苏州迈为科技股份有限公司 2025 年 4 月 29 日投资者活动记录表 编号：2025-002 证券代码：300751 证券简称：迈为股份 略性投入短期内增加了成本和费用，但这是为了夯实长期竞争力。我们坚信， 这些投入将为未来增长奠定坚实基础。然而，我们坚信这只是暂时的。2025 年在追求高质量发展的同时，公司将持续平衡研发投入与股东回报，与投资 者共享长期价值。 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | ☑电话会议 □现场参观 | | | □其他： （请文字说明其他活动内容） | | 参与单位名 称及人员姓 | 机构投资者共143人，后附 | | 名 | | | 时间 | 2025 年 4 月 29 日 15:30-16:30 | | 地点 | 公司会议室（电话会议） | | 公司接待人 | 董事长周剑先生、财务总监兼董事会秘书刘琼先生、证券部总监谭静女 | | 员、姓名 | 士、投资者关系张宏广先生、证券事务代表徐孙杰先生 | | | 2024 年，公司实现营业收入 98 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to continue developing its pre-mixed liquor business with a focus on the 358 product matrix, aiming for positive growth in the upcoming year. The whisky business is anticipated to gain momentum with new product launches and successful channel expansion [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 35 billion and 40 billion RMB respectively, with a year-on-year growth of 15% and 14%. The net profit for 2025 is projected at 8.1 billion RMB, reflecting a 12% increase [3] Financial Performance Summary - For 2024, total revenue is expected to be 30.48 billion RMB, a decrease of 6.61% year-on-year, while net profit is projected at 7.19 billion RMB, down 11.15% year-on-year [8][3] - The first quarter of 2025 shows a revenue of 7.37 billion RMB, a decline of 8.11% year-on-year, but net profit increased by 7.03% to 1.81 billion RMB [8][3] - The gross margin improved by 2.97 percentage points to 69.7% in 2024, while the net profit margin decreased by 1.21 percentage points to 23.6% [8][3] Revenue and Profit Forecasts - The company aims for total revenue of 34 billion RMB in 2025 and 40 billion RMB in 2026, with corresponding net profits of 8.1 billion RMB and 9.7 billion RMB [3] - The projected earnings per share (EPS) for 2025 is 0.77 RMB, with a price-to-earnings (P/E) ratio of 34.24 [1][3] Market Data - The closing price of the stock is 26.33 RMB, with a market capitalization of approximately 27.63 billion RMB [6] - The company has a price-to-book (P/B) ratio of 5.89 and a total asset-liability ratio of 41.18% [7][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company is actively expanding its growth opportunities in the screw rod sector and has shown strong revenue and profit growth in recent quarters [7]. - The company reported a revenue of 680.28 million yuan for 2024, representing a year-on-year increase of 16.63%, and a net profit attributable to the parent company of 211.61 million yuan, up 14.76% year-on-year [7]. - The company is focusing on enhancing its profitability and has achieved a gross margin of 51.9% in 2024, with a net margin of 32.3% [7]. Financial Performance Summary - **Revenue Forecast**: The company expects revenues to grow from 680.28 million yuan in 2024 to 1,507.60 million yuan by 2027, with compound annual growth rates (CAGR) of 32.4% [2][12]. - **Net Profit Forecast**: The net profit is projected to increase from 211.61 million yuan in 2024 to 490.86 million yuan in 2027, with significant growth rates in the coming years [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.55 yuan in 2024 to 3.60 yuan in 2027 [2][12]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 15.72% in 2024 to 21.09% in 2027 [2][12]. Business Segment Performance - **Valve Transmission Group**: Revenue from this segment is expected to grow from 500.17 million yuan in 2024 to 1,009.46 million yuan by 2027, with a gross margin of 56% by 2025 [9]. - **Cold Forged Precision Wire**: This segment is projected to see revenue growth from 40 million yuan in 2024 to 190.44 million yuan in 2027, with an improving gross margin reaching 10% by 2027 [9]. - **Overseas Business Growth**: The company has reported a 47% year-on-year increase in overseas revenue, driven by new projects and increased production capacity [7]. Strategic Initiatives - The company is investing approximately 500 million yuan in establishing a new joint venture focused on precision transmission components, which is expected to enhance its market position in the screw rod sector [7].

