Investment Rating - The report upgrades the investment rating to "Buy" based on the expectation of a significant recovery in profitability and growth in the lithium battery structural components business [4][16]. Core Views - The company reported a revenue of 6.019 billion yuan in 2023, a year-on-year increase of 4.63%, but a net profit decline of 58.73% to 43 million yuan. The first quarter of 2024 showed a strong recovery with a revenue of 1.443 billion yuan, up 34.91% year-on-year, and a net profit of 52 million yuan, a significant increase of 232.56% [4]. - The lithium battery structural components business is expected to reach a turning point in profitability, driven by the recovery of major customer orders and improvements in production efficiency [4]. - The company’s mold business benefits from high demand in the home appliance sector, while the motor core business has seen rapid growth, indicating a diversified revenue stream [4]. Summary by Sections Revenue Performance - In 2023, the company achieved a revenue of 6.019 billion yuan, with a growth rate of 4.63%. The revenue for Q4 2023 was 1.743 billion yuan, showing a slight increase of 0.08% year-on-year but a decrease of 7.15% quarter-on-quarter [4][5]. - The revenue forecast for 2024 is projected to reach 8.709 billion yuan, with a growth rate of 44.70% [5]. Profitability Metrics - The net profit for 2023 was 43 million yuan, down 58.73% from the previous year. However, the first quarter of 2024 saw a net profit of 52 million yuan, marking a recovery [4][5]. - The gross margin for 2023 was 11.92%, a decrease of 0.37 percentage points, while the first quarter of 2024 showed an improvement to 12.56% [4]. Business Segments - The lithium battery structural components segment generated revenue of 3.266 billion yuan in 2023, with a growth of 0.28%. The gross margin for this segment was 8.63%, down 0.84 percentage points [4]. - The mold business reported revenue of 282 million yuan in 2023, a slight decline of 0.79%, but with a gross margin of 47.1%, an increase of 2.06 percentage points [4]. - The motor core business achieved revenue of 1.711 billion yuan, a year-on-year increase of 16.91%, with a gross margin of 16.44% [4]. Future Outlook - The company’s net profit forecasts for 2024 and 2025 have been raised to 428 million yuan and 606 million yuan, respectively, reflecting an increase of 49% and 46% [4][5]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 16, 11, and 8 times, respectively, indicating a favorable valuation outlook [4][5].

