Financial Performance - The company's revenue for Q1 2025 reached ¥1,792,743,904.10, representing a 24.24% increase compared to ¥1,442,965,206.55 in the same period last year[5] - Net profit attributable to shareholders was ¥72,861,040.92, up 38.90% from ¥52,457,241.26 year-on-year[5] - The net profit excluding non-recurring gains and losses increased by 71.01%, amounting to ¥65,232,165.08 compared to ¥38,144,642.31 in the previous year[5] - The basic earnings per share rose to ¥0.60, a 17.65% increase from ¥0.51 in the same period last year[5] - Net profit for the current period was ¥72,966,384.92, representing a 39.2% increase from ¥52,457,241.26 in the previous period[26] - Basic earnings per share increased to ¥0.60 from ¥0.51, while diluted earnings per share rose to ¥0.54 from ¥0.42[27] - The company reported a total comprehensive income of ¥76,384,750.60, compared to ¥52,457,241.26 in the previous period, reflecting a significant increase[27] Cash Flow - The company reported a net cash flow from operating activities of -¥47,843,852.30, an improvement of 76.12% from -¥200,388,702.57 year-on-year[5] - Cash inflow from operating activities totaled ¥781,513,913.48, down 29.5% from ¥1,108,618,636.72 in the previous period[28] - The net cash flow from operating activities was -47,843,852.30, compared to -200,388,702.57 in the previous period, indicating an improvement[29] - The company reported a total cash outflow from operating activities of 829,357,765.78, compared to 1,309,007,339.29 previously[29] - The cash received from investment recoveries was 1,194,358,396.65, significantly higher than 708,000,000.00 in the previous period[29] - The company incurred cash payments for investments totaling 1,177,503,000.00, compared to 499,000,000.00 previously[29] - The cash flow impact from exchange rate changes was 1,087,055.15, compared to 594,882.62 in the prior period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,319,845,495.26, a slight decrease of 0.93% from ¥11,425,589,229.33 at the end of the previous year[5] - Current assets amounted to CNY 6,312,397,253.84, down from CNY 6,570,873,420.69, indicating a decline of approximately 3.93%[22] - Cash and cash equivalents decreased to CNY 930,118,738.28 from CNY 1,025,516,234.53, reflecting a reduction of about 9.28%[21] - Accounts receivable increased to CNY 3,320,482,275.01 from CNY 3,034,039,445.43, representing a growth of approximately 9.46%[21] - Inventory rose to CNY 1,002,615,865.61 from CNY 990,163,679.48, showing an increase of about 1.45%[22] - Total liabilities decreased to ¥7,591,273,501.72 from ¥8,432,309,417.02, reflecting a reduction of approximately 10%[23] - Total equity attributable to shareholders increased to ¥3,728,466,649.54 from ¥2,993,279,812.31, marking a growth of 24.5%[23] Research and Development - Research and development expenses increased by 48.45% to ¥7,831.46 million, driven by the need to develop new market products[10] - Research and development expenses rose to ¥78,314,605.98, up 48.6% from ¥52,755,564.45 in the previous period, indicating a focus on innovation[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,282[13] - The total number of shares repurchased as of March 31, 2025, was 2,648,525, accounting for 2.19% of the total share capital[15] Other Financial Metrics - The weighted average return on equity improved to 6.67%, up 4.67% from 2.00% in the previous year[5] - The company decided to exercise the early redemption right for "Zhenyu Convertible Bonds" based on current market conditions[19] - The company’s fixed assets increased to CNY 3,812,736,302.47 from CNY 3,787,278,264.09, reflecting a growth of about 0.67%[22]

行 业 及 产 业 机械设备/ 自动化设备 行 业 研 究 / 行 业 点 评 相关研究 - 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 朱傅哲 A0230524080008 zhufz@swsresearch.com 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 04 月 25 日 行星滚柱丝杠：人形机器人产业化 的关键 看好 ——机器人行业点评 投资观点： ⚫ 风险提示：技术发展存在不确定性；行业竞争加剧等。 表 1：机 ...

