关于开展 2025 年度商品期货期权套期保值业务的可行性分 析报告 一、开展商品期货期权套期保值业务的基本情况 ·宁波震裕科技股份有限公司 1、投资目的和必要性 公司及全资子公司产品的主要原材料为铝、铜、硅钢，根据公司生产经营情 况，为避免原材料价格变动带来的影响，公司及全资子公司拟开展商品期货期权 套期保值业务，通过套期保值的避险机制减少因原材料价格波动造成的产品成本 波动，保证公司利润的相对稳定。公司及全资子公司开展套期保值业务以正常生 产经营为目的，而非以盈利为目的进行的投机或套利交易，不会影响公司主营业 务的发展，公司资金使用安排合理。 2、交易品种及场所 公司套期保值的品种仅限于与公司及全资子公司生产经营有关的铝、铜、硅 钢等原材料相关的期货、期权等衍生品品种；交易场所为场内或场外。场内为期 货交易所；场外交易对手仅限于经营稳健、资信良好，具有金融衍生品交易业务 经营资格的金融机构。 3、投资额度 公司商品期货期权套期保值业务开展中占用的可循环使用的保证金/权利金 最高额度不超过 30,000 万元人民币（含本数），有效期自 2025 年度第一次临时 股东大会审议通过之日起 12 个月，在上述额度和 ...

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-013 | | --- | --- | | 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 关于开展 2025 年度商品期货期权套期保值业务的公告 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： 1、交易目的：为避免原材料价格大幅波动带来的不利影响，宁波震裕科技 股份有限公司（以下简称"公司"）及全资子公司拟开展 2025 年度商品期货期权 套期保值业务，通过套期保值的避险机制减少因原材料价格波动造成的产品成本 波动，保证公司利润的相对稳定。 2、交易金额：商品套期保值业务开展中占用的可循环使用的保证金/权利金 最高额度不超过（即授权有效期内任一时点都不超过）30,000 万元人民币（含本 数）； 3、交易品种及场所：商品套期保值的品种仅限于与公司及全资子公司生产 经营有关的铝、铜、硅钢等原材料相关的期货、期权等衍生品品种；交易场所为 场内或场外。场内为期货交易所；场外交易对手仅限于经营稳健、资信良好，具 有金融衍生品交易业务经营资格的金融机构 ...

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-014 | | --- | --- | --- | | 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（以下简称"公司"）于 2025 年 2 月 20 日召开 第五届董事会第三次会议，审议通过了《关于召开 2025 年度第一次临时股东大 会的议案》，公司定于 2025 年 3 月 10 日在公司会议室召开 2025 年度第一次临 时股东大会，现将股东大会的相关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年度第一次临时股东大会 宁波震裕科技股份有限公司 关于召开 2025 年度第一次临时股东大会的通知 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。 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次会议的召集、召开程序符合有关法律、 法规、规范性文件、深圳证券交易所相关规则和《公司章程》等有关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 3 月 10 日（星期一）14:30 截至于股权 ...

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。 | 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-010 | | --- | --- | --- | | 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 第五届监事会第二次会议决议公告 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 公司及子公司使用闲置自有资金购买理财产品的公告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 1、第五届监事会第二次会议决议。 特此公告。 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"）第五届监事会第二次会议 于 2025 年 2 月 20 日在公司会议室以现场及通讯的方式召开。会议通知于 2025 年 2 月 14 日通过电子邮件、电话等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 ...

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-009 | | --- | --- | | 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 第五届董事会第三次会议决议公告 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。 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"）第五届董事会第三次会议 于 2025 年 2 月 20 日以现场及通讯的方式在公司会议室召开，会议通知于 2025 年 2 月 14 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《关于对全资子公司增资的议案》 为进一步优化公司全资子公司宁波震裕销售有限公司（以下简称"震裕销售"） 的资本结构，降低其资产负债率，保障震裕销 ...

