证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2025-006 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （电话会议） 广东正圆：亓辰；中邮创业基金：滕飞；国投证券：何冠男； | | | 宝盈基金：陆嘉敏；民生证券：陈飞宇；长江证券：包世骄； 民生汽车：白如；西部证券：翟伟；融通基金：李进；金库骐 | | | 楷：王萍；盈峰资本：张贻军；金科控股：荣富志；创富兆业： | | | 崔华钦；橡果资产：魏鑫；汐泰投资：胡昊泽；德邦证券：韩 | | | 伟琪；交银施罗德基金：余李平；银河基金：王少南；景和资 | | 参与单位名称及人 | 产：俞谷声；磐厚投资：刘玮奇；加银基金：郑爱刚；光大证 | | 员姓名 | 券：陈峰；摩根士丹利基金：胡景颢；华西证券：马行川；乘 | | | 是资产：李泰；兴银基金：高鹏；长城财富保险：胡纪元；兆 | | | 石投资：郝彪；永赢基金：黎一鸣；青骊投资：袁翔；Liu Mia ...

感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 顺便播放完毕后 主持人可开始发言 本次会议紧面向国胜证券的专业投资机构客户或受邀客户会议中嘉宾的发言内容仅代表其个人观点国胜证券研究人员的发言内容仅代表当日的判断具体请参见完整版的研究报告未经国胜证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形等我们将保留追究相关方法律责任的权利 各位投资者早上好我是国善政策汽车研究员江颖然后今天早上是我们邀请了恒帅股份董秘廖总来为我们解读公司昨天晚上刚刚发布的24年的一个业绩首先就是请廖总简单做一下业绩介绍然后我们就开始这个提问环节廖总现在可以开始吗你可以没问题好 感谢各位不容参加我们业绩交流的一个会议我把公司24年的一个基本情况先给大家做一个简单的介绍24年我们营收是达到9.62个亿同比有一些增长到4.2%然后规模经理论也差不多是同比增长是达到2.14个亿 增长到5.7% 5.8%左右然后扣费净利润也是差不多达到了2.02亿同比增长5.63%利润的增幅的水平基本跟收入保持一个同足的一个状态然后公司整体的盈利水平就是销售净利率基本也是一个比较平稳的一个状态还是在20%左右的水平 2 ...

证券研究报告·公司点评报告·汽车零部件 恒帅股份（300969） 2024 年年报点评：2024Q4 业绩短期承压，微电机 龙头成长可期 2025 年 04 月 04 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 923.37 | 962.29 | 1,139.54 | 1,381.89 | 1,684.22 | | 同比（%） | 24.99 | 4.21 | 18.42 | 21.27 | 21.88 | | 归母净利润（百万元） | 202.10 | 213.71 | 251.02 | 303.29 | 365.95 | | 同比（%） | 38.87 | 5.75 | 17.46 | 20.82 | 20.66 | | EPS-最新摊薄（元/股） | 2.53 | 2.67 | 3.14 | 3.79 | 4.57 | | P/E（现价&最新摊薄） | 32.61 | 30.84 | 26.26 | ...

2024年年度报告摘要显示，公司主要从事车用电机技术、流体技术相关产品的研发、生产与销售，致力 于成为全球领先的汽车电机技术解决方案供应商。2024年，公司主营业务收入为95,051.02万元，较上年 的91,121.85万元上升4.31%，归属于上市公司股东的净利润为21,370.85万元，较上年的20,209.78万元上 升5.75%，收入和盈利均有所增长。 近日恒帅股份披露，截至2025年3月31日公司股东户数为7975.0户，较3月20日增加30.0户，增幅为 0.38%。户均持股数量由上期的1.01万股减少至1.0万股，户均持股市值为85.73万元。 业绩披露要点 恒帅股份2024年年报显示，公司主营收入9.62亿元，同比上升4.21%；归母净利润2.14亿元，同比上升 5.75%；扣非净利润2.02亿元，同比上升5.63%；其中2024年第四季度，公司单季度主营收入2.58亿元， 同比下降1.08%；单季度归母净利润5018.62万元，同比下降3.53%；单季度扣非净利润4727.04万元，同 比下降6.07%；负债率18.57%，投资收益501.06万元，财务费用-1558.37万元，毛利率34 ...

恒帅股份 202050403 摘要 Q&A 恒帅股份 2024 年的业绩表现如何？ 2024 年恒帅股份的营收达到 69.62 亿元，同比增长 4.2%。归母净利润为 2.14 亿元，同比增长 5.75%。扣非净利润为 2.02 亿元，同比增长 5.63%。整体盈利 水平保持平稳，销售净利率约为 20%左右，与前两年基本持平。毛利率有所下 滑，从去年的 36.25%下降到今年的 34.79%，主要原因包括会计政策变更和产品 毛利率下降。 • 恒帅股份 2024 年销售净利率保持在 20%左右，与前两年持平，但毛利率从 36.25%下降至 34.79%，主要受会计政策变更、子基地投产及清洗系统产品 价格竞争影响，其中财务统计规则变动对整体毛利率影响约 1 个百分点。 • 公司收入结构中，清洗业务收入下降，电机业务稳健增长，目前清洗、电 机及其他零部件收入占比分别约为 45%、45%和 10%。内销占比约 60%，外 销占比约 40%，比例相对稳定。 • 清洗业务方面，公司将依赖华为、小米等新客户的开拓，主动清洗领域已 获量产订单，产能规划逐步扩展至每年 25 万台。国内整车企业对主动清洗 硬件态度转变较快，今年 ...

