Group 1: Financial Performance - In 2024, the company's R&D investment reached 125 million CNY, an increase of 15.60% year-on-year [2] - The company's domestic business revenue increased, while export revenue declined by approximately 13% due to decreased market demand [2] - The net profit decline was primarily impacted by convertible bond interest expenses and increased depreciation from capitalized investment projects [2] Group 2: Strategic Focus - The main focus of the increased R&D expenditure is on new product development for fundraising projects, including aluminum forging and gear business [2] - The company aims to continue expanding its business in the electric drive components for new energy vehicles and lightweight products, while also investing in humanoid robot smart joints [2][3] Group 3: Market Expansion and Competition - The Thai production base is expected to begin small-scale trial production in June 2025, with mass supply starting in the second half of the year [3] - To address the decline in gross margin, the company will enhance internal management, improve efficiency, and focus on cost reduction and technological upgrades [3] - The company plans to accelerate overseas capacity construction and expand its market share in both domestic and international markets [3] Group 4: Shareholder Relations - The company ensures the protection of minority shareholders' rights by improving corporate governance and enhancing investor relations management [3] - The company will continue to communicate openly with investors regarding operational performance, strategic development, and cash dividends [3]

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]

Investment Rating - The investment rating for the company is downgraded to Neutral [1] Core Views - The company is experiencing a transitional phase in its customer structure, with expectations for overseas capacity to ramp up in the coming year [6] - Despite short-term profitability pressures due to mismatches in investment and demand, the growth trend remains robust [6] - The company is expanding its global strategy with the production facility in Thailand, which will help mitigate export tariffs and shipping costs [6] - The establishment of a joint venture to explore the robotics sector is expected to enhance technological capabilities and market competitiveness [6] Financial Data and Earnings Forecast - Total revenue for 2024 is projected at 2,025 million, with a year-on-year decrease of 3.7% [5] - The net profit attributable to the parent company for 2024 is expected to be 160 million, reflecting a year-on-year decline of 32.8% [5] - Revenue for Q1 2025 is estimated at 512 million, showing a year-on-year increase of 1.7% [5] - The company anticipates a revenue increase to 2,447 million in 2025, with a growth rate of 20.8% [5] - The projected net profit for 2025 is 197 million, with a growth rate of 23.4% [5] - The gross margin is expected to improve slightly from 24.4% in 2024 to 24.6% in 2025 [5] Market Data - As of April 24, 2025, the closing price is 11.89 yuan, with a market capitalization of 5,926 million [1] - The price-to-earnings ratio is projected to be 31 for 2025, decreasing to 19 by 2027 [5]

Summary of the Conference Call for Jingzhu Technology Company Overview - **Company**: Jingzhu Technology - **Year**: 2024 - **Total Revenue**: Approximately 2.02 billion CNY, with a slight decline year-on-year [2][3] - **Net Profit**: Decreased by over 30% due to various factors [7] Key Industry Insights - **Sales Composition**: Domestic sales accounted for 71% of total revenue, while exports made up 29% [2] - **New Energy Vehicle (NEV) Products**: Sales reached approximately 550 million CNY, a year-on-year increase of nearly 17%, representing 28% of total revenue [1][2] - **Major Clients**: Volkswagen remains the largest client, followed by Magna and Great Wall Motors entering the top five [1][4] Financial Performance - **Gross Margin**: Decreased by 1 percentage point due to increased depreciation costs and a higher proportion of assembly products [6] - **Net Profit Decline**: Driven by a combination of lower gross margin, increased convertible bond interest expenses, and higher depreciation costs [7] - **Q1 2025 Performance**: Revenue grew by about 2% year-on-year, but profit fell by approximately 14% due to similar factors affecting gross margin [11] Export Challenges - **Export Revenue Decline**: Exports fell nearly 14% year-on-year, primarily due to decreased demand in Thailand and currency exchange rate adjustments, impacting revenue by nearly 6 percentage points [1][5] - **US Tariffs**: Limited direct impact on the company as new tariffs are borne by clients [8] Strategic Adjustments - **Client Structure**: The company is actively adjusting its client structure to mitigate the impact of currency fluctuations and declining export demand [1] - **Production Shift**: Plans to shift production for US-bound projects to Thailand, with sample submissions starting in June 2025 and potential mass production by Q3 [9][12] New Projects and Future Plans - **New Projects**: Significant progress in new projects, including orders from Great Wall Motors and discussions with major brands like BMW and Audi [3][10] - **Morocco Investment**: Signed an investment intention for a factory in Morocco, expected to start construction in 2026, targeting European and North American markets [13][17] - **Robotics Development**: Established a joint venture for robotic technology, with initial investments planned between 100 to 200 million CNY [14][15] Market Outlook - **Capacity Utilization**: Expected to be around 60% in 2025, with plans to enhance utilization and profitability through new factory setups [24][25] - **Future Directions**: Focus on optimizing product structure and increasing production capacity through the establishment of factories in Thailand and Morocco [25] Additional Considerations - **Profitability of Overseas Factories**: Anticipated challenges in achieving profit margins comparable to domestic operations due to higher costs associated with overseas production [19] - **New Business Contributions**: New products like magnetic shafts and lightweight components expected to contribute to revenue in the latter half of 2025 [22]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.63 CNY, based on a projected EPS of 0.47, 0.57, and 0.68 CNY for 2025-2027 respectively [2][5]. Core Views - The company is expanding its new projects and product categories, particularly focusing on the core components of robotics [1]. - The company has a robust order backlog and is accelerating its international expansion, with significant investments in new product development and production capacity [10]. - The establishment of a joint venture, Jiangsu Pacific Intelligent Joint Co., Ltd., aims to enhance the industrialization of core robotic components, leveraging partnerships with established technology firms [10]. Financial Performance Summary - The company's revenue for 2023 is reported at 2,103 million CNY, with a projected decrease to 2,025 million CNY in 2024, followed by a recovery to 2,416 million CNY in 2025, and further growth to 2,862 million CNY in 2026 and 3,336 million CNY in 2027 [4][10]. - The net profit attributable to the parent company is expected to decline from 238 million CNY in 2023 to 160 million CNY in 2024, before rebounding to 240 million CNY in 2025, 293 million CNY in 2026, and 349 million CNY in 2027 [4][10]. - The company's gross margin is projected to be 25.5% in 2023, decreasing to 24.4% in 2024, and stabilizing around 24.5%-24.9% in the following years [4][10]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 0.47, 0.57, and 0.68 CNY respectively, reflecting a more conservative outlook compared to previous estimates [2][10]. - The company’s operating profit is expected to recover significantly in 2025, with a projected increase of 49.2% compared to 2024 [4][10]. Market Comparison - The average price-to-earnings (PE) ratio for comparable companies in 2025 is estimated at 29 times, indicating a favorable valuation for the company relative to its peers [2][11].

