证券代码：300953 证券简称：震裕科技 公告编号：2025-070 宁波震裕科技股份有限公司 2024 年年度权益分派实施公告 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。 1、公司 2024 年年度股东会审议通过的利润分配方案为：拟以公司实施权益分 派时股权登记日的总股本扣除公司回购专用证券账户内回购的股份数为基数，向 全体在册股东按每 10 股派发现金股利 2.1 元（含税），不送红股，剩余未分配利 润结转以后年度分配，同时以资本公积金向全体在册股东每 10 股转增 4 股。以截 至第五届董事会第五次会议召开前一个交易日收盘公司总股本 124,543,649 股扣除 公司回购专用证券账户中股份 2,648,525 股进行测算：公司预计派发现金股利 25,597,976.04 元（含税），占公司 2024 年度合并报表归属于上市公司股东净利润 的比例为 10.08%，不送红股；为增加公司注册资本及股票流动性，以资本公积金 向全体在册股东转增 4 股，转增后公司总股本将增至 173,301,698 股（本次转增股 数系公司根据实际计算舍尾处理所得，具体数 ...

Core Viewpoint - The humanoid robot sector is expected to remain a key investment theme in the A-share market, driven by technological advancements, policy support, and market dynamics, despite recent adjustments in stock prices [2][10][19] Market Performance - The humanoid robot sector saw a significant increase of approximately 50% from January to mid-March 2025, with many leading stocks doubling in value [2] - Following a period of volatility due to tariff impacts, the sector rebounded around May 7, 2025, before entering another adjustment phase [3][5] Macroeconomic Context - The A-share market is anticipated to maintain a stable trading range without major declines, supported by government efforts to stabilize the market and the easing of trade tensions [5][6] - The humanoid robot sector is characterized as a typical technology sector, with no immediate risks of drastic declines in market sentiment [5] Industry Developments - Recent advancements in humanoid robot technology include the announcement of large-scale production plans by Zhiyuan Robotics and Tesla's demonstration of the Optimus robot's capabilities [6] - The establishment of the first national intelligent humanoid robot standard and collaborations among major companies indicate a growing focus on innovation and commercialization in the sector [6] Capital Flow - The humanoid robot sector has experienced a pullback since May 7, 2025, attributed to profit-taking after a month-long rally and a general decrease in market trading volume [7][8] - There is potential for capital to flow back into the humanoid robot sector as other sectors experience corrections [9] Investment Opportunities - Companies with lower previous price increases but strong automotive business prospects may present better investment opportunities compared to established leaders with high valuations [12] - Institutional holdings in humanoid robot companies have increased, indicating a consensus on potential growth, particularly for companies like Zhejiang Rongtai and Zhenyu Technology [13][18] Financial Performance - Key players in the humanoid robot sector, such as Zhejiang Rongtai, have shown strong profit growth and high gross margins, indicating robust business fundamentals [14][17] - The profitability of leading companies varies, with Zhejiang Rongtai and Siling Co. demonstrating the strongest financial performance [17] Long-term Outlook - The humanoid robot sector is viewed as a high-growth area comparable to the smartphone and new energy vehicle industries, warranting long-term attention from investors [19]

