Financial Performance - The company's revenue for Q1 2025 was CNY 195,523,526.90, representing a 19.78% increase compared to CNY 163,241,809.15 in the same period last year[5] - Net profit attributable to shareholders decreased by 1.20% to CNY 46,457,560.82 from CNY 47,021,068.43 year-on-year[5] - The net profit after deducting non-recurring gains and losses increased by 11.09% to CNY 43,338,012.61 compared to CNY 39,010,533.72 in the previous year[5] - Total operating revenue for the current period reached ¥195,523,526.90, an increase from ¥163,241,809.15 in the previous period, representing a growth of approximately 19.7%[21] - Net profit for the current period was ¥46,457,560.82, slightly down from ¥47,021,068.43, reflecting a decrease of approximately 1.2%[22] - The total comprehensive income for the period was CNY 47,153,594.77, compared to CNY 43,492,175.94 in the previous period, reflecting an increase of approximately 6.1%[23] - Basic and diluted earnings per share for the current period were both CNY 0.42, slightly down from CNY 0.43 in the previous period[23] Cash Flow - Cash flow from operating activities decreased by 16.60% to CNY 20,758,931.26 from CNY 24,889,903.29 year-on-year[5] - Net cash flow from operating activities was CNY 20,758,931.26, a decrease of 16.4% from CNY 24,889,903.29 in the prior period[25] - Cash inflow from operating activities totaled CNY 237,586,710.19, up from CNY 225,872,608.59, indicating a growth of about 5.5%[25] - Cash outflow from operating activities increased to CNY 216,827,778.93 from CNY 200,982,705.30, representing an increase of approximately 7.9%[25] - The company reported a significant increase of 424.08% in net cash flow from investing activities, amounting to CNY 54,421,109.68 compared to -CNY 16,792,444.44 in the previous year[9] - The company reported cash and cash equivalents at the end of the period amounting to CNY 1,135,903,581.03, down from CNY 1,161,801,003.26[26] - The company received CNY 466,670,340.30 related to other investment activities, which was not present in the previous period[26] - The impact of exchange rate changes on cash and cash equivalents was CNY 1,078,444.55, compared to a negative impact of CNY 3,394,654.67 in the prior period[26] Research and Development - R&D expenses increased by 45.03% to CNY 9,505,253.70 from CNY 6,553,781.84 in the same period last year, indicating a focus on innovation[9] - Research and development expenses increased to ¥9,505,253.70 from ¥6,553,781.84, marking a growth of about 45.5%[22] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 2,214,652,290.13, a 0.89% increase from CNY 2,195,025,283.02 at the end of the previous year[5] - Total current assets at the end of the period were ¥1,890,145,918.65, compared to ¥1,877,407,118.39 at the beginning, showing an increase of approximately 0.7%[19] - Total liabilities decreased to ¥432,407,563.29 from ¥460,436,177.04, a reduction of about 6.1%[20] - The company’s total liabilities decreased by 41.13% in employee compensation, reflecting a reduction in year-end bonus payments[9] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,273[11] - The largest shareholder, Jiang Ling, holds 32.97% of shares, totaling 36,271,000 shares[11] - The second-largest shareholder, Zhang Yimin, holds 10.84% of shares, totaling 11,920,300 shares[11] - The company has a total of 55,068,300 shares with lock-up restrictions, of which 12,279,800 shares will be released[15] - The total number of shares released from lock-up on March 17, 2025, will be 13,358,300, accounting for 12.14% of the total share capital[16] - Jiang Ling's shares are under a lock-up period until March 15, 2027, with no shares released during this period[14] - The company has no preferred shareholders or changes in restricted shares during the reporting period[13] - The top ten shareholders do not participate in margin financing or securities lending[12] - The company has no known relationships or concerted actions among the top shareholders[12] - The total number of shares held by the top ten unrestricted shareholders is 11,920,300 for Zhang Yimin and 7,946,900 for He Yimin[12]