证券时报网讯，震裕科技(300953)2月20日晚间公告，公司及子公司拟使用最高额度不超过20亿元的闲 置自有资金购买安全性高、流动性好的低风险理财产品。 上述额度内的资金可循环进行投资，滚动使用。 震裕科技同日公告，拟使用自有资金对全资子公司震裕销售增资3亿元。 ...

Company Overview - Ningbo Zhenyu Technology Co., Ltd. specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision structural components [1] - The company has a comprehensive manufacturing system and focuses on precision structural components used in various industries, including home appliances, new energy lithium batteries, and automotive [1] Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 5.015 billion, representing a year-on-year growth of approximately 17.3% [2] - The net profit attributable to shareholders reached CNY 172 million, a year-on-year increase of about 214% [2] - The expected net profit for 2024 is projected to be between CNY 220 million and CNY 280 million, with a non-recurring net profit forecasted between CNY 200 million and CNY 250 million [2] Emerging Industry Development - The company established a subsidiary in October 2024 to focus on the design and manufacturing of precision components for humanoid robots, leveraging its advanced technology in ultra-precision mechanical parts [1] - The growth of emerging industries typically involves long development cycles, with initial revenue contributions being relatively small and requiring significant investment in R&D and team building [1][3] - The humanoid robot sector is still in its infancy, and the company anticipates that its contributions to overall performance will be minimal in the short term [3][5] Production Capacity and Technological Advancements - A semi-automatic production line for planetary roller screws has been established, with a daily capacity of 50 sets [4] - The company plans to build a fully automated production line to enhance consistency and stability in large-scale production [4] - The company has developed a complete set of standard screws for humanoid robots, with peak thrust ranging from 100N to 12,000N, and has successfully completed mass production verification [5] Product Development and Market Position - The company’s motor core business benefits from its leading mold technology, which is crucial for the production of high-quality motor cores [6] - The lithium battery structural components have turned profitable in 2024 due to automation upgrades and improved management practices [7][8] - The company aims to continuously optimize its supply chain and product structure to enhance profitability in the structural components segment [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a precision component supplier with strong growth in performance, achieving a revenue of 5.01 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.3%, and a net profit of 170 million yuan, up 214.4% year-on-year [4][23][26]. - The company is expanding into the humanoid robot industry, leveraging its precision manufacturing capabilities, particularly in planetary roller screws, which are critical components in humanoid robots [5][38]. - The company has established long-term partnerships with leading automotive and battery manufacturers, enhancing its market position and growth potential [12][20]. Summary by Sections 1. Company Overview and Performance - The company is a precision mold solution provider, with a business model that includes precision molds, motor cores, and lithium battery precision structural components, forming a "one body, two wings" strategy [12]. - In 2024, the company launched an equity incentive plan with performance targets indicating confidence in future growth, aiming for a median net profit of 288 million yuan in 2024 [4][35]. 2. Humanoid Robot Industry Expansion - The company is focusing on the humanoid robot supply chain, particularly in planetary roller screws, which account for about 20% of the BOM cost of humanoid robots [5][38]. - The market for screws is expected to expand significantly as humanoid robots reach mass production, with projections indicating a market size of 25.2 billion yuan when 1 million units are produced [39][40]. 3. Financial Projections and Valuation - The company forecasts net profits of 250 million yuan, 400 million yuan, and 520 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 61.6, 38.7, and 29.7 [4][7]. - The revenue from lithium battery precision structural components is projected to continue increasing, contributing significantly to overall revenue growth [25][30]. 4. Competitive Landscape - The company faces competition from established foreign firms in the planetary roller screw market, but domestic companies are positioned to reshape the global industry landscape due to their manufacturing capabilities [52][55]. - The report highlights the potential for domestic firms to quickly adapt and innovate in the humanoid robot sector, leveraging their existing technological foundations [55].

