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【震裕科技(300953.SZ)】锂电结构件盈利改善持续,人形机器人业务彰显能力——2024年年报点评(殷中枢/陈无忌)
光大证券研究· 2025-04-23 09:10
Core Viewpoint - The company has shown significant growth in revenue and profit, driven by automation upgrades and cost reduction strategies, particularly in the lithium battery and mold businesses [3][4][5]. Financial Performance - In 2024, the company achieved a revenue of 7.129 billion yuan, representing a year-on-year growth of 18.45%. The net profit attributable to shareholders was 254 million yuan, a remarkable increase of 493.77%. The non-recurring net profit reached 231 million yuan, soaring by 2528.14% [3]. - For Q4 2024, the company reported a revenue of 2.114 billion yuan, up 21.26% year-on-year and 12.31% quarter-on-quarter. The net profit for this quarter was 82 million yuan, marking a turnaround from losses, with a quarter-on-quarter growth of 100.37% [3]. - The company forecasts a net profit of 69-75 million yuan for Q1 2025, indicating a year-on-year growth of 31.54%-42.97% [4]. Business Segments - The revenue from lithium battery precision structural components reached 4.24 billion yuan in 2024, growing by 29.84%, with a gross margin of 11.28%, an increase of 2.75 percentage points [5]. - The mold business generated 416 million yuan in revenue, up 32.70%, with a high gross margin of 53.85%, reflecting improvements from technological innovation and cost reduction [6]. - The revenue from motor iron cores was 1.509 billion yuan, down 11.78%, but the gross margin improved to 18.85%, an increase of 2.41 percentage points, attributed to the rising proportion of adhesive iron cores [7]. Technological Advancements - The company has developed advanced manufacturing capabilities, including reverse planetary roller screws and linear actuators, with plans to expand production lines to meet increasing demand [8][9].
小鹏机器人+车端核心标的推荐
2025-04-15 14:30
Summary of Conference Call Company and Industry Involved - The conference call primarily focused on **Xiaopeng Motors** and its supply chain, as well as the automotive and robotics industries. - Key companies mentioned include **Guangdong Hongtu**, **Bojun Technology**, and **Xiaomi**. Core Points and Arguments 1. **Xiaopeng Motors Production Forecast**: Xiaopeng Motors is expected to produce approximately **500,000 vehicles** this year and **800,000 vehicles** next year, with significant new models anticipated [2][3]. 2. **Recommendations for Suppliers**: The call recommended **Guangdong Hongtu** and **Bojun Technology** as key suppliers for Xiaopeng Motors due to their strong business capabilities and competitive advantages [2][3]. 3. **Guangdong Hongtu's Role**: Guangdong Hongtu has established a deep partnership with Xiaopeng, providing critical components for various models, including the X9 and G9, with a unit price around **3,000 to 4,000 RMB** [3][4]. 4. **Bojun Technology's Potential**: Bojun Technology is highlighted as an undervalued supplier for Xiaopeng's M03 model, with a unit contribution of approximately **3,500 RMB** per vehicle. The company is expected to generate around **800 million RMB** in revenue this year [7][8]. 5. **Overall Revenue Growth**: The overall revenue for the company is projected to grow by **20%** this year, driven by partnerships with major clients like BYD and Geely, contributing an additional **2 billion RMB** [5][6]. 6. **Focus on Robotics**: The company is actively involved in robotics development, collaborating with Xiaopeng on various projects, including aluminum and lead alloy components [4][9]. 7. **Market Positioning**: The company is positioned to benefit from the growing demand in the automotive sector, particularly with Xiaopeng's increasing production and model diversity [8][10]. Other Important but Possibly Overlooked Content 1. **Client Structure Transformation**: The company is undergoing a significant transformation in its client structure, which is expected to enhance its growth prospects [6]. 2. **Long-term Partnerships**: The call emphasized the importance of long-term partnerships with clients like Xiaopeng, which could lead to sustained revenue growth and product development opportunities [10]. 3. **Investment Opportunities**: The conference highlighted potential investment opportunities in the automotive supply chain, particularly in companies like Guangdong Hongtu and Bojun Technology, which are seen as undervalued in the current market [8][9].
