衍生品研究 卓镁转债投资价值分析 汽车轻量化，镁合金替代铝合金明确且加速 2025 年 12 月 8 日 衍生品研究/转债分析报告 投资要点： 卓镁转债（123260.SZ）： A+，债券余额 4.50 亿元，新债，剩余期限 5.93 年。12 月 3 日收盘价 168.55 元，转股溢价率 81.76%。 正股：星源卓镁（301398.SZ）： 相关报告 2003 年成立，深耕汽车轻量化领域，致力于镁合金压铸件在车身结构件、内 饰件的应用，产品包括车灯散热架、座椅扶手骨架等。2025.1-3Q 营收 2.92 亿元，同比+1.48%；归母净利 0.45 亿元，同比-19.63%。实控人邱卓雄、陆 满芬，合计持股 70.13%。最新总市值 54.32 亿元，2025E PE 67.8x。 卓镁转债主要看点： 山证衍生品团队 汽车零部件领域，镁合金替代铝合金明确且加速。 2025 年 5 月赛力 斯完成一体化压铸镁合金车体的实车验证 ，较铝合金方案减重 21.8%。镁 合金替代铝合金成为汽车轻量化的重要构成，主要基于：1）镁锭价格持续 低于铝锭，2025 年 1–11 月均价分别 1.80 万元/吨与 2.06 ...

Summary of Key Points from Conference Call Industry Overview - The focus is on the magnesium alloy industry, particularly its application in the automotive and robotics sectors, driven by the need for lightweight materials and cost reduction strategies in electric vehicles [1][3]. Core Insights and Arguments - **Cost Pressure on Electric Vehicle Manufacturers**: Electric vehicle companies are under significant cost pressure, making magnesium alloys an attractive option due to their lightweight properties and relatively low prices, especially in light of potential changes in subsidy policies [1][3]. - **Price Dynamics of Magnesium and Aluminum**: Currently, the price ratio of magnesium to aluminum is deviating from the theoretical value of 1.3, with the current ratio at 0.8. This indicates a cost advantage for magnesium alloys, especially as aluminum prices may rise due to electricity shortages [1][3]. - **Policy Support for Lightweighting**: Future changes in consumption tax from displacement-based to weight-based taxation will further incentivize the use of magnesium alloys in vehicles, as the penetration rate of aluminum alloys is already high [1][3]. - **Advancements in Production Technology**: Improvements in production processes, such as semi-solid die casting, have increased yield rates and expanded the application of magnesium alloys from small components to larger parts like transmission housings and electric drive housings [1][3]. - **Performance in Robotics**: Magnesium alloys exhibit superior performance in robotics, including a 30% weight reduction and a 40%-50% increase in impact energy absorption compared to aluminum. This makes them suitable for critical components in robots, enhancing overall performance and battery life [4]. Challenges in Transitioning to Magnesium Alloys - **Barriers for Aluminum Companies**: Companies transitioning from aluminum to magnesium face challenges such as mold changes, process adjustments, and equipment tuning. This transition typically requires 9-12 months for technical adjustments and an additional 1.5-2 years for mass production [5]. Market Positioning and Competitive Advantage - **First-Mover Advantage**: Companies like Xianju Pharmaceutical, Huayang Group, and Wan Feng Aowei's Meiriding, which have already established production capacity, are expected to gain a competitive edge as they can quickly respond to market demands and secure a stable supply chain [2][6].

近日，据中国证券监督管理委员会网上办事服务平台信息显示，四川证监局受理了成都正恒动力股份有限公司提交的向不 特定合格投资者公开发行股票并在北京证券交易所上市辅导备案的申请，备案时间为2025年12月4日，辅导机构为广发证 券。 据辅导备案报告披露，广发证券与正恒动力辅导协议签署时间为2025年12月3日。另外，参与辅导工作的证券服务机构还包 括北京德恒律师事务所及中汇会计师事务所(特殊普通合伙)。 | 辅导 协 议 签署时间 | 2025 年 12月 3 日 | | --- | --- | | 辅导机构 广发证券股份有限公司 | | | 律师事务 | 北京德恒律师事务所 | | 所 | | | 会计师事 | 中汇会计师事务所(特殊普通合伙) | | 多 所 | | 值得注意的是，正恒动力曾于2022年6月申报创业板IPO并获深交所受理，于2023年6月9日经深交所上市审核委员会审议通 过，保荐机构、会计师事务所、律师事务所分别为东吴证券股份有限公司、中汇会计师事务所（特殊普通合伙）和北京德 恒律师事务所，评估机构为中威正信（北京）资产评估有限公司。 不过，因正恒动力、保荐人撤回发行上市申请，2025年2月12 ...

