事件：公司2024 年业绩快报，预计全年实现营收80.5 亿元，同比+5.8%；归母净利润4.16 亿元，同 比-1.7%；扣非归母净利润3.86 亿元，同比-1.6%。 营收符合预期，四季度盈利能力有所修复。全年维度，公司业绩承压，主要受子公司广州鸿图、天津鸿 图产能爬坡影响（成本费用率较高，当期经营未实现盈利），若剔除广州、天津项目的影响，公司全年 归母净利润与营业收入同向均有增长。单季度看，公司2024Q4 实现营收25 亿元，同/环比 +3.1%/+25%；归母净利润1.5 亿元，同/环比+32.5%/+62%；扣非归母净利润1.5 亿元，同/环比 +33%/+82%；对应归母净利率5.9%，盈利能力快速修复。 展望2025，公司有望持续受益于自主增量客户销量增长。公司客户群结构优良，业务量稳定。除传统日 系（本田、丰田、日产）、美系（通用、克莱斯勒、福特）外，公司近年来在自主品牌持续突破。 2025Q1，小鹏/吉利/比亚迪国分别销售整车9.4/70.4/100 万辆，分别环比+2.7%/+2.5%/-34%。展望全 年，自主品牌新能源新车力度强、竞争优势明显，公司有望持续受益于核心自主品牌的强车型周 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.8 CNY [2][8]. Core Views - The company's 2024 performance aligns with expectations, showing a revenue of 27.2 billion CNY, a year-on-year increase of 17%, and a net profit attributable to shareholders of 710 million CNY, also up 17% year-on-year [2][4]. - The company is seeking breakthroughs in new fields for 2025, particularly in the areas of robotics and drones, as well as in the development of new materials for automotive applications [8][9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 27,246 million CNY, with a growth rate of 16.6% [4]. - Net profit attributable to shareholders: 707 million CNY, with a growth rate of 16.8% [4]. - Earnings per share: 1.12 CNY [4]. - **2025-2027 Financial Projections**: - Expected revenue for 2025: 30,628 million CNY, with a growth rate of 12.4% [4]. - Expected net profit for 2025: 759 million CNY, with a growth rate of 7.3% [4]. - Projected earnings per share for 2025: 1.20 CNY [4]. - **Valuation Metrics**: - Price-to-earnings ratio for 2025: 13 times [4]. - Price-to-book ratio for 2025: 1.3 times [4]. Market Performance - The company has shown a significant performance improvement in Q4 2024, achieving a revenue of 79 billion CNY, which is a 26% increase quarter-on-quarter and a 15% increase year-on-year [8]. - The net profit for Q4 2024 reached 214 million CNY, reflecting a 12% increase quarter-on-quarter and a 92% increase year-on-year [8]. Strategic Developments - The company has successfully launched its heat-free materials in the market, with significant partnerships and certifications from leading new energy vehicle manufacturers [8][9]. - The company is actively exploring applications for its materials in various sectors, including energy storage and computing centers [8].

► 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 - The automotive parts industry will continue to focus on electrification and intelligence in 2025, with integrated die-casting products expected to expand and become more prevalent, reshaping the body structure parts market [1] Company Performance - In 2024, the company reported revenue of 3.592 billion yuan, a year-on-year decrease of 8.19%, and a net profit of 425 million yuan, down 14.43% year-on-year due to factors such as fluctuations in downstream product sales and increased asset depreciation [1] - The company is actively extending its industrial chain by advancing integrated die-casting, hot forming, electrophoretic painting, and composite materials businesses, optimizing its product structure [1] Capacity Layout - The company has established production facilities in multiple locations, achieving an 80% utilization rate in its stamping and welding business [2] - Four integrated die-casting production lines have been set up in Jiangsu Yancheng and Anhui Liu'an, with an additional line under construction in Jiangsu Changzhou [2] - A new project in Jinhua City with a total investment of 1 billion yuan aims to produce 200,000 sets of integrated automotive body structure parts annually [2] Future Business Outlook - The integrated die-casting and hot forming businesses have secured multiple customer orders, with large-scale production expected to begin in the second half of 2025, leading to a significant increase in capacity utilization by 2026 [2] Market Position - Major clients include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others, with ongoing efforts to enhance the customer structure [3] - The impact of the U.S. "reciprocal tariff" policy on the company's business is minimal, with only 4.01% of total revenue coming from export business, and approximately 3.6% from exports to the U.S. [3]

Core Viewpoint - The PVDF concept sector has shown a significant increase of 1.84%, leading the market in terms of growth, with notable stocks such as Heimao Co., Jinming Precision Machinery, and Sanmei Co. experiencing substantial gains [1][2]. Market Performance - The PVDF concept sector ranked first in today's market performance, with 12 stocks rising, including Heimao Co. (+6.83%), Jinming Precision Machinery (+5.82%), and Sanmei Co. (+3.09%) [1][2]. - Other notable sectors included Noise Control (+1.57%) and Camping Economy (+1.54%), while sectors like Combustible Ice and Controlled Nuclear Fusion saw declines of -1.62% and -1.15%, respectively [2]. Capital Flow - The PVDF concept sector attracted a net inflow of 144 million yuan, with eight stocks receiving significant capital inflows. Heimao Co. led with a net inflow of approximately 52.89 million yuan [2][3]. - Other companies with notable net inflows included Juhua Co. (48.30 million yuan), Jinming Precision Machinery (22.38 million yuan), and Putailai (11.17 million yuan) [2][3]. Capital Inflow Ratios - Heimao Co., Jinming Precision Machinery, and Juhua Co. had the highest net inflow ratios at 11.43%, 10.01%, and 7.81%, respectively [3]. - The detailed capital inflow data for the top stocks in the PVDF concept sector indicates varying performance, with Heimao Co. showing a daily increase of 6.83% and a turnover rate of 5.21% [3].