| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-040 | | --- | --- | --- | | 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 关于震裕转债赎回实施暨即将停止转股的重要提示性公告 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 2025 年 4 月 22 日收市前，持有"震裕转债"的投资者仍可进行转股，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。截至 2025 年 4 月 18 日收市后，距离 2025 年 4 月 23 日（"震裕转债"赎回日）仅剩 2 个交 易日。 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant growth in Q4 2024 and Q1 2025, particularly in its robotics business, which is accelerating its implementation [1] - The company reported a revenue of 7.124 billion yuan for 2024, representing an 18.37% year-on-year increase, and a net profit of 255 million yuan, showing a substantial increase of 495.99% year-on-year [6] - The company is benefiting from the growth in the precision components sector and the industrialization of humanoid robots, with an upward adjustment in profit forecasts for 2024 and maintained forecasts for 2025-2026 [6] Financial Performance Summary - For Q1 2025, the expected net profit is between 69 million to 75 million yuan, indicating a year-on-year growth of 31.54% to 42.97% [6] - The company’s net profit for 2024-2026 is projected to be 255 million, 401 million, and 521 million yuan respectively, with corresponding P/E ratios of 60.0, 38.1, and 29.3 times [6][10] - The company’s revenue is expected to grow from 7.124 billion yuan in 2024 to 9.153 billion yuan in 2025, and further to 11.493 billion yuan in 2026, reflecting growth rates of 28.5% and 25.6% respectively [10] Business Strategy and Market Position - The company is actively expanding its humanoid robot industry chain and has established a wholly-owned subsidiary focused on this emerging field [8] - The company has made significant advancements in actuator components, including breakthroughs in core parts like lead screws and collaborations with leading firms to develop advanced motors [8] - The company’s overseas revenue is minimal, accounting for only 3% in 2023, which mitigates risks from extreme tariff impacts [7]

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于震裕转债赎回实施暨即将停止交易的重要提示性公告 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、最后交易日：2025 年 4 月 17 日 2025 年 4 月 17 日为"震裕转债"最后一个交易日；当日"震裕转债"简称为 "Z 裕转债"；2025 年 4 月 17 日收市后"震裕转债"将停止交易。 2、最后转股日：2025 年 4 月 22 日 2025 年 4 月 18 日至 2025 年 4 月 22 日收市前，持有"震裕转债"的投资者仍 可进行转股，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。截至 2025 年 4 月 17 日收市后，距离 2025 年 4 月 23 日（"震 裕转债"赎 ...

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于震裕转债赎回实施暨即将停止交易的重要提示性公告 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、最后交易日：2025 年 4 月 17 日 2025 年 4 月 17 日为"震裕转债"最后一个交易日；当日"震裕转债"简称为 "Z 裕转债"；2025 年 4 月 17 日收市后"震裕转债"将停止交易。 2、最后转股日：2025 年 4 月 22 日 2025 年 4 月 18 日至 2025 年 4 月 22 日收市前，持有"震裕转债"的投资者仍 可进行转股，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。截至 2025 年 4 月 16 日收市后，距离 2025 年 4 月 23 日（"震 裕转债"赎 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Group 1 - The article highlights the imminent redemption risk associated with convertible bonds, specifically mentioning Zhenyu Convertible Bond and Torch Convertible Bond, which could lead to potential losses of nearly 60% for investors who do not act in time [1][2] - Zhenyu Technology has triggered the conditional redemption clause for its convertible bonds due to its stock price exceeding 130% of the conversion price for 15 trading days from March 11 to March 31 [2][3] - The redemption price for Zhenyu Convertible Bond is set at 100.20 CNY per bond, and it will be delisted from the Shenzhen Stock Exchange after the redemption [2][3] Group 2 - As of April 14, the price of Zhenyu Convertible Bond was 239.80 CNY per bond, indicating a potential loss of 58.22% for investors who fail to act before the last trading day on April 17 [3] - The Torch Convertible Bond is also facing significant losses, with a current price of 168.477 CNY per bond, leading to a potential loss of 39.68% if investors do not convert or sell in time [3] - The article emphasizes the importance of investors being aware of the redemption terms and acting promptly to mitigate losses [1][2][3] Group 3 - The convertible bond market has shown resilience despite recent volatility influenced by geopolitical factors, with the China Convertible Bond Index experiencing a significant drop but subsequently recovering [4] - Analysts suggest that the convertible bonds exhibit better performance compared to equities, with a favorable Sharpe ratio, indicating a more stable investment option in the current market environment [4] - However, there are concerns regarding the valuation of convertible bonds, which may not be low compared to future periods, and the market's performance is expected to be influenced by equity market trends [4][5]