超捷紧固系统(上海)股份有限公司 证券代码：301005 证券简称：超捷股份 投资者关系活动记录表 编号 2025-026 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称及人员 姓名 1、东吴证券 戴晨 时间 2025年12月4日 下午15:00-16:20 地点 子公司无锡超捷会议室 上市公司接待人员 姓名 1、公司董事会秘书、财务总监 李红涛 2、公司证券事务代表 刘玉 1、请介绍下贵公司汽车业务的基本情况。 公司长期致力于高强度精密紧固件、异形连接件等产品的研 发、生产与销售，产品主要应用于汽车发动机涡轮增压系统，换 挡驻车控制系统，汽车排气系统，汽车座椅、车灯与后视镜等内 外饰系统的汽车关键零部件的连接、紧固。在新能源汽车上，产 品主要应用于电池托盘、底盘与车身、电控逆变器、换电系统等 模块。此外，公司的紧固件产品还应用于电子电器、通信等行 业。 2、公司汽车业务营收保持增长的主要动力有哪些？ ①汽车零部件出口的拓展，海外市场是公司的战略重点之 一，基于公司与麦格纳、法雷奥、博世等国际一级供应商多年良 好的合作关系，为海外市场拓 ...

Group 1: Company Overview and Operations - Zhejiang Hongxin Technology Co., Ltd. is engaged in the production of aluminum alloy wheels, focusing on innovation and quality management [1][2]. - The company has established long-term stable relationships with major raw material suppliers, ensuring consistent procurement of aluminum bars based on market prices [2][3]. Group 2: Competitive Advantages - The company utilizes forging technology, which is more energy-efficient and environmentally friendly compared to traditional casting methods, providing advantages in weight, strength, and plasticity [3]. - The emphasis on product lightweighting aligns with global automotive trends, reducing fuel consumption and emissions while enhancing vehicle performance [3]. - Continuous technological innovation is a core competitive advantage, addressing increasing consumer demands for performance and aesthetics in automotive wheels [3]. - The company has a strong customer base, supplying to major domestic manufacturers and expanding into international markets, including partnerships with U.S. electric vehicle manufacturers [3]. - A comprehensive quality management system has been implemented, achieving certifications such as IATF16949:2016 and various international product certifications, ensuring high product quality [3]. Group 3: International Expansion - The total investment for the Thailand manufacturing base project is 250 million yuan, with the first phase including forging and wheel processing workshops already in production [4]. - The second phase of the Thailand project is planned to include additional processing facilities and is aimed at high-quality product development [4]. - The company is proactively addressing trade policy impacts by establishing overseas production capabilities, with ongoing audits from international clients [4].

Core Viewpoint - The company, Xingyuan Zhuomei (301398), focuses on magnesium and aluminum alloy precision die-casting products and related die manufacturing, with a recent announcement regarding investor research activities and insights into its business operations and market positioning [1][9]. Group 1: Company Overview - The company's main products include automotive display system components, new energy vehicle powertrain components, automotive seat armrest structural parts, automotive central console skeletons, and automotive lamp heat dissipation brackets, primarily applied in the automotive sector [2]. - The company reported a total revenue of 292 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.48%, while the net profit attributable to shareholders decreased by 19.63% to 45.07 million yuan [9]. Group 2: Technical Advantages - The company's core technical advantages lie in providing one-stop services that include product design optimization, mold manufacturing, precision die-casting, precision machining, and surface treatment, ensuring a comprehensive scale-up capability [3]. - Magnesium alloy is recognized as the lightest commercial metal structural material, offering benefits such as low density, good toughness, and strong damping capacity, which enhance lightweight effects and driving experiences in automotive applications [4]. Group 3: Future Developments - The company plans to focus on the application of magnesium and aluminum alloys in automotive lightweighting, electrification, and intelligence, promoting large and medium-sized components and exploring new product types for automotive applications [7]. - The global primary magnesium production in 2024 is projected to be 1.12 million tons, with China accounting for 1.0258 million tons, indicating a strong resource reserve advantage for the company in the magnesium alloy sector [6]. Group 4: Industry Insights - The company is considering a flexible approach to adopting semi-solid forming technology alongside traditional high-pressure die-casting, based on performance requirements and cost considerations for various applications, aiming to enhance product diversification and market competitiveness [5].

1 证券代码：301398 证券简称：星源卓镁 宁波星源卓镁技术股份有限公司 投资者关系活动记录表 编号：2025-004 | 投资者关系活动类别 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | | 华西基金：李健伟 | | | | 嘉实基金：康凯 | | | | 光大保德信基金：王艺伟 | | | | 天弘基金：陈祥、李佳明 | | | | 泉果基金：余海洋 | | | | 富安达基金：张心怡 | | | | 惠升基金：陆浩然 | | | | 翊安基金：章可越 | | | | 博衍基金：阮心洲 | | | 参与单位名称及人员姓名 | 博睿乾远基金：姜书岳 | | | | 浙商资管：陈一 | | | | 杭银理财：曹祥 | | | | 东吴证券：郭雨蒙 | | | | 长江证券：吴优 | | | | 华西证券：庞博 | | | | 国联民生证券：姜煦洲 | | | | 开源证券：陈绪铭 | | | | 盘京投资：王震 | | | | 非马投资：蔡峰 | ...