风险提示 齿轮业务配套量低于预期、原材料价格波动、乘用车行业需求低于预期。 业绩符合预期。公司2024 年营业收入20.25 亿元，同比减少3.7%；归母净利润1.60亿元，同比减少 32.8%；扣非归母净利润1.22 亿元，同比减少41.2%。2024 年4 季度营业收入5.58 亿元，同比减少 6.7%，环比增长21.3%；归母净利润0.44 亿元，同比减少12.0%，环比增长93.7%；扣非归母净利润0.27 亿元，同比减少29.7%，环比增长53.0%。2025 年1 季度营业收入5.12 亿元，同比增长1.7%；归母净利 润0.40 亿元，同比减少14.4%；扣非归母净利润0.36 亿元，同比减少17.1%。2024年公司拟向全体股东 每10 股派发现金红利0.4 元。 毛利率短期承压，1 季度现金流大幅改善。2024 年毛利率24.4%，同比下降1.1 个百分点；4 季度毛利率 22.7%，同比下降0.9 个百分点，环比下降1.1 个百分点；2025 年1 季度毛利率24.3%，同比降低3.1 个百 分点。受车企价格竞争及原材料等因素影响，2024 年公司燃油车业务毛利率同比减少1.0 个百分点， ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于举办 2024 年度业绩说明会的公告 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。 江苏太平洋精锻科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 19 日 在巨潮资讯网上披露了《2024 年年度报告》及《2024 年年度报告摘要》。为便于广大 投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 4 月 30 日（星期三）15:00-17:00 在"价值在线"（www.ir-online.cn）举办江苏太平洋精 锻科技股份有限公司 2024 年度业绩说明会，与投资者进行沟通和交流，广泛听取投 资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 4 月 30 日（星期三）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络 ...

江苏太平洋精锻科技股份有限公司 | 会议名称 | 召开时间 | 会议内容 | | --- | --- | --- | | 四届十五次监事会 | 2024年4月18日 | 1、2023年度监事会工作报告 | | | | 2、2023年年度报告及摘要 | | | | 3、2023年度财务决算报告 | | | | 4、2023年度内部控制自我评价报告 | | | | 5、2023年度募集资金存放与实际使用情况的专项报告 | | | | 6、关于2023年度利润分配预案的议案 | | | | 7、关于2024年度日常关联交易预计的议案 | | | | 8、关于续聘会计师事务所的议案 | | | | 9、关于变更会计政策的议案 | | | | 10、关于开展远期结售汇业务、外汇掉期业务的议案 | | | | 11、关于继续使用部分闲置募集资金购买理财产品的议案 | | | | 12、2024年第一季度报告 | | | | 13、关于选举第五届监事会非职工代表监事的议案 | | 五届一次监事会 | 2024年5月13日 | 1、关于选举公司第五届监事会监事会主席的议案 | | --- | --- | --- | | 五届 ...

2024 年度董事会工作报告 报告期内，公司实现营业收入202,522.60万元，同比减少3.72%；国内产品销售收入较上年增长 1.41%，公司出口产品销售收入同比减少13.91%。国内产品销售额占主营业务收入的比例为71.17%， 出口产品销售额占主营业务收入的比例为28.83%。 报告期内，公司齿轴类产品销售额占营业收入的比例为71.61%；总成类产品销售额占营业收入的 比例为24.30%；其他产品销售额占营业收入的比例为1.84%。公司为新能源车配套的产品销售额占产 品销售收入的比例为27.72%，同比提升5.36个百分点。 二、资产及负债状况分析 | | 2024 年末 | | 2024 年初 | | 比重增减 | 重大变动说明 | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 占总资产比 | 金额 | 占总资产比 | | | | | | 例 | | 例 | | | | 货币资金 | 1,580,490,212.86 | 22.29% | 1,103,224,751.88 | 17.64% | 4.65% | | | 应收账款 | 445, ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于 2024 年度募集资金存放与实际使用情况的专项报告 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《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》和深圳证券交易所上市公司自律监管指引第2号-创业板上市公司规 范运作》有关规定，现将本公司2024年度募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、经中国证券监督管理委员会证监许可【2020】2328号文核准，并经深圳证券 交易所同意，本公司于2020年11月6日向特定22名认购对象发行普通股（A 股）股票 76,770,573股，发行价为每股人民币13.13元。截至2020年11月7日，本公司共募集 资金100,800.00万元，扣除发行费用1,679.26万元（不含税）后，募集资金净额为 99,1 ...