证券代码：301398 证券简称：星源卓镁 公告编号：2025-030 宁波星源卓镁技术股份有限公司 关于全资子公司完成工商登记并取得营业执照的公告 宁波星源卓镁技术股份有限公司（以下简称"公司"）于 2025 年 4 月 1 日 召开第三届董事会第十一次会议，审议通过了《关于设立全资子公司的议案》。 本次设立子公司旨在满足公司经营业务发展需要，优化原材料、设备供应链，降 低海外子公司进出口成本，具体内容请详见公司于 2025 年 4 月 3 日在巨潮资讯 网（www.cninfo.com.cn）上披露的《关于设立全资子公司的公告》（公告编号 2025-013）。 一、新设全资子公司的基本情况 近日，经宁波市北仑区市场监督管理局核准，新设子公司已办理完成工商设 立登记手续，并取得《营业执照》，相关信息如下： 1、名称：宁波源星镁贸易有限公司 2、统一社会信用代码：91330206MAER19MQX2 3、企业类型：有限责任公司（非自然人投资或控股的法人独资） 4、法定代表人：邱卓雄 5、注册资本：伍佰万元整 6、成立日期：2025 年 07 月 18 日 7、注册地址：浙江省宁波市北仑区新碶街道兴业大道 2 ...

Core Viewpoint - The trend of lightweight humanoid robots is becoming increasingly prominent, with a focus on raw materials and process design to address issues such as insufficient endurance, low flexibility, and poor heat dissipation [2][7]. Group 1: Lightweight Trend in Humanoid Robots - The lightweight trend is evident from the perspective of downstream manufacturers, with notable reductions in weight across various models, such as the 20 kg reduction in the UBTECH Walker C and the 10 kg reduction in Tesla's Optimus from Gen 1 to Gen 2 [13][21]. - Lightweight solutions can resolve critical issues for humanoid robots, including enhancing flexibility and extending battery life, as demonstrated by a 40% weight reduction leading to a 6-hour operational time for certain models [21][17]. Group 2: Material Replacement and Cost Efficiency - Magnesium alloy is highlighted for its superior weight reduction capabilities compared to aluminum, with current prices favoring magnesium, making it a cost-effective choice [3][35]. - The semi-solid process addresses the corrosion resistance of magnesium alloys, which is crucial for humanoid robot components that are lighter than automotive parts, thus lowering barriers to entry [3][35]. Group 3: High-Performance Engineering Plastics - The shift towards high-performance engineering plastics like PEEK, PPS, and PPA is opening new market opportunities, with PEEK being particularly suitable for high-value applications in humanoid robots [4][75]. - The market value ranking for these materials indicates that PEEK has the highest potential, followed by PPA and PPS, with the humanoid robot sector expected to generate a market space in the billions [4][75]. Group 4: Investment Recommendations - Key companies to watch include leading magnesium alloy die-casting firms such as Baowu Magnesium and Xingyuan Zhuomai, as well as humanoid robot lightweight joint component manufacturers like Xusheng Group [5][62]. - Attention should also be given to leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [5][62].

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

Core Viewpoint - Ningbo Xingyuan Zhuomei Technology Co., Ltd. has applied to the Shenzhen Stock Exchange for the resumption of the review of its application to issue convertible bonds to unspecified objects after obtaining necessary environmental and energy assessments [2][3]. Group 1 - The company submitted its application report for issuing convertible bonds on March 13, 2025, but had to suspend the review due to pending environmental impact and energy assessment approvals [2]. - The company received approval from the Ningbo Municipal Ecology and Environment Bureau and the Ningbo Municipal Energy Bureau for the environmental and energy assessments related to its project [3]. - The application for resuming the review has been accepted by the Shenzhen Stock Exchange, but the final approval from the China Securities Regulatory Commission remains uncertain [3].

证券代码：301398 证券简称：星源卓镁 公告编号：2025-029 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恢复审核向不特定对象 发行可转换公司债券申请文件的公告 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"）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）。因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 评"）审查批复正在办理中。为避免本次募投项目的实施存在重 ...

Market Overview - A-shares experienced a significant rise with over 4600 stocks increasing in value, as the Shanghai Composite Index surpassed 3400 points, gaining 1% [1] - The Shenzhen Component Index rose by 1.45%, and the ChiNext Index increased by 1.94%, with a total trading volume exceeding 925 billion yuan, an increase of over 240 billion yuan compared to the previous day [1] Company Specifics: Huasheng Co., Ltd. - Huasheng Co., Ltd. resumed trading and opened at the limit-up price, but quickly fell by 14.8% within three minutes, eventually closing down by 4.33% [3] - The company announced plans to acquire 100% of Yixin Technology through a combination of stock issuance and cash payment, aiming to transition from traditional industries to strategic emerging industries [5] - Huasheng's stock price has increased by 55.49% year-to-date, with a trading volume of 617 million yuan, marking the highest single-day trading volume since February 2024, and a turnover rate of 20.13% [6] - The company's recent financial performance has been underwhelming, reporting a net loss of 49 million yuan in the 2024 annual report and a continued loss of 13 million yuan in the first quarter of this year, attributed to rising interest expenses and operational costs [6] Industry Developments: Intelligent Driving - Guangzhou's government issued a three-year action plan to promote the development of intelligent connected new energy vehicles, targeting that by 2027, over 90% of new vehicles will be L2 or higher level [7] - The plan includes incentives for the production of autonomous vehicles, with rewards of up to 50 million yuan for qualifying models [7] - The intelligent driving sector saw a collective rise, with related indices increasing by over 2%, and significant capital inflow into the sector [7] - Tesla launched its Robotaxi service in Texas, charging only $4.2 per ride, indicating a growing focus on the scalability of autonomous driving technology [11] - A report predicts that the intelligent vehicle sector will experience rapid earnings growth, with the potential for a "Davis Double" effect by 2025 [11] Valuation Insights - Among the 120 stocks in the intelligent driving and vehicle networking sector, the median rolling P/E ratio is 47.46, with several stocks, including Huayu Automotive and Yutong Bus, having P/E ratios below 20 [12] - Huayu Automotive has the lowest rolling P/E ratio at 8.51, indicating potential undervaluation [12] Institutional Holdings - Several stocks in the intelligent driving sector have attracted significant interest from social security funds, with 17 stocks receiving heavy investments totaling 7.971 billion yuan [14] - Yutong Bus has been a consistent favorite, with its stock being heavily held for seven consecutive quarters, reflecting strong institutional confidence [14]