Group 1: Company Overview and Market Position - The company has successfully obtained the E-Ruling certification from U.S. Customs for its Thailand factory, enabling it to meet a significant portion of North American market demand, with North American business revenue accounting for approximately 30% of total revenue [2] - The company’s products are characterized by inelastic demand in the aftermarket, making the impact of tariff policies relatively limited [2] Group 2: Production Capacity and Investment Plans - The company is focusing on the research and mass production of harmonic reducers, which are applicable in various robotic applications, and has reached a stage for small-batch production [3] - Plans are in place to invest in a second production line in H1 2025 to prepare for future market demand growth [3] - The company is actively advancing its intelligent technology transformation projects, including a project for the annual production of 6.29 million high-end automotive bearings [3] Group 3: Global Expansion and Client Strategy - The Thailand factory has received IATF16949 certification and is undergoing a third phase of investment to expand capacity and prepare for new market demands [3] - The company aims to strengthen strategic cooperation with existing clients in the aftermarket while actively developing clients in Europe, Japan, South Korea, and emerging markets [3] - The company plans to enhance communication and collaboration with well-known manufacturers to drive growth in the original equipment manufacturer (OEM) market [3] Group 4: Risk Management and Future Outlook - The company acknowledges the uncertainty surrounding U.S. tariff policies and will closely monitor and develop strategies to seize market opportunities [2] - Future capital expenditures will be planned based on business development needs [3]

东吴证券晨会纪要 东吴证券晨会纪要 2025-04-25 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250424："十四五"收官之年的机遇与挑战 一、十四五"规划目标哪些仍待完成？ 1.在经济社会发展主要指标方面， 2025 年每千人口拥有 3 岁以下婴幼儿托位数、单位 GDP 能源消耗降低 2 项指标可能需要重点突破。 2.从细分领域发展目标看，加大基础研究经 费投入与加快建设战略性新兴产业、新增民用运输机场、提高核电运行装 机容量 3 个领域可能仍有较大发展压力。 二、 中国制造 2025"哪些重 点领域的发展仍需突破？ 在航空航天、机器人、农机设备、半导体 4 个 行业，我国可能仍有较大发展空间。具体而言： 1.航空航天：未来或需 进一步降低发射成本、提高发射次数； 2.半导体：10nm 以下的高端芯片 生产能力亟需提升； 3.机器人：具身智能的应用场景仍需拓展、工业机 器人国产化率仍待提升； 4.农机设备：跻身全球市场份额前 10 的国内企 业数量仍需提高。 固收金工 [Table_FixedGain] 固收周报 20250421：建议关注泛科技双 ...

据证券之星公开数据整理，近期斯菱股份(301550)发布2024年年报。截至本报告期末，公司营业总收入7.74亿 元，同比上升4.91%，归母净利润1.9亿元，同比上升26.91%。按单季度数据看，第四季度营业总收入2.18亿 元，同比上升4.51%，第四季度归母净利润5319.63万元，同比上升23.86%。本报告期斯菱股份盈利能力上 升，毛利率同比增幅1.27%，净利率同比增幅20.97%。 该数据高于大多数分析师的预期，此前分析师普遍预期2024年净利润为盈利1.84亿元左右。 | 报告日期 | 机构简称 | 研究员 | 沂一年业绩 | 研报数 覆盖时长 | 2024预测 | 2025预测 | 2026预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-03-28 | 固盛证券 | 丁逸朦 | | | 1.93 Z | 2.18 Z | 2.54亿 | | | 2025-03-11 | 东吴证券 曾朵红 | ...

证券研究报告·公司点评报告·汽车零部件 [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 24 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 谢哲栋 执业证书：S0600523060001 斯菱股份（301550） 2024 年年报点评：业绩符合市场预期，机器 人业务培育第二曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 738.12 | 774.33 | 950.19 | 1,171.50 | 1,731.96 | | 同比（%） | (1.55) | 4.91 | 22.71 | 23.29 | 47.84 | | 归母净利润（百万元） | 149.74 | 190.04 | 221.36 | 257.48 | 337.92 | | 同比（%） | 22.16 | 26. ...

