Investment Rating - The report assigns an "Accumulate-A" investment rating for the company, indicating a positive outlook for its stock performance in the near term [1][7]. Core Insights - The company's operations have shown continuous improvement, with a significant expansion in magnesium alloy applications, particularly in the automotive sector [1][4]. - In 2024, the company achieved a revenue of 409 million yuan, representing a year-on-year growth of 16.01%, and a net profit of 80 million yuan, with a slight increase of 0.31% [2][5]. - The company aims to become a leader in the magnesium alloy lightweight sector, focusing on high-value projects in the new energy vehicle and smart cockpit fields [5][7]. Financial Performance - In Q4 2024, the company reported a revenue of 121 million yuan, up 22.37% year-on-year, and a net profit of 24 million yuan, reflecting an 11.07% increase [2][4]. - The automotive segment generated 366 million yuan in revenue, marking an 18.9% increase compared to the previous year, with magnesium alloy die-casting components contributing significantly to this growth [4][5]. - The gross profit margin for 2024 was 35.95%, a slight increase of 0.27 percentage points year-on-year, driven by the scaling of new projects [5][9]. Market Expansion - The company has successfully expanded its overseas market presence, with export revenue reaching 122 million yuan, a growth of 24.74% year-on-year, while domestic sales increased by 12.66% to 287 million yuan [4][5]. - The company is leveraging Thailand's favorable policies and labor resources to enhance its manufacturing capabilities for magnesium alloy automotive components [4][5]. Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 514 million yuan, 661 million yuan, and 869 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 25.7%, 28.6%, and 31.5% [7][9]. - Net profit forecasts for the same period are 101 million yuan, 132 million yuan, and 174 million yuan, with corresponding growth rates of 25.5%, 31.4%, and 31.9% [7][9].

Investment Rating - The report assigns an "Accumulate-A" investment rating for the company, indicating a positive outlook for its stock performance in the near term [1][8]. Core Insights - The company's operations have shown continuous improvement, with a significant expansion in magnesium alloy applications [1]. - In 2024, the company achieved a revenue of 409 million yuan, representing a year-on-year growth of 16.01%, and a net profit of 80 million yuan, with a slight increase of 0.31% [2]. - The automotive sector is a major growth driver, with revenue from automotive-related products reaching 366 million yuan, up 18.9% year-on-year [4]. - The company aims to become a leader in the magnesium alloy lightweight sector, focusing on automotive magnesium alloy products, which accounted for nearly 70% of its main business revenue in 2024 [4][5]. - The company has successfully expanded its overseas market presence, with domestic sales of 287 million yuan (up 12.66%) and international sales of 122 million yuan (up 24.74%) [5]. - The gross profit margin for 2024 was 35.95%, reflecting a slight increase of 0.27 percentage points year-on-year, driven by the scaling of new projects [6]. - The company is actively exploring new applications for magnesium alloys in various sectors, including electric bicycles and garden tools, showcasing its innovation capabilities [6]. Financial Performance Summary - The company forecasts revenues of 514 million yuan, 661 million yuan, and 869 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.7%, 28.6%, and 31.5% [8]. - The projected net profits for the same years are 101 million yuan, 132 million yuan, and 174 million yuan, with growth rates of 25.5%, 31.4%, and 31.9% [8]. - The earnings per share (EPS) are expected to be 1.26 yuan, 1.65 yuan, and 2.18 yuan for 2025, 2026, and 2027, respectively [8].

Core Viewpoint - The company has received a project notification for the development and supply of magnesium alloy powertrain casing components for electric vehicles, indicating recognition of its technical capabilities and enhancing its brand influence in the EV market [1] Group 1 - The company, Xingyuan Zhuomai, has been notified by a domestic parts manufacturer for a designated development project [1] - The project is expected to start mass production in 2026, with a total sales amount of approximately 650 million yuan over the next four years [1] - This project signifies the company's successful entry into the client's supply chain, which is crucial for its brand impact in the electric vehicle sector [1]

