Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is expected to achieve a revenue of 409 million yuan in 2024, representing a year-on-year growth of 16.01%, and a net profit of 80 million yuan, with a slight increase of 0.31% [1] - The company is focusing on expanding its magnesium alloy die-casting business, which has seen significant revenue growth, particularly in the automotive and aerospace sectors [2][3] - The company is accelerating its capacity expansion both domestically and internationally, responding to the growing demand in Southeast Asia [3] Financial Performance Summary - In 2024, the company reported a revenue of 409 million yuan, with a net profit of 80 million yuan, and a net profit margin of 19.66% [1] - For Q1 2025, the company achieved a revenue of 88 million yuan, a year-on-year increase of 7.28%, but a decline in net profit to 17 million yuan, down 4.08% [1] - The company’s revenue from magnesium alloy die-casting reached 283 million yuan in 2024, accounting for 69.49% of total revenue, with a year-on-year increase of 9.16 percentage points [2] Growth and Profitability Forecast - The company is projected to achieve net profits of 94 million yuan, 119 million yuan, and 152 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40.06, 31.62, and 24.78 [4] - The company’s EBITDA is expected to grow from 149 million yuan in 2024 to 241 million yuan in 2027, indicating a strong growth trajectory [4] Market Position and Strategy - The company is leveraging its first-mover advantage in the magnesium alloy die-casting market and is actively expanding its production capacity to meet increasing global demand [3] - The company has established partnerships with major automotive manufacturers, including BMW and Audi, to supply magnesium alloy components for electric and traditional vehicles [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is experiencing revenue growth, with a projected revenue of 409 million yuan in 2024, representing a year-on-year increase of 16.01%. The net profit attributable to the parent company is expected to be 80.33 million yuan, a slight increase of 0.31% [1] - The company is expanding its magnesium alloy production capacity both domestically and internationally, responding to the growing demand in various sectors such as aerospace, automotive, and consumer electronics [2][3] - The company is focusing on innovation in magnesium alloy precision casting technology, aiming to enhance its market position and expand its applications in lightweight automotive components [2][3] Financial Performance Summary - In 2024, the company's revenue from magnesium alloy die-casting parts reached 283 million yuan, accounting for 69.49% of total revenue, with a year-on-year increase of 9.16 percentage points. Revenue from aluminum alloy die-casting parts was 102 million yuan, representing 24.91% of total revenue, with a year-on-year decrease of 6.98 percentage points [2] - The company's net profit margin for 2024 is projected to be 19.66%, a decrease of 3.08 percentage points year-on-year. For Q1 2025, the net profit margin is approximately 19.18%, a decrease of about 2.27 percentage points [1] - The company’s total revenue is expected to grow significantly from 352.22 million yuan in 2023 to 812.26 million yuan in 2027, with a compound annual growth rate of 27.42% [4] Capacity Expansion and Market Position - The company is accelerating its capacity expansion, with domestic sales revenue of 287 million yuan in 2024, a year-on-year increase of 12.66%, and export revenue of 122 million yuan, a year-on-year increase of 24.74% [3] - The company is leveraging its partnerships with major automotive manufacturers, including BMW and Audi, to meet the demand for magnesium alloy components in both traditional and new energy vehicles [3]

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。 宁波星源卓镁技术股份有限公司（以下简称"公司"）于 2025 年 3 月 13 日向深圳证券交易所（以下简称"深交所"）报送了《宁波星源卓镁技术股份 有限公司向不特定对象发行可转换公司债券的申请报告》及相关申请文件，于 2025 年 3 月 29 日收到《关于受理宁波星源卓镁技术股份有限公司向不特定对 象发行可转换公司债券申请文件的通知》（深证上审〔2025〕41 号），并于 2025 年 4 月 10 日收到深交所下发的《关于宁波星源卓镁技术股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020012 号）。 证券代码：301398 证券简称：星源卓镁 公告编号：2025-028 宁波星源卓镁技术股份有限公司 关于向深圳证券交易所申请中止审核向不特定对象 发行可转换公司债券申请文件的公告 董事会 2025 年 6 月 3 日 截至本公告披露日，公司本次募投项目之"年产 300 万套汽车用高强度大 型镁合金精密成型件项目"环境影响评价（以下简称"环评"）及能源评估 （以下简称"能 ...