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） | 808.41 | 927.19 | 1,292.60 | 1,609.73 | 1,888.80 | | 同比（%） | 47.47 | 14.69 | 39.41 | 24.53 | 17.34 | | 归母净利润（百万元） | 90.33 | 180.76 | 195.80 | 245.16 | 288.42 | | 同比（%） | 36.39 | 100.11 | 8.32 | 25.21 | 17.64 | | EPS-最新摊薄（元/股） | 0.95 | 1.90 | 2.05 | 2.57 | 3.03 | | P/E（现价&最新摊薄） | 34.71 | 17.35 | 16.01 | 12.79 | 10.87 | [Table_Tag] [投资要点 Table_Summary] 证券研究报告·公司点评报告·环境治理 2025 年 04 月 29 日 ...

宁德时代相关负责人表示，今年以来公司产能利用率饱满，产销两旺，未来持续较高增长可期。 2025 年一季度，宁德时代电池销量超过 120GWh ，同比增长超过 30% 。 产销两旺推动宁德时代各个基地开年以来开工、投产加速跑。 来自 "今日伊滨"的消息显示，近日， 宁德时代河南洛阳基地圆满完成项目一期一季度全线投产目标，累计产值突破 50 亿元。 作为宁德时代在 全球范围布局的十三大生产基地之一，按照 "灯塔工厂 + 零碳工厂"标准建设的宁德时代洛阳基地，项目共 4 期，总投资 320 亿元。项目一期占地 850 亩，年产能为 30GWh 。 项目一期于 2024 年 12 月投产， 在 今年 年初运行 1 条电芯产线、 5 条 PACK 产线的基础上，宁德时代洛阳基地一期所有产线已全部进 入生产状态，生产设备超 95% 实现联网，生产节拍为每 1 秒下线 1 个电芯，每 2.5 分钟下线一个电池包。 除了项目一期全面达产，宁德时代 2024 年 5 月开工洛阳基地项目二期建设也在有序推进中，其中，电芯厂房已完成主体施工。 3 月 21 日，宁德时代洛阳基地三期、四期项目正式开工。三期、四期项目总投资 180 ...

| | | | | | 单位: 70 | | --- | --- | --- | --- | --- | --- | | | 2024年 | | 2023年 | | 同比增减 | | | 金额 | 占营业收入比重 | 金额 | 占营业收入比重 | | | 营业收入合计 | 8,150,579,490.62 | 100% | 9,800,950,747.92 | 100% | -16.84% | | 分行业 | | | | | | | 生活用纸 | 8,041,583,812.54 | 98.66% | 9,661,634,109.32 | 98.58% | -16.77% | | 个人护理及其他 | 108,995,678.08 | 1.34% | 139,316,638.60 | 1.42% | -21.76% | | 分产品 | | | | | | | 成品 | 7,949,815,175.24 | 97.54% | 9,646,863,040.03 | 98.43% | -17.59% | | 半成品及其他 | 200,764,315.38 | 2.46% | 154,087,707.89 | 1.57 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating pressure on performance and a significant drop in net profit margin compared to the previous year [1][2]. Financial Performance - Q1 2025 revenue was 3.079 billion yuan, a year-on-year decrease of 1.93% - Net profit attributable to shareholders was 214 million yuan, down 38.12% year-on-year - Basic earnings per share were 0.08 yuan [1] - Gross margin and net margin for Q1 2025 were 47.00% and 6.92%, respectively, with changes of +0.37 and -4.08 percentage points year-on-year [2] - The selling and administrative expense ratio increased to 34.16%, up 5.90 percentage points year-on-year, contributing to the decline in net margin [2] - Inventory turnover days increased to 188.32 days, up 45.08 days year-on-year [2] - Net cash flow from operating activities was 153 million yuan, a decrease of 81.71% year-on-year [2] Business Strategy - The company is focusing on upgrading domestic channels and enhancing overseas business models, with significant progress in store openings and renovations for its core brands, Semir and Balabala [2][3] - In 2024, over 500 new Semir image stores and Balabala store renovations were completed [2] - The company is implementing a multi-channel strategy for overseas markets, including direct sales, e-commerce, and partnerships with agents, successfully entering 15 countries and regions by the end of 2024 [3] Future Outlook - The company aims to continue improving retail capabilities and product circulation efficiency while expanding its overseas business footprint [4] - EPS forecasts for 2025-2027 are projected at 0.46, 0.51, and 0.57 yuan, with a 2025 PE valuation of 13.72 times, which is below the average of comparable companies [4]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.02 CNY per share [5]. Core Views - The company reported a steady growth in Q1 2025, with a revenue of 433 million CNY, a year-on-year decrease of 24.0% and a quarter-on-quarter decrease of 44.4%. However, the net profit attributable to the parent company increased by 2.3% year-on-year and 14.9% quarter-on-quarter, attributed to lean production management and improved efficiency [1]. - The automotive seating business is expected to grow, with the core R&D team fully in place and a high-standard laboratory operational, engaging in deep cooperation with several well-known automotive companies [1][2]. - The company has expanded its customer base significantly, moving from the Lear system to covering mainstream Tier 1 suppliers, with new orders expected to contribute 6.059 billion CNY in revenue over five years, representing 53.2% of the company's total revenue in 2024 [2]. - The company is diversifying into railway container projects, having won a bid worth 587 million CNY, and is preparing for high-speed rail seating supply, which opens up long-term growth opportunities [3]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin reached 19.1%, an increase of 6.1 percentage points year-on-year, benefiting from product structure optimization and lean production improvements [2]. - The company’s revenue projections for 2025-2027 are 3.139 billion CNY, 4.091 billion CNY, and 5.114 billion CNY, respectively, with net profits of 204 million CNY, 297 million CNY, and 386 million CNY [4][3]. Customer Expansion - The company has established long-term partnerships with major automotive suppliers and has accelerated customer expansion, leading to multiple project confirmations and significant revenue contributions from new orders [2][3]. Growth Opportunities - The company is leveraging its position as a leader in automotive seating frames to capture market share and is actively expanding into seating assembly and railway sectors, which are expected to enhance its long-term growth potential [3].