为支持宁波震裕科技股份有限公司（以下简称"公司"）各全资子公司经营 及业务发展需要，提高公司决策效率，公司于 2025 年 4 月 18 日、2025 年 5 月 16 日分别召开的第五届董事会第五次会议及 2024 年年度股东会审议通过《关于 公司 2025 年度担保额度预计的议案》，同意公司 2025 年度为公司全资子公司 的融资提供担保，担保额度预计不超过 30 亿元，融资业务包括但不限于综合授 信或单笔授信项下的流动资金贷款、银行承兑汇票、商业承兑汇票、信用证、现 金池、票据池、资产池等业务。具体内容详见公司于 2025 年 4 月 22 日在巨潮资 讯网（www.cninfo.com.cn）上披露的《关于公司 2025 年度担保额度预计的公告》 （公告编号：2025-051）。 二、对外担保进展情况 近日，公司与招商银行股份有限公司宁波分行签订了《最高额不可撤销担保 书》（以下简称"本担保书"），同意为全资子公司宁波震裕销售有限公司（以 下简称"震裕销售"）提供总额度人民币 30,000 万元的保证担保，公司对震裕 销售提供的担保总额度增加至 88,000 万元。 证券代码：300953 证券简称： ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has shown continuous improvement in operational efficiency, with steady progress in its humanoid robot and eVTOL new business segments [1] - The company achieved a revenue of 7.129 billion yuan in 2024, representing a year-on-year growth of 18.45%, and a net profit attributable to shareholders of 254 million yuan, a significant increase of 493.77% [4] - The company is expected to see revenues of 8.922 billion yuan, 10.968 billion yuan, and 13.329 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 381 million yuan, 522 million yuan, and 663 million yuan [10] Financial Performance - In 2024, the company reported a gross margin of 13.88%, an increase of 1.96 percentage points year-on-year, and a net margin of 3.56%, up by 2.85 percentage points [6] - The first quarter of 2025 saw a revenue of 1.793 billion yuan, a year-on-year increase of 24.24%, with a net profit of 72.861 million yuan, up 38.90% [4][6] - The company’s revenue from lithium battery structural components reached 4.240 billion yuan in 2024, a year-on-year increase of 29.84%, accounting for 59.48% of total revenue [5] Business Segments - The humanoid robot business is advancing rapidly, with the establishment of a subsidiary focused on precision components for humanoid robots, achieving small-scale supply to major clients [7] - The eVTOL segment is being developed with innovative adhesive processes for motor cores, establishing stable partnerships with leading manufacturers in the electric vehicle sector [9] Future Outlook - The company is expected to continue its growth trajectory with a focus on enhancing production efficiency and expanding its business platform in emerging sectors [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.06 yuan, 4.19 yuan, and 5.32 yuan respectively, indicating a strong growth potential [11]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has shown robust growth in its core business, with significant improvements in operational efficiency [5][6] - The company is actively advancing in the humanoid robot sector and eVTOL (electric Vertical Take-Off and Landing) business, indicating a strong potential for future growth [11][10] Financial Performance - In 2024, the company achieved a revenue of 7.129 billion yuan, representing a year-on-year growth of 18.45%, and a net profit attributable to shareholders of 254 million yuan, a remarkable increase of 493.77% [4] - For Q1 2025, the company reported a revenue of 1.793 billion yuan, up 24.24% year-on-year, with a net profit of 72.86 million yuan, reflecting a growth of 38.90% [4] Business Segments - Lithium battery structural components generated 4.240 billion yuan in revenue in 2024, a year-on-year increase of 29.84%, accounting for 59.48% of total revenue [5] - The motor core business saw a revenue of 1.509 billion yuan, a decline of 11.78% year-on-year, primarily due to falling raw material prices [5] - The mold business achieved a revenue of 416 million yuan, growing by 32.70% year-on-year, with significant breakthroughs in overseas markets [5] Profitability Metrics - The company's gross margin for 2024 was 13.88%, an increase of 1.96 percentage points year-on-year, while the net margin was 3.56%, up 2.85 percentage points [6] - For Q1 2025, the gross margin was 13.28%, with a net margin of 4.07%, indicating continued improvement in profitability [6] Future Projections - Revenue projections for 2025-2027 are estimated at 8.922 billion yuan, 10.968 billion yuan, and 13.329 billion yuan, respectively, with net profits expected to reach 381 million yuan, 522 million yuan, and 663 million yuan [11][12] - The report anticipates a continued increase in profitability, with projected PE ratios of 49, 35, and 28 for the years 2025, 2026, and 2027, respectively [11]

Group 1 - The AI era presents transformative opportunities for the renewable energy industry chain, with potential deep integration with AIDC, humanoid robots, and low-altitude economy, driving intelligent upgrades in society and expanding growth space in the industry [1][2] - Major AI companies are accelerating capital expenditures, leading to a significant upward shift in the renewable energy + AIDC sector, with technologies like HVDC and BBU enhancing data center efficiency and reliability [1][5] - The humanoid robot sector is at a critical transition from 0 to 1, with the potential for significant growth as companies in the electric vehicle supply chain, such as Tesla, expand into this field [1][21] Group 2 - The renewable energy + AIDC sector is experiencing a major opportunity due to AI's deepening integration, which is expected to optimize resource allocation and enhance decision-making quality [2][5] - Data centers are evolving into innovation centers, with AIDC investments serving as forward-looking indicators of growth, necessitating improvements in energy infrastructure to meet increasing power density demands [5][7] - UPS systems are currently the most widely used in data centers, with HVDC and Panama power systems representing the next evolutionary step in power supply solutions [9][11] Group 3 - The humanoid robot industry is in its early stages, with a projected market size of 10 trillion RMB by 2028, driven by advancements in technology and decreasing costs [14][19] - National policies are significantly supporting the humanoid robot sector, emphasizing its importance and promoting applications across various fields [19][20] - Tesla is a core driver of global humanoid robot development, with plans to produce thousands of units by 2025 and expand production significantly by 2026 [21][25] Group 4 - The low-altitude economy is expected to exceed a trillion RMB in scale, with eVTOL and drones as key components, driven by policy support and rapid advancements in certification processes [50][55] - The low-altitude economy's industrial chain is robust, with a focus on manufacturing and infrastructure, highlighting a dual transformation towards intelligence and low carbon [52][56] - Policies are crucial in the early stages of the low-altitude economy's development, with initiatives aimed at fostering technological breakthroughs and market cultivation [55][59] Group 5 - Key companies in the renewable energy + AIDC sector include Kehua Data, Hewei Electric, and others, while the humanoid robot sector features companies like Keda Li and Zhenyu Technology [2][63] - The low-altitude economy is represented by companies such as Yingboer and EHang, which are actively developing eVTOL products and related technologies [63][62]

