Investment Rating - The report maintains a rating of "Accumulate" for the company [4][6]. Core Insights - The turbocharger business has become the core growth driver in the automotive parts sector, with a revenue of 9.86 billion yuan in 2024, representing a year-on-year growth of 25.12% [2]. - The aerospace parts business benefited from the development opportunities of domestic large aircraft, achieving a revenue of 1.26 billion yuan in 2024, a year-on-year increase of 46.14% [3]. - The company is strategically expanding into the robot parts business, positioning it as a key future growth area [3]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 1.753 billion yuan, a year-on-year increase of 15.38%, and a net profit attributable to shareholders of 51 million yuan [1]. - For Q1 2025, the operating income was 388 million yuan, with a year-on-year growth of 0.29%, and a net profit of 21 million yuan, up 107.58% [1]. Business Segments - The automotive parts segment generated a total revenue of 1.580 billion yuan in 2024, with a gross margin of 14.22%, an increase of 4.83 percentage points from the previous year [2]. - The aerospace parts segment's revenue growth was driven by increasing demand for domestic civil aviation components, with a notable improvement in customer and product structure [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 136 million yuan for 2025, 190 million yuan for 2026, and 262 million yuan for 2027 [4]. - The company is expected to maintain a strong growth trajectory in the coming years, with significant contributions from both the turbocharger and aerospace parts businesses [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The turbocharger business has become the core growth driver in the automotive parts sector, with a revenue of 9.86 billion yuan in 2024, representing a year-on-year growth of 25.12% [2] - The aerospace parts business benefited from the development opportunities of domestic large aircraft, achieving a revenue of 1.26 billion yuan in 2024, a year-on-year increase of 46.14% [3] - The company is strategically expanding into the robot parts business, positioning it as a key future growth area [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.753 billion yuan, a year-on-year increase of 15.38%, and a net profit attributable to shareholders of 51 million yuan [1] - For Q1 2025, the revenue was 388 million yuan, with a year-on-year growth of 0.29%, and a net profit of 21 million yuan, up 107.58% [1] Business Segments - The automotive parts segment generated 1.580 billion yuan in revenue in 2024, with a gross margin of 14.22%, an increase of 4.83 percentage points from the previous year [2] - The aerospace parts segment's revenue growth is driven by increasing demand for domestic aircraft, particularly the C919 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 136 million yuan for 2025, 190 million yuan for 2026, and 262 million yuan for 2027 [4] - The company is expected to maintain a strong growth trajectory in the coming years, with significant contributions from both existing and new business segments [4]

Group 1: Company Overview - The company specializes in the research and manufacturing of automotive turbochargers, engine components, and aerospace military parts [3] - Key products include camshaft assemblies, belt pulley assemblies, connecting rod assemblies, structural parts, sheet metal parts, system components, and shaft components [3] Group 2: Automotive Business Performance - Turbocharger sales from 2022 to 2024 were 321,700 units, 932,900 units, and 1,189,600 units respectively, indicating rapid growth [4] - Engine component revenue is expected to see significant growth in 2025 due to new client product launches and increased capacity utilization [5] - The company is focusing on new product development, including electric air conditioning compressors and brake motors, which will provide new growth opportunities [5] Group 3: Aerospace Business Outlook - The aerospace parts business is expected to grow rapidly in 2025, with an improved customer and product structure [6] - The company plans to expand into drone assembly business, enhancing its aerospace parts segment [6] Group 4: Robotics Business Strategy - The company positions robotics components as a key future business, with full support in funding, R&D, and talent development [7] - Current development includes harmonic reducer products, with plans to explore other robotics components based on market demand [7]

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]

证券代码：300733 证券简称：西菱动力 公告编号：2025-046 成都西菱动力科技股份有限公司 关于使用暂时闲置募集资金进行现金管理到期收回的公告 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。 成都西菱动力科技股份有限公司（简称"公司"）于2024年12月30日召开第四届 董事会第十八次会议并审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，使用暂时闲置募集资金人民币4,000万元进行现金管理，适时购买安全性高、 流动性好、风险较低、具有合法经营资格的金融机构销售的保本型理财产品或存款产 品，期限自2025年1月16日起不超过12个月。在上述额度及投资期限内，可循环滚动使 用。授权公司董事长及其委托代理人办理具体事宜。公司监事会、保荐机构已经对公 司现金管理事项发表了明确同意意见。具体内容详见公司在《上海证券报》《证券日 报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于公司及全资子公司使用部分闲 置募集资金暂时补充流动资金及进行现金管理的公告》（公告编号：2024-089）。公 司子公司根据上述决议进行现金管理，现有部分 ...

