国泰海通证券股份有限公司 关于深圳市铭利达精密技术股份有限公司 2025 半年度持续督导跟踪报告 | 保荐人名称:国泰海通证券股份有限公司 | 被保荐公司简称:铭利达 | | --- | --- | | 保荐代表人姓名:夏祺 | 联系电话:0755-23976369 | | 保荐代表人姓名: 冉洲舟 | 联系电话:0755-23976129 | 一、保荐工作概述 三、公司及股东承诺事项履行情况 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原因及 | | --- | --- | --- | | | | 解决措施 | | 1、首次公开发行时所作承诺 | 是 | 不适用 | | 2、向不特定对象发行可转换公司债 | 是 | 不适用 | | 券时所作承诺 | | | 2 | 项目 | 工作内容 | | --- | --- | | 票上市规则》第4.4.8 条规定的情形并及时 | | | 转换为普通股份; | | | (3)特别表决权比例是否持续符合《创业 | 不适用 | | 板股票上市规则》的规定; | | | (4) 持有特别表决权股份的股东是否存在 滥用特别表决权或者其他损害投资者合法 | 不适用 ...

Group 1: Financial Performance - The company's revenue showed significant growth in the first half of the year, indicating a positive trend towards profitability, with a notable recovery in inventory levels [2][3] - The overall revenue increased rapidly year-on-year, driven by the growth in the new energy vehicle and energy storage sectors, as well as the end of the inventory destocking cycle in the photovoltaic industry [3] - Despite the revenue growth, the company's gross margin has been declining, and operational cash flow has remained negative [2][3] Group 2: Business Operations - The company focuses on the R&D and production of precision structural components and molds, utilizing an integrated manufacturing system across multiple processes such as die-casting, injection molding, profile, and stamping [3][4] - The company has established a strong market position as a core supplier for major clients, with expectations for continued order growth as existing projects ramp up and new projects enter mass production [3][4] Group 3: Strategic Initiatives - The company is expanding its overseas production capabilities in Mexico and Hungary to meet the demands of leading clients in the new energy vehicle, photovoltaic, and energy storage sectors [5] - The company is actively developing its presence in the robotics sector, collaborating with leading domestic enterprises, although the overall business scale remains limited [6][7] Group 4: Market Trends and Future Outlook - The photovoltaic and energy storage business is expected to see significant growth in 2025 compared to 2024, driven by increased customer demand and market expansion efforts [6] - The company anticipates substantial market potential in the new energy vehicle and photovoltaic sectors, which are expected to continue growing in the long term [9] Group 5: R&D and Talent Management - The company has established experienced R&D teams across various product lines, including mold development and structural component R&D [10] - A three-year stock incentive plan was launched in 2024 to motivate existing R&D personnel, indicating a commitment to talent retention and development [10] Group 6: Shareholder Relations - The company has undertaken stock buybacks, completing a buyback of 100 million yuan in 2024 and 60 million yuan in 2025, to stabilize market confidence and protect shareholder interests [11]

Core Viewpoint - Minglida (301268.SZ) has shifted its strategic focus away from charging gun products and is currently concentrating on liquid cooling solutions for servers, laser light sources, and PC gaming sectors [1] Business Overview - The liquid cooling business has entered mass production, primarily serving the server, laser light source, and PC gaming markets [1] - Due to strategic adjustments, the charging gun product line is no longer being pursued [1] - The company has disclosed that its business specifics can be found in regular reports and announcements on the Giant Tide Information Network [1] Growth Drivers - Future business growth will be supported by both domestic and overseas production bases, which will be flexibly adjusted according to customer service demands [1] - Current production base construction and configuration are sufficient to meet short-term business growth needs [1] Energy Storage Business - The energy storage business has experienced significant year-on-year growth due to rapidly increasing overseas demand [1] - Demand for energy storage remains strong, with expectations of continued high-speed growth in the second half of this year and into next year [1]

