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 年度持续督导跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：隆盛科技 | | --- | --- | | 保荐代表人姓名：王靖韬 | 联系电话：0755-82943666 | | 保荐代表人姓名：梁石 | 联系电话：0755-82943666 | 一、保荐工作概述 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原 因及解决措施 | | --- | --- | --- | | 1、控股股东、实际控制人关于股份减持的承诺 | 是 | 不适用 | | 2、控股股东、实际控制人关于同业竞争、关联交 易、资金占用方面的承诺 | 是 | 不适用 | | 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 | 0 次 | | 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度、募集资金管 | 是 | ...

Financial Performance - The company's revenue for Q1 2025 was CNY 605,783,627.37, representing a 7.06% increase compared to CNY 565,815,996.15 in the same period last year[5] - Net profit attributable to shareholders was CNY 58,668,946.25, up 11.41% from CNY 52,661,551.03 year-on-year[5] - The basic earnings per share increased to CNY 0.2540, reflecting an 11.45% rise from CNY 0.2279 in the previous year[5] - Total operating revenue for the current period reached ¥605,783,627.37, an increase of 7.3% compared to ¥565,815,996.15 in the previous period[22] - Net profit for the current period was ¥60,774,844.71, representing a growth of 14.5% from ¥53,151,365.17 in the previous period[23] - The company's operating profit increased to ¥68,932,219.22, compared to ¥60,339,814.03, marking a rise of 14.0%[23] - The total comprehensive income for the period was CNY 60,774,844.71, compared to CNY 53,106,757.04 in the previous period, representing an increase of approximately 14.1%[24] - The net income attributable to the parent company was CNY 58,668,946.25, up from CNY 52,634,786.15, indicating a growth of about 11.4%[24] - Basic and diluted earnings per share increased to CNY 0.2540 from CNY 0.2279, reflecting a rise of approximately 11.5%[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,078,265,011.11, a 1.96% increase from CNY 3,999,757,536.93 at the end of the previous year[5] - Total liabilities increased to ¥2,049,835,457.65 from ¥1,998,770,842.10, reflecting a rise of 2.6%[20] - The company's equity attributable to shareholders rose to ¥1,953,070,824.01, compared to ¥1,927,733,863.84, an increase of 1.3%[20] Cash Flow - The net cash flow from operating activities was negative at CNY -42,888.05, a significant decline of 100.06% compared to CNY 75,735,686.42 in the same period last year[5] - Cash inflows from operating activities totaled CNY 497,287,867.76, compared to CNY 438,653,834.22 in the previous period, marking an increase of about 13.3%[27] - Cash outflows from operating activities were CNY 497,330,755.81, up from CNY 362,918,147.80, resulting in a net cash flow from operating activities of CNY -42,888.05, a significant decline from CNY 75,735,686.42[27] - The net increase in cash and cash equivalents for the period was CNY 66,168,452.11, contrasting with a decrease of CNY 102,095,717.26 in the previous period[27] - The ending balance of cash and cash equivalents was CNY 340,113,524.02, compared to CNY 227,235,790.41 at the end of the previous period, representing an increase of approximately 49.6%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,690, with the largest shareholder holding 21.26% of the shares[10] - The company has repurchased a total of 1,028,100 shares, representing 0.45% of the total share capital, with a total expenditure of ¥33,329,277[16] - The company’s major shareholders include Ni Maosheng and Ni Ming, who are related, with significant holdings of 12,279,253 and 4,692,543 shares respectively[14] - The company’s stock repurchase program had a maximum transaction price of ¥39.36 per share and a minimum of ¥27.15 per share, reflecting a strategic approach to enhance shareholder value[16] Tax and Other Income - The company reported a 46.40% increase in taxes and surcharges, amounting to CNY 255.02, due to higher revenue[9] - The company recorded a 66.56% increase in other income, amounting to CNY 880.67, attributed to increased VAT deductions[9] - The company reported a significant increase in tax expenses, which rose to ¥14,393,498.20 from ¥12,794,315.81, reflecting an increase of 12.5%[20] Investment and Expenses - Investment income surged by 935.86% to CNY 279.39, compared to CNY 26.97 in the previous year, driven by increased dividend income from financial products[9] - Research and development expenses were ¥21,726,520.04, up from ¥19,080,186.81, indicating an increase of 13.9%[23] - Total operating costs amounted to ¥553,788,696.59, up from ¥510,899,937.05, reflecting a rise of 8.4%[22] Other Financial Metrics - The company's accounts receivable decreased to ¥800,422,129.13 from ¥834,661,800.01, indicating a reduction of about 4.1%[18] - The company’s accounts receivable notes decreased significantly from ¥20,352,619.24 to ¥10,300,155.68, a decline of approximately 49.3%[18] - The company’s total restricted shares at the end of the period were 51,877,938, down from 58,329,814, indicating a reduction in locked shares[15] - The company’s trading financial assets increased slightly to ¥336,209,400.31 from ¥332,155,703.87, showing a marginal growth of about 1.6%[18] - The company experienced a 372.22% increase in prepayments, totaling CNY 8,092.90, indicating a rise in material purchases[9]

Group 1 - The core point of the article is that Longsheng Technology (300680) reported a revenue of 606 million yuan in the first quarter of 2025, reflecting a year-on-year growth of 7.06% [1] - The net profit for the same period was 58.6689 million yuan, which represents a year-on-year increase of 11.41% [1]

无锡隆盛科技股份有限公司 2025 年第一季度报告披露的提示性公告 证券代码：300680 证券简称：隆盛科技 公告编号：2025-023 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。 董事会 2025年4月26日 无锡隆盛科技股份有限公司《2025 年第一季度报告》已于 2025 年 4 月 26 日在巨 潮资讯网(www.cninfo.com.cn)上披露，敬请投资者注意查阅。 特此公告。 无锡隆盛科技股份有限公司 ...

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, a 29.88% increase year-on-year [5] - The company is gradually improving its layout in the humanoid robot sector, with its second-generation humanoid robot capable of precise positioning and dual-arm collaborative operations [5][6] Financial Summary - For 2024 Q4, 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] - The company's net profit margin for 2024 Q4 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] Market Data - The current stock price is 36.43 yuan, with a market capitalization of approximately 8.416 billion yuan [3] - The stock has a 52-week price range of 13.31 to 49.50 yuan, indicating significant volatility [3] Growth Potential - The company is expected to benefit from the launch of new products in 2025, including the AITO M8 and Xiaomi YU7, which are anticipated to drive growth in its motor core business [5] - Longsheng Technology's humanoid robot development is supported by its acquisition of key components, enhancing its competitive edge in the robotics market [5][6]

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].

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]

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。 ...