Core Viewpoint - Xingyuan Zhuomei (301398.SZ) has received a supplier designation notification from a domestic electric vehicle manufacturer to develop and supply components for electric vehicle reducer housings, with expected sales of approximately 575 million RMB over the next four years [1] Group 1 - The project is set to begin mass production in the first quarter of 2027 [1] - The total sales amount for the project is projected to be around 575 million RMB from 2027 to 2030 [1]

Core Viewpoint - Xingyuan Zhuomei (301398.SZ) has received a supplier designation notification from a domestic electric vehicle manufacturer to develop and supply components for electric vehicle reducer housings, with expected mass production starting in Q1 2027 and projected total sales of approximately 575 million RMB over four years from 2027 to 2030 [1] Group 1 - The company has been designated as a supplier for a major electric vehicle manufacturer [1] - The project is set to begin mass production in the first quarter of 2027 [1] - The total expected sales amount for the project is around 575 million RMB over the period from 2027 to 2030 [1]

Core Viewpoint - Xingyuan Zhuomei (301398) has received a supplier designation notification from a domestic electric vehicle manufacturer to develop and supply components for electric vehicle reducer housings, with production expected to start in Q1 2027 and total sales projected at approximately 575 million yuan over the next four years (2027-2030) [1] Group 1 - The company will develop and supply reducer housing components for a domestic electric vehicle manufacturer [1] - The project is expected to commence mass production in the first quarter of 2027 [1] - Total sales for the project are estimated to be around 575 million yuan over the period from 2027 to 2030 [1]

Core Viewpoint - Xingyuan Zhuomei (301398.SZ) has received a supplier designation notification from a domestic electric vehicle manufacturer to develop and supply components for electric vehicle reducer housings, with expected mass production starting in Q1 2027 and total sales amounting to approximately 575 million RMB over the next four years (2027-2030) [1] Group 1 - The company will begin mass production of the reducer housing components in Q1 2027 [1] - The total sales amount for the next four years is projected to be around 575 million RMB [1] - The supplier designation does not guarantee the actual procurement amount from the downstream customer, as actual sales will depend on order settlement amounts [1] Group 2 - The actual sales figures are directly related to the production volume of the relevant vehicle models from the downstream customer [1] - Factors such as the overall automotive market conditions and macroeconomic environment may impact the downstream customer's production plans and procurement needs, introducing uncertainty to supply volumes [1] - The impact of this supplier designation on the company's revenue and net profit remains uncertain [1]

1、定点通知不反映下游客户最终的实际采购金额，后续实际开展情况存在 不确定性，实际销售金额将以订单结算金额为准。 2、公司实际销售金额与下游客户相关车型实际产量等因素直接相关，汽车 市场整体情况、宏观经济形势等因素均可能对下游客户排产计划与采购需求构成 一定影响，进而为供货量带来不确定性影响；尽管各方具备履约能力，但在履约 过程中，可能会出现因不可预计、不可抗力等原因，导致定点项目延期、变更、 中止或终止。因此，该定点通知对公司营业收入、净利润等产生的影响均存在不 确定性。 3、上述定点项目预计不会对公司本年度经营业绩产生重大影响。 一、项目定点通知的概况 | 证券代码：301398 | 证券简称：星源卓镁 | 公告编号：2025-071 | | --- | --- | --- | | 转债代码：123260 | 转债简称：卓镁转债 | | 宁波星源卓镁技术股份有限公司 关于收到客户项目定点通知的公告 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。 特别风险提示： 二、对公司的影响 公司专注于轻量化材料在汽车零部件行业的创新设计及替代应用，本次收到 项目定点通 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company, Xingyuan Zhuomei, is a leader in the magnesium alloy lightweighting sector, with nearly 20 years of experience in alloy die-casting, establishing a strong technological barrier through a comprehensive production capability [5][6]. - The demand for die-cast components is expected to grow due to the development of the electric vehicle industry, with the company focusing on lightweighting solutions that include magnesium and aluminum alloy die-cast parts for critical automotive components [5][6]. - The company has secured over 4 billion yuan in orders, with a dual capacity layout in both domestic and overseas markets, indicating strong market recognition and binding in the core components of electric vehicles [6][43]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 434 million, 704 million, and 941 million yuan respectively, with net profits expected to be 71 million, 108 million, and 137 million yuan, reflecting a compound annual growth rate (CAGR) of 19.42% for net profit [7][10]. - The estimated price-to-earnings (P/E) ratios for 2025-2027 are 75, 49, and 39, respectively, suggesting a favorable growth outlook compared to peer valuations [7]. Company Overview - The latest closing price of the company's stock is 47.22 yuan, with a total market capitalization of 5.3 billion yuan [4]. - The company has a stable shareholding structure, with the largest shareholder being Ningbo Yuanxingxiong Holdings, which holds 60.41% of the shares [15][20]. Market Position and Strategy - The company has established a comprehensive technical system for magnesium alloy manufacturing, covering mold design, casting, post-processing, and machining, which enhances its competitive edge [34]. - The electric vehicle market is experiencing significant growth, with the penetration rate of new energy vehicles in China rising from 5.2% in 2020 to 47.4% in 2025, driving demand for lightweight components [37][39]. - The company is actively expanding into the humanoid robot sector, leveraging its expertise in lightweight materials to develop components for this emerging market [46][49].

