Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company has a deep foundation in the reducer field and is expected to benefit from the mass production of humanoid robots. The company has been involved in the modularization of joint modules and has a first-mover advantage in the humanoid robot sector, having already supplied certain mainframe manufacturers [6][4]. Financial Performance Summary - In 2024, the company achieved a total revenue of 976 million yuan, a year-on-year decrease of 10.1%. The net profit attributable to the parent company was 73 million yuan, a decrease of 0.82% year-on-year. However, the net profit after deducting non-recurring gains and losses was 58 million yuan, an increase of 3.26% year-on-year [4][6]. - The gross profit margin improved to 25.9%, an increase of 3.02 percentage points year-on-year. Revenue from the intelligent execution unit was 370 million yuan, down 23.65%, while the revenue from the reducer motor was 345 million yuan, up 0.78%. The revenue from reducers was 243 million yuan, up 1.07% [6][4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 1.12 billion yuan, 1.29 billion yuan, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 14.48%, 15.23%, and 15.89% [6][7]. - The net profit attributable to the parent company is forecasted to be 91 million yuan, 107 million yuan, and 129 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.84%, 17.26%, and 20.46% [6][7]. Market Position and Competitive Advantage - The company supplies products to robot mainframe manufacturers and has competitive advantages in integrated actuators. Its products are widely used in various sectors, including robotics, intelligent logistics, and CNC machine tools. The company has been focusing on core components such as reducer motors and reducers, aligning with the industry's trend towards integration [6][4].

Group 1: Company Overview - In 2024, the company's operating revenue was 976.343 million yuan, a decrease of 10.10% compared to the previous year [2] - The net profit attributable to shareholders was 72.5504 million yuan, down 0.82% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 58.2917 million yuan, an increase of 3.26% year-on-year [2] Group 2: Business Development - The revenue from humanoid robots is currently small, but the company is actively exploring market opportunities and enhancing R&D innovation [2] - The company has established connections and collaborations with several domestic main engine manufacturers [2] Group 3: Market Value Management - The company is committed to improving operational management and internal value as part of its market value management strategy [3] - The company plans to communicate with the capital market through multiple channels to convey value concepts and create stable returns for investors [3] Group 4: Product Strategy - The improvement in gross margins across the three main business segments is attributed to technological innovation and the development of high-value-added products [3] - The company aims to enhance product quality and technological content by introducing advanced technologies, thereby increasing customer loyalty and market share [3] Group 5: Future Plans - The company is considering various opportunities and plans for mergers and acquisitions or financing based on industry trends and overall strategic planning [3] - Any future plans that align with strategic directions will be disclosed in compliance with regulatory requirements [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 84.77 yuan [1]. Core Views - The company has shown a significant improvement in the gross margin of its reducers, demonstrating scalable precision manufacturing capabilities [1][7]. - In 2024, the company achieved a revenue of 976 million yuan, a year-on-year decrease of 10.10%, while the net profit attributable to shareholders was 72.55 million yuan, a decrease of 0.82% year-on-year [4][7]. - The company has a strong market position in small and micro gear motors and has made technological breakthroughs in precision reducers, competing effectively against foreign companies [8]. Financial Performance Summary - **Revenue and Profitability**: The company’s revenue is projected to recover to 1,084 million yuan in 2025, with a net profit of 89 million yuan, reflecting a year-on-year growth of 23.2% [6][10]. - **Gross Margin**: The gross margin for 2024 is reported at 25.9%, an increase of 3.02 percentage points year-on-year, indicating improved cost management [7][10]. - **Earnings Per Share (EPS)**: The EPS is expected to grow from 0.48 yuan in 2024 to 0.59 yuan in 2025, with further increases projected in subsequent years [6][10]. Product and Market Position - The company focuses on key components in the mechanical transmission and control application fields, with a product structure that includes reducers, gear motors, and intelligent actuators [8]. - The main products, including gear motors and precision reducers, have shown sales growth, with the precision reducer's gross margin increasing by 10.57 percentage points year-on-year [7][8]. - The company is actively expanding into humanoid robot components, positioning itself well in the growing market for robotics [8]. Financial Ratios and Projections - **Return on Equity (ROE)**: The ROE is projected to improve from 6.2% in 2024 to 8.7% by 2027, indicating enhanced profitability [10]. - **Debt Ratios**: The asset-liability ratio is expected to decrease from 28.3% in 2024 to 24.7% in 2027, reflecting a stronger balance sheet [10]. - **Cash Flow**: Operating cash flow is projected to be 131 million yuan in 2025, indicating healthy cash generation capabilities [11].

