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 ...

国金证券股份有限公司 关于宁波恒帅股份有限公司首次公开发行 股票并在创业板上市持续督导之保荐总结报告书 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为宁波恒帅 股份有限公司（以下简称"恒帅股份"、"公司"或"发行人"）首次公开发行股票并 在创业板上市的保荐机构，负责恒帅股份上市后的持续督导工作，持续督导期至 期限己满，根据《证券发行上市保荐业务管理办法》、 票上市规则》及《深圳证券交易所上市公司自律监管指引第 13 号—保荐业务》 等有关规定，保荐机构出具本保荐总结报告书。 一、保荐机构基本情况 三、保荐工作概述 （一）尽调推荐阶段 保荐机构遵守法律、法规及中国证监会、深圳证券交易所的有关规定，对发 行人进行尽职调查，组织编制申请文件并出具推荐文件。提交推荐文件后，积极 配合中国证监会、深圳证券交易所的审核，组织发行人及其他中介机构对中国证 监会、深圳证券交易所的反馈意见进行答复，并与中国证监会、深圳证券交易所 进行专业沟通。取得发行核准文件后，按照深圳证券交易所上市规则的要求向其 提交推荐首次公开发行股票发行上市所要求的相关文件。 （二）持续督导阶段 《深圳证券交易所创业板股 六、对证券服务 ...

宁波恒帅股份有限公司 舆情管理制度 第一章 总则 第一条 为加强宁波恒帅股份有限公司（以下简称"恒帅股份"或"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情 对公司股价、商业信誉及正常生产经营活动造成的影响，切实维护投资者合法 权益，根据《深圳证券交易所创业板股票上市规则》《上市公司监管指引第 10 号--市值管理》等法律法规、规范性文件和《宁波恒帅股份有限公司章程》的 规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括但不限于： （一）报刊、电视、网络等媒体及自媒体（以下合称"媒体"）对公司进行 的不实或负面报道； （二）社会上存在的已经或预计会给公司造成不良影响的传言或信息； （三）可能或者已经影响公众投资者投资价值取向，造成股价异常波动的 信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 公司舆情分类 （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活 动，使公司已经或可能遭受重大损失，已经或可能造成公司股票及其衍生品交 易价格较大波动的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆 ...

Core Viewpoint - The independent director of Ningbo Hengshuai Co., Ltd. has reported on the performance of duties in 2024, emphasizing adherence to legal regulations and the importance of protecting the interests of all shareholders, particularly minority shareholders [1][2]. Group 1: Independent Director's Basic Information - The independent director is a male born in January 1976, holding a master's degree in law, with extensive experience in auditing and legal practice [1]. - The director has served in various capacities, including auditor, lawyer, and partner in law firms, demonstrating a strong professional background [1]. Group 2: Annual Performance Overview - The independent director confirmed compliance with independence requirements as per relevant laws and regulations, ensuring no conflicts of interest [2]. - The director attended all board meetings and shareholder meetings, demonstrating a commitment to reviewing and approving proposals without objections [2][3]. Group 3: Committee Participation - As the chairman of the Remuneration and Assessment Committee, the director linked the remuneration of directors and senior management to company performance and individual contributions [3][4]. - The director also chaired the Nomination Committee, overseeing the selection criteria and processes for directors and senior management [4]. - Participation in the Audit Committee involved reviewing periodic reports and internal audits, ensuring effective internal controls and oversight of audit opinions [4][5]. - The director contributed to the Strategic Committee by providing insights on daily operations and long-term strategic decisions [5]. Group 4: Communication with Internal Audit and Accounting Firms - The director maintained communication with the internal audit department and accounting firms, reviewing audit plans and reports to enhance risk management and internal control systems [5][6]. Group 5: Protection of Shareholder Rights - The director actively engaged in reviewing management reports and decision-making materials, ensuring independent and objective conclusions to protect shareholder interests [6]. Group 6: On-site Work and Company Cooperation - The director dedicated 15 days to on-site work, engaging with various departments to understand operational and financial conditions, providing constructive feedback that was adopted by the company [6][7]. Group 7: Future Commitments - The director plans to continue providing constructive opinions and independent assessments in 2025, aiming to enhance decision-making processes and uphold shareholder rights [7].

宁波恒帅股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日召开公司第 二届董事会第二十一次会议、第二届监事会第十九次会议审议通过了《关于 2024 年度利润分配预案的议案》，本议案尚需提交公司 2024 年年度股东大会审议。 独立董事认为公司董事会拟定的 2024 年度利润分配预案综合考虑了股东回 报、公司经营发展等因素，符合《关于进一步落实上市公司现金分红有关事项的 通知》和《上市公司监管指引第 3 号—上市公司现金分红》等相关规定的要求， 不存在违反法律法规、《公司章程》的情形，亦不存在损害公司股东尤其是中小 股东利益的情形。 董事会认为公司 2024 年度利润分配预案符合公司的利润分配政策、利润分 配计划、股东长期回报规划以及做出的相关承诺，具有合法性、合规性、合理性， 符合公司未来经营发展的需要，有利于公司持续稳定发展。同意将该议案提交公 司股东大会审议。 监事会认为公司 2024 年度利润分配方案履行了必要的审议程序，符合相关 规定和《公司章程》的要求，符合公司实际情况，维护了公司和股东利益，有利 于公司的持续稳定健康发展。因此，监事会同意公司 2024 年度利润分配预案， 并同意将该 ...