市场环境等因素存在较大的不确定性，敬 请广大投资者关注投资风险。 一、投资情况概述 1、投资目的 为提高闲置自有资金使用效率和收益水平，在不影响正常经营的情况下，公司(含 纳入公司合并报表范围的下属子公司)将部分自有闲置资金用于购买安全性高、中低 风险非保本浮动型的银行短期理财产品，增加公司收益，并使公司收益最大化。 2、投资额度 公司(含纳入公司合并报表范围的下属子公司) ...