Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, up 29.88% year-on-year [5] - The human-shaped robot layout is gradually improving, with the second generation of the robot body "Lansen" capable of intelligent judgment and optimized execution, enhancing operational efficiency [5][6] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3][5] - The company's net profit margin in Q4 2024 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Business Segments - The EGR and injection systems business is a key growth driver, benefiting from increased sales from core customers such as BYD, Chery, and Geely, which has led to an increase in market share [5] - The new energy products segment generated 1.034 billion yuan in revenue, reflecting a year-on-year growth of 29.21%, with potential blockbuster products set to launch in 2025 [5] - The company is expanding its human-shaped robot capabilities, with core components being developed and integrated into its existing product lines, enhancing its competitive edge in the robotics sector [5][6]

Summary of Rongsheng Technology Conference Call Company Overview - Rongsheng Technology reported a revenue of approximately 2.32 billion yuan for 2024, with a basic earnings per share of about 1 yuan. Total assets and net assets showed steady growth. The three main business segments, EGR, motor cores, and precision manufacturing, all achieved significant growth, with the 1+2 segment and new energy business growing by about 30%, and precision components increasing by approximately 13% [1][2][5]. Key Business Segments Performance - **EGR and Natural Gas Nozzle Business**: - Revenue from the natural gas nozzle business was around 1 billion yuan in 2024, with the remainder coming from the EGR system [6]. - The EGR business saw a revenue target of 1 billion yuan for 2025, supported by stable natural gas market conditions and strong demand from commercial vehicles [12][13]. - **Motor Core Segment**: - The largest customer for the motor core segment is Tesla, generating nearly 400 million yuan in revenue, followed by United Microelectronics at about 300 million yuan, and others like Seres and Geely contributing significantly [17][20]. - By the end of 2024, the production capacity for motor cores reached 3.43 million sets, with actual sales at 2.25 million sets. The expected production capacity for 2025 is around 5 million sets, with actual shipments projected to exceed 3 million sets [20]. - **Precision Components**: - The precision components business grew by 43% in 2024, driven by components for the Longsheng system and motor core-related products [21]. New Business Developments - Rongsheng Technology is actively expanding into new business areas, particularly in aerospace satellites, low-altitude drones, and humanoid robots. The acquisition of Weian Intelligent is expected to enhance the humanoid robot industry chain, with significant advancements anticipated in 2025 [1][3][5]. - The Chongqing Rongsheng Maomao project has commenced production with an annual capacity of 200,000 semi-finished products, corresponding to nearly 300 million yuan in revenue. Plans are in place to increase production lines in the second half of 2025 to meet Seres' demand [4][5]. Customer Structure and Market Position - In 2024, the largest customer was BYD, contributing nearly 300 million yuan, followed by Bosch at about 100 million yuan, and Chery with revenues of approximately 40-50 million yuan [2][7][10]. - Rongsheng maintains a 50% share in BYD's supply chain, with expectations of revenue growth aligned with BYD's increasing sales volume [10]. Financial Performance and Projections - The company expects to maintain a rapid growth trajectory over the next three years, supported by its existing business segments and emerging fields like humanoid robotics and aerospace [5][30]. - The net profit margin for Rongsheng's new energy subsidiary was approximately 6.08% in 2024, with expectations for improvement as production capacity and sales increase [18][30]. Challenges and Considerations - Despite an increase in average prices, the gross margin has declined due to changes in product mix, with lower-margin products from clients like Chery affecting overall profitability [11]. - The company is optimistic about the natural gas nozzle market, anticipating significant growth driven by demand from commercial vehicles and new model platforms from clients like BYD and Chery [13][30]. Conclusion - Rongsheng Technology is positioned for substantial growth, leveraging its established business segments while exploring new opportunities in high-potential areas. The company's strategic initiatives and customer relationships are expected to drive future performance and profitability [31].

