-41% -18% 6% 29% 52% 5/24 8/24 11/24 2/25 科达利 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱： liuqianlin@hazq.com [Table_CompanyReport] 相关报告 公司点评 业绩符合预期，机器人勾勒第二成长曲线 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-03 | | | [Table_BaseData] 收盘价（元） | | 131.54 | | 近 12 个月最高/最低（元） 148.80/68.51 | | | | 总股本（百万股） | | 273 | | 流通股本（百万股） | | 197 | | 流通股比例（%） | | 71.96 | | 总市值（亿元） | | 360 | | 流通市值（亿元） | | 259 | [公司价格与沪深 Table_Chart] 300 ...

点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链 买入（维持） 业绩保持靓丽，盈利能力韧性十足 公 司 点 评 科达利（002850）2025 年一季报点评 2025 年 4 月 30 日 投资要点： 分析师：黄秀瑜 事件：公司发布了2025年一季度报告。 | 2025 年 | 4 月 29 日 | | | --- | --- | --- | | 收盘价(元) | | 127.37 | | 总市值（亿元） | | 348.32 | | 总股本(亿股) | | 2.73 | | 流通股本(亿股) | | 1.97 | | ROE（TTM） | | 12.81 | | 12 | 月最高价(元) | 148.80 | | 12 | 月最低价(元) | 68.51 | | 股价走势 | | 证 券 | | 资料来源：东莞证券研究所，Wind | | 研 究 | | 相关报告 ...

事件 公司发布2025 年一季报，2025Q1 实现营收30.22 亿元，同比+20%，环比-12%，实现归母净利润3.87 亿 元，同比+26%，环比-15%，实现扣非归母净利润3.53 亿元，同比+20% ， 环比-23% 。毛利率和净利率 分别为22.20%/12.77%, 同比提升0.02/0.47pct，环比下降5.06/0.44pct。2025Q1 业绩略超市场预期。 海外产能加速推进，完善全球化布局 截至2024 年底，公司在全球拥有16 个生产基地（国内13 个+欧洲3 个）。公司已在瑞典、德国、匈牙 利等地布局产能，同时开启在美国、马来西亚的业务布局，为多个客户提供就近配套服务，在降低物流 成本的同时增强供应链合作关系，全球市占率或持续提升。 深耕客户服务，拓展国内外市场 公司客户群体覆盖CATL、中创新航、LG、松下、特斯拉、三星、亿纬锂能、欣旺达等下游知名电池 厂，巩固并深化了与现有大客户的合作关系，确保了长期战略合作的稳固性。同时公司积极拓展国内外 市场，于2025Q1 与因湃电池签订了 《战略合作协议》，获得了其未来五年动力及储能电池结构件的 100%供应份额。 积极发展机器人业务， ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company has shown steady development in its main business and is expanding into the humanoid robot market, which is expected to gradually open up [3] - The company reported a net profit of 1.472 billion RMB for 2024, representing a year-on-year growth of 22.55% [8] - The company is focusing on high-end markets and strengthening relationships with major clients while actively exploring international markets [8] Financial Summary - The company’s revenue for 2024 is projected to be 12.03 billion RMB, with a growth rate of 14.4% [7] - The EBITDA for 2024 is estimated at 2.614 billion RMB, with a year-on-year increase of 24.5% [7] - The net profit for 2025 is expected to reach 1.805 billion RMB, reflecting a growth rate of 22.6% [7] - The earnings per share (EPS) for 2025 is projected to be 6.60 RMB, with a corresponding price-to-earnings (P/E) ratio of 19.3 [5][11] - The company is expanding its production capacity both domestically and internationally, with significant progress in its facilities in the US, Singapore, and Hungary [8]

公司25Q1 收入30.22 亿元，同/环比+20.46%/-12.10%，25Q1 归母净利3.87 亿元，同/环比 +25.51%/-14.92%，扣非净利3.53 亿元，同/环比+19.54%/-23.03%。归母净利润超出我们此前3.70 亿的预 期，主要系Q1下游需求强劲。公司结构件主业盈利能力强劲，机器人业务稳步推进，我们维持"买 入"评级。 25Q1 盈利能力同比提升，彰显盈利韧性 25Q1 毛利率/ 净利率达22.20%/12.77%， 环比-5.06/-0.44pct ， 同比+0.02/+0.47pct，环比下滑主要系Q1 淡季产能利用率环比下降，但与去年同期相比，在产品降价环境下盈利能力仍有所提升，彰显出显著的 盈利韧性。 根据公司业绩会，公司预计25 年收入同比增长20%~30%，产能利用率提升背景下盈利能力也有较强支 撑。 海外生产基地有序布局，全球化战略稳步推进 公司在海外积极布局生产基地，在欧洲，瑞典与匈牙利一期生产基地已投产并释放产能，匈牙利二期正 持续加大投入，整体按既定节奏发展，未来营收增长与产能释放可期；美国生产基地目前开展前期准备 工作，后续将依客户需求逐步提升产能以响 ...

