卡位优势好，机器人新业务持续推进。 公司将精冲工艺创新性地复用至机器人零部件材料生产，生产效率、成本优势显著。根据公司官方微信 公众号，3 月15 日，翔楼新材机器人材料研究院成立，系公司战略布局的重要一步，研究院主要聚焦机 器人谐波减速器柔轮材料及行星减速器关键材料研发，引入智能化产线，优化热处理、表面改性等工艺 环节，助力国产机器人向高精度、长寿命方向迈进。根据公司公开投资者交流纪要，公司专注于研发行 星减速器的太阳轮、行星轮、内齿圈等材料，以及谐波减速器的柔轮材料及各式齿轮等，目前部分材料 已完成开模，部分已进入测试阶段，我们看好公司作为减速器材料的创新先锋，有望助力人形机器人量 产降本。 分红+回购，彰显长期投资价值。 分红：4 月，公司公告，拟每10 股派息10 元（含税），合计现金分红总额0.77 亿元，占2024 年净利润 的37.37%；拟每 10 股转增4.5 股，转增34.80 百万股。公司积极分红，注重股东回报。 事件： 翔楼新材发布2024 年年报，2024 年公司实现收入14.85 亿元，同比+9.74%；实现归母净利润2.07 亿 元，同比+3.10%。 单Q4 实现营收4.11 ...

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, and Nanjing Steel, among others [3][4]. Core Insights - The ongoing escalation of "reciprocal tariffs" has led to a divergence in demand for construction materials and steel plates, with a notable impact on export demand for plates [3][4]. - Domestic steel prices have decreased, with significant drops in various categories, including rebar and cold-rolled steel [8][9]. - The overall steel production has seen a slight decline, with total output for major steel varieties at 8.71 million tons, a decrease of 1.46 million tons week-on-week [2][3]. Price Trends - As of April 11, 2025, the price of 20mm HRB400 rebar in Shanghai is 3,170 CNY/ton, down 50 CNY/ton from the previous week [8][9]. - The prices for hot-rolled and cold-rolled steel have also seen declines, with hot-rolled at 3,330 CNY/ton (down 40 CNY) and cold-rolled at 3,910 CNY/ton (down 100 CNY) [8][9]. Production and Inventory - The production of rebar increased by 3.72 million tons to 2.32 million tons this week, while total inventory decreased by 388,300 tons to 11.76 million tons [2][3]. - The social inventory of rebar decreased by 278,500 tons, while factory inventory increased by 72,500 tons [2][3]. Investment Recommendations - The report suggests focusing on the following companies: 1. Baosteel, Hualing Steel, Nanjing Steel in the general steel sector 2. CITIC Special Steel, Yongjin Co., and Xianglou New Materials in the special steel sector 3. Jiuli Special Materials, Wujin Stainless Steel, and Youfa Group in the pipe materials sector [3][4]. - It also recommends paying attention to high-temperature alloy stocks, specifically Fushun Special Steel [3]. Profitability Analysis - The report indicates a decrease in long-process steel profits, with rebar, hot-rolled, and cold-rolled margins down by 19 CNY/ton, 41 CNY/ton, and 38 CNY/ton respectively [1][3]. - Short-process electric furnace steel profits have seen a slight increase [1][3]. International Market Overview - The U.S. steel market prices have remained stable, with hot-rolled coil prices at 1,040 USD/ton and cold-rolled at 1,270 USD/ton [21][23]. - European steel prices have increased, with hot-rolled prices at 715 USD/ton, up 25 USD from the previous week [21][23]. Raw Material Market - Domestic iron ore prices have shown a mixed trend, with some prices declining, such as Brazilian powder at 850 CNY/ton, down 35 CNY [26][27]. - Scrap steel prices have also decreased, with a current price of 2,030 CNY/ton, down 60 CNY from last week [26][27].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 100.80 CNY for the next six months [6]. Core Views - The company achieved a revenue of 1.485 billion CNY in 2024, representing a year-on-year growth of 9.74%, and a net profit of 207 million CNY, up 3.10% year-on-year [1]. - The gross margin remained stable at 25.75%, while the net margin slightly decreased to 13.93% [2]. - The company is expected to benefit from new production capacity, with a new factory in Anhui set to be completed in April 2025, which will add 40,000 tons of capacity in its first year [3]. - The company is advancing its new robotics business, focusing on innovative materials for robotic components, which is expected to enhance production efficiency and reduce costs [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 411 million CNY, a year-on-year increase of 1.08%, and a net profit of 68 million CNY, up 7.57% [1]. - The company’s operating expenses increased, with a total expense ratio of 10.17%, driven by higher sales and management costs due to stock incentive plans and increased R&D investments [2]. Production Capacity and Growth - The company’s production capacity reached 180,000 tons in 2024, placing it among the top tier in the domestic industry [3]. - The new factory will focus on high-end manufacturing areas, which is expected to optimize the product structure and improve overall gross margins [3]. Robotics Business Development - The establishment of the robotics materials research institute marks a strategic move for the company, focusing on key materials for harmonic and planetary gear reducers [4]. - The company aims to become a leader in innovative materials for robotic applications, which could significantly lower production costs for humanoid robots [4]. Future Projections - Revenue projections for 2025-2027 are 1.826 billion CNY, 2.158 billion CNY, and 2.491 billion CNY, with corresponding net profits of 227 million CNY, 295 million CNY, and 358 million CNY [11]. - The company is expected to maintain solid performance in its core business while the robotics segment opens new growth avenues [11].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6][12]. Core Insights - The company achieved a revenue of 1.485 billion yuan in 2024, representing a year-on-year growth of 9.74%. The net profit attributable to shareholders was 207 million yuan, up 3.10% year-on-year, while the non-recurring net profit was 203 million yuan, reflecting a growth of 12.26% [1]. - The company is actively expanding its production capacity and exploring new fields, with a focus on high-end manufacturing sectors such as bearings and robotics [3][4]. - The company has established stable partnerships with several well-known automotive parts suppliers, facilitating domestic substitution of imported components [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 411 million yuan, a year-on-year increase of 1.08% and a quarter-on-quarter growth of 11.92%. The net profit for the same period was 68 million yuan, up 7.57% year-on-year and 51.10% quarter-on-quarter [1]. - The gross margin for 2024 was 25.75%, a slight increase of 0.39 percentage points year-on-year, with Q4 gross margin reaching 27.35%, up 1.66 percentage points year-on-year and 2.18 percentage points quarter-on-quarter [2]. Production and R&D - The company sold 181,500 tons of precision stamping materials in 2024, marking an 11.74% increase year-on-year, while maintaining high capacity utilization [2]. - R&D expenses for 2024 were 61 million yuan, a 20.21% increase year-on-year, with an R&D expense ratio of 4.12%, up 0.36 percentage points [2]. Future Outlook - The company plans to expand its production capacity to 180,000 tons by 2025, with a new plant in Anhui expected to add 40,000 tons of capacity [3]. - The establishment of a robotics materials research institute aims to innovate in key components for humanoid robots and other emerging applications [4]. - Profit forecasts for 2025-2027 project net profits of 243 million, 295 million, and 351 million yuan, respectively, with corresponding PE ratios of 29, 24, and 20 [5][10].

