证券代码：301170 证券简称：锡南科技 公告编号：2025-007 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 北京德皓国际会计师事务所(特殊普通合伙)对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由北京大华国际会计师事务所(特殊普通合 伙)变更为北京德皓国际会计师事务所(特殊普通合伙)。本次变更仅为名称变更，不涉及主体资格变更， 不属于更换或重新聘任会计师事务所事项。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以100,000,000股为基数，向全体股东每10股派发现金红 利3元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ...

Group 1 - The core viewpoint is that the development of automotive lightweighting will significantly increase global magnesium demand, with additional contributions from the robotics industry, magnesium alloy construction templates, magnesium-based hydrogen storage, and low-altitude economy sectors [1] - Global magnesium demand is projected to grow from 1.12 million tons in 2024 to 2.001 million tons in 2027, with a CAGR of 21% during this period [1] - The automotive industry is identified as the main driver of magnesium demand growth, with magnesium alloy production demand reaching 550,000 tons in 2024, accounting for nearly half (49%) of global magnesium demand [1] Group 2 - By 2024, the magnesium consumption in the automotive sector is expected to reach 385,000 tons, representing 70% of magnesium alloy consumption, and the total magnesium usage in the automotive industry could reach 560,000 tons, accounting for 50% of global magnesium demand [1] - The penetration rate of automotive lightweighting is expected to drive magnesium alloy demand from 570,000 tons in 2024 to 1.35 million tons in 2027, with a CAGR of 34% [2] Group 3 - The robotics industry is emerging as a new variable for magnesium alloy demand growth, with industrial robot magnesium alloy demand projected to increase from 3,100 tons in 2024 to 6,700 tons in 2027, reflecting a CAGR of 28% [3] - The demand for magnesium alloys in humanoid robots is expected to grow from 200 tons in 2024 to 8,500 tons by 2030, with a remarkable CAGR of 93% [3] - Overall, the robotics sector's magnesium demand is anticipated to rise from 3,300 tons in 2024 to 8,100 tons in 2027, with a CAGR of 34% [3]

Group 1: Financial Performance - The company achieved an operating revenue of 4.227 billion RMB in 2024, a year-on-year increase of 62.55% [7] - The net profit attributable to shareholders reached 613 million RMB, up 98.74% compared to the previous year [7] - The net profit after deducting non-recurring gains and losses was 612 million RMB, reflecting a growth of 100.67% year-on-year [7] Group 2: Dividend Distribution - The proposed profit distribution plan for 2024 is to distribute a cash dividend of 1.50 RMB per 10 shares, totaling approximately 62.91 million RMB (including tax) [3][5] - This cash dividend amount represents a year-on-year increase of 50.42% [5] Group 3: Market Position and Client Base - In 2024, the top five customers of the company were all vehicle manufacturers, accounting for 70.85% of total revenue [4] - The company is not a direct supplier to Xiaomi Automotive but supplies some products indirectly through Tier 1 suppliers [3] Group 4: Growth Drivers and Industry Outlook - Future profit growth is expected to be driven by the overall development of the passenger car market, the growth of major downstream customers, and the company's product development and technical capabilities [7] - The automotive parts industry is experiencing a shift towards lightweight materials and integrated designs, which the company is actively researching and implementing [7][8] Group 5: Risk Management - The company faces risks such as fluctuations in raw material prices, market demand changes, and accounts receivable recovery [5] - Measures have been established to address these risks, focusing on enhancing competitive advantages in products, technology, and customer relations [5] Group 6: Operational Efficiency - The accounts receivable turnover rate for 2024 was 3.45 times, an increase of 10.58% year-on-year, indicating improved efficiency [4] - The inventory turnover rate was 3.02 times, up 18.90% from the previous year, reflecting good turnover conditions [4]

4月18日，英利汽车（601279）召开2024年年度业绩说明会，公司董事长、总经理林上炜、董事会秘书 苗雨、财务总监许安宇等，就公司2024年度经营成果、财务状况等与投资者进行沟通交流。 英利汽车专注于实现汽车零部件的轻量化，主营业务为车身结构零部件及防撞系统零部件的设计、研 发、制造及销售，主要产品包含金属零部件和非金属零部件两大类。除汽车零部件外，公司也生产少量 汽车零部件相关的模具。公司研发中心具备了较强的产品同步开发和试验评价能力，并能够有效控制产 品成本，能够满足整车制造商不同阶段的开发要求。 2024年，面对市场及行业变化，英利汽车持续加大市场拓展力度，积极实施降本增效措施，持续推进精 益化管理，聚焦效率提升及技术进步、加强运营及成本管控。全年实现营业收入46.93亿元，实现利润 总额4123.99万元，净利润4881.99万元。 英利汽车表示，作为汽车行业轻量化解决方案的提供者，公司高度重视技术研发及创新能力，通过吸引 高素质研发人员，优化人才结构，以及持续加大研发投入，为公司的可持续发展奠定了坚实的基础，随 着研发成果陆续转化为实际生产力，带动产品的优化和升级，保持了产品的市场竞争力；公司继 ...