Core Viewpoint - The company, Ningbo Zhongdali Intelligent Transmission Co., Ltd., has approved its 2024 annual report and profit distribution plan, which includes a cash dividend and a capital reserve increase in shares [2][12][17]. Company Overview - The company operates in the mechanical transmission and control application sector, focusing on the research, development, manufacturing, and sales of key components [3]. - It specializes in automation transmission and drive devices, producing core components such as reduction motors and gear reducers, while continuously enhancing its product offerings [3]. Financial Data - In 2024, the company reported a revenue of CNY 976.34 million, a decrease of 10.10% year-on-year, and a net profit attributable to shareholders of CNY 72.55 million, down 0.82% year-on-year [14]. - The profit distribution plan includes a cash dividend of CNY 2.60 per 10 shares and a capital reserve increase of 3 shares for every 10 shares held [17]. Board Resolutions - The board has approved several key resolutions, including the annual financial report, profit distribution plan, and the appointment of the auditing firm for 2025 [12][23][75]. - The company plans to hold its annual shareholders' meeting on May 15, 2025, to discuss these resolutions [40]. Important Events - The company has decided to terminate its application for issuing convertible bonds to unspecified objects and has withdrawn the application [5]. - It plans to acquire land use rights for industrial land in Cixi, with a budget of up to CNY 30 million [5]. Audit and Compliance - The company has proposed to continue its relationship with Zhonghui Certified Public Accountants for the 2025 audit, which requires shareholder approval [63][75]. - The audit firm has a solid track record, with no criminal penalties in the last three years and a commitment to independent auditing principles [66][73]. Shareholder Engagement - The company emphasizes transparency and accuracy in its disclosures, ensuring that all board members are present for key meetings [6][44]. - The upcoming shareholders' meeting will allow for direct engagement with shareholders regarding the company's performance and future plans [45].

Group 1 - The company has proposed a profit distribution plan for the year 2024, which includes a cash dividend of 2.60 yuan per 10 shares, totaling 39,304,534.10 yuan, and a capital reserve increase of 3 shares for every 10 shares held, resulting in an increase of total shares to 196,522,670.5 shares [6][62]. - The company's net profit for 2024 is reported at 72,550,353.38 yuan, with a decrease of 0.82% compared to the previous year, while the total revenue for the same period is 976,342,989.09 yuan, reflecting a decline of 10.10% [59]. - The company has accumulated undistributed profits of 435,846,043.62 yuan as of December 31, 2024, with the actual distributable profit being 433,981,726.73 yuan [5][6]. Group 2 - The company has approved a plan for daily related party transactions for 2025, estimating the total amount to not exceed 22.10 million yuan, compared to 4.84 million yuan in the previous year [14]. - The company has established a guarantee amount not exceeding 1 billion yuan for its subsidiaries, which is 85.14% of the company's latest audited net assets [26][32]. - The company has reported a total of 9,290,926.26 yuan in asset impairment provisions for 2024, which will reduce the net profit attributable to the parent company by 5,575,816.39 yuan [46]. Group 3 - The company will hold an annual performance briefing on April 30, 2025, to communicate with investors regarding its operational performance and development strategy [50][51]. - The company has undergone changes in accounting policies in accordance with the Ministry of Finance's regulations, which will not significantly impact its financial status or operational results [36][41]. - The company has confirmed that its internal control system is effective and complies with relevant regulations, ensuring the integrity of its financial reporting [67].