证券研究报告·公司点评报告·汽车零部件 斯菱股份（301550） 2024 年年报点评：业绩符合市场预期，机器 人业务培育第二曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 738.12 | 774.33 | 950.19 | 1,171.50 | 1,731.96 | | 同比（%） | (1.55) | 4.91 | 22.71 | 23.29 | 47.84 | | 归母净利润（百万元） | 149.74 | 190.04 | 221.36 | 257.48 | 337.92 | | 同比（%） | 22.16 | 26.91 | 16.48 | 16.32 | 31.24 | | EPS-最新摊薄（元/股） | 1.36 | 1.73 | 2.01 | 2.34 | 3.07 | | P/E（现价&最新摊薄） | 73.11 | 57.61 | 49.46 | 42.52 | 32.40 | [Ta ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-009 （二）参会方式：投资者可登陆价值在线（www.ir-online.cn）参与本次年度 业绩说明会。 （三）公司出席人员：董事长姜岭先生、独立董事胡旭东先生、独立董事梁 飞媛女士、副总经理兼董事会秘书安娜女士、财务总监徐元英女士、保荐代表人 戚淑亮先生、保荐代表人王静女士（如遇特殊情况，参会人员可能进行调整）。 二、征集问题事项 投资者可于 2025 年 4 月 28 日 （ 星 期 一 ） 15:00-17:00 通过网址 https://eseb.cn/1nnXYuqPynu或使用微信扫描下方小程序码即可进入参与互动交流。 为广泛听取投资者的意见和建议，本次业绩说明会将提前向投资者征集问题，投 资者可于2025年4月28日前通过上述线上交流平台的"互动交流—我要提问"界面 进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普 遍关注的问题进行回答。 浙江斯菱汽车轴承股份有限公司 关于召开2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-014 浙江斯菱汽车轴承股份有限公司 关于使用部分闲置募集资金进行现金管理和部分闲置自 有资金进行委托理财暨关联交易的公告 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。 浙江斯菱汽车轴承股份有限公司（以下简称"公司"）2025年4月22日召开的第四 届董事会第八次会议及第四届监事会第七次会议，审议通过了《关于使用部分闲置募 集资金进行现金管理和部分闲置自有资金进行委托理财暨关联交易的议案》，并同意 提请股东大会审议。在不影响募集资金投资项目正常进行及公司正常生产经营并确保 资金安全的前提下，以增加公司收益。公司及子公司拟使用额度不超过人民币6.2亿元 （含本数）的闲置募集资金进行现金管理，其中涉及与浙江新昌农村商业银行股份有 限公司（以下简称"新昌农村商业银行"）关联交易的额度不超过4.3亿元；拟使用额 度不超过人民币9.0亿元（含本数）的自有资金开展委托理财，其中涉及与新昌农村商 业银行关联交易的额度不超过3.7亿元。使用期限自股东大会审议通过之日起12个月， 资金可循环滚动使用。公司第四届董 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-013 浙江斯菱汽车轴承股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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。 浙江斯菱汽车轴承股份有限公司（以下简称"公司"）于2025年4月22日召开第四 届董事会第八次会议及第四届监事会第七次会议，审议通过了《关于使用部分超募资 金永久补充流动资金的议案》。 为提高超募资金使用效率，降低公司财务费用，根据《上市公司监管指引第2号— —上市公司募集资金管理和使用的监管要求》《深圳证券交易所创业板股票上市规则》 《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 规定，结合自身实际经营情况，公司拟使用超募资金14,467.87万元永久补充流动资金， 占超募资金总额的27.81%，以满足公司日常经营需要。财通证券股份有限公司对本事 项出具了无异议的核查意见，该事项尚需提交股东大会审议，现将具体情况公告如下： 一、募集资金的情况概括 经中国证券监督管理委员会《关于同意浙江斯菱汽车轴承股份有限公司首次公开 发行股票注册的批复》 ...

公司代码：301550 公司简称：斯菱股份 浙江斯菱汽车轴承股份有限公司 2024年度董事会工作报告 （一）董事会召开情况 报告期内，公司共召开了 7 次董事会，公司董事会严格按照《公司法》、《证券法》 和《公司章程》等有关规定的要求，对公司的相关事项作出了决策，程序规范，具体 情况如下： | 序 号 | 会议届次 | 召开时间 | | | | 审议议案 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 第四届董事会 第一次会议 | 2024 1 | 年 | 月 | 12 | 1、《关于选举公司第四届董事会董事长的议案》； 2、《关于选举公司第四届董事会各专门委员会委员的议案》； 日 | | | | | | | | 3、《关于聘任公司高级管理人员的议案》； | | | | | | | | 4、《关于修订<内部审计制度>的议案》。 | | 2 | 第四届董事会 第二次会议 | 2024 3 | 年 | 月 | 1 | 1、《关于变更部分募投项目名称、实施地点、实施方式及使 日 用超募资金增加募投项目投资金额的议案》； | | | | | | | | 2、《关 ...