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-037 | | --- | --- | | 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 关于震裕转债赎回实施暨即将停止交易的重要提示性公告 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、最后交易日：2025 年 4 月 17 日 2025 年 4 月 17 日为"震裕转债"最后一个交易日；当日"震裕转债"简称为 "Z 裕转债"；2025 年 4 月 17 日收市后"震裕转债"将停止交易。 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：2025 年 4 月 23 日； 3、可转债赎回登记日：2025 年 4 月 22 日； 4、可转债赎回价格：100.20 元/张（含当期应计利息，当期年利率为 0.4%，且 当期利息含税）。扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司 （以下简称"中登公司"）核准的价格为准； 2、最后转股日：2025 年 4 月 22 日 2025 年 4 月 1 ...

Group 1: Company Announcements - China Pacific Insurance (China Life) expects a net profit increase of 30% to 50% for Q1 2025, projecting a profit range of 11.652 billion to 13.445 billion yuan [2] - New Lai Fu plans to acquire 100% equity of Guangzhou Jin Nan Magnetic Materials, with trading suspension starting from April 14, 2025, due to significant asset restructuring [3] - Jiangling Motors intends to repurchase A-shares with a total fund of no less than 1.5 billion and no more than 2 billion yuan, at a price not exceeding 22.00 yuan per share [4] - Guanghua Technology anticipates a net profit increase of 479.25% to 637.23% for Q1 2025, estimating a profit range of 22 million to 28 million yuan [7] - Starhua New Materials reported a net profit of 148 million yuan for 2024, with a year-on-year increase of 51.93%, and plans to distribute a cash dividend of 8 yuan per 10 shares [10] Group 2: Clinical Trial Approvals - Heng Rui Pharmaceutical received approval for clinical trials of HRS-9190, a new drug for anesthesia, and SHR-3792, an innovative anti-tumor candidate, with no similar drugs approved in the market [1]

震裕科技 2025 年一季报预告点评 主业反转开启，机器人业务持续推进 2025 年 04 月 13 日 ➢ 事件：2025 年 4 月 13 日，公司公布 2024 年业绩快报和 2025 年第一季度 业绩预告。2025 年第一季度，公司实现归属于上市公司股东的净利润 6,900- 7,500 万元，同比增长 31.54%-42.97%；扣除非经常性损益盈利 6,000-6,800 万元，同比增长 57.30%-78.27%。2024 年，公司实现归属于上市公司股东的净 利润 2.54 亿元，同比增长 495.99%，扣除非经常性损益盈利 2.32 亿元，同比增 长 2538.91%，公司主业反转正式开启。 ➢ 依托全球一流超精密机械零件技术能力在机器人精密零部件持续突破。公司 机器人精密零部件产品的研究和开发当前已取得显著进展，主要覆盖反向式行星 滚柱丝杠、线性执行器和灵巧手精密零部件等产品线。公司在 2024 年已具备反 向式行星滚柱丝杠设计、生产及检测的全套成熟工艺，建立了峰值推力覆盖 100N 到 12000N 范围、导程精度覆盖 C3/C5 的标品库，完成量产 SOP 验证，一周以 内能够完成样品 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company has officially entered a phase of business reversal, with significant growth in net profit for 2024 and the first quarter of 2025, indicating a strong recovery [1][4]. - The company has made substantial progress in the research and development of precision components for robotics, achieving full sets of mature processes for key products [2][3]. - The company is actively expanding its production capacity and has plans to build additional automated production lines to enhance mass production consistency and stability [3][4]. Financial Performance Summary - For the first quarter of 2025, the company expects a net profit attributable to shareholders of 69-75 million yuan, representing a year-on-year growth of 31.54%-42.97% [1]. - The net profit for 2024 reached 254 million yuan, a year-on-year increase of 495.99%, with a significant rise in profit excluding non-recurring items [1]. - Revenue projections for 2024-2026 are 701 million, 836 million, and 960 million yuan, respectively, with corresponding net profits of 253 million, 369 million, and 507 million yuan [5][9]. Production and R&D Developments - The company has established a semi-automated production line for planetary roller screws, achieving a daily output of 50 sets [3]. - A comprehensive testing laboratory for screws has been set up, enabling the company to independently verify key parameters [3]. - The company has successfully developed multiple linear actuator products and micro-screw products in collaboration with clients, demonstrating its strong R&D capabilities [2][3].