Group 1: Fund Overview - Chunhou Xinxing C (Fund Code: 009939) is a mixed fund under Chunhou Fund, established on September 15, 2020, with a total management scale of 1.726 billion yuan [1] - The fund aims for long-term stable asset appreciation by conducting comprehensive and in-depth research on companies with long-term development potential and valuation advantages [1] - As of May 30, 2025, the fund achieved a one-year return of 14.85%, outperforming the benchmark growth rate of 10.05% and the CSI Mixed Fund Index return of 5.81% [1] Group 2: Risk Management and Performance - The maximum drawdown over the past three years was 30.46%, which is better than the average level of similar mixed funds [1] - The maximum drawdown recovery days were 246, ranking in the top 15 among similar mixed funds [1] - As of March 31, 2025, the fund's scale reached 0.74 billion yuan, with the latest announcement showing 0.51 billion shares outstanding [1] Group 3: Industry Insights - The company primarily produces magnesium alloy die-casting products for the automotive industry, including components for display systems, powertrains, and seating [2] - China is one of the richest countries in magnesium resources, with a projected global primary magnesium output of 1.12 million tons in 2024, a 12% year-on-year increase, and a 24.73% increase in China's output to 1.0258 million tons [2] - The demand for lightweight materials in the automotive sector, especially in electric vehicles, is driving the growth of magnesium alloy usage due to its low density and high specific strength [2] Group 4: Technological Innovations - The company offers integrated services including product design optimization, mold manufacturing, die-casting, and surface treatment, enhancing customer satisfaction and competitive advantages [2] - The company plans to utilize both traditional high-pressure die-casting and semi-solid die-casting methods to leverage their respective advantages for product diversification and market competitiveness [2] - The company is currently developing projects related to new energy vehicle powertrains and has already undertaken new projects in the first half of the year [2]

Group 1 - The board meeting of Ningbo Xingyuan Zhuomei Technology Co., Ltd. was held on May 26, 2025, with all 7 directors present, complying with legal and regulatory requirements [1][2] - The board approved the special report on the use of previously raised funds as of March 31, 2025, which was verified by Rongcheng Accounting Firm, reflecting the true status of fund usage [1][2] - The resolution received unanimous support with 7 votes in favor, and it was not required to be submitted to the shareholders' meeting for approval due to prior authorization from the 2024 second extraordinary shareholders' meeting [2]

Core Points - The report provides an independent assurance conclusion on the use of previously raised funds by Ningbo Xingyuan Zhuomei Technology Co., Ltd. as of March 31, 2025, confirming compliance with regulatory guidelines [1][2][5] - The total amount raised from the initial public offering (IPO) was RMB 688 million, with a net amount of RMB 596.32 million after deducting related issuance costs, which was received in December 2022 [3][4] - The company has established a dedicated account for the raised funds and has implemented a management system to ensure the funds are used in a regulated, safe, efficient, and transparent manner [3][4] Fund Management - As of March 31, 2025, the balance of the raised funds was RMB 106.44 million, which includes RMB 39 million in cash management products and RMB 67.44 million in the dedicated account [4][7] - The company has utilized RMB 21.55 million of the raised funds in 2022 and has generated RMB 8.4 million in financial returns from the management of these funds [4][5] - The company has not made any changes to the actual investment projects funded by the raised capital as of the reporting date [4][5] Investment Projects - The company has committed to investing in projects such as high-strength magnesium alloy precision casting and has not reported any discrepancies between the actual investment amounts and the promised amounts [4][5] - The total actual investment in the projects funded by the raised capital was RMB 49.92 million, with no significant differences reported [4][5] - The company has also approved the use of excess raised funds for new projects, ensuring that the investment plans remain unaffected [5][6]