2024 年，公司锂电结构件业务实现营收114.73 亿元，同比增长14%；毛利率同比提升0.9pct 至25.01%， 盈利能力稳中有升。公司持续推进降本增效，公司整体期间费用率降低0.53pct 至9.4%，全年净利率提 升至12.2%。 海外产能布局完善，就近配套客户提升粘性 事件 公司发布2024 年年报，全年实现营收120.30 亿元，同比增长14.44%；实现归母净利润14.72 亿元，同比 增长22.55%。其中2024Q4 实现营收34.38 亿元，同比+25.32%，环比+9.25%；归母净利润4.55 亿元，同 比+12.15%，环比+23.58%；扣非归母净利润4.59 亿元，同比+18.76%，环比+28.37%；单季度毛利率 27.26%，环比提升3.84pct，2024Q4 业绩超市场预期。 锂电结构件盈利能力保持稳健 盈利预测及投资建议 我们预计公司2025-2027 年营业收入分别为144.0/172.8/208.7 亿元，同比增速分别为 19.7%/20.0%/20.7%；归母净利润分别为18.1/21.7/26.6 亿元，同比增速分别为22.8%/19.8%/22.8%,三 ...

点评： 业绩表现超预期，归母净利率Q1 同比提升。1Q25 公司实现营收30.22 亿元，同比+20.5%；实现归母净 利3.87 亿元，同比+25.5%。从盈利能力看，1Q25 公司毛利率达22.2%，同比基本持平，归母净利率达 12.8%，同比+0.5pct。费用端公司持续控费降本，管理和研发费用率同比下滑， 1Q25 公司销售/ 管理/ 研发/ 财务费用率分别为0.4%/2.3%/5.1%/1.3%，分别同比+0.0/-0.4/-0.2/+0.7pct。 国内优质客户持续拓展，海外产能稀缺，出货提升可期。基于公司在全球拥有 16 个结构件生产基地 （国内 13 个+欧洲 3 个）的配套优势，公司不断深化现有大客户（CATL、LG、特斯拉、松下、中创新 航、亿纬锂能、欣旺达等）份额的同时，25 年2 月，公司与因湃电池签订了《战略合作协议》，获得了 其未来五年动力及储能电池结构件的 100%供应份额，客户广度持续拓展。海外方面，24 年公司海外营 收5.7 亿元，同比+7%。目前公司瑞典和匈牙利一期生产基地已经投产放量，匈牙利二期稳步扩产，德 国生产基地待客户订单放量亦可快速投入生产，马来西亚和美国项目前 ...

Group 1: Financial Performance - The company achieved a revenue of 12.03 billion CNY in 2024, representing a year-on-year growth of 14.44% [2] - The net profit for 2024 was 1.472 billion CNY, showing a year-on-year increase of 20.46% [2] - In Q1 2025, the company reported a revenue of 3.022 billion CNY, which is a 22.55% increase compared to the same period last year, with a net profit of 387 million CNY, up by 25.51% [2] Group 2: Growth Drivers - The company is one of the largest suppliers of precision structural components for power batteries in China, with extensive technical experience and manufacturing capabilities [3] - The growth in the new energy sector, deepening strategic partnerships, and steady demand from high-quality customers are expected to enhance order quality and scale, further improving profitability [3] - The company is actively expanding into high-precision reducers and joint modules related to humanoid robots, which are anticipated to provide new growth opportunities [3] Group 3: Industry Outlook - The power battery industry has been experiencing strong growth, driven by policy support, technological advancements, and increasing market demand [3] - The expansion of downstream application scenarios and breakthroughs in battery technology are expected to sustain rapid industry development and broad market prospects [3] - Humanoid robots are moving from laboratory settings to commercial applications, showcasing significant market potential and application prospects due to ongoing government support and advancements in AI, biomimicry, and new materials [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, with a significant year-on-year increase in net profit margin for Q1 2025. The company achieved a revenue of 3.022 billion yuan in Q1 2025, representing a year-on-year growth of 20.5%, and a net profit of 387 million yuan, up 25.5% year-on-year [7] - The company is expanding its domestic high-quality customer base while facing a shortage of overseas production capacity, indicating potential for increased shipments. The company has established a strategic cooperation agreement with Inpai Battery for 100% supply of structural components for power and energy storage batteries over the next five years [7] - The robotics business is successfully shipping products, with significant growth potential. The company’s subsidiary, Shenzhen Kemon, focuses on harmonic reducers and has launched several new core transmission technology products for humanoid robots [7] - The investment analysis suggests a slight upward adjustment in profit forecasts for 2025-2026, with new profit projections for 2027. Expected net profits for 2025-2027 are 1.813 billion, 2.200 billion, and 2.623 billion yuan respectively, corresponding to PE ratios of 20, 17, and 14 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 14.505 billion yuan, with a year-on-year growth rate of 20.6%. The net profit for 2025 is estimated at 1.813 billion yuan, reflecting a growth rate of 23.2% [6] - The gross profit margin is expected to be 24.0% in 2025, with a return on equity (ROE) of 14.0% [6] - The company’s financial summary indicates a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 20.220 billion yuan by 2027 [9]