成都西菱动力科技股份有限公司 第四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内容的真实、准确和完整，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 成都西菱动力科技股份有限公司（以下简称"公司"）第四届监事会第十九 次会议于 2025 年 4 月 23 日在成都市青羊区公司会议室以现场和通讯相结合的方 式召开，会议通知于 2025 年 4 月 13 日以书面方式通知全体监事。本次会议由监 事会主席万柳邑女士召集和主持，会议召开符合《中华人民共和国公司法》《成 都西菱动力科技股份有限公司章程》及《成都西菱动力科技股份有限公司监事会 议事规则》的规定。 二、监事会会议审议情况 1. 审议通过了《成都西菱动力科技股份有限公司2025年第一季度报告》 公司监事会经审核认为：董事会编制和审核《成都西菱动力科技股份有限公 司 2025 年第一季度报告》的程序符合法律、行政法规和中国证监会的规定，报 告内容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 具 体 内 容 详 见 公 司 2025 年 4 月 25 日 登 载 于 巨 潮 资 讯 ...

证券代码：300733 证券简称：西菱动力 公告编号：2025-043 成都西菱动力科技股份有限公司 第四届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1. 审议通过了《成都西菱动力科技股份有限公司 2025 年第一季度报告》 董事会经审议：同意《成都西菱动力科技股份有限公司 2025 年第一季度报 告》，编制符合企业会计准则及相关法律、法规、规章及规范性文件的要求，真 实、准确、完整地反映了公司 2025 年第一季度财务状况、经营成果和现金流量， 不存在虚假记载、误导性陈述和重大遗漏。 具体内容详见公司 2025 年 4 月 25 日 登载于巨潮资讯网 （http://www.cninfo.com.cn）的《成都西菱动力科技股份有限公司 2025 年第一季 度报告》（公告编号：2025-042）。 表决结果：7 票赞成，0 票反对，0 票弃权。 三、备查文件 1.《成都西菱动力科技股份有限公司第四届董事会第二十二次会议决议》 成都西菱动力科技股份有限公司董事会 2025 年 4 月 25 日 一、董事会会议召开情况 成都西菱 ...