► 深耕铝合金精密压铸 新能源浪潮驱动向上 爱柯迪是国内领先的汽车铝合金精密压铸件专业供应商，传统产品为转向、雨刮系统等汽车铝压铸小件产品，逐步向新能源汽车三电系统、结构件等中大型压铸件 产品拓展。公司近五年业绩稳健增长，2019-2024年营业收入CAGR为17.0%，归母净利润CAGR达到13.5%；结构上：公司2022 年新能源汽车产品收入占比约 为 20%，2025/2030年新能源汽车产品收入占比目标分别为30%/70%。 ► 电动智能化驱动汽车轻量化行业扩容 头部企业有望强者恒强 行业空间 ：我们测算2023年国内车用铝合金市场规模约为1,828.5亿，预计2030年将达3,341.1亿元，2023-2030年CAGR超9.0%，其中压铸工艺约占近八成比 例； 分部位 ：底盘、车身等部位铝材渗透潜力大，预计2030年国内电车底盘/车身铝材渗透率将达到94.0%/14.0%，较2018年提升68.0/6.0pcts； 格局端 ：国 内铝压铸竞争格局较为分散，2023年CR5市占率合计约为11.9%，预计龙头企业有望凭借技术/规模等优势提升市场份额。 ► 精益管理能力突出 有望复刻至中大型压铸件业务 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is positioned as a leading supplier of automotive aluminum precision die-casting parts in China, with a focus on expanding into the new energy vehicle (NEV) sector. The revenue from NEV products is expected to grow significantly, targeting 30% by 2025 and 70% by 2030 [1][27]. - The aluminum alloy market for automotive applications in China is projected to grow from approximately 182.85 billion in 2023 to 334.11 billion by 2030, with a CAGR exceeding 9% [2]. - The company has a strong management capability and aims to replicate its success in small die-casting parts to larger components, opening new growth opportunities [3]. Summary by Sections Company Overview - The company has shown steady growth over the past five years, with a CAGR of 17% in revenue and 13.5% in net profit from 2019 to 2024. The traditional product line includes small die-casting parts for steering and wiper systems, while expanding into larger components for NEVs [1][19]. Industry Analysis - The automotive lightweighting trend driven by electrification is expected to expand the aluminum die-casting market. The penetration rates for aluminum in vehicle chassis and body are projected to reach 94% and 14% respectively by 2030 [2][46]. - The competitive landscape in the aluminum die-casting industry is fragmented, with the top five companies holding a combined market share of only 11.9% in 2023, indicating potential for leading firms to gain market share through technological and scale advantages [2][61]. Competitive Advantages - The company has a robust management system that has historically led to high product value and profitability. The transition to larger die-casting parts is expected to leverage this management expertise, creating new growth avenues [3][4]. Financial Forecast and Investment Recommendations - The company is expected to see revenue growth from 82.6 billion in 2025 to 118.4 billion in 2027, with net profits projected to rise from 11.8 billion to 18.05 billion in the same period. The estimated EPS for these years is 1.20, 1.53, and 1.83 respectively, with corresponding PE ratios of 12, 9, and 8 [5][6].

Core Viewpoint - Xinbo Co., Ltd. is enhancing its collaboration with major clients through external investments, specifically by acquiring a 60% stake in Anhui Bida New Energy Vehicle Research Institute Co., Ltd. for a total of 53.73 million yuan [1][3]. Group 1: Investment Details - The investment plan involves acquiring 60% of Anhui Bida, with Xinbo Co. holding 60% and Chery New Energy holding 40% after the transaction [1]. - The total transaction amount is 53.73 million yuan, which includes a cash purchase of 23.88 million yuan for a 40% stake and an additional capital increase of 29.85 million yuan [3]. - Anhui Bida's overall valuation is 59.70 million yuan, reflecting a premium of 430.83% over its book net assets [3]. Group 2: Business Performance - In 2024, Xinbo Co.'s automotive lightweight business achieved a revenue of 448 million yuan, marking a year-on-year growth of 398.76% [2]. - The company's total revenue for 2024 reached 8.572 billion yuan, an increase of 25.67% compared to the previous year, while net profit decreased by 44.32% to 168 million yuan [4]. - The three main business segments—new energy photovoltaic, automotive lightweight, and other aluminum products—generated revenues of 7.332 billion yuan, 448 million yuan, and 792 million yuan, respectively, with growth rates of 25.2%, 398.76%, and a decline of 9.47% [4]. Group 3: Strategic Significance - The investment in Anhui Bida is aimed at increasing market share in the new energy vehicle sector and enhancing the company's industry position [3]. - Xinbo Co. is also investing approximately 50 million yuan in a project to produce 200,000 sets of new energy vehicle components, which is strategically aligned with the company's goal to better serve local manufacturers and expand market opportunities [4].