Financial Performance - The company's revenue for Q1 2024 reached ¥1,442,965,206.55, representing a 34.91% increase compared to ¥1,069,602,613.73 in the same period last year[5] - Net profit attributable to shareholders was ¥52,457,241.26, a significant increase of 232.56% from ¥15,773,600.06 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥38,144,642.31, up 206.42% from ¥12,448,664.81 in the previous year[5] - Basic earnings per share increased to ¥0.51, reflecting a 240.00% rise from ¥0.15 in the same quarter last year[5] - Total operating revenue for Q1 2024 reached ¥1,442,965,206.55, a significant increase of 35% compared to ¥1,069,602,613.73 in the same period last year[24] - Operating costs for the same period were ¥1,415,912,414.98, up from ¥1,061,080,096.27, reflecting a rise of approximately 33.4%[24] - Gross profit for Q1 2024 was ¥27,052,791.57, compared to ¥8,522,517.46 in Q1 2023, indicating a substantial improvement in profitability[25] - Net profit for Q1 2024 was ¥52,457,241.26, a significant increase from ¥15,773,600.06 in the previous year, representing a growth of over 233%[25] - The total comprehensive income for the first quarter of 2024 was CNY 52,457,241.26, compared to CNY 15,773,600.06 in the same period last year, representing a significant increase[26] - Basic earnings per share (EPS) for the first quarter was CNY 0.51, up from CNY 0.15 in the previous year, while diluted EPS was CNY 0.42 compared to CNY 0.15 last year[26] Assets and Liabilities - The company's total assets decreased by 1.57% to ¥10,753,011,608.50 compared to the end of the previous year[5] - Current assets totaled ¥6,232,160,477.88, down from ¥6,377,652,669.99, indicating a decrease of about 2.28%[22] - Short-term borrowings increased to ¥1,566,199,541.82 from ¥1,092,970,072.99, reflecting a rise of approximately 43.4%[23] - Inventory levels rose to ¥921,264,458.34 from ¥846,445,350.15, marking an increase of about 8.8%[22] - The company reported a significant increase in accounts receivable, which rose to ¥1,950,534,768.19 from ¥1,822,681,375.17, an increase of approximately 7%[22] Cash Flow - Cash flow from operating activities improved by 17.83%, with a net outflow of ¥200,388,702.57 compared to ¥243,871,488.93 in the previous year[5] - Cash inflow from operating activities totaled CNY 1,108,618,636.72, an increase from CNY 685,228,770.17 in the previous year[29] - The net cash flow from operating activities was negative CNY 200,388,702.57, an improvement from negative CNY 243,871,488.93 in the same period last year[29] - Cash inflow from investing activities was CNY 709,237,293.45, compared to CNY 296,614,601.40 in the previous year, indicating a strong increase[29] - The net cash flow from investing activities was CNY 108,476,637.14, a turnaround from negative CNY 160,148,174.53 in the previous year[29] - Cash inflow from financing activities was CNY 1,411,277,054.74, up from CNY 1,108,745,480.26 in the previous year[29] - The net cash flow from financing activities was CNY 101,476,750.65, down from CNY 414,850,667.03 in the previous year[29] - The ending balance of cash and cash equivalents was CNY 752,360,977.95, compared to CNY 431,749,218.75 at the end of the previous year[30] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,989[15] - The largest shareholder, Jiang Zhenlin, holds 32.32% of the shares, totaling 33,219,740 shares, with 15,239,500 shares pledged[15] - The second-largest shareholder, Hong Ruidi, owns 12.83% of the shares, amounting to 13,184,200 shares[15] - The total number of shares held by the top ten shareholders is significant, with the largest shareholder holding over 32%[15] - The company has a total of 2,178,425 shares held in the repurchase special account, accounting for 2.12% of the total shares[16] - The company plans to repurchase shares with a total fund of no less than RMB 60 million and not exceeding RMB 120 million, with a repurchase price not exceeding RMB 50 per share[19] - The total number of restricted shares at the end of the period is 40,624,815, with 16,578,185 shares released during the period[18] Strategic Initiatives - The company is in a strategic cooperation with Suzhou Technology City Management Committee to invest in the establishment of a new energy intelligent manufacturing headquarters project[19] - The company has completed the business registration change for its wholly-owned subsidiary, Changzhou Zhenyu Automotive Parts Co., Ltd.[19] - The company is proposing a downward adjustment of the conversion price for its convertible bonds[19] Other Financial Metrics - Financial expenses rose by 63.66% to ¥3,591.77 million due to increased borrowing and corresponding interest expenses[11] - Investment income increased by 142.58% to ¥146.23 million, attributed to higher returns from investment products[11] - Research and development expenses decreased to ¥52,755,564.45 from ¥60,954,459.17, a reduction of about 13.4%[25] - The first quarter report was not audited, indicating that the figures are preliminary and subject to change[30]

证券代码：300953 证券简称：震裕科技 公告编号：2024-047 债券代码：123228 债券简称：震裕转债 宁波震裕科技股份有限公司 关于举办 2023 年度网上业绩说明会的公告 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。 重要内容提示： 宁波震裕科技股份有限公司（以下简称"公司"）已于 2024 年 4 月 22 日在 巨潮资讯网上披露了《2023 年年度报告》及《2023 年年度报告摘要》。为便于 广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 年 04 月 30 日（星期二）15:00-16:30 在"价值在线"（www.ir-online.cn）举办宁 波震裕科技股份有限公司 2023 年度网上业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见和建议。 三、投资者参加方式 投资者可于 2024 年 04 月 30 日 （ 星 期 二 ） 15:00-16:30 通过网址 https://eseb.cn/1dXmAh2Glck 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2024 年 0 ...

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2024-046 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 1、证券代码：300953 证券简称：震裕科技 宁波震裕科技股份有限公司 2、债券代码：123228 债券简称：震裕转债 关于震裕转债开始转股的提示性公告 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： 3、转股价格：54.58 元/股 4、转股起止日期：自 2024 年 4 月 26 日至 2029 年 10 月 19 日止（如遇 法定节假日或休息日延至其后的第 1 个工作日；顺延期间付息款项不另计息）。 5、转股股份来源：新增股份。 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意宁波震裕科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1995 号）同意注册， 公司于 2023 年 10 月 20 日向不特定对象发行了 11,950,000 张可转换公司债券（以 下简称"可转债"），每张面值为人民币 ...

宁波震裕科技股份有限公司 2023 年度内部控制评价报告 宁波震裕科技股份有限公司全体股东： 内部控制是由企业董事会、监事会、经理层和全体员工实施的、旨在实现控制 目标的过程。在公司治理层的监督下，按照企业内部控制规范体系的规定，设计、 实施和维护有效的内部控制，评价其有效性，并如实披露内部控制评价报告是本公 司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员 保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真 实性、准确性和完整性承担个别及连带责任。 建立与实施内部控制的目标是合理保证企业经营管理合法合规、资产安全、财 务报告及相关信息真实完整，提高经营效率和效果，促进企业实现发展战略。由于 内部控制存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策或程序遵循的程度降低，根 据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 三、内部控制评价工作情况 内部控制评价工作由公司董事会及其下设的审计委员会领导，组成以审计部门 ...