一、董事会会议召开情况 宁波星源卓镁技术股份有限公司（以下简称"公司"）第三届董事会第十三 次会议（以下简称"本次会议"或"会议"）于 2025 年 5 月 26 日在公司四楼高 层会议室以现场结合通讯表决方式召开，会议通知于 2025 年 5 月 23 日以书面、 电子邮件、电话等方式发出。本次会议应参会董事 7 名，实际参会董事 7 名，公 司监事、高级管理人员列席会议，会议由董事长邱卓雄先生主持。本次会议的召 集、召开和出席会议人数均符合有关法律、行政法规、部门规章、规范性文件及 《公司章程》的规定。经与会董事认真审议，本次会议通过了以下决议。 二、董事会会议审议情况 证券代码：301398 证券简称：星源卓镁 公告编号：2025-026 宁波星源卓镁技术股份有限公司 第三届董事会第十三次会议决议公告 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。 根据公司 2024 年第二次临时股东大会的授权，本议案由公司董事会审议通 过即可，无需提交股东大会审议。 三、备查文件 1.第三届董事会第十三次会议决议； 2.第三届董事会独立董事专门会议相关文件。 特此公告 ...

前次募集资金使用情况鉴证报告 宁波星源卓镁技术股份有限公司 容诚专字[2025]230Z1502 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 前次募集资金使用情况鉴证报告 | | 1-3 | | 2 | 前次募集资金使用情况专项报告 | | 1-7 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 / 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 前次募集资金使用情况鉴证报告 容诚专字[2025]230Z1502 号 宁波星源卓镁技术股份有限公司全体股东： 我们审核了后附的宁波星源卓镁技术股份有限公司（以下简称星源卓镁公司） 董事会编制的截至 2025 年 3 月 31 日的《前次募集资金使用情况专项报告》。 一、 对报告使用者和使用目的的限定 本鉴证报告仅供 ...

证券代码：301398 证券简称：星源卓镁 公告编号：2025- 027 宁波星源卓镁技术股份有限公司 前次募集资金使用情况专项报告 （截至 2025 年 3 月 31 日） 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。 根据中国证券监督管理委员会印发的《监管规则适用指引——发行类第 7 号》 的规定，宁波星源卓镁技术股份有限公司（以下简称"公司"、"本公司"）对 前次募集资金使用情况报告如下： 一、 前次募集资金情况 （一）前次募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意宁波星源卓镁技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]2084 号）同意注册，公司首次公开 发行人民币普通股（A 股）20,000,000.00 股，每股面值人民币 1 元，每股发行价 格为人民币 34.40 元，募集资金总额为人民币 688,000,000.00 元，扣除相关发行 费用后实际募集资金净额为人民币 596,320,360.29 元。该募集资金已于 2022 年 12 月到账。上述募集资金到账情况已经容诚会计师事务所（特殊普通合伙） ...

证券代码：301398 证券简称：星源卓镁 公告编号：2025-025 注册资本：壹亿壹仟贰佰万元整 宁波星源卓镁技术股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 宁波星源卓镁技术股份有限公司（以下简称"公司"）分别于 2025 年 4 月 1 日召开第三届董事会第十一次会议，2025 年 4 月 29 日召开 2024 年年度股东 大会，审议通过了《关于变更注册资本并修订<公司章程>的议案》。具体内容详 见 2025 年 4 月 3 日、2025 年 4 月 29 日刊登于巨潮资讯网（www.cninfo.com.cn） 的相关公告。 鉴于公司 2024 年年度权益分派已全部实施完毕，公司注册资本由 80,000,000 元人民币增加至 112,000,000 元人民币，总股本由 80,000,000 股增加至 112,000,000 股，公司决定对《公司章程》相关内容同步进行修改，并办理工商变 更登记（备案）手续。近日，公司完成了相关工商变更登记手续，并取得宁波市 市场监督管理局换发的《营业执照》， ...