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-060 | | --- | --- | | 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 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。 欢迎广大投资者积极参与。 特此公告。 宁波震裕科技股份有限公司（以下简称"公司"）已于2025年4月22日在巨 潮资讯网（http://www.cninfo.com.cn/）上披露《2024年年度报告》及《2024年年 度报告摘要》。 宁波震裕科技股份有限公司董事会 为便于广大投资者进一步了解公司2024年年度经营情况，公司定于2025年4 月29日（星期二）下午15:00至16:00在"投关易"小程序举行2024年度网上业绩 说明会。本次网上业绩说明会将采用网络互动的方式举行，投资者可登陆"投关 易"小程序参与互动交流。为广泛听取投资者的意见和建议，提前向投资者征集 问题，投资者可登入"投关易"小程序进行会前提问，公司将在2024年度业绩说 明会上，对投资者普遍关注的问题进行回答。 投资者依据提示，授权登入"投关易"小程 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母净利 润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 单季度来看，公司2024Q4营业收入21.14亿元，同比增长21.26%，环比增长12.31%；归母净利润0.82亿 元，同比扭亏为盈，环比增长100.37%。公司24Q4毛利率为15.59%，环比增长4.32pcts，同比增长 6.38pcts，净利率为3.86%，环比增长1.70pcts，同比增长4.55pcts。 25Q1业绩同比持续提升 公司发布25Q1业绩预告，实现归母净利润0.69-0.75亿元，同 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母净利 润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 单季度来看，公司2024Q4营业收入21.14亿元，同比增长21.26%，环比增长12.31%；归母净利润0.82亿 元，同比扭亏为盈，环比增长100.37%。公司24Q4毛利率为15.59%，环比增长4.32pcts，同比增长 6.38pcts，净利率为3.86%，环比增长1.70pcts，同比增长4.55pcts。 25Q1业绩同比持续提升 自动化升级+降本增效，锂电结构件盈利改善 公司24年锂电池精密结构 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 您可点击今日推送内容的第3条查看 【震裕科技（300953.SZ）】锂电结构件盈利改善持续，人形机器人业务彰显能力——2024年年报点评 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 （殷中枢/陈无忌） 2025-04-23 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Insights - The company is focused on becoming a supplier of humanoid robot "limbs" and has reported a significant increase in net profit by 494% year-on-year for 2024 [1][9]. - The company achieved a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 18.4% [7][10]. - The projected net profit for Q1 2025 is estimated to be between 69 million to 75 million yuan, indicating a year-on-year growth of 32% to 43% [7][10]. - The company has established a wholly-owned subsidiary, Martin Robotics, to accelerate its entry into the humanoid robot components market [9]. 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 earnings per share (EPS) for 2024 is projected at 2.04 yuan, with estimates of 3.22 yuan for 2025 and 4.84 yuan for 2026 [10][14]. - The company’s revenue is expected to grow to 9.15 billion yuan in 2025, with a year-on-year growth rate of 28.4% [10][14]. - The gross profit margin for 2024 is reported at 13.9%, with projections of 13.4% for 2025 and 14.1% for 2026 [10][14].

2025.04. 23 作者 | 一财资讯 贵金属板块重挫，赤峰黄金跌停，四川黄金跌超9%，晓程科技、湖南黄金等大跌。 4月23日，三大股指收盘涨跌不一，沪指跌0.1%，深成指涨0.67%，创业板指涨1.07%。 | 板块名称 | 涨幅量 | 主力金额 | 板块名称 | 涨幅4 | 主力金额 | | --- | --- | --- | --- | --- | --- | | 人形机器人 | +4.58% | +62.847. | 贵金属 | -7.38% | -14.22 Z | | 电机 | +4.32% | +9.50 7. | 黄金概念 | -3.44% | -22.35 乙 | | 汽车零部件 | +3.92% | +43.53 7. | 食品加工制造 | -3.13% | -7.08亿 | | 汽车热管理 | +3.67% | +22.92 7 | 无米 | -2.88% | -8.93 乙 | | 飞行汽车[eVTOL] | +3.54% | +17.51 7. | 别 | -2.86% | -1.62 7. | | 一体化压铸 | +3.48% | +9.08 7. | 粮食概念 | -2.82 ...

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].