Core Insights - The visit of King Felipe VI of Spain to the Haesstemp factory in Beijing has increased visibility for the Spanish automotive parts company [2] - Haesstemp, founded in 1997, specializes in the design and manufacturing of automotive metal components, with projected revenues of $11.7 billion in 2024, ranking 25th among global automotive parts suppliers [2] - China is a key market for Haesstemp, accounting for 14% of its global revenue in 2024, with an impressive 80% growth in revenue from 2021 to 2024 [2] Industry Trends - The shift towards new energy vehicles in China has led to the rise of local automotive parts companies and increased competition from international giants [2] - Haesstemp's strategy to enhance its technological and production capabilities in the Chinese market is crucial to navigate the evolving industry landscape [2] Technological Innovations - Haesstemp focuses on lightweight components and battery box systems to improve electric vehicle range and reduce manufacturing costs [3] - The company has pioneered the application of integrated hot stamping technology in the automotive sector, which can reduce vehicle weight by approximately 15% and carbon emissions by 15% [3][4] - The Ges-Gigastamping™ technology offers flexibility and cost optimization, reducing mold development investment by 50% and production costs by 10% [4] Financial Performance - In 2024, Haesstemp's revenue slightly declined to €12.212 billion from €12.45 billion in 2023, with a profit drop of 14.41% [5] - Despite challenges in international markets, Haesstemp's performance in China remains strong, with production value increasing from ¥800 million in 2022 to ¥2.3 billion, projected to reach ¥4.3 billion by 2025 [5] Local Strategy - Haesstemp has established joint ventures and local partnerships in China, significantly boosting its business through collaborations with major automotive manufacturers [6] - The company emphasizes localization, with 99.5% of its workforce in China being local talent, and has set up R&D centers in Kunshan and Shanghai [6][7] - Haesstemp aims to replicate its localized solutions from China to its global operations, leveraging its extensive network of 115 factories across 24 countries [7][8]

Core Viewpoint - The company is advancing its strategic layout in lightweight materials for new energy vehicles by collaborating with a renowned domestic magnesium alloy research team to develop magnesium alloy electric motorcycle wheels and semi-solid high-pressure casting technology [1][2]. Group 1: Technological Development - The company has entered a substantial development phase for magnesium alloy electric motorcycle wheels, which are part of its product upgrade plan [1]. - The new national standard for electric bicycles, effective September 1, 2025, emphasizes "plastic limits" and "weight limits," creating a policy space for magnesium alloy to replace plastic components and promote lightweight designs [1]. - The company has invested CNY 186 million in R&D for 2024, marking a 19.55% increase year-on-year, and holds 288 patents, including 41 invention patents [2]. Group 2: Market Demand and Growth - The electric two-wheeler market is expanding, with projected sales of 16.46 million units in 2024, a year-on-year increase of 12.99%, and a significant rise in large-displacement leisure motorcycles [1]. - The annual demand for magnesium alloy could reach approximately 160,000 tons if each electric two-wheeler uses an average of 3.2 kg of magnesium alloy [1]. Group 3: Product Characteristics and Advantages - Magnesium alloy materials offer a weight reduction of over 30% compared to existing aluminum alloy wheels, enhancing the range and energy efficiency of electric two-wheelers [2]. - The company has established a comprehensive customer base, supplying aluminum alloy wheels to major international brands and leading domestic manufacturers [2]. Group 4: Future Prospects - The development of magnesium alloy electric motorcycle wheels is seen as a critical step towards potential applications in new energy vehicle wheels, with targets set for magnesium alloy usage in vehicles by 2025 and 2030 [3]. - The company aims to focus on material optimization, performance testing, cost control, and market validation for magnesium alloy electric motorcycle wheels to pave the way for new growth opportunities in the lightweight sector [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.65 CNY, based on a 35 times price-to-earnings ratio for 2026 [3][4]. Core Views - The current low magnesium prices are expected to open up application spaces, with breakthroughs in technology enhancing production efficiency [2]. - The company has adjusted its EPS forecasts for 2025-2027 to 0.14, 0.39, and 0.67 CNY respectively, down from previous estimates of 0.32, 0.52, and 0.77 CNY [3]. - The company is focusing on continuous research and innovation, particularly in semi-solid injection molding technology, which significantly improves material utilization and reduces production costs [9]. Financial Performance Summary - Revenue is projected to grow from 7,652 million CNY in 2023 to 13,437 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [7][10]. - Operating profit is expected to recover from a low of 115 million CNY in 2025 to 703 million CNY by 2027, reflecting a significant turnaround [7][10]. - The net profit attributable to the parent company is forecasted to increase from 136 million CNY in 2025 to 661 million CNY in 2027, indicating strong growth potential [7][10]. Market and Industry Insights - The magnesium price remains low, which is accelerating the penetration of magnesium in automotive lightweighting, particularly in electric vehicles where magnesium usage is expected to increase significantly [9]. - The company has substantial mineral resources, with reserves of 0.9 billion tons and 5.8 billion tons in its subsidiaries, ensuring stable raw material supply for magnesium and magnesium alloy production [9].