这些车企高管的最新演讲里,信息量巨大
汽车商业评论· 2025-03-29 22:13
撰文 / 路 行 设计 / shelly 2024年,中国新能源汽车产业交出了一份亮眼成绩单:产销量突破1300万辆大关,占全球市场份额超60%。在政策与市场的双重驱动下,这个承载着 制造业转型升级使命的产业正迎来关键转折——今年政府工作报告进一步明确,将智能网联新能源汽车、智能机器人等新一代智能终端列为重点发展 领域,为汽车产业升级按下"加速键"。 阳春三月末尾,一场关于未来出行的思想盛宴持续升温。3月29日,在中国电动汽车百人会论坛进入第二日之际,新能源汽车产业的领军人物相聚北 京,围绕汽车行业生态、电动化进程、智能网联、飞行汽车等前沿议题发表见解,勾勒未来出行新图景。 以下是汽车商业评论按照演讲顺序整理的车企高管演讲重点。 长安汽车副总裁、深蓝汽车CEO邓承浩 邓承浩在演讲中透露,今年长安汽车搭载全固态电池的样车会首发,明年会做规模化的装车验证,2027年开始逐渐量产,上车之后续航大概1500公 里;作为30万—35万元的大六座旗舰级产品,深蓝S09很快会量产;下个月在泰国投产新能源整车工厂,也会投产其全球化战略车型深蓝S05。 他也表达了他的压力。 他说:"随着数字化转型,汽车已经从原来的B2B2C的 ...
亿航智能系列四-年报点评:单四季度收入同比增长190%,商业化落地运营可期【国信汽车】
车中旭霞· 2025-03-24 11:34
| 亿航智能系列 车中旭霞 | | --- | | 行业深度 | | 《 eVTOL行业专题:低空经济的先导产业,飞行汽车商业化渐近》——20240516 | | 公司深度 | | 《亿航智能(EH.O)-低空经济领先企业,集齐适航三证,商业化落地有望加速》 ——2024-08-11 | | 公司点评 | | 《亿航智能(EH.O)- 单四季度收入同比增长190%,商业化落地运营可期》 ——20250324 | | 《亿航智能(EH.O)-单三季度收入同比增长348%,在手订单充裕》 ——20241123 | 核心观点 2024Q4亿航智能实现营业收入1.64亿元,同比增长190%。 2024年,亿航智能总收入为4.56亿元,同比增长288.5%;净利润为-2.30亿元,去年同期为-3.02亿元,非美国通用会计 准则下调整后净利润(即加回股权激励费用后的净利润)为人民币4,310万,较2023年调整后净亏损人民币1.39亿元大 幅改善。拆单季度看,2024Q4,亿航智能总收入为1.64亿元,同比增长190.2%,环比增长28.2%;归母净利润 为-4685.8万元,去年同期为-7226.4万元,24年单三季度 ...
汽车公司的尽头是AI?
汽车商业评论· 2025-03-11 16:25
撰 文 / 孟 为 设 计 / 琚 佳 3月10日,法拉第未来(Faraday Future,简称FF)正式将公司股票代码从"FFIE"改为"FFAI"。 其创始人贾跃亭称,AI车生态不仅是未来,更是FF的核心能力和核心战略。更名不仅是品牌升 级,更是公司对核心AI战略及长期发展目标的坚定承诺。 不到一个月前,力帆科技公告宣布,公司全称由力帆科技(集团)股份有限公司"变更为"重庆千里 科技股份有限公司",2月18日起,证券代码601777的证券简称将由"力帆科技"变更为"千里科技"。 其更名动作的背后,也是力帆从传统车企,到全面拥抱智能化浪潮,聚焦"AI+车"战略的主动求 变,并成为了吉利全域AI战略的重要组成部分。 明确向AI领域转型的汽车企业还有小鹏汽车和理想汽车。 在刚刚结束的2025全国两会上,小鹏汽车董事长何小鹏表示,"一个全新的AI时代正在到来。AI会 推动自动驾驶甚至无人驾驶的到来;汽车产业正在和机器人开始进行融合。" 2025年,小鹏汽车也被重新定义为一家面向全球的AI汽车公司,并基于此,在未来10年内,实现产 品、商业、组织与全球化全方位领先,年销100万台AI汽车。 如何重塑汽车业 汽车商 ...