一、项目定点通知的概况 宁波星源卓镁技术股份有限公司（以下简称"公司"）于近日收到国内某零 部件厂商（限于保密要求，无法披露其名称，以下简称"客户"）出具的定点开 发通知书，公司将为该客户开发并供应新能源汽车镁合金动力总成壳体零部件。 根据客户规划，本项目预计从 2026 年开始量产，预计未来 4 年（2026-2029 年） 销售总金额约为 6.5 亿元人民币。 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，本次获得 项目定点通知，充分体现了客户对公司在镁合金材料应用、零部件开发设计以及 生产制造工艺等多方面技术实力的高度认可。成功进入该客户的供应链体系，对 公司在新能源汽车市场的品牌影响力提升具有重要意义。 新能源汽车产业作为未来汽车行业发展的主流方向，具有广阔的市场前景和 巨大的发展潜力。公司此次获得新能源汽车镁合金动力总成壳体零部件项目定点， 将进一步深化公司在该领域的产业布局。通过与该客户的紧密合作，公司能够更 好地整合产业链资源，加强与上下游企业的协同发展，形成更加完善的产业生态 体系。有助于公司在新能源汽车零部件领域实现专业化、规模化发展，降低公司 对单一业务或市场 ...

Core Viewpoint - Ningbo Xingyuan Zhuomei Technology Co., Ltd. (referred to as "Xingyuan Zhuomei") reported a revenue of 409 million yuan for 2024, marking a 16.01% increase year-on-year, and a net profit attributable to shareholders of 80.33 million yuan, a 0.31% increase year-on-year [1] Group 1 - The company achieved growth due to its commitment to technology-driven and quality-first principles, increasing R&D investment and optimizing production processes [1] - In 2024, Xingyuan Zhuomei established partnerships with several domestic research institutions to innovate in magnesium alloy semi-solid casting technology and material performance optimization [1] - Key technical indicators such as surface smoothness, strength enhancement, and corrosion resistance of magnesium alloy products have improved, enhancing overall R&D capabilities [1] Group 2 - The gradual release of production capacity has supported the company's performance growth, with new projects entering mass production and diversifying product structure [2] - Xingyuan Zhuomei successfully undertook 23 new projects in 2024, covering areas such as new energy vehicles and smart cockpits, with both project quantity and scale increasing [2] - The company focuses on magnesium alloy materials in the automotive sector, achieving significant results through collaborative development of vehicle-mounted magnesium alloy display backplates [2] Group 3 - The company aims to extend the advantages of magnesium alloy materials to electric bicycles, gardening tools, and low-altitude fields, establishing a comprehensive market and sales network [2] - Looking ahead, Xingyuan Zhuomei plans to deepen multi-field innovation and continue to strengthen its position as a leading global supplier of magnesium alloy application solutions [2]

Financial Performance - The company achieved an operating revenue of 408.60 million yuan in 2024, representing a year-on-year growth of 16.01% [2] - The non-recurring net profit was 74.02 million yuan, with a year-on-year increase of 10.35% [2] Growth Drivers - The stable growth in 2024 was primarily driven by the ramp-up of new projects and diversification of product structure, particularly in automotive display system components and new energy powertrain components [3] - The company has a sufficient order backlog due to its diversified product structure [3] Competitive Advantages - The core competitive advantages include a comprehensive technical system developed through years of research, covering die-casting, post-processing, precision machining, and quality control [3] - Strong technical capabilities in mold and fixture design, as well as precision machining, effectively address the production challenges of complex components [3] Capacity Expansion - The company is accelerating capacity expansion through the establishment of a production base in Ningbo, aiming for an annual output of 3 million sets of high-strength magnesium alloy components for automotive applications [5] - The company is also expanding its presence in Thailand to enhance production capacity and meet international market demands [5] Market Strategy - The company aims to become a leader in the magnesium lightweight sector, focusing on innovative applications of magnesium alloy precision casting [5] - Targeting partnerships with major automotive manufacturers such as SAIC, GAC, Geely, BYD, Changan, Tesla, Xiaomi, NIO, and others to align with their lightweight strategies [5] Impact of External Factors - The company's sales to the U.S. market are relatively low, resulting in minimal direct impact from recent U.S. tariff policies [5] - The establishment of a subsidiary in Thailand is strategically aimed at improving international market access and enhancing service levels for overseas customers [5]

