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 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.92 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.48%. However, the net profit attributable to shareholders decreased by 19.63% year-on-year to 450 million yuan [7] - The company has a strong order backlog, with significant projects in the pipeline, including a convertible bond issuance aimed at raising up to 450 million yuan for a new magnesium alloy project [7] - The company is positioned as a leader in semi-solid technology and is expected to benefit from the growing trend of magnesium alloy applications [7] Financial Performance Summary - For 2023, the total revenue is projected at 352.22 million yuan, with a year-on-year growth of 30.16%. The net profit attributable to shareholders is expected to be 80.08 million yuan, reflecting a year-on-year increase of 42.42% [1] - The company's gross profit margin for Q1-Q3 2025 was 30.63%, down 3.09 percentage points year-on-year, while the net profit margin was 15.42%, down 4.05 percentage points year-on-year [7] - The company anticipates a significant increase in production capacity and profitability starting in 2026, following the ramp-up of new projects [7] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 458.39 million yuan, 938.87 million yuan, and 1,296.86 million yuan, respectively, with corresponding growth rates of 12.19%, 104.82%, and 38.13% [1][8] - The net profit attributable to shareholders is forecasted to be 77.69 million yuan in 2025, with a slight decline of 3.28% year-on-year, followed by significant growth in subsequent years [1][8] Market Data - The closing price of the company's stock is 48.97 yuan, with a market capitalization of 5,484.64 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 68.49 for 2023, which is expected to decrease to 23.88 by 2027 [1][8]