➢ 事件：公司发布 2024 年年报。2024 年，公司实现营收 14.85 亿元，同比 增长 9.74%；归母净利润 2.07 亿元，同比增长 3.10%；扣非归母净利 2.03 亿 元，同比增长 12.26%。2024Q4，公司实现营收 4.11 亿元，同比增加 1.08%、 环比增长 11.92%；归母净利润 0.68 亿元，同比增加 7.57%、环比增长 51.10%； 扣非归母净利 0.67 亿元，同比增加 16.28%、环比增长 51.59%。 ➢ 点评：销量稳步提升，加大研发投入 ① 精冲销量提升：2024 年公司精冲材料销量 18.15 万吨，同比增长 11.74%， 保持着极高的产能利用率，并通过产品结构调整、技术优化等手段优化扩充产能。 ② 毛利率小幅增长：2024 年，公司进行了订单结构优化，部分大客户的订单 量增长较快，整体毛利率为 25.75%，同比增长 0.39pct；Q4 毛利率为 27.35%， 同比增长 1.66pct，环比增长 2.18pct。 ③ 加大研发投入：2024 年，公司研发费用 0.61 亿元，同比增长 20.21%，研 发费用率 4.12%，同比增加 0.36 ...

事件：公司发布2024 年年报。2024 年，公司实现营收14.85 亿元，同比增长9.74%；归母净利润2.07 亿 元，同比增长3.10%；扣非归母净利2.03 亿元，同比增长12.26%。2024Q4，公司实现营收4.11 亿元，同 比增加1.08%、环比增长11.92%；归母净利润0.68 亿元，同比增加7.57%、环比增长51.10%；扣非归母 净利0.67 亿元，同比增加16.28%、环比增长51.59%。 点评：销量稳步提升，加大研发投入 ① 精冲销量提升：2024 年公司精冲材料销量18.15 万吨，同比增长11.74%，保持着极高的产能利用 率，并通过产品结构调整、技术优化等手段优化扩充产能。 ② 毛利率小幅增长：2024 年，公司进行了订单结构优化，部分大客户的订单量增长较快，整体毛利率 为25.75%，同比增长0.39pct；Q4 毛利率为27.35%，同比增长1.66pct，环比增长2.18pct。 未来核心看点：积极扩张产能，新兴领域拓宽空间① 把握需求释放机遇，积极扩张产能。2024 年公司 产能为18 万吨，产能规模属于国内同行业第一梯队。安徽新厂项目预期2025 年4 月建成， ...