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

Core Insights - The company reported a revenue of 960 million yuan for 2024, representing a year-on-year increase of 4%, and a net profit attributable to shareholders of 210 million yuan, up 6% year-on-year [1] - The company achieved a revenue of 260 million yuan in Q4 2024, down 1% year-on-year but up 7% quarter-on-quarter, with a net profit of 50 million yuan, down 4% year-on-year but up 5% quarter-on-quarter [1] - The global electric vehicle sales reached 17.53 million units in 2024, a 22% increase year-on-year, with China accounting for 12.27 million units, up 38% [1] Financial Performance - The company's gross profit margin for 2024 was 34.8%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 22.2%, an increase of 0.3 percentage points year-on-year [2] - In Q4 2024, the gross profit margin was 32.5%, down 4.2 percentage points year-on-year and 1.4 percentage points quarter-on-quarter, with a net profit margin of 19.4%, down 0.5 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2] - The company’s expense ratio for 2024 was 9.7%, a decrease of 1.3 percentage points year-on-year, with reductions in sales, management, and financial expenses [2] Product Development and Market Opportunities - The company is expanding its product offerings in the "motor + actuator" segment, achieving a revenue of 430 million yuan from motor business in 2024, a 17% increase year-on-year, accounting for 45% of total revenue [1] - The ADAS intelligent cleaning system is seeing accelerated industrialization, with increased demand from commercial applications like L3+ level Robotaxi and autonomous delivery vehicles [3] - The company is leveraging its technological expertise to develop humanoid robots and related technologies, potentially opening new market opportunities [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 260 million yuan, 320 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 26, 22, and 17 times respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year growth of 4%, and a net profit attributable to the parent company of 210 million yuan, up 6% year-on-year [1] - The diversified customer structure has supported the company's performance growth, with the electric motor business generating 430 million yuan in revenue, a 17% increase year-on-year, accounting for 45% of total revenue [1] - The company is actively expanding into the robot industry, leveraging its technological expertise to develop new products such as frameless torque motors and hollow cup motors, which are expected to open new market opportunities [3] Financial Summary - In 2024, the company reported a gross margin of 34.8%, a decrease of 1.5 percentage points year-on-year, and a net profit margin of 22.2%, an increase of 0.3 percentage points year-on-year [2] - The company’s revenue is projected to grow to 1.732 billion yuan by 2027, with a compound annual growth rate of 25% from 2024 to 2027 [4] - The earnings per share (EPS) is expected to increase from 2.67 yuan in 2024 to 4.97 yuan in 2027 [4] Market Position and Growth Potential - The global sales of new energy vehicles reached 17.53 million units in 2024, a 22% increase year-on-year, with China accounting for 12.27 million units, up 38% year-on-year [1] - The company is positioned to benefit from the growing demand for ADAS intelligent cleaning systems, with products already being adapted for various clients including Waymo and Meituan [3] - The company is expected to see net profits of 260 million yuan, 320 million yuan, and 400 million yuan in 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 26, 22, and 17 times [3]

2025年4月3日，恒帅股份(300969.SZ)发布2024年年度报告。截至2025年4月02日，共有70个机构投资者 披露持有恒帅股份A股股份，合计持股量达4998.70万股，占恒帅股份总股本的62.48%。其中，前十大 机构投资者包括宁波恒帅投资管理有限公司、宁波玉米股权投资管理合伙企业(有限合伙)、中国建设银 行股份有限公司-中欧悦享生活混合型证券投资基金、中国建设银行股份有限公司-中欧新蓝筹灵活配置 混合型证券投资基金、中国银行股份有限公司-中欧优质企业混合型证券投资基金、招商银行股份有限 公司-中欧洞见一年持有期混合型证券投资基金、香港中央结算有限公司、中国农业银行股份有限公司- 嘉实领先成长混合型证券投资基金、鹏华新能源汽车混合A、国泰成长优选混合，前十大机构投资者合 计持股比例达60.59%。相较于上一季度，前十大机构持股比例合计下跌了1.30个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 小幅上涨。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即中欧优质企业混合A，持股增加占比达 0.51%。本期较上一季度持股减少的公募基金共 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 恒帅股份（300969.SZ） 业绩符合预期，前瞻布局机器人产业 事件：公司发布 2024 年报。2024 年，公司实现收入 9.6 亿元，同比+4%， 归母净利润 2.1 亿元，同比+6%。2024Q4，公司实现收入 2.6 亿元，同 比-1%，环比+7%，归母净利润 0.5 亿元，同比-4%，环比+5%。 业绩符合预期，多元化客户结构助力业绩增长。2024 年全球新能源汽车 销量 1753 万辆，同比+22%，其中中国销量 1227 万辆，同比+38%。特 斯拉 2024 年全球销量 179 万辆，同比-1%。多元化客户结构助力公司业 绩增长，2024 年收入最终同比+4%。同时，公司已在隐形门把手和充电 小门领域实现"电机+执行器"的产品拓展，电机业务 2024 年实现收入 4.3 亿元，同比+17%，占收入比 45%，未来有望向集成度更高的系统产 品发展，并且在更多的应用场景上发掘"1+N"的产品开拓机会。 利息收入+汇兑收益，带动公司费用端下降。2024 年，公司销售毛利率 34.8%，同比-1.5pct，销 ...