证券代码：002896 证券简称：中大力德 公告编号：2025-021 宁波中大力德智能传动股份有限公司 关于召开 2024 年度股东大会的通知 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。 一、召开会议的基本情况 （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 15 日上 午 9:15-9:25，9:30-11:30，下午 13:00-15:00。 ①通过深圳证券交易所互联网投票系统投票的开始时间为 2025 年 5 月 15 日 9:15，结束时间为 2025 年 5 月 15 日 15:00。 5、会议召开方式：本次股东大会采用现场投票与网络投票相结合的方式召 开。 （1）现场投票：股东本人出席现场会议或者通过授权委托方式委托他人出 席现场会议； 1、股东大会届次：宁波中大力德智能传动股份有限公司 2024 年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间 （1）现场会议 ...

证券代码：002896 证券简称：中大力德 公告编号：2025-012 宁波中大力德智能传动股份有限公司 第三届监事会第十九次会议决议公告 本公司及监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。 一、监事会会议召开情况 宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届监事会第 十九次会议通知已于 2025 年 4 月 1 日以通讯方式向各位监事发出，本次会议于 2025 年 4 月 16 日在公司会议室以现场方式召开。会议由监事会主席罗杰波先生 主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开符合《公 司法》等有关法律、法规及《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过了《关于 2024 年度监事会工作报告的议案》 表决结果：有效表决票 3 票，同意票 3 票，反对票 0 票，弃权票 0 票。 具体内容详见同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《2024 年 度监事会工作报告》。 本议案需提交股东大会审议。 （二）审议通过了《关于 2024 年年度报告及摘要的议案》 具体内容详见同日刊登于巨潮资 ...

宁波中大力德智能传动股份有限公司 监事会对 2024 年度内部控制评价报告的意见 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指南第 1 号——业务办理》等有关规定，监事会对公司《2024 年内部控制评价 报告》进行了审核，发表意见如下： 监事会认为：公司已按照《企业内部控制基本规范》《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》等规定，建立了较为完善 的内部控制体系并能得到有效的执行。《2024 年度内部控制评价报告》真实、 客观地反映了公司内部控制的实际情况，监事会对上述内部控制评价报告无异议。 宁波中大力德智能传动股份有限公司监事会 2025 年 4 月 16 日 ...

宁波中大力德智能传动股份有限公司 第三届董事会独立董事专门会议第四次会议决议 宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届董事会独 立董事专门会议第四次会议于 2025 年 4 月 16 日在公司会议室以现场及通讯方式 召开，会议通知以通讯方式于 2025 年 4 月 1 日向各位独立董事发出。本次会议 由独立董事周忠先生主持，应参加独立董事 3 名，实际参加独立董事 3 名，审议 通过如下决议： 宁波中大力德智能传动股份有限公司 独立董事：周忠、周燕玲、童群 2025 年 4 月 16 日 一、审议通过《关于 2024 年度利润分配及资本公积转增股本预案的议案》 表决结果：有效表决票 3 票，同意票 3 票，反对票 0 票，弃权票 0 票。 经审核，我们认为：本次利润分配及资本公积转增股本预案充分考虑了公司 的经营状况、公司未来的发展需要以及股东的投资回报，符合公司及全体股东的 利益。我们一致同意 2024 年度利润分配及资本公积转增股本预案，并同意提交 公司董事会审议。 二、审议通过《关于 2024 年度日常关联交易执行情况及 2025 年度日常关 联交易预计事项的议案》 表决结果：有效表决 ...

证券代码：002896 证券简称：中大力德 公告编号：2025-011 宁波中大力德智能传动股份有限公司 第三届董事会第二十三次会议决议公告 （二）审议通过《关于 2024 年度董事会工作报告的议案》 表决结果：有效表决票 8 票，同意票 8 票，反对票 0 票，弃权票 0 票。 具体内容详见同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《2024 年 度董事会工作报告》。 公司独立董事向公司董事会提交了《2024 年度独立董事述职报告》，并将 在公司 2024 年度股东大会上进行述职。董事会审计委员会根据履职情况提交了 《董事会审计委员会 2024 年度履职情况报告》。董事会对公司独立董事的独立 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。 一、董事会会议召开情况 宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届董事会第 二十三次会议通知已于 2025 年 4 月 1 日以通讯方式向各位董事发出，本次会议 于 2025 年 4 月 16 日在公司会议室以现场及通讯方式召开。会议由董事长岑国建 先生主持，会议应出席董事 8 名，实际 ...