每经记者 胥帅 每经编辑 张海妮 客户要求保密，因此未公布人形机器人的相关收入数据 4月10日晚间，翔楼新材披露了2024年年报：去年公司营业收入达14.85亿元，同比增长9.74%；扣非净利润达2.03亿元，同比增长12.26%。4月11日，翔楼新 材受到投资者追捧，盘中股价一度大涨超10%。 翔楼新材之所以被投资者看重，是因为其属于人形机器人概念股。翔楼新材是国内精密冲压材料龙头企业，专注于定制化精密冲压新材料的研发、生产和销 售，其产品下游应用领域已从精密汽车零部件逐步扩展至轴承、人形机器人材料、传感器材料等领域。 然而在营收结构一栏里，翔楼新材并未提及人形机器人的具体收入。公司营收结构主要分三类：汽车零部件精冲材料实现营收12.47亿元，同比增长 10.05%；工业用精冲材料实现营收1.51亿元，同比增长13.76%；其他业务收入为0.73亿元，同比增长2.8%。 资本市场的机器人赛道很火，但"量"是否起来了？这是一个疑问。 最近一段时间，多家机器人热门股披露了2024年年报，包括三花智控（002050.SZ）、肇民科技（301000.SZ）、翔楼新材（301160.SZ）等。但上述3家上市 公司在2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][13] Core Views - The company achieved a revenue of 1.485 billion yuan in 2024, representing a year-on-year growth of 9.74%, and a net profit attributable to shareholders of 207 million yuan, with a year-on-year increase of 3.10% [3][6] - The company is positioned as a leader in precision stamping steel, with a production capacity of 180,000 tons in 2024, and plans to expand capacity with a new plant expected to be completed in April 2025 [5][6] - The company has established long-term stable partnerships with several well-known automotive parts suppliers, enhancing its market position [5] Financial Performance Summary - In 2024, the company sold 181,600 tons of precision stamping steel, a year-on-year increase of 13% [4] - The average selling price of precision stamping steel was 7,774.71 yuan per ton, with a gross profit margin of 25.75%, an increase of 0.39 percentage points year-on-year [4] - The company’s operating income is projected to grow to 2.648 billion yuan by 2027, with a corresponding net profit of 351 million yuan [2][6] Profit Forecast and Valuation - The forecasted net profit for 2025-2027 is 247 million yuan, 293 million yuan, and 351 million yuan respectively, with corresponding P/E ratios of 26, 22, and 18 [6] - The company is expected to maintain a stable gross profit per ton, with a focus on increasing sales volume [6]

证券代码：301160 证券简称：翔楼新材 公告编号：2025-013 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 公证天业会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为公证天业会计师事务所（特殊普通 合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 公司经本次董事会审议通过的利润分配预案为：以81,053,314为基数，向全体股东每10股派发现金红利 10元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增4.5股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）主要业务情况 公司是一家精密冲压新材料和解决方案供应商，专注于定制化精密冲压新材料的研 ...

4月10日翔楼新材（301160）发布2024年度分配预案，拟10转增4.5派10元(含税)，预计派现金额合计为 7732.44万元。派现额占净利润比例为37.37%，以该股2024年度成交均价计算，股息率为2.04%。这是公 司上市以来，累计第4次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计(亿元) | 股息率(%) | | --- | --- | --- | --- | | 2024.12.31 | 10转增4.5派10元(含税) | 0.77 | 2.04 | | 2023.12.31 | 10派10.1元(含税) | 0.78 | 2.67 | | 2022.12.31 | 10派3元(含税) | 0.22 | 0.67 | | 2022.06.30 | 10派10.5元(含税) | 0.78 | 2.37 | 证券时报数据宝统计显示，公司今日公布了2024年报，共实现营业收入14.85亿元，同比增长9.74%，实 现净利润2.07亿元，同比增长3.10%，基本每股收益为2.69元，加权平均净资产收益率为13.19%。 资金面上看，该股今日主力资金净流入2844.89 ...