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2024-041 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 宁波震裕科技股份有限公司 2023 年度募集资金存放与使用情况专项报告 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。 根据《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》和《深圳证券交易所创业板上 市公司第 21 号——上市公司募集资金年度存放与使用情况的专项报告格式》等 有关规定，经宁波震裕科技股份有限公司（以下简称"公司"、"本公司"或"震裕科 技"）第四届董事会第三十次会议和第四届监事会第二十二次会议审议通过，公 司编制了《2023 年度募集资金存放与使用情况专项报告》如下： 一、募集资金的基本情况 （一）实际募集资金、资金到位情况 1、首次公开发行股票募集资金到位情况 2、向特定对象发行股票募集资金到位情况 经中国证券监督管理委员会《关于同意宁波震裕科技股份有限公司向特定对 象发行股票注册的批复》(证监 ...

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2024-033 | | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | 宁波震裕科技股份有限公司 第四届董事会第三十次会议决议公告 董事会审计委员会审议通过了该议案。 本议案需提交股东大会审议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 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。 一、董事会会议召开情况 宁波震裕科技股份有限公司（以下简称"公司"）第四届董事会第三十次会议 于 2024 年 4 月 18 日以现场及通讯的方式在公司会议室召开，会议通知于 2024 年 4 月 8 日以电话、电子邮件等方式送达公司全体董事。本次会议由董事长蒋震 林先生主持，会议应出席董事 9 人，实际出席董事 9 人，公司监事及高级管理人 员列席了会议。会议的召集、召开和表决程序符合《中华人民共和国公司法》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，形成以下决议： 1、审议通过了《关于<2023 年年度 ...

宁波震裕科技股份有限公司 战略与决策委员会工作细则 第一章 总 则 第一条 为完善公司治理结构，提高公司重大决策的专业化水平，防范公司 在战略和投资决策中的风险，根据《上市公司治理准则》及其他有关法律法规的 规定，公司特设立战略与决策委员会，并制定本工作细则。 宁波震裕科技股份有限公司 战略与决策委员会工作细则 第二条 战略与决策委员会是董事会下设的一个专门委员会，经董事会批准 后成立。 第三条 战略与决策委员会必须遵守公司章程，在董事会授权的范围内独立 行使职权，并直接向董事会负责。 第四条 战略与决策委员会是董事会的参谋机构，也是公司的战略规划和投 资管理有关重大问题的议事机构。 第五条 战略与决策委员会应当对公司重大战略调整及投资策略进行合乎程 序、充分而专业化的研讨；对公司重大投资方案进行预审，对重大投资决策进行 跟踪。 第二章 战略与决策委员会的产生与组成 第六条 战略与决策委员会由三名委员组成，战略与决策委员会由董事组成， 其中独立董事委员不少于一名。 第七条 战略与决策委员会设召集人（主任委员）一名，负责召集和主持委 员会工作；召集人由董事会任命战略与决策委员会。 第八条 战略与决策委员会委员由 ...

