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 ...

（文章来源：证券日报） 证券日报网讯 12月15日晚间，星源卓镁发布公告称，公司于2025年12月12日召开职工代表大会，选举 张志芬女士为公司职工代表董事，其任期自本次职工代表大会审议通过之日起至第三届董事会届满之日 止。 ...

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。 ...

Group 1 - Shareholder Zhang Yu of Kehua Holdings plans to reduce his stake by up to 3%, amounting to no more than 5.83 million shares within three months [1] - Shanghai Ailu has signed a strategic cooperation agreement with Southern Road Machinery to provide packaging products for the dry-mixed mortar industry [2] - Xingyuan Zhuomei appointed Gong Chunming as the new deputy general manager [3] Group 2 - Tongyi Zhong's shareholder has set a preliminary transfer price of 15.47 yuan per share for a total of 4.27 million shares [4] - Anada's shareholder did not implement the planned share reduction of up to 2% by the deadline [5] - Rongchang Bio plans to repurchase shares worth between 20 million to 40 million yuan at a price not exceeding 95 yuan per share [6] Group 3 - Hainan Airport reported an 8.16% year-on-year increase in passenger throughput for November, totaling 2.09 million passengers [7] - Lanjian Intelligent plans to apply for a bank credit line of up to 1.2 billion yuan for various financial operations [8] - Xinlei Co. received a total of 561.43 million yuan in land acquisition and compensation payments [9] Group 4 - Foster reported a surplus of 321 million yuan from four fundraising projects, which will be used to supplement working capital [10] - China Southern Airlines experienced a 10.42% year-on-year increase in passenger turnover for November [12] - China National Airlines reported a 10.1% year-on-year increase in passenger turnover for November [17] Group 5 - Sanyou Chemical plans to register and issue mid-term notes not exceeding 1.3 billion yuan [18] - Quanyuan Spring used 60 million yuan of idle funds to purchase structured deposits [19] - Su Keng Agricultural Development appointed Zou Yi as the new deputy general manager [20] Group 6 - Jingneng Real Estate received approval to register mid-term notes totaling up to 2 billion yuan [21] - Dechang Co. received approval from the CSRC for a targeted issuance of shares [23] - Jiufeng Bio obtained a medical device registration certificate for its fructosamine testing kit [24] Group 7 - Jinzi Ham's president Guo Bo resigned for personal reasons, while Zheng Hu was appointed as the new president [25] - China Eastern Airlines reported a 10.35% year-on-year increase in passenger turnover for November [26] - Fengfan Co.'s controlling shareholder is in the process of acquiring 17.32% of the company's shares [27] Group 8 - Zhenghai Bio signed a technical development contract with the Chinese Academy of Agricultural Sciences for a collagen product project worth 12 million yuan [28] - Xinhua Insurance reported a 16% year-on-year increase in cumulative original insurance premium income for the first 11 months [29] - Jingjia Microelectronics' subsidiary completed key stages of its AI SoC chip project [30] Group 9 - Shanghai Pharmaceuticals' hydrochloride sotalol tablets passed the consistency evaluation for generic drugs [31] - Heshun Technology's subsidiary's carbon fiber project has entered a stable operational phase [32] - Spring Airlines reported an 18.02% year-on-year increase in passenger turnover for November [33] Group 10 - Huaxin New Materials proposed a mid-term dividend plan of 1 yuan per 10 shares [34] - Keda Li plans to increase capital by 300 million yuan for its wholly-owned subsidiary [35] - Jinguang Electric won a bid for a high-voltage direct current transmission project worth 84.86 million yuan [36] Group 11 - XGIMI Technology's subsidiary received a development notification for a vehicle-mounted projection project from a well-known domestic automotive manufacturer [37]

（记者 曾健辉） 截至发稿，星源卓镁市值为53亿元。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 每经AI快讯，星源卓镁（SZ 301398，收盘价：47.15元）12月15日晚间发布公告称，公司第三届第十八 次董事会临时会议于2025年12月12日在公司四楼高层会议室以现场结合通讯表决方式召开。会议审议了 《关于聘任公司高级管理人员的议案》等文件。 2024年1至12月份，星源卓镁的营业收入构成为：汽车类压铸件占比89.49%，非汽车类压铸件占比 4.82%，模具占比4.77%，其他业务占比0.92%。 ...

| 证券代码：301398 | 证券简称：星源卓镁 | 公告编号：2025-070 | | --- | --- | --- | | 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 关于选举第三届董事会职工代表董事的公告 董事会 2025 年 12 月 15 日 1 附件：张志芬女士个人简历 张志芬女士：1969 年 9 月生，中国国籍，无境外永久居留权，高中学历。 历任宁波市北仑区电热塞厂主办会计、宁波北仑鸣凤乐器厂主办会计、宁波星源 机械有限公司主办会计、星源卓镁主办会计；现任星源卓镁工会委员会工会主席、 职工代表董事、财务经理。 张志芬女士未在公司 5%以上股东、实际控制人等单位任职。 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"、"星源卓镁"）分别 于 2025 年 11 月 26 日召开第三届董事会第十七次会议、2025 年 12 月 12 日召开 2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>并办理工商变 更登记的议案》，根据《中华人民共和国公司 ...

| 证券代码：301398 | 证券简称：星源卓镁 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123260 | 债券简称：卓镁转债 | | 宁波星源卓镁技术股份有限公司 第三届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 本议案已经董事会提名委员会审议通过。 表决结果：8 票赞成，0 票反对，0 票弃权。 三、备查文件 1. 第三届董事会第十八次会议决议； 2. 第三届董事会提名委员会决议文件。 宁波星源卓镁技术股份有限公司（以下简称"公司"）第三届董事会第十八 次会议（以下简称"本次会议"或"会议"）于 2025 年 12 月 12 日在公司四楼 高层会议室以现场结合通讯表决方式召开，会议通知于当日以口头方式临时发出， 经全体董事一致同意豁免本次董事会会议通知时限。本次会议应参会董事 8 名， 实际参会董事 8 名（其中：敬志勇、杨洁以通讯方式出席），公司高级管理人员 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、 ...

宁波星源卓镁技术股份有限公司 关于聘任公司高级管理人员的公告 | 证券代码：301398 | 证券简称：星源卓镁 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123260 | 债券简称：卓镁转债 | | 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"、"星源卓镁"）第三 届董事会第十八次会议于 2025 年 12 月 12 日在公司四楼会议室以现场结合通讯 的方式召开，审议通过了《关于聘任公司高级管理人员的议案》。基于公司经营 管理的需要，经总经理提名、董事会提名委员会资格审核，同意聘任龚春明先生 为公司副总经理，任期自本次董事会审议通过之日起至本届董事会任期届满之日 止，相关简历详见附件。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《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》等相关法律、 行政法规、规范性文件要求及《公司章程》的规定，龚春明先生具备履行所任岗 位职责相应的任职资格与条件，相关任职资格和聘任程序符合相关法律 ...