Financial Performance - The company's revenue for Q1 2025 was ¥388,382,203.07, a slight increase of 0.29% compared to ¥387,259,153.80 in the same period last year[4]. - Net profit attributable to shareholders increased by 107.58% to ¥21,002,575.35 from ¥10,117,615.92 year-on-year[4]. - The net profit after deducting non-recurring gains and losses rose by 124.60% to ¥19,872,933.46 compared to ¥8,848,302.34 in the previous year[4]. - The basic earnings per share increased by 130.21% to ¥0.0762 from ¥0.0331 in the same period last year[4]. - Operating profit increased significantly to ¥29,632,162.83, compared to ¥11,202,200.71 in the previous period, marking an increase of approximately 164.5%[15]. - Net profit for the current period was ¥26,609,632.55, up from ¥12,576,361.34, indicating a growth of around 111.2%[15]. - The total comprehensive income amounted to CNY 26,609,632.55, up from CNY 12,576,361.34, indicating an increase of about 111.5%[16]. - Basic and diluted earnings per share were both CNY 0.0762, compared to CNY 0.0331 in the previous period, reflecting a growth of approximately 130.5%[16]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,219,752,767.24, reflecting a 2.05% increase from ¥3,155,098,774.67 at the end of the previous year[4]. - Current assets totaled ¥1,692,303,556.60, an increase from ¥1,587,264,117.55, representing a growth of approximately 6.6%[12]. - Inventory increased to ¥534,551,051.61 from ¥473,124,379.92, reflecting a rise of about 13%[12]. - Total liabilities rose to ¥1,529,174,513.43 from ¥1,493,786,544.56, indicating an increase of approximately 2.4%[13]. - The company's equity attributable to shareholders increased to ¥1,648,812,887.97 from ¥1,625,199,754.87, reflecting a growth of approximately 1.5%[14]. Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of ¥31,845,457.15 compared to a net inflow of ¥25,840,583.67 in the same period last year, a decrease of 223.24%[4]. - Cash inflows from operating activities totaled CNY 385,850,132.49, an increase from CNY 319,072,064.08, marking a growth of about 20.9%[17]. - Cash outflows from operating activities were CNY 417,695,589.64, compared to CNY 293,231,480.41 in the previous period, resulting in a net cash flow from operating activities of -CNY 31,845,457.15[18]. - Cash flow from investing activities showed a net outflow of CNY 21,895,263.87, an improvement from -CNY 26,591,089.21 in the previous period[18]. - Cash flow from financing activities generated a net inflow of CNY 105,976,386.87, compared to a net outflow of -CNY 83,125,501.21 in the previous period, indicating a significant turnaround[18]. - The ending cash and cash equivalents balance was CNY 143,011,343.66, up from CNY 85,955,818.27, reflecting an increase of approximately 66.5%[18]. Expenses - Financial expenses decreased by 29.53% year-on-year, attributed to a reduction in the overall scale of bank borrowings and lower interest rates[8]. - Sales expenses increased by 145.97% year-on-year, mainly due to increased travel and other expenses related to market expansion efforts[8]. - Research and development expenses were reported at ¥15,365,459.86, compared to ¥13,954,204.31 in the previous period, indicating an increase of about 10.1%[15]. Audit and Reporting - The company did not undergo an audit for the first quarter report[19]. - The report was issued by Chengdu Xiling Power Technology Co., Ltd. on April 25, 2025[20].

一、募集资金现金管理到期收回的情况 1、公司全资子公司成都西菱动力部件有限公司与成都银行股份有限公司签订《成 都银行单位结构性存款投资者协议书》，使用暂时闲置募集资金人民币1,500.00万元购 买结构性存款产品，期限为2025年1月23日至2025年4月23日。具体内容详见公司在《中 国证券报》《证券时报》《上海证券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn） 披露的《关于使用暂时闲置募集资金进行现金管理的进展情况公告》（公告编号： 2025-005）。 该产品已经到期，收回本金人民币1,500.00万元，取得收益人民币76,500.00元。 二、备查文件 证券代码：300733 证券简称：西菱动力 公告编号：2025-045 成都西菱动力科技股份有限公司 关于使用暂时闲置募集资金进行现金管理到期收回的公告 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。 成都西菱动力科技股份有限公司（简称"公司"）于2024年12月30日召开第四届 董事会第十八次会议并审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，使用暂时闲置募集资金 ...

Core Viewpoint - The company is engaged in the manufacturing of automotive engine components and aerospace parts, with a focus on expanding its market presence in the context of growing demand for new energy vehicles and advancements in the aviation sector [5][6][7]. Company Overview - The company integrates research and development, precision casting, forging, machining, and assembly, primarily focusing on automotive engine components and aerospace parts [5]. - Key automotive products include turbochargers, crankshaft torsional dampers, connecting rod assemblies, and camshaft assemblies, mainly used in fuel and hybrid vehicles [5]. Industry Development Changes - In 2024, the Chinese automotive industry is expected to achieve record production and sales, reaching 31.28 million and 31.44 million units, respectively, with year-on-year growth of 3.7% and 4.5% [6]. - The production and sales of new energy vehicles are projected to reach 12.88 million and 12.87 million units, with significant year-on-year growth of 34.4% and 35.5%, leading to a market penetration rate of 40.9% [6]. Market Competition Landscape - The automotive engine components market is characterized by low concentration, with major players including Ningbo Top Group, Metaldyne (Suzhou), and others, while foreign companies dominate the market for turbochargers due to high entry barriers [8]. - The company has established strong partnerships with well-known automotive brands, enhancing its competitive position in the market [8]. Key Financial Data and Indicators - The company reported a 25.12% year-on-year increase in sales revenue for turbochargers, amounting to 985.71 million yuan [11]. - The company has a total production capacity of 1.8 million turbochargers per year, with plans to expand capacity further by 2025 [11].