Financial Performance - The company's net profit decreased year-on-year due to insufficient scale efficiency, with R&D expenses, management expenses, and financial expenses increasing significantly [3]. - The company's operating revenue for 2023 was ¥6,018,512,230.51, an increase of 4.63% compared to ¥5,752,332,007.04 in 2022 [24]. - The net profit attributable to shareholders decreased by 58.73% to ¥42,768,842.93 from ¥103,640,352.32 in the previous year [24]. - Basic earnings per share dropped by 61.47% to ¥0.42 from ¥1.09 in 2022 [24]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which fell by 90.41% to ¥8,794,902.13 from ¥91,756,833.15 in 2022 [24]. - The weighted average return on equity decreased to 1.75% in 2023 from 6.21% in 2022 [24]. - The net cash flow from operating activities improved by 44.01%, reaching -¥558,497,612.62, compared to -¥997,493,704.66 in 2022 [24]. - The total assets increased by 39.93% to ¥10,924,198,547.61 at the end of 2023, up from ¥7,806,792,262.90 at the end of 2022 [24]. - The company achieved a total revenue of 49.11 million in 2022, with a year-on-year growth of 17.25% [113]. - The total revenue for the reporting period was 3,940 million, indicating a stable financial performance [155]. Investment and R&D - The company aims to enhance core product competitiveness by increasing R&D and innovation, optimizing production processes, and improving automation levels [3]. - The company has maintained a high level of R&D investment to enhance its core competitiveness in the precision stamping mold and battery structure component sectors [61]. - The company's R&D investment reached 252.57 million yuan, a year-on-year increase of 17.62%, accounting for 4.20% of total revenue [63]. - The company completed the development of several key R&D projects, including online thickness detection technology and new energy induction rotor casting technology, aimed at improving design efficiency and reducing production costs [88]. - The company is investing in R&D for advanced manufacturing technologies to improve product quality and reduce lead times [113]. - The company plans to increase investment in technology innovation, collaborating with universities to enhance key technologies and marketize research outcomes [135]. Market and Industry Position - The company operates in the precision progressive stamping die and downstream precision structural parts industry, classified under "C Manufacturing" in the metal products sector, with a focus on applications in home appliances, new energy lithium batteries, automotive, and industrial control [34]. - The company has established itself as a major supplier of motor core molds for the top ten compressor manufacturers in China, benefiting from over 20 years of experience in the mold industry [36]. - The company has been recognized as a key backbone enterprise in the motor core mold industry and has developed a standardized business process to meet the needs of high-end customers [44]. - The company is positioned to benefit from favorable national policies supporting the development of new energy vehicles, with significant market opportunities anticipated in the coming years [41]. - The company is focusing on market expansion through strategic partnerships and technology advancements in the lithium battery sector [124]. Production and Operations - The company adopts a "sales-driven production and procurement" model, tailoring production plans based on customer orders and demand forecasts [50]. - The company aims to increase production efficiency by utilizing external processing for certain operations when internal capacity is constrained [51]. - The company’s production mode is characterized by customized production of non-standard products, primarily based on customer orders [52]. - The company has established stable partnerships with key raw material suppliers, ensuring a reliable supply chain for materials such as steel, aluminum, and copper [50]. - The company has established production bases in multiple provinces to meet customer capacity needs, strengthening long-term partnerships [67]. Financial Management and Governance - The company has a governance structure that complies with legal and regulatory requirements, with no significant discrepancies noted [150]. - The company has implemented a strict information disclosure policy, ensuring timely and accurate information dissemination to all shareholders [149]. - The company has established an independent financial accounting system and can make independent financial decisions without sharing bank accounts with controlling shareholders [152]. - The company has a structured performance evaluation system to assess the remuneration of senior management [162]. - The company has implemented measures to reduce carbon emissions and promote green development, including online meetings and paperless offices [194]. Challenges and Risks - The decline in net profit was primarily due to quality compensation from 2022, increased R&D expenses, and rising management costs [61]. - The company emphasizes that forward-looking statements regarding future developments do not constitute a substantive commitment to investors [3]. - The company has detailed potential risk factors and countermeasures in the management discussion and analysis section of the report [3]. - The company is facing risks from fluctuations in raw material prices, particularly for silicon steel sheets, aluminum, and copper, which could affect profitability if prices rise significantly [141]. - The company’s precision progressive stamping mold and downstream precision structural components are closely tied to the macroeconomic environment, with potential risks from economic fluctuations and trade tensions [138]. Shareholder and Dividend Information - The profit distribution plan approved by the board is a cash dividend of 0.44 RMB per 10 shares (tax included), with no bonus shares issued [5]. - The total distributable profit for the company is 571,159,144.64 yuan, with the cash dividend representing 100% of the profit distribution [179]. - The total remuneration paid to directors, supervisors, and senior management in 2023 amounted to RMB 10.5829 million, including RMB 240,000 paid to independent directors [162]. - The company has a plan for the 2024 annual work plan, which was reviewed in December 2023 [170].

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2024-044 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 宁波震裕科技股份有限公司 关于计提资产减值准备和信用减值准备的公告 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"）根据《企业会计准则》、 《深圳证券交易所创业板股票上市规则》等法律法规，为真实、准确反映公司目 前的资产状况，结合公司会计政策的相关规定，对部分可能发生资产减值的资产 计提了减值准备，现将公司本次计提减值准备的具体情况公告如下： 一、本次计提减值准备情况概述 根据《企业会计准则》、《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》等法律法规的要求，为了更加真实、准确地反映公司 截止 2023 年 12 月 31 日的资产和财务状况，本着谨慎性原则，公司对各类应收账 款、其他应收款、存货、合同资产等进行了减值测试，并对合并报表范围内可能 发生减值损失的有关资产计提了减值准备。2023 年年度计提 ...