Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage points year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage point year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected to be 12.03 billion yuan, representing a year-on-year growth of 14.44% [1] - The net profit attributable to shareholders is expected to reach 1.47 billion yuan in 2024, with a year-on-year increase of 22.55% [1] - The company has maintained a stable market share, with the top five customers accounting for 72% of revenue in 2024 [8] - The company is expected to achieve a revenue growth of 20-30% in structural components in 2025, driven by stable lithium battery demand [8] - The company has a strong cash flow position, with operating cash flow of 2.15 billion yuan in 2024, up 187.3% year-on-year [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 10.51 billion yuan - 2024: 12.03 billion yuan - 2025: 14.69 billion yuan - 2026: 17.18 billion yuan - 2027: 20.07 billion yuan [1] - Net profit projections are as follows: - 2023: 1.20 billion yuan - 2024: 1.47 billion yuan - 2025: 1.88 billion yuan - 2026: 2.32 billion yuan - 2027: 2.79 billion yuan [1] - The company's earnings per share (EPS) are projected to be: - 2024: 5.38 yuan - 2025: 6.86 yuan - 2026: 8.50 yuan - 2027: 10.20 yuan [1] Market Data - The closing price of the company's stock is 113.12 yuan [5] - The market capitalization is approximately 30.94 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 25.76 for 2023 and decrease to 11.09 by 2027 [1]

Group 1 - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has been detained, but the company's operations remain normal and unaffected [1] - Juran Smart Home reported a total revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% year-on-year, primarily due to economic fluctuations and increased competition in the home furnishing market [3][4] Group 2 - China Bank plans to raise up to 165 billion yuan through a private placement of A-shares, with the funds aimed at increasing its core tier one capital [4] - The issuance price for China Bank's shares is set at 6.05 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The Bank of Communications also plans to raise up to 120 billion yuan through a private placement, with the funds also designated for core tier one capital [5] Group 3 - SANY Heavy Industry reported a total revenue of 78.383 billion yuan in 2024, an increase of 5.9% year-on-year, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [6][7] - The company's international main business revenue reached 48.513 billion yuan, accounting for 63.98% of total revenue, with significant growth in various regions [6][8] - SANY Heavy Industry has established 37 lighthouse factories and is recognized for its advanced smart manufacturing capabilities [8] Group 4 - East China Pharmaceutical achieved a total revenue of 41.906 billion yuan in 2024, a growth of 3.16%, and a net profit of 3.512 billion yuan, up 23.72% year-on-year [10][11] - The company has a robust pipeline of over 80 innovative drugs, focusing on diabetes and oncology [11][12] Group 5 - EVE Energy reported a total revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35%, with a net profit of 4.076 billion yuan, an increase of 0.63% [13][14] - The company has seen significant growth in its energy storage business, with a shipment volume of 50.45 GWh, a year-on-year increase of 91.90% [15] Group 6 - China Unicom reported a revenue of 103.35 billion yuan in Q1 2025, a growth of 3.9%, and a net profit of 2.61 billion yuan, up 6.5% year-on-year [19] - Lens Technology achieved a revenue of 17.063 billion yuan in Q1 2025, a growth of 10.10%, with a net profit of 429 million yuan, up 38.71% year-on-year [20] Group 7 - Fuyao Glass reported a revenue of 9.910 billion yuan in Q1 2025, a growth of 12.16%, with a net profit of 2.030 billion yuan, up 46.25% year-on-year [21] - Zhuye Group reported a revenue of 4.803 billion yuan in Q1 2025, a growth of 8.50%, with a net profit of 277 million yuan, up 74.07% year-on-year [23] Group 8 - Cailong Technology reported a net profit growth of 87.55% in 2024, with total revenue of 11.664 billion yuan [32] - Ziyan Food reported a revenue of 3.363 billion yuan in 2024, with a net profit growth of 4.5% [33] Group 9 - Shunyi Environmental reported a revenue of 12.678 billion yuan in 2024, with a net profit growth of 41.58% [35] - Shougang Group turned a profit in Q1 2025, reporting a revenue of 26.533 billion yuan, down 10.18%, with a net profit of 328 million yuan [36] Group 10 - Keda Li reported a revenue of 12.030 billion yuan in 2024, with a net profit growth of 22.55% [38] - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan in 2024, with a net profit growth of 15.67% [40] Group 11 - New Australia reported a revenue of 4.841 billion yuan in 2024, with a net profit growth of 5.96% [41] - Fawer reported a revenue of 16.468 billion yuan in 2024, with a net profit growth of 11.93% [42] Group 12 - Zhongwei Company reported a revenue of 9.065 billion yuan in 2024, with a net profit decrease of 9.53% [43] - Changying Precision reported a revenue of 16.934 billion yuan in 2024, with a net profit growth of 800% [44] Group 13 - Stanley reported a revenue of 10.263 billion yuan in 2024, with a net profit growth of 17.89% [45] - Puyang reported a revenue of 5.192 billion yuan in 2024, with a net profit decrease of 45.48% [46] Group 14 - Huangshi Group received a notice of administrative penalty for failing to disclose significant contracts, with potential fines for the company and responsible individuals [47] - Baosteel announced plans to acquire a 49% stake in Maanshan Steel through a combination of cash purchases and capital increases, with an estimated total investment of 9 billion yuan [48][49] Group 15 - Shengquan Group reported a revenue of 2.459 billion yuan in Q1 2025, with a net profit growth of 50.46% [50]

