【私募调研记录】高毅资产调研科达利、宁波银行

Group 1: Key Points on Keda Li - Keda Li has optimized its product structure and improved gross margin through high-value order production, cost control, and supply chain collaboration [1] - The company is optimistic about its 2025 business outlook, expecting both order quality and scale to improve [1] - Keda Li's harmonic reducer business has received strong recognition from domestic and international clients, indicating a promising future [1] - The impact of tariff policy adjustments on the company is limited, and it is steadily advancing its direct export business [1] - The overseas market outlook is positive, with a prudent capacity layout strategy and successful operations at its European production base [1] - Asset impairment mainly involves overseas client Northvolt, which is being handled cautiously [1] - Other comprehensive income fluctuations are primarily influenced by exchange rate changes [1] - PEEK materials offer lightweight characteristics, and the company aims to enhance cost-effectiveness through large-scale production [1] - Keda Li plans to scientifically expand harmonic reducer capacity in alignment with customer demand [1] - The company effectively reduces international logistics costs through a global strategy and localized operations [1] - Keda Li will continue to maintain a steady pace of innovation and dynamically adjust R&D directions to ensure technological leadership [1] Group 2: Key Points on Ningbo Bank - Ningbo Bank proposed a cash dividend of 9 yuan per 10 shares for its 2024 profit distribution plan, marking the second consecutive year of increased dividends [2] - The net interest margin for 2024 is projected at 1.86%, a decrease of 2 basis points year-on-year, while the net profit margin is expected to be 1.91%, down 10 basis points [2] - In 2025, the bank plans to optimize credit resource allocation, promote personal loan growth, and control liability costs [2] - Fee income is expected to be significantly pressured in 2024 due to capital market fluctuations, with plans to enhance wealth management income in 2025 [2] - The provision coverage ratio is projected to decline from a high of 2023 to 389.35% by the end of 2024, primarily due to rapid growth in credit assets [2] - The bank is researching advanced capital measurement methods and is attentive to regulatory dynamics and developments among peers [2]