Group 1: Company Overview and Financial Performance - Ningbo Zhenyu Technology Co., Ltd. specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision components, with a focus on high-tech capabilities [1] - In 2024, the company achieved a revenue of CNY 7.129 billion, a year-on-year increase of approximately 18.45%, and a net profit attributable to shareholders of CNY 254 million, up about 494% [2] - For Q1 2025, the company reported a revenue of CNY 1.793 billion, representing a year-on-year growth of approximately 24.24% [2] Group 2: Business Segments and Growth Drivers - Revenue from lithium battery components reached CNY 4.24 billion in 2024, a year-on-year increase of 30%, while motor core revenue declined by about 12% [2] - The company’s mold revenue was CNY 416 million, showing a year-on-year growth of approximately 33% [2] - The company expects continued growth in various business segments in 2025, driven by domestic economic growth [4] Group 3: Investment Risks and Market Outlook - The establishment of a subsidiary for humanoid robots is part of the company's strategy, but the emerging industry may face long development cycles and significant investment risks [1] - The company acknowledges that the growth in the humanoid robot sector is currently small and may contribute minimally to overall revenue in the short term [3] - The company has noted that the increase in accounts receivable is due to a major client's change in payment methods, which will be managed to mitigate risks [2] Group 4: Operational Efficiency and Future Projections - The company has implemented refined management practices leading to cost reductions and efficiency improvements, despite a decrease in employee numbers [2] - The operational cash flow has been negative in recent years due to increased competition in the electric vehicle sector, but improvements are expected in 2024 and Q1 2025 [2] - The company plans to enhance production lines for planetary roller screws and linear actuators, with expectations of increased automation and efficiency [3]

Core Viewpoint - The company announced that its controlling shareholder, Mr. Jiang Zhenlin, has lifted the pledge on 6 million shares, which represents 18.06% of his holdings and 4.81% of the company's total share capital [1] Group 1 - The lifting of the pledge does not involve any performance compensation obligations [1] - This action will not have a significant impact on the company's production operations or governance [1]

证券代码：300953 证券简称：震裕科技 公告编号：2025-068 宁波震裕科技股份有限公司 2024 年年度股东会决议公告 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。 特别提示： 1、本次股东会无否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议召开时间：2025年5月16日（星期五）14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年5月16日9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025年5月16日9:15-15:00。 2、召开地点：浙江省宁波市宁海县滨海新城东港南路6号公司会议室 3、召开方式：现场表决与网络投票相结合 4、召集人：公司董事会 5、主持人：公司董事长蒋震林先生 6、会议召开的合法、合规性：本次会议的召集、召开及表决程序符合《公 司法》《上市公司股东会规则》《深圳证券交易所创业板股票上市规则》等有关 法律、行政 ...

证券代码：300953 证券简称：震裕科技 公告编号：2025-067 宁波震裕科技股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 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。 宁波震裕科技股份有限公司（以下简称"公司"）于近日收到公司控股股东、 实际控制人蒋震林先生的通知，获悉蒋震林先生已将其所持有的公司部分股份办 理了解除质押业务，相关解除登记手续已办理完毕，具体事项如下： 一、股东股份解除质押的基本情况 1、本次股份解除质押的基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 | 本次解除 质押数量 | 占其所持 股份比例 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 致行动人 | （股） | （%） | 比例 （%） | | | | | 蒋震 林 | 是 | 6,000,000 | 18.06% | 4.81% | 2022/4/7 | 2025/5/15 | 浙商银行 股份有限 | | | | ...