Core Viewpoint - This week, three new stocks will be available for subscription in the A-share market, including Tianyouwei, Jiangshun Technology, and Zhongjie Automobile, with Tianyouwei having the highest issue price of 93.5 yuan per share in the year [2][3]. Group 1: Tianyouwei - Tianyouwei's issue price is 93.5 yuan per share, with a single account subscription limit of 12,500 shares, requiring a market value of 125,000 yuan in the Shanghai market for maximum subscription [2]. - The company is a leading supplier of automotive instrument panels, serving clients such as BYD, Changan Automobile, and FAW Bestune, and is expanding into the smart cockpit sector [2][3]. - Projected revenues for Tianyouwei from 2022 to 2024 are 1.972 billion yuan, 3.437 billion yuan, and 4.465 billion yuan, with net profits of 397 million yuan, 842 million yuan, and 1.136 billion yuan respectively [3]. Group 2: Jiangshun Technology - Jiangshun Technology's issue price is 37.36 yuan per share, with a single account subscription limit of 15,000 shares, requiring a market value of 150,000 yuan in the Shenzhen market for maximum subscription [4]. - The company specializes in the research, design, production, and sales of aluminum profile extrusion molds and related equipment, having established long-term partnerships with major domestic and international aluminum manufacturers [4][5]. - Projected revenues for Jiangshun Technology from 2022 to 2024 are 892 million yuan, 1.043 billion yuan, and 1.136 billion yuan, with net profits of 139 million yuan, 146 million yuan, and 155 million yuan respectively [5]. Group 3: Zhongjie Automobile - Zhongjie Automobile's issue price is 16.5 yuan per share, with a single account subscription limit of 7,000 shares, requiring a market value of 70,000 yuan in the Shenzhen market for maximum subscription [7]. - The company focuses on the research, production, and sales of precision components for automotive thermal management systems, with a strong emphasis on lightweight aluminum products [7][8]. - Projected revenues for Zhongjie Automobile from 2022 to 2024 are 713 million yuan, 822 million yuan, and 978 million yuan, with net profits of 78 million yuan, 83 million yuan, and 95 million yuan respectively [9].

本周将有3只新股申购。 本周（4月14日—4月18日），A股市场将有3只新股申购，为沪市主板的天有为、深市主板的江顺科技 和创业板的众捷汽车，3股分别将于本周一和周二开启申购。值得注意的是，天有为发行价高达93.5元/ 股，为目前A股市场年内发行价最高的新股。 资料显示，天有为是业内领先的汽车仪表盘供应商，公司客户包括比亚迪、长安汽车、一汽奔腾、奇瑞 集团等；江顺科技是国内铝型材挤压模具及挤压配套设备行业内的领先企业，众捷汽车是全球领先的汽 车热管理系统精密加工零部件供应商。 公司通过长期业务发展，具备了为汽车整车厂商同步研发及批量供货能力，积累了多家国内外知名汽车 整车厂商及汽车零部件供应商客户，主要包括现代汽车集团（包括其下属现代汽车、起亚汽车、现代摩 比斯等）、比亚迪、长安汽车、一汽奔腾、奇瑞集团、上汽通用五菱、HyolimXE、长信科技、吉利集 团、北京现代、悦达起亚、宝腾汽车、鑫源汽车、福田汽车、庆铃汽车、江淮汽车、神龙汽车、凯翼汽 车等。 2022年度—2024年度，公司实现营业收入分别为19.72亿元、34.37亿元、44.65亿元，归属于母公司股东 的净利润分别为3.97亿元、8.42亿元、1 ...

4月9日，华纬科技（001380.SZ）发布2024年年度报告。报告显示，公司实现营业收入18.6亿元，同比 增长49.67%，实现利润总额2.61亿元，同比增长39.81%，实现归属母公司股东的净利润为2.26亿元，同 比增长38.00%。公司拟向全体股东每10股派发现金红利3元，以资本公积金向全体股东每10股转增4.8 股。公司共派发现金分红总额0.55亿元，转增后总股本为270,573,348股。 受益新能源自主品牌崛起，全年业绩实现高增 华纬科技深耕弹簧行业近50年，公司总部位于诸暨，地处长三角汽车产业核心区，尽享人才、供应链与 政策优势。区域内集聚了上汽、吉利、特斯拉上海工厂等整车厂，以及均胜电子、华域汽车等零部件巨 头，实现"200公里半径内70%原材料与设备配套"，物流成本降低15%，交货周期缩短20%，在行业调整 期展现出更强的供应链韧性。 华纬科技高管团队稳定，平均从业经验超15年，精准把握汽车轻量化、电动化趋势，提前布局新能源汽 车与工业机器人弹簧产品。受益于"行业红利+技术驱动+全球化布局"的多重共振，公司2024年的业绩 增长。 随着全球碳中和目标的稳步推进和各国对新能源车的政策支持， ...