Core Viewpoint - Minglida (301268.SZ) indicates that its liquid cooling products can generally match standardized brand servers, with personalized needs requiring separate customization and development [1] Group 1: Product Development and Customization - The company’s liquid cooling products are capable of meeting standard brand server requirements [1] - Customization and development are necessary for personalized needs [1] Group 2: Production Capacity and Market Demand - Production capacity planning is aligned with market demand, with the company gradually expanding facilities and increasing equipment capacity based on this demand [1] - Some bulk customer orders are scheduled for next year, while others are rolling based on customer needs [1]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has shown significant profit recovery in the second quarter, driven primarily by its electric vehicle (EV) business, leading to an overall improvement in the first half of the year [1] - The company's main business areas include electric vehicles, photovoltaic energy storage, and security, with a stable layout in these sectors [2] - The electric vehicle segment has rapidly grown and has become the largest business segment for the company [3] - The company has initiated strategic cooperation in robotics to accelerate industrialization, focusing on artificial intelligence and humanoid robots [4] - Revenue forecasts for 2025-2027 are projected at 3.5 billion, 4.3 billion, and 5.2 billion yuan respectively, with net profits expected to be 30 million, 150 million, and 360 million yuan [4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.526 billion yuan, a year-on-year increase of 37.95%, with a net profit loss of 31.74 million yuan, significantly narrowing compared to the previous year [1] - The second quarter revenue reached 871 million yuan, a year-on-year increase of 58.07%, and a quarter-on-quarter increase of 32.87%, with a net profit of 12.24 million yuan [1] - The gross margin and net margin for the second quarter improved to 11.74% and 1.41% respectively, indicating a significant enhancement in profitability [1] Business Segments - The company has a diversified manufacturing system that includes die-casting, injection molding, profile, and stamping, focusing on precision structural components and molds [2] - The electric vehicle business has seen a continuous increase in new customers and projects, contributing to its status as the largest segment of the company's revenue [3] - The photovoltaic business is recovering as downstream inventory levels normalize, while the energy storage segment is experiencing significant growth due to overseas demand expansion [2] Strategic Initiatives - The company has signed a strategic cooperation agreement with the Zhongguancun Robot Industry Innovation Center to develop capabilities across the entire value chain from technology research and development to precision manufacturing [4] - Investments in overseas production bases in Mexico and Hungary are aimed at supporting the growth of the robotics business [4]

Group 1 - The company reported a net profit of 0.12 million yuan in Q2 2025, marking a turnaround from losses in previous quarters [1] - For the first half of 2025, the company achieved revenue of 1.53 billion yuan, a year-on-year increase of 37.95%, while the net profit attributable to shareholders was a loss of 32 million yuan, but improved by 67.31% year-on-year [1] - The company maintains its profit forecast for 2025-2027, expecting net profits of 185 million, 390 million, and 673 million yuan respectively, with corresponding EPS of 0.46, 0.97, and 1.68 yuan per share [1] Group 2 - The company has seen significant revenue growth in the energy storage sector due to increasing demand in overseas markets and the expansion of new customers [2] - The application areas of the company's products include photovoltaic, energy storage, new energy vehicles, and security, with new energy vehicles becoming the largest revenue segment [2] - The company offers a wide range of customized precision structural components, providing one-stop procurement services that enhance customer loyalty and product value [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company has shown a turnaround in Q2, achieving a net profit of 0.12 million yuan, indicating a potential operational inflection point [5][6] - The company expects significant revenue growth driven by the recovery in the photovoltaic industry and the expansion of new customers in the electric vehicle and energy storage sectors [6][7] Financial Summary - In the first half of 2025, the company achieved a revenue of 1.53 billion yuan, a year-on-year increase of 37.95% [5] - The net profit attributable to the parent company for the first half of 2025 was a loss of 32 million yuan, but this represents a year-on-year improvement of 67.31% [5] - The company forecasts net profits of 185 million yuan, 390 million yuan, and 673 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.46, 0.97, and 1.68 yuan per share [5][8] Market Demand and Growth - The company’s product applications span photovoltaic, energy storage, new energy vehicles, and security sectors, with the electric vehicle segment becoming the largest revenue contributor [6] - The energy storage sector has seen substantial growth due to increasing demand in overseas markets and the acquisition of key new customers [6] Product Offering and Services - The company offers a wide range of customized precision structural components, providing a "one-stop" procurement service that enhances customer loyalty and product value [7] - Advanced production equipment allows the company to offer comprehensive services including mold design, structural research and development, sample development, and precision machining [7]