Market Overview - The Shanghai Composite Index is at 3411.37 points, above the annual line, with an increase of 0.88% [1] - The total trading volume of A-shares is 682.669 billion yuan [1] Stocks Breaking Annual Line - A total of 197 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Xingyuan Zhuomai (19.75%) - Hengshuai Co., Ltd. (18.57%) - Zhejiang Sebao (7.49%) [1] Stock Performance Details - The top three stocks with the highest deviation rates are: - Xingyuan Zhuomai: Today's increase of 19.99%, turnover rate of 25.16%, latest price at 39.49 yuan [1] - Hengshuai Co., Ltd.: Today's increase of 20.00%, turnover rate of 21.37%, latest price at 67.19 yuan [1] - Zhejiang Sebao: Today's increase of 10.02%, turnover rate of 2.48%, latest price at 12.74 yuan [1] Additional Stocks with Positive Performance - Other stocks with notable performance include: - Tianli Lithium Energy: Increase of 6.11%, turnover rate of 16.81%, latest price at 29.88 yuan [1] - Yitong Century: Increase of 11.82%, turnover rate of 16.96%, latest price at 7.00 yuan [1] - Jinlong Co., Ltd.: Increase of 6.96%, turnover rate of 4.13%, latest price at 12.76 yuan [1]

Group 1 - The automotive parts industry in A-shares is experiencing a boom with multiple companies receiving significant orders, driven by the rapid growth of the electric vehicle sector [1][4] - Domestic automotive parts manufacturers are increasingly chosen as designated suppliers by automakers to ensure supply chain stability, reflecting advancements in technology and product quality [1][2] - Zhejiang Tiancheng and Zhejiang Jingu have received designated orders for projects with significant production volumes and long lifecycles, indicating strong demand in the market [1][2] Group 2 - Ningbo Jifeng has secured a new project in the seat system sector, with a total project value of 2.52 billion yuan and a five-year lifecycle, enhancing the company's order reserve and capacity utilization [2] - The majority of designated projects disclosed by automotive parts companies are related to new energy vehicles, highlighting the sector's growth potential [3] - The retail sales of passenger vehicles in China reached 1.93 million units in May, with new energy vehicles accounting for over 1.05 million units, reflecting a strong recovery and increasing market penetration [4]

Group 1 - The report highlights the optimistic growth in the global power equipment market, projected to exceed $700 billion by 2025, with significant investments in the power grid expected to surpass $450 billion [3][23] - The company is positioned as a leader in the high-end diesel generator market, benefiting from strategic partnerships and a robust supply chain, which enhances its pricing power [3][24] - Revenue forecasts for the company indicate substantial growth, with expected revenues of 2.76 billion, 3.76 billion, and 4.75 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year increases of 689%, 36%, and 26% [3][24] Group 2 - The offshore wind power sector is anticipated to experience a new wave of growth, with domestic installations expected to reach 12 GW in 2025, a 200% increase year-on-year [4][6] - The company is expanding its production capacity and focusing on the deep-sea wind market, with significant investments in export terminals to meet growing international demand [4][6] - Profit forecasts for the company suggest net profits of 8.6 billion, 11.0 billion, and 13.1 billion yuan for 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 15.8, 12.3, and 10.3 [4][6] Group 3 - The nuclear power sector is witnessing accelerated investment, with completed investments reaching 36.26 billion yuan in the first four months of 2025, a 36.64% year-on-year increase [12][27] - The company is well-positioned to capitalize on the modular construction market for nuclear power, with a projected market size of approximately 864 billion yuan from 2025 to 2030 [12][28] - Expected net profits for the company are projected to be 2.3 billion, 2.5 billion, and 2.9 billion yuan for 2025, 2026, and 2027, with price-to-earnings ratios of 20, 19, and 16 [12][30] Group 4 - The magnesium alloy market is experiencing rapid growth, with the company focusing on expanding its production capacity to meet increasing demand in various sectors, including aerospace and automotive [7][31] - Revenue for the company is expected to reach 4.09 billion yuan in 2024, reflecting a 16.01% year-on-year increase, with continued growth anticipated in subsequent years [7][31] - The company is actively integrating into the lightweight strategy of leading automotive manufacturers, enhancing its market position [7][31]

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]