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The report highlights the potential benefits for domestic parts companies building factories in Mexico due to the new tariff policies announced by Trump, which will not impose additional tariffs on certain goods [9][12] - The report suggests continued focus on humanoid robotics and automotive supply chain investment opportunities, with expectations for profitability and valuation increases [3][14] - The anticipated growth in market share for competitive domestic brands and new forces in intelligent driving technology by 2025 is emphasized [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies such as SAIC Motor, BYD, and Changan Automobile, among others, for potential investment opportunities [3][15] - Specific companies highlighted include: - SAIC Motor (buy) - Changan Automobile (buy) - BYD (not rated) - China National Heavy Duty Truck Group (buy) - GAC Group (buy) [15] Market Performance - The report notes a decline in the automotive sector, with a 3.5% drop in the CITIC automotive sector index, underperforming the CSI 300 index [17] - The report identifies the top-performing stocks in the automotive sector, including New Aluminum Era and Jiuyi Co., while also noting significant declines in others like Junda Co. [17][18] Sales Tracking - Preliminary statistics indicate a 10% year-on-year increase in wholesale sales of passenger vehicles in March, with total sales reaching 2.41 million units [26] - Retail sales also saw a 12% increase year-on-year, totaling 1.89 million units in March [26] Industry Dynamics - The report discusses the launch of new models such as the AITO M8 and M9, which are expected to boost sales for the brand [2][14] - It also highlights the performance of various companies, with notable growth in revenue and profit for firms like Seres and Bojun Technology [39][40]

Group 1 - The company is primarily engaged in the research, production, and sales of magnesium alloy and aluminum alloy precision die-casting products and supporting die-casting molds [3] - The main products include automotive display system components, new energy vehicle powertrain components, central console components, seat components, lighting components, and high-cleanliness autonomous driving module components, as well as non-automotive die-casting parts [3] - The company's products are applied in well-known automotive brands such as BMW, Audi, Porsche, and domestic brands like NIO and Great Wall [3] Group 2 - The company has not made any adjustments or restatements to previous years' accounting data [5] - The company has a total share capital of 80,000,000 shares, with a profit distribution plan approved by the board to distribute a cash dividend of 3.75 yuan per 10 shares and a capital reserve transfer of 4 shares for every 10 shares [2] - There are no preferred shareholders or significant changes in the top 10 shareholders during the reporting period [5]

Audit Opinion - The audit report states that the financial statements of Ningbo Xingyuan Zhuomei Technology Co., Ltd. fairly reflect the company's financial position as of December 31, 2024, and its operating results for the year 2024 in accordance with accounting standards [2][3]. Key Audit Matters - Accounts receivable bad debt provision is identified as a key audit matter, with accounts receivable balance reported at 199.738 million yuan and bad debt provision at 10.7995 million yuan as of December 31, 2024 [3]. - Revenue recognition is also recognized as a key audit matter due to the inherent risk of management manipulating revenue recognition to meet specific targets [4][5]. Financial Reporting and Management Responsibilities - The management is responsible for preparing financial statements that fairly present the company's financial position and for maintaining necessary internal controls to prevent material misstatements due to fraud or error [6]. - The governance body is tasked with overseeing the financial reporting process of the company [6]. Company Overview - Ningbo Xingyuan Zhuomei Technology Co., Ltd. was established through the overall change of Ningbo Xingyuan Machinery Co., Ltd. and has undergone several capital increases, with the current registered capital reported at 54.5798 million yuan [10][11]. - The company operates in the field of new material technology research and development, manufacturing of automotive parts, and related services [11]. Financial Statement Preparation Basis - The financial statements are prepared on a going concern basis, with no identified issues affecting the company's ability to continue as a going concern [12].

证券代码：301398 证券简称：星源卓镁 公告编号：2025-010 宁波星源卓镁技术股份有限公司 关于 2024 年度利润分配 和资本公积金转增股本方案的公告 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"或"本公司"）于 2025 年 4 月 1 日召开第三届董事会第十一次会议及第三届监事会第十次会议，审议通 过了《关于 2024 年度利润分配和资本公积金转增股本方案的议案》（以下简称 "议案"），该议案尚需提交公司股东大会审议。 一、利润分配和资本公积金转增股本方案的基本情况 的标准无保留意见的审计报告，2024 年度合并报表归属于上市公司股东的净利 润为 80,331,081.08 元，母公司净利润为 80,881,205.89 元。根据《公司法》和公 司章程的规定，公司法定盈余公积金累计额为公司注册资本的 50%以上的，可以 不再计提。公司 2024 年度法定盈余公积金累计 4,000.00 万元，已达到公司注册 资本（8,000.00 万元）的 50%，不再计提。截至 2024 年 12 月 31 ...