Group 1 - The core viewpoint of the news highlights the significant trading activity and financial performance of Minglida, with a notable increase in stock price and trading volume on August 28 [1][2] - On August 28, Minglida's stock price rose by 7.65%, with a trading volume of 380 million yuan, indicating strong market interest [1] - The financing data shows that on the same day, Minglida had a net financing purchase of 1.86 million yuan, with a total financing balance of 98.67 million yuan, which is at a high level compared to the past year [1] Group 2 - As of August 10, the number of shareholders of Minglida increased to 12,400, reflecting a growth of 6.96%, while the average circulating shares per person decreased by 6.51% [2] - For the first half of 2025, Minglida reported a revenue of 1.526 billion yuan, representing a year-on-year growth of 37.95%, while the net profit attributable to the parent company was -31.73 million yuan, showing a year-on-year increase of 67.31% [2] - Since its A-share listing, Minglida has distributed a total of 240 million yuan in dividends [2]

Core Viewpoint - Minglida (301268) reported a significant increase in revenue and a reduction in losses for the first half of 2025, indicating improved financial performance despite ongoing challenges in profitability [1]. Financial Performance - Total revenue reached 1.526 billion yuan, a year-on-year increase of 37.95% [1]. - The net profit attributable to shareholders was -31.7354 million yuan, showing a year-on-year improvement of 67.31% [1]. - In Q2 2025, total revenue was 871 million yuan, up 58.07% year-on-year, with a net profit of 12.2355 million yuan, an increase of 115.73% year-on-year [1]. Profitability Metrics - Gross margin was 10.45%, down 6.07% year-on-year [1]. - Net margin improved to -2.08%, a year-on-year increase of 76.31% [1]. - Total selling, administrative, and financial expenses amounted to 143 million yuan, accounting for 9.36% of revenue, a decrease of 37.13% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents decreased by 31.21% to 480 million yuan [1]. - Accounts receivable increased by 50.81% to 852 million yuan [1]. - Interest-bearing debt rose by 62.88% to 3.011 billion yuan [1]. Shareholder Metrics - Net asset value per share was 4.25 yuan, down 24.01% year-on-year [1]. - Earnings per share improved to -0.07 yuan, a year-on-year increase of 69.17% [1]. - Operating cash flow per share was -0.47 yuan, an increase of 25.43% year-on-year [1]. Historical Context - The company's historical median ROIC since listing is 14.95%, with the worst year being 2024 at -8.74% [3]. - The company has reported one loss year since its listing, indicating potential underlying issues that require further investigation [3]. Cash Flow and Debt Concerns - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 43.52% [4]. - The interest-bearing debt ratio has reached 47.32%, and the average operating cash flow over the past three years has been negative [4]. - Analysts suggest monitoring the company's accounts receivable due to negative net profit in annual reports [4].

Core Points - The company has not changed its controlling shareholder or actual controller during the reporting period [3] - The company plans to repurchase shares using its own funds and a special loan for stock repurchase, with a total amount not less than RMB 60 million and not exceeding RMB 120 million [4] - The share repurchase will occur within three months from the approval date, with a maximum price of RMB 27.10 per share [4] Financial Data - The company reported a total share repurchase of 3,224,843 shares, accounting for 0.8054% of the total share capital, with a total transaction amount of approximately RMB 60 million [4] - The highest transaction price during the repurchase was RMB 22.00 per share, and the lowest was RMB 16.70 per share [4] Shareholder Information - The company does not have any preferred shareholders during the reporting period [3] - There are no changes in the number of shareholders or their holdings [2]