Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Core Viewpoint - The performance of Jingzhu Technology is currently under pressure due to fluctuations in export business and expenses, with a revenue of 2.03 billion yuan in 2024, down 3.7% year-on-year, and a net profit of 160 million yuan, down 33.1% year-on-year [2][11][16] Financial Performance - In 2024, Jingzhu Technology reported a revenue of 2.03 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 160 million yuan, down 33.1% year-on-year. The net profit excluding non-recurring items was 120 million yuan, down 41.2% year-on-year [2][11][16] - For Q4 2024, the revenue was 560 million yuan, a decrease of 6.7% year-on-year but an increase of 21.3% quarter-on-quarter. The net profit was 40 million yuan, down 12.0% year-on-year but up 93.7% quarter-on-quarter [2][11][16] - In Q1 2025, the company achieved a revenue of 510 million yuan, an increase of 1.6% year-on-year but a decrease of 8.2% quarter-on-quarter. The net profit was 40 million yuan, down 14.9% year-on-year and down 7.9% quarter-on-quarter [2][11][16] Cost Management - In Q1 2025, the sales, management, and R&D expense ratios were 0.8%, 6.8%, and 6.0%, respectively, showing slight year-on-year and quarter-on-quarter changes. The gross profit margin was 24.3%, down 3.1 percentage points year-on-year but up 1.6 percentage points quarter-on-quarter [4][3][11] Business Expansion - The company is expanding its product categories from single gear supply to differential assembly supply, while also venturing into reducer gears and lightweight chassis business. It has secured orders from domestic brands, new forces, Volvo, and major North American clients [6][5] - The overseas expansion includes a factory in Thailand expected to begin small-scale trial production in June 2025, with mass supply planned for the second half of 2025. Future plans also include establishing a production base in North Africa [6][5] Robotics Sector - The company is actively advancing its robotics intelligent joint module business, collaborating with Tianjin Aima Automation to establish a joint venture. The internal team is progressing as planned, leveraging its gear forging capabilities and customer base for advancements in the robotics sector [8][7]

1 国投证券股份有限公司 关于江苏太平洋精锻科技股份有限公司 2024年度跟踪报告 | 保荐机构名称：国投证券股份有限公司 | 被保荐公司简称：精锻科技（300258） | | --- | --- | | 保荐代表人姓名：徐恩 | 联系电话：021-55518888 | | 保荐代表人姓名：徐荣健 | 联系电话：021-55518700 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1. 公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2. 督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包 | | | 括但不限于防止关联方占用公司资源的制 | 是 | | 度、募集资金管理制度、内控制度、内部审 | | | 计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3. 募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2次 | | （2）公司募集资金项目进展是否与信息披 | 是 ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-047 | | --- | --- | --- | | 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 关于回购公司股份实施进展的公告 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"）于2024年11月4日召 开第五届董事会第五次会议，于2024年11月22日召开2024年第二次临时股东大会， 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金和银行回购 贷款以集中竞价交易的方式回购公司部分社会公众股份，用于减少注册资本及实施 员工持股计划或股权激励。本次用于回购股份的资金总额不低于人民币10,000万元 （含本数），不超过人民币20,000万元（含本数）；回购价格不超过人民币13.00 元/股（含本数）；本次回购股份的实施期限为自公司股东大会审议通过本次回购 股份方案之日起12个月内。具体内容详见公司在巨潮资讯网（www.cninfo.com.cn） 披露的《关于回购公司股份方案的公 ...

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].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on new projects and international expansion to drive future growth [1][3][4] Financial Performance - In 2024, the company achieved an operating revenue of 2.025 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 160 million, down 32.8% [1] - The fourth quarter of 2024 saw an operating revenue of 558 million, a year-on-year decrease of 6.7%, but a quarter-on-quarter increase of 21.3% [1] - For Q1 2025, the operating revenue was 512 million, a year-on-year increase of 1.7%, while the net profit decreased by 14.4% [1] Profitability Metrics - The gross margin for 2024 was 24.4%, down 1.1 percentage points year-on-year, with a further decline to 22.7% in Q4 2024 [2] - The company’s operating cash flow for 2024 was 542 million, a slight decrease of 0.6% year-on-year, but improved significantly in Q1 2025 with a 102.8% increase [2] Business Development - The company launched 45 new projects in 2024, with significant growth in revenue from new energy vehicle products, which increased by 16.9% [3] - The company is accelerating the establishment of its production base in Thailand to mitigate the impact of US-China trade tensions, with production expected to start in June 2025 [3] Strategic Initiatives - A joint venture, Jiangsu Pacific Intelligent Joint Co., Ltd., was established to focus on the R&D and manufacturing of robotic joints and core components, enhancing the company's capabilities in the robotics sector [4] - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027, with projected EPS of 0.47, 0.57, and 0.68 respectively, and a target price of 13.63 [4]