证券代码：002101 证券简称：广东鸿图 广东鸿图科技股份有限公司投资者关系活动记录表 编号：2025-06 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | | □媒体采访□业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 | | | ■其他（券商策略会） | | 参与单位名称及 | 华西证券、宝盈基金、深圳创华投资、深圳兰权资本 | | 人员姓名 | | | 时间 2025 | 年 9 月 17 日 | | 地点 深圳 | | | 上市公司接待人 | 副董事长兼董事会秘书 廖坚 | | 员姓名 | | | | 1、公司近年来主要客户情况？ | | | 答：公司 2024 年的主要客户结构还是以合资品牌为主，但随 | | | 着新能源汽车渗透率的不断提升，自主品牌的收入占比在逐步提 | | | 升，今年的增长幅度会更大一些。公司一直紧跟市场节奏，积极调 | | | 整市场策略，不断提高市占率。 | | 投资者关系活动 | 2、公司的一体化压铸业务情况？ | | 主要内容介绍 | 答：公司的一体化业务主要是在广州工厂，广州工厂目前已投 | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company achieved a revenue of 2.746 billion yuan in H1 2025, representing a year-on-year increase of 15.89%. The net profit attributable to the parent company was 345 million yuan, up 15.15% year-on-year [2][6] - In Q2 2025, the revenue was 1.559 billion yuan, with a year-on-year growth of 10.20%, and the net profit attributable to the parent company was 212 million yuan, reflecting a year-on-year increase of 15.70% [2][6] - The company is experiencing accelerated growth in injection molding machine exports, with overseas markets gradually expanding, indicating a more complete global layout [2][6] - The magnesium alloy business is expected to become a new growth point for the company, with significant advantages in lightweight applications and a broad market outlook [2][6] Financial Performance - In H1 2025, the revenue from injection molding machines, die-casting machines, and rubber machines was 1.932 billion yuan (up 13.09%), 556 million yuan (up 33.29%), and 119 million yuan (up 23.85%) respectively [12] - The company's inventory value increased by 13.12% year-on-year, indicating that the actual operating conditions are better than reported [12] - The gross profit margin for Q2 2025 was 31.42%, with a year-on-year increase in net profit margin of 0.7 percentage points [12] Future Outlook - The company is expected to continue benefiting from the trend of injection molding machine exports, with a projected net profit attributable to the parent company of 721 million yuan, 839 million yuan, and 977 million yuan for 2025-2027 [12] - The company maintains a leading position in the magnesium alloy injection molding machine sector, with a promising market outlook due to its unique technology and applications in various fields [12]

Performance Summary - The company held its 2025 semi-annual performance briefing on September 2, 2025, via an online platform, where key executives engaged with investors [1][3] - The company reported a significant increase in revenue for the first half of 2025, driven by aggressive market expansion, with aluminum alloy sales up approximately 50.70% and component sales up about 12.31% year-on-year [2] Financial Performance - Despite revenue growth, the company's net profit decreased due to intensified competition in the automotive supply chain, ongoing price wars among car manufacturers, and increased costs related to an employee stock ownership plan [2] - The net cash flow from operating activities decreased, primarily due to a substantial increase in raw material purchases and a rise in accounts receivable [2] Future Business Focus - The company is focusing on expanding its business in robotics and magnesium alloys, having established the "Yongmaotai Robotics Technology Research Institute" and collaborated with various robotics companies and academic institutions [2] - The company has secured orders for multiple products in the robotics sector and is actively developing magnesium alloy components for well-known automotive and electronic manufacturers [2]

Core Viewpoint - Yongmaotai reported a significant increase in revenue for the first half of 2025, but faced a decline in net profit due to intensified competition and rising costs in the automotive supply chain [1][2] Group 1: Financial Performance - In the first half of 2025, Yongmaotai achieved operating revenue of 2.619 billion yuan, a year-on-year increase of 51.66% [1] - The net profit attributable to shareholders was 19.7696 million yuan, a decrease of 44.27% compared to the previous year [1][2] - The company experienced a substantial increase in accounts receivable, leading to higher provisions for bad debts as per accounting standards [2] Group 2: Business Operations - The growth in revenue was attributed to increased market expansion efforts, with aluminum alloy sales rising approximately 50.70% and component sales increasing about 12.31% year-on-year [2] - The company is focusing on strengthening its position in the automotive supply chain while also expanding into new business areas such as robotics and magnesium alloys [2][3] Group 3: Strategic Developments - Yongmaotai has established a robotics technology research institute and is collaborating with various robotics companies and research institutions [2][3] - The company has secured multiple orders from a well-known domestic robotics enterprise for various components and is developing aluminum and magnesium alloy structural parts with several suppliers [3] - A recent agreement was signed for the transfer of shares in Chongqing Yongmaotai, which will change its ownership structure and enhance collaboration in the southwestern automotive market [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 with improved performance compared to Q1 [2][4]. Financial Performance - For H1 2025, the company achieved revenue of 2.096 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [2]. - In Q2 2025, revenue reached 1.050 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29% [4]. - The gross profit margin in Q2 2025 was 22.75%, up 1.10 percentage points year-on-year, while the net profit margin was 9.98%, down 0.66 percentage points year-on-year [4]. Business Expansion - The company's Mexico plant commenced operations in June 2025, enhancing its capacity to serve important customer orders and improve production efficiency [5]. - A new facility in Thailand is under construction, aimed at catering to the growing Southeast Asian market for electric vehicles and high-end manufacturing [5]. New Business Development - The company has developed new products in the energy storage and robotics sectors, achieving approximately 300 million yuan in revenue from energy storage components in H1 2025, marking significant growth [6]. - The company is also advancing in magnesium alloy technology, successfully developing a semi-solid injection molded motor housing and initiating collaboration with an overseas client [6]. Future Projections - Revenue forecasts for 2025-2027 are 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan, respectively, with net profits projected at 495 million yuan, 614 million yuan, and 772 million yuan [9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.52 yuan, 0.64 yuan, and 0.81 yuan, respectively [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The establishment of joint ventures and acquisition of assets in the southwest region will accelerate the company's expansion in the automotive and robotics components business, creating new profit growth points and enhancing market competitiveness [2] - The company is actively involved in the robotics sector, having received orders for multiple products from a well-known domestic robotics company and is collaborating with various suppliers to develop aluminum and magnesium alloy components [10] Summary by Sections Event Overview - On August 26, the company signed a joint venture and asset acquisition agreement with various entities, resulting in a new ownership structure for Chongqing Yongmaotai [1] - Two new companies, Shanghai Yongmaotai Robotics Technology Co., Ltd. and Shanghai Yongmaotai Sensor Technology Co., Ltd., were established, both fully owned by the company [1] Analysis and Judgment - The joint venture and asset acquisition will enhance the company's capabilities in the southwest automotive industry, leveraging the partner's established market presence and customer resources [2] - The company aims to integrate production technology and supply chain advantages with its partners to accelerate business growth in the region [2] Strategic Breakthrough - The company is making significant strides in both robotics and magnesium alloy businesses, with a focus on