2024 年年报点评：利润再超预期，盈利水平 持续亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,511 | 12,030 | 14,690 | 17,181 | 20,067 | | 同比（%） | 21.47 | 14.44 | 22.11 | 16.95 | 16.80 | | 归母净利润（百万元） | 1,201 | 1,472 | 1,876 | 2,324 | 2,789 | | 同比（%） | 33.47 | 22.55 | 27.51 | 23.86 | 20.00 | | EPS-最新摊薄（元/股） | 4.39 | 5.38 | 6.86 | 8.50 | 10.20 | | P/E（现价&最新摊薄） | 25.76 | 21.02 | 16.49 | 13.31 | 11.09 | 证券研究报告·公司点评报告·电池 科达利（002850） [Table_Tag] [Table_S ...

Financial Performance - The company achieved a revenue of 14.44 billion yuan in 2024, representing a year-on-year growth of 120.30% [2] - The net profit attributable to shareholders reached 1.62 billion yuan, with a year-on-year increase of 22.55% [2] - Total assets amounted to 190.51 billion yuan, reflecting a growth of 14.72% compared to the previous year [2] - The proposed cash dividend is 10.62 yuan per share (including tax) [2] Operational Insights - The increase in gross margin is attributed to strategic partnerships with high-quality overseas clients, optimized product structure, and improved internal management and operational efficiency [3] - The company maintains an optimistic outlook for 2025, expecting enhanced order quality and scale due to deepening strategic partnerships and steady client demand [4] Market and Product Development - The humanoid robot sector is in its early industrialization stage, showing significant growth potential despite a low current base [5] - The company has successfully launched a self-developed product in the high-precision reducer field, gaining high recognition from clients [5] - The impact of tariff policy adjustments on the company is limited, with ongoing efforts to enhance local operations and maintain steady product delivery [6] Capacity and Production - The overseas market presents considerable future potential, with a cautious capacity layout strategy based on client demand [8] - The European production base is operating well, with plans to further release capacity according to client needs [8] Financial Management - Asset impairment primarily stems from overseas clients, particularly Northvolt, with a conservative handling approach [9] - Fluctuations in other comprehensive income are mainly influenced by exchange rate changes [10] Material and R&D - PEEK materials offer superior lifecycle cost-effectiveness compared to traditional materials, with applications in lightweight solutions [11] - The company plans to continuously track market trends and adjust R&D directions to maintain technological leadership [14]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002850 证券简称：科达利 公告编号：2025-009 债券代码：127066 债券简称：科利转债 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。 根据深圳证券交易所《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指南第2号——公告格式》等有关规定，深圳市科达利实业股份有 限公司（以下简称"公司"或"本公司"）2024年度募集资金存放与使用情况的专项报告如下： 一、募集资金基本情况 （一）募集资金金额和资金到账时间 1、2020年非公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准深圳市科达利实业股份有限公司非公开发行股票的批复》（证监 许可〔2020〕2126号）文核准，并经深圳证券交易所同意，本公司获准向特定投资者以定向增发方式发 行人民币普通股（A股）股票不超过4,000万股。根据投资者最终的认购情况，本公司实际向特定投资者 非公开发行人民币普通股（A股）股票22,920,451股，新增股份每股面值1元，发行价为每股人民币60 ...