Investment Rating - The investment rating for the company is "Strongly Recommended" [2][10]. Core Views - The company has significantly improved its profitability, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for 2024 reaching 2.397 billion, 224 million, and 183 million respectively, representing year-on-year growth of 31.21%, 52.81%, and 59.18% [1][9]. - The company is actively expanding its new business segments, particularly in the automotive and aerospace sectors, which are expected to drive future growth [10][12]. Financial Performance - In Q4 2024, the company achieved revenue and net profit of 754 million and 71 million respectively, with year-on-year increases of 17.77% and 42.24% [6]. - The company’s sales gross margin for 2024 was 17.95%, and the net profit margin was 9.57% [1][6]. - The company’s revenue is projected to grow from 1.827 billion in 2023 to 7.405 billion by 2027, with a compound annual growth rate (CAGR) of 59% [9][12]. Business Segments - The company has shown strong performance in the automotive engine exhaust gas recirculation (EGR) system market, with production and sales of EGR components increasing by 28.30% and 31.80% respectively in 2024 [6]. - The company has established a subsidiary focused on electric vehicle motor core components, with significant orders from major clients expected to start in the second half of 2025 [6][10]. - In the aerospace sector, the company has secured strategic partnerships and is supplying precision components for satellite energy modules and control modules [7][10]. Valuation Metrics - The company’s return on equity (ROE) for 2024 is projected to be 11.6%, with a price-to-earnings (PE) ratio of 35.6 for 2024 and expected to decrease to 11.8 by 2027 [2][9][12]. - The company’s net profit is expected to reach 345 million in 2025, corresponding to a PE ratio of 23.1 [10][12].

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, driven by core business expansion and optimization of business structure [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.4 billion, a year-on-year increase of 31.2%, and a net profit attributable to shareholders of 220 million, up 52.8% year-on-year [1]. - For Q4 2024, revenue reached 750 million, with a year-on-year increase of 17.8% and a quarter-on-quarter increase of 29.4%. Net profit for the same period was 70 million, reflecting a year-on-year increase of 42.2% and a quarter-on-quarter increase of 40.7% [1]. - The overall gross profit margin for 2024 was 18.0%, with an adjusted margin of approximately 18.6%, up 0.8 percentage points year-on-year [2]. Business Segments - The EGR and injection system segment generated revenue of 730 million, a year-on-year increase of 29.9%. The new energy products segment contributed 1.03 billion, up 29.2%, while the precision parts segment saw revenue of 540 million, a 12.4% increase [1]. - The EGR segment benefited from increased sales of hybrid models from key clients like BYD and Chery, with sales volume reaching 1.355 million units, contributing 320 million in revenue [1]. - The new energy business has established partnerships with leading clients such as Tesla and Seres, with plans to expand into the assembly sector [1]. Strategic Initiatives - The company is accelerating its diversification strategy, focusing on the robotics sector, including humanoid robots and low-altitude aircraft [3]. - A new subsidiary, Longsheng Weirui, was established to enhance capabilities in the robotics field, with plans for an acquisition of Weihan Intelligent to strengthen the transmission segment [3]. - The company anticipates significant growth potential in the automotive precision processing technology that can be applied to robotic joint components [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 3.11 billion, 3.61 billion, and 4.09 billion, with net profits expected to reach 290 million, 360 million, and 430 million respectively [3].

Financial Performance - The company reported a basic earnings per share of 0.9829 yuan for 2024, an increase of 53.72% compared to 0.6394 yuan in 2023 [1] - The net profit for 2024 was 2.24 billion yuan, reflecting a growth of 52.38% from 1.47 billion yuan in 2023 [1] - The operating revenue reached 23.97 billion yuan, up 31.2% from 18.27 billion yuan in the previous year [1] - The return on equity (ROE) improved to 12.31% in 2024, a significant increase of 44.31% from 8.53% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 35.583 million shares, accounting for 20.64% of the circulating shares, with a decrease of 2.5733 million shares compared to the previous period [1] - Notable shareholders include Ni Maosheng with 1,227.93 thousand shares (7.12%), and the investment fund from Agricultural Bank of China with 118.92 thousand shares (0.69%) as a new entrant [2] - Several shareholders exited the top ten list, including the Basic Pension Insurance Fund and Liang Liming, indicating a shift in shareholder composition [2][3] Dividend Distribution - The company announced a dividend distribution plan of 2 yuan per share (including tax) [4]