Core Conclusions - The 2026 automotive industry investment strategy emphasizes "breaking old and establishing new," suggesting that the industry is at a crossroads similar to 2011 and 2018, with the end of the electric vehicle (EV) boom and the rise of smart technology [2][3] - The report predicts a total domestic demand of 22 million vehicles in 2026, a decrease of 3.5% year-on-year, with new energy vehicle (NEV) sales expected to reach 13.2 million, an increase of 6.4% [2][10] - The commercial vehicle sector is expected to see a wholesale volume of 1.16 million units in 2026, with a slight increase of 1.5% year-on-year, while the bus sector is projected to maintain strong export growth [2][19] Passenger Vehicle Sector - The passenger vehicle sector is projected to experience a total sales volume of 22 million units in 2026, with NEV sales expected to reach 13.2 million units, reflecting a year-on-year growth of 6.4% [2][10] - The report highlights the impact of a 5% purchase tax on NEVs starting January 1, 2026, which is expected to support domestic demand [10] - Key investment opportunities include BYD and Jianghuai Automobile in the passenger vehicle sector [2][3] Commercial Vehicle Sector - The heavy truck segment is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales expected to decline by 5.5% to 770,000 units, while exports are projected to grow by 18.8% [2][15] - The bus sector is expected to see a total domestic sales volume of 81,000 units, with exports anticipated to grow by over 30% [2][19] Motorcycle Sector - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, representing a year-on-year increase of 14%, with large-displacement motorcycles projected to grow by 31% [2][22] - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, while exports are projected to grow significantly [22] Investment Opportunities - The report identifies key investment opportunities across various segments, including Yutong Bus and King Long in the bus sector, and Spring Power and Longxin General in the motorcycle sector [2][3] - The focus on L4 RoboX investment opportunities highlights the importance of software over hardware in the autonomous driving sector, with recommended stocks including XPeng Motors and Horizon Robotics [2][3] Growth Trends - The report anticipates a continued focus on smart technology and robotics, with significant growth expected in the L4 RoboX industry and AIDC (Automated Identification and Data Capture) sectors [2][3] - The penetration rate of smart driving technology in new energy vehicles is expected to reach 40% by 2026, with a notable shift in chip supplier market shares [13][14]

国投证券股份有限公司 （四）培训地点：星源卓镁会议室及线上视频培训 （五）培训人员：程洁琼 关于宁波星源卓镁技术股份有限公司 2025 年度持续督导培训情况的报告 深圳证券交易所： 国投证券股份有限公司（以下简称"国投证券"或"保荐人"）根据《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务（2025 年修订）》对宁 波星源卓镁技术股份有限公司（以下简称"星源卓镁"或"公司"）进行 2025 年度持续督导培训，报告如下： 一、培训的主要内容 （一）保荐人：国投证券股份有限公司 （二）保荐代表人：程洁琼、乔岩 （三）培训时间：2025 年 12 月 12 日 2 （六）培训对象：公司董事、高级管理人员、中层以上管理人员及上市公司 控股股东和实际控制人 （七）培训内容：本次培训结合《上市公司募集资金监管规则（2025 年 5 月修订）》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作（2025 年修订）》《上市公司股东减持股份管理暂行办法》《深圳证券交易 所上市公司自律监管指引第 18 号——股东及董事、监事、高级管理人员减持股 份》《深圳证券交易所创业板股票上市规则（202 ...

Group 1 - The company Xingyuan Zhuomei announced the election of Ms. Zhang Zhifen as the employee representative director during the employee representative assembly scheduled for December 12, 2025 [2] - Ms. Zhang's term will commence upon approval at the assembly and will last until the end of the third board of directors' term [2]

证券日报网讯12月15日晚间，星源卓镁（301398）发布公告称，同意聘任龚春明先生为公司副总经理。 ...