Summary of KODALI Conference Call Company Overview - **Company**: KODALI - **Industry**: Robotics and Structural Components Key Points Financial Performance - KODALI achieved a revenue of 12 billion yuan in 2024, representing a year-on-year growth of 14.44% and a net profit of 1.47 billion yuan, up 22.55% [3] - The company plans to distribute a cash dividend of 20 yuan for every 10 shares [3] Gross Margin and Profitability - The gross margin significantly improved to 27-28% in Q4, attributed to increased capacity utilization, strong performance from quality customers, and management optimization [1][4] - KODALI aims to maintain a similar average gross margin for the entire year of 2025 [1][4] Business Growth Projections - For Q1 and the full year of 2025, KODALI expects continued growth in structural components, with a revenue growth target of 20%-30% [1][8] - The company anticipates strong performance in the structural components business, with specific growth targets higher than those of 2024 [2][8] International Operations - KODALI's European factories (Sweden, Hungary, Germany) generated several hundred million yuan in total revenue in 2024 but did not achieve profitability, with losses expected to improve starting in 2025 [1][12] - The company is on track to begin production in the U.S. by 2026, with no impact from tariffs on products exported to the U.S. [1][15][18] Product Development and Market Position - KODALI has launched a new type of harmonic reducer made from P materials, which offers advantages in weight and torque, enhancing market competitiveness [1][25] - The company is actively engaging with multiple domestic and international clients regarding new product samples, particularly in the North American market [6][7] Customer and Market Dynamics - The company maintains a positive outlook for its overseas market growth, with expectations of revenue exceeding 1 billion yuan [10] - KODALI's direct sales to the U.S. market account for 1%-2% of total sales, with no significant impact from tariffs [27] R&D and Innovation - KODALI is focusing on R&D for new products, particularly in the robotics sector, with an expected increase in R&D expenses due to rapid product development [45] - The company is committed to customizing solutions in collaboration with clients to meet market demands [21] Challenges and Risks - The company acknowledges potential long-term impacts of tariffs on customer sales, although current operations remain unaffected [9][16] - KODALI is cautious about potential bad debt provisions related to overseas business, maintaining a conservative approach [39] Miscellaneous - The company has seen a reduction in employee numbers due to limited expansion in new capacities, with expectations for continued decreases in the following year [37] - Transportation costs have decreased due to increased local production, contributing to cost reduction efforts [36] This summary encapsulates the key insights from KODALI's conference call, highlighting financial performance, growth projections, product innovations, and market dynamics.

【RSM】容 诚 内部控制审计报告 深圳市科达利实业股份有限公司 容诚审字[2025] 518Z0783 号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.co.or.cn）"进行查 -1-2 12 /1 甘 切 4 内部控制审计报告 容诚审字[2025] 518Z0783 号 深圳市科达利实业股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了深圳市科达利实业股份有限公司(以下简称"科达利公司")2024年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是科达 利公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的 ...

1、2020 年非公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准深圳市科达利实业股份有限公司非公开发 行股票的批复》（证监许可〔2020〕2126 号）文核准，并经深圳证券交易所同意，公 司获准向特定投资者以定向增发方式发行人民币普通股（A 股）股票不超过 4,000 万 股。根据投资者最终的认购情况，公司实际向特定投资者非公开发行人民币普通股（A 股）股票 22,920,451 股，新增股份每股面值 1 元，发行价为每股人民币 60.47 元，共 计募集资金 1,385,999,671.97 元，坐扣承销和保荐费用 23,001,994.45 元后的募集资金 为 1,362,997,677.52 元，已由主承销商中金公司于 2020 年 11 月 5 日汇入公司募集资 金监管账户。另减除律师费、审计费、法定信息披露费等其他发行费用 2,635,033.08 元后，公司本次募集资金净额为 1,360,362,644.44 元。上述募集资金到位情况业经天 健会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（天健验〔2020〕 7-139 号）。 2024 年度募集资金存放及实际使用情况的核 ...