招商证券股份有限公司 关于无锡隆盛科技股份有限公司 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为无锡隆 盛科技股份有限公司（以下简称"隆盛科技"、"公司"）向特定对象发行股票的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《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》《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》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关 规定，对隆盛科技 2024 年度募集资金存放与使用情况进行了审慎核查，具体核 查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意无锡隆盛科技股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2022〕1460 号）核准，并经深圳证券交易 所同意，公司由主承销商招商证券向特定对象发行人民币普通股（A 股） 29,172,890 股，发行价格为每股 24.53 元。截止 2022 年 10 月 19 日，公司实际已 向特定对象发行人民币普通股（A 股）29,172,890 股，募集资金总额为 715 ...

招商证券股份有限公司 关于无锡隆盛科技股份有限公司 2024 年度日常性关联交易的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为无锡 隆盛科技股份有限公司（以下简称"隆盛科技"、"公司"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》《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》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》等相关规定，对隆盛科技 2024 年度日常性关联交易情况进行了审慎核查， 具体核查情况及核查意见如下： 一、日常性关联交易概述 根据业务发展及日常经营需要，公司预计 2024 年度与关联方柳州致盛汽车 电子有限公司（以下简称"柳州致盛"）发生总金额不超过 1,000 万元的日常关 联交易。 2024 年 4 月 19 日，公司召开第四届董事会第二十二次会议，审议通过了 《关于公司 2024 年度日常关联交易预计的议案》，关联董事倪铭先生及其一致 行动人倪茂生先生回避表决，该议案已经公司独立董事专门会议审议通过。2024 年 5 月 13 日，公司召开 202 ...

关于无锡隆盛科技股份有限公司 2024 年度持续督导培训情况的报告 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为无锡 隆盛科技股份有限公司（以下简称"隆盛科技"或"公司"）持续督导阶段的保 荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等相关法律法规要求，对隆盛科技董事、监事、高级管理人员及其他相关人员进 行了 2024 年度持续督导培训。现将本次持续督导培训情况报告如下： 一、本次持续督导培训的基本情况 二、培训的主要内容 本次培训主要结合新的监管形势和相关政策要求，分析和总结近期上市公司 及相关主体的典型违规案例，督促上市公司及相关人员增强规范运作意识，增强 上市公司内部控制，提升上市公司治理和信息披露质量。 三、上市公司的配合情况 在保荐机构本次持续督导培训的工作过程中，隆盛科技予以积极配合，保证 了培训工作的有序进行，达到了良好效果。 招商证券股份有限公司 保荐机构通过本次培训，使公司董事、监事、高级管理人员等相关人员加深 了对上市公司的公司治理和信息披露等相关规定的理解和认识，进一步增强了公 司相关人员对上市公司的规范运作意识，达到了预期的培训效果。 ...

无锡隆盛科技股份有限公司 审计报告 德皓审字[2025]00000947 号 北 京 德 皓 国 际 会计师事务所 (特 殊 普 通 合 伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 无锡隆盛科技股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-8 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-101 | 审 计 报 告 ...

无锡隆盛科技股份有限公司 无锡隆盛科技股份有限公司 内部控制审计报告 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 内部控制审计报告 德皓内字[2025]00000056 号 北京德皓国际会计师事务所 (特殊普通合伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 内部控制审计报告 德皓内字[2025]00000056 号 无锡隆盛科技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，我们审计了无锡隆盛科技股份有限公司（以下简称隆盛科技 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 ...