Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Views - The company is focused on becoming a supplier of humanoid robot "limbs" and has reported a significant increase in net profit for 2024, with a year-on-year growth of 494% [1][9]. - The company achieved a revenue of 7.13 billion yuan in 2024, representing a year-on-year increase of 18.4% [7][10]. - The company expects a net profit of 69 to 75 million yuan for the first quarter of 2025, which is a year-on-year growth of 32% to 43% [7][10]. Financial Summary - The total market capitalization of the company is 166.66 billion yuan, with a circulating market capitalization of 120.09 billion yuan [3]. - The company's stock price is currently at 133.82 yuan, with a 52-week high of 182.00 yuan and a low of 45.13 yuan [3]. - The company has a total share capital of 1.25 billion shares, with 900 million shares in circulation [3]. Business Segments Performance - In the lithium battery precision structural components segment, the company achieved a revenue of 4.24 billion yuan in 2024, a year-on-year increase of 29.84%, with a gross margin improvement of 2.75 percentage points to 11.28% [8]. - The motor core segment saw a revenue decline of 11.78% to 1.51 billion yuan, but the gross margin improved to 18.85%, up 2.41 percentage points [8]. - The mold business segment experienced a revenue increase of 32.70% to 416 million yuan, with a gross margin of 53.85%, up 4.93 percentage points [8]. Humanoid Robot Business Development - The company has established a wholly-owned subsidiary, Martin Robotics, to enter the humanoid robot components market [9]. - The company has developed a complete set of mature processes for reverse planetary roller screw and has begun small-batch supply to leading humanoid robot manufacturers [9]. - The company is expected to leverage its high-quality customer resources and precision manufacturing capabilities to become a key player in the humanoid robot supply chain [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - 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% [1][4]. - The company's performance in Q4 2024 showed a revenue of 2.114 billion yuan, up 21.26% year-on-year, and a net profit of 82 million yuan, marking a turnaround from losses [1][4]. - The lithium battery precision structural components segment saw revenue growth of 29.84% to 4.24 billion yuan, with a gross margin improvement of 2.75 percentage points [2][4]. - The mold business contributed a stable profit increase with a revenue of 416 million yuan, up 32.70%, and a gross margin of 53.85% [2][4]. - The company is expanding its capabilities in automation and cost reduction, which has led to improved profitability in its lithium battery structural components and motor core segments [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 7.129 billion yuan, with a growth rate of 18.45% compared to the previous year. The net profit attributable to shareholders reached 254 million yuan, reflecting a remarkable growth of 493.77% [4][10]. - The Q4 2024 results showed a revenue of 2.114 billion yuan, a year-on-year increase of 21.26%, and a net profit of 82 million yuan, indicating a significant recovery [1][4]. Revenue Breakdown - The lithium battery precision structural components generated 4.24 billion yuan in revenue, up 29.84%, with a gross margin of 11.28% [2][4]. - The mold business achieved a revenue of 416 million yuan, with a gross margin of 53.85%, driven by technological innovation [2][4]. - The motor core segment experienced a revenue decline of 11.78% to 1.509 billion yuan, but the gross margin improved by 2.41 percentage points [2][4]. Profitability and Forecast - The company forecasts a net profit of 400 million yuan for 2025, with a growth rate of 57.59% [4][10]. - The report projects a continuous improvement in profitability, particularly in the lithium battery structural components and humanoid robot business, which is expected to drive a second growth curve [3][4].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 7.129 billion yuan, an 18.45% year-on-year growth, and net profit attributable to shareholders soaring by 493.77% to 254 million yuan [1] - The strong performance is primarily driven by the lithium battery structural components business, which saw nearly a 30% increase in revenue [4] Group 1: Lithium Battery Structural Components - The lithium battery structural components business emerged as the main growth driver, with revenue growth attributed to optimized production processes and increased automation, leading to reduced production costs and improved product quality [4] - The company successfully developed new products such as blade batteries, further solidifying its market position [4] - Despite strong performance, reliance on a single business poses potential risks, with increasing competition in the rapidly growing electric vehicle market [4] Group 2: Molds and Motor Core Business - The mold business experienced rapid growth, particularly in the electric vehicle motor core mold sector, with enhanced profitability through technological innovation and cost reduction [5] - The company made significant progress in export markets, especially in Europe and Japan [5] - The motor core business saw a slight revenue decline due to raw material price fluctuations, highlighting the need for improved management of material cost volatility [5] Group 3: Humanoid Robot Business - The company has begun to establish its presence in the humanoid robot sector, developing precision components and achieving small-scale supply to leading domestic and international clients [6] - Although initial results are promising, the humanoid robot business is still in its infancy, contributing limited revenue in the short term [6] - The company plans to increase investment in this area, aiming to become a key supplier in the humanoid robot supply chain, while acknowledging the uncertainties and challenges in the market [6]

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-059 | | --- | --- | --- | | 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 关于震裕转债即将停止转股暨赎回前最后半个交易日的重要 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。 重要内容提示： 1、最后转股日：2025 年 4 月 22 日 截至本公告披露时，距离"震裕转债"停止转股仅剩最后半个交易日（即 2025 年 4 月 22 日下午交易时段），2025 年 4 月 22 日收市后，未实施转股的"震裕转 债"将停止转股，剩余可转债将按照 100.20 元/张的价格被强制赎回。若被强制赎 回，投资者可能面临大额投资损失。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票适 当性管理要求的，不能将所持"震裕转债"转换为股票，特提请投资者关注不能转 股的风险。 3、特提醒"震裕转债"持有人注意在限期内转股。 特别提示： 1、可转债赎回条件满足日：2025 年 3 月 31 日； 2、可转债赎回日 ...