Investment Rating - The report gives a "Buy" rating for the company, Zhenyu Technology, with a target price of 137.62 CNY [5]. Core Insights - Zhenyu Technology has a strong technical foundation and robust business growth, focusing on precision progressive stamping molds and downstream precision components, particularly in the fields of home appliances and automotive parts [1][12]. - The company has shown significant revenue growth, with a 30.64% year-on-year increase in revenue to 3.13 billion CNY in the first half of 2024, and a remarkable 276.35% increase in net profit to 130 million CNY [2][17]. - The company is expanding into the robotics market, leveraging its expertise in precision components to meet the needs of humanoid robots [3][4]. Summary by Sections Company Overview - Zhenyu Technology specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision components, with a strong manufacturing system and technical expertise [1][12]. - The company has established long-term relationships with high-quality clients such as Gree, Midea, BYD, and CATL, enhancing its market position [15][16]. Precision Progressive Stamping Mold Business - The precision progressive stamping mold business is experiencing steady growth, with a focus on high-quality, customized molds for various industries, including home appliances and automotive [23][25]. - The company has a mature production model that emphasizes customization and efficiency, allowing it to maintain a competitive edge in the market [25][32]. Lithium Battery Structural Components - Zhenyu Technology's lithium battery structural components business has seen significant growth, with revenue reaching 3.266 billion CNY in 2023, driven by strong demand in the new energy vehicle sector [35][39]. - The company has established partnerships with leading battery manufacturers, enhancing its market presence and revenue share [40][41]. Electric Motor Core Technology - The electric motor core business is a key area of growth, with the company leveraging its advanced stamping technology to produce high-quality components for various applications [46][48]. - Continuous innovation in production processes, such as the development of adhesive core technology, positions the company favorably in the high-end automotive market [50].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 145.14 CNY, based on a projected EPS of 2.22, 3.54, and 4.51 CNY for 2024-2026, respectively, and a reference PE of 41 times for 2025 [2][4][128]. Core Insights - The company is a leader in precision progressive stamping molds, leveraging its expertise to capture opportunities in the humanoid robot sector. The new management team is expected to revitalize growth, with a projected net profit of 220-280 million CNY in 2024, marking a significant year-on-year increase of 414.39%-554.68% [7][14]. - The company has successfully expanded its business model from mold manufacturing to downstream components, including motor cores and precision structural parts for lithium batteries, aligning with the growth of the new energy vehicle market [7][14]. - The company is investing in its subsidiary, Martin Robotics, to develop precision components for humanoid robots, with an investment of up to 120 million CNY planned [7][107]. Financial Summary - The company's revenue for 2022 was 5,752 million CNY, with a projected increase to 7,117 million CNY in 2024, reflecting a growth rate of 18.2% [3][126]. - The gross margin is expected to improve from 12.3% in 2022 to 15.1% by 2026, driven by cost control and increased automation [3][126]. - The net profit margin is projected to rise from 1.8% in 2022 to 4.9% in 2026, indicating improved profitability [3][126]. Business Segments - **Mold Business**: The core business, contributing significantly to revenue, is expected to maintain a high gross margin of over 50% due to customized production [30][126]. - **Motor Cores**: This segment is projected to see revenue growth driven by the increasing demand from the new energy vehicle sector, with a gross margin of around 16.6% [31][126]. - **Lithium Battery Components**: The fastest-growing segment, with expected revenue growth rates of 30.1% in 2024, benefiting from the rising demand for electric vehicles [31][126]. Industry Context - The precision mold industry is experiencing robust growth, driven by the increasing demand for high-precision components in various sectors, including automotive and electronics [39][46]. - The electric vehicle market is a key driver for the motor core and lithium battery components, with significant growth expected in the coming years as the industry shifts towards more efficient and sustainable technologies [58][64]. - The company is well-positioned to capitalize on these trends, leveraging its technological advantages and established customer relationships to enhance its market share [7][14].