2024 年，公司锂电结构件业务实现营收114.73 亿元，同比增长14%；毛利率同比提升0.9pct 至25.01%， 盈利能力稳中有升。公司持续推进降本增效，公司整体期间费用率降低0.53pct 至9.4%，全年净利率提 升至12.2%。 海外产能布局完善，就近配套客户提升粘性 事件 公司发布2024 年年报，全年实现营收120.30 亿元，同比增长14.44%；实现归母净利润14.72 亿元，同比 增长22.55%。其中2024Q4 实现营收34.38 亿元，同比+25.32%，环比+9.25%；归母净利润4.55 亿元，同 比+12.15%，环比+23.58%；扣非归母净利润4.59 亿元，同比+18.76%，环比+28.37%；单季度毛利率 27.26%，环比提升3.84pct，2024Q4 业绩超市场预期。 锂电结构件盈利能力保持稳健 盈利预测及投资建议 我们预计公司2025-2027 年营业收入分别为144.0/172.8/208.7 亿元，同比增速分别为 19.7%/20.0%/20.7%；归母净利润分别为18.1/21.7/26.6 亿元，同比增速分别为22.8%/19.8%/22.8%,三 ...

产品生态链完善，与伙伴和客户合作密切。公司致力于构建可持续发展的、合作共赢的工业设计软件生 态系统，打造CAx 一体化解决方案，满足不同体量、不同行业、不同类型客户对产品的差异化需求。 2024 年，基于过往二十余年间在工程建设行业和制造业中积累的客户资源与行业知识，中望软件与生 态合作伙伴携手，完善行业应用解决方案。公司将业务团队与研发团队更加紧密的结合在一起，提升信 息传递效率的同时，给KA 客户提供更加优质快速的服务；在泛行业中小企业客户拓展方面，公司召开 渠道伙伴加盟会，吸引渠道商与公司建立合作关系，为公司未来的渠道销售发展打开空间。 公司发布2024 年年度报告及2025 年一季度报告，2024 年营业收入8.88亿元，同比增长7.31%；实现归 母净利润0.64 亿元，同比增长4.17%。 2025 年一季度营业收入1.26 亿元，同比增加4.56%；实现归母净利润-0.48 亿元。 2D 产品销售额平稳增长，3D CAD 产品营收贡献持续增强。2024 年公司2DCAD 产品收入同比增长 2.12%；3D CAD 产品收入2.42 亿元，同比增长29.21%；CAE 产品收入 974 万元，同增 ...