Group 1 - The core viewpoint of the news is the disclosure of institutional and fund holdings in Zhenyu Technology, indicating a significant presence of institutional investors in the company [1][2] - As of April 21, 2025, a total of 105 institutional investors hold shares in Zhenyu Technology, with a combined holding of 22.34 million shares, representing 20.79% of the total share capital [1] - The top ten institutional investors account for 16.23% of the total shares, with a decrease of 1.62 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 93 new public funds have disclosed holdings in Zhenyu Technology, including notable funds such as Yongying Advanced Manufacturing Selected Mixed Fund A and GF Small and Medium Cap Selected Mixed Fund A [2] - There are 5 public funds that have not disclosed holdings in the current period, including Huashang Quantitative Progress Mixed Fund and Nuon An Hengxin Mixed Fund [2] - One new social security fund, the National Social Security Fund 104 Portfolio, has disclosed holdings in Zhenyu Technology [2] - The foreign investment perspective shows that one foreign institution, Hong Kong Central Clearing Limited, has not disclosed holdings in the current period [2]

赛事的热度引爆了人形机器人赛道，昨日，A股人形机器人概念股午后显著拉升。截至下午收盘，相关 概念股涨多跌少，其中，震裕科技（300953）、万达轴承、奥比中光、利亚德涨幅皆超10%；福莱新材 （605488）涨停；强瑞技术（301128）、鸣志电器（603728）、伟创电气、斯菱股份（301550）、日盈 电子（603286）、风语筑、汉威科技（300007）、翔楼新材（301160）、绿的谐波、天奇股份 （002009）、超捷股份（301005）等均涨超7%。 港股方面，昨日港股休市，此前一个交易日优必选和小米集团均收涨。前者4月17日收盘涨0.36%报 70.450港元/股，换手率0.76%，振幅2.35%，成交额2亿港元；后者当日收盘涨1.70%报41.95港元/股，换 手率0.89%，振幅4.24%，成交额79.1亿港元。 AI+机器人投资机会涌现 商报讯(记者叶晓珺)周末的人形机器人马拉松比赛，掀起了行业热潮，也引爆了二级市场。昨日早间， 人形机器人指数上涨0.84%，报9440.57，成交额212.36亿元，东方锆业（002167）、奥比中光领涨。港 股方面，虽说昨日休市，但概念股小米和优必选此前 ...

一、监事会会议召开情况 宁波震裕科技股份有限公司（以下简称"公司"）第五届监事会第三次会议 于 2025 年 4 月 18 日在公司会议室以现场结合通讯的方式召开。会议通知于 2025 年 4 月 8 日通过电子邮件方式送达至各位监事。会议由监事会主席王建红先生主 持，会议应出席监事 3 人，实际出席监事 3 人。会议的召集、召开和表决程序符 合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，形成以下决议： | 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-044 | | --- | --- | | 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 第五届监事会第三次会议决议公告 本公司及监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、审议通过了《关于<2024 年年度报告>及其摘要的议案》 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年度监事会工作报告》。 本议案需提交股东会审议。 监事会对公司 2024 年年 ...

董事会审计委员会对会计师事务所 2024 年度履行监督职责情况的报告 宁波震裕科技股份有限公司 根据《公司法》《证券法》《上市公司治理准则》《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、规范性文件 以及宁波震裕科技股份有限公司（以下简称"公司"）的《公司章程》《审计委 员会工作细则》等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职 守，认真履职。现将董事会审计委员会对中汇会计师事务所（特殊普通合伙）（以 下简称"中汇会计师事务所"）2024 年度履行监督职责的情况汇报如下： 一、2024 年度会计师事务所基本情况 （一）基本信息 名称：中汇会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 19 日 组织形式：特殊普通合伙 公司分别于 2024 年 4 月 18 日和 2024 年 5 月 14 日召开了第四届董事会第 三十次会议及 2023 年年度股东大会，审议通过了《关于续聘 2024 年度会计师事 务所的议案》，同意续聘中汇会计师事务所（特殊普通合伙）为公司 2024 年度 财务报告和内部控制审计机构。公司董事会审计委员会审查了中汇会计师事务 ...

宁波震裕科技股份有限公司 未来三年股东回报规划（2025-2027） 为建立和健全宁波震裕科技股份有限公司（以下简称"公司"）股东回报机 制，增加利润分配政策决策透明度和可操作性，积极回报投资者，切实保护公众 投资者合法权益，根据《公司法》《关于进一步落实上市公司现金分红有关事项 的通知》《上市公司监管指引第3号——上市公司现金分红》等法律法规、规范性 文件及《宁波震裕科技股份有限公司章程》（以下简称"《公司章程》"）的规定， 公司特制定《未来三年股东回报规划（2025-2027）》（以下简称"本规划"），具体 内容如下： 一、公司股东回报规划考虑的因素 本规划着眼于公司长远和可持续发展，综合考虑公司所处行业特点、实际 经营情况、发展目标、股东回报和社会资金成本以及外部融资环境等因素，充 分考虑公司目前及未来盈利规模、现金流量状况、所处发展阶段、项目投资资 金需求、银行信贷及债权融资环境等情况，平衡股东的合理投资回报和公司的 长远发展，保证利润分配政策的连续性和稳定性。 二、公司股东回报规划原则 公司利润分配应重视对投资者的合理投资回报，利润分配政策应保持连续 性、稳定性和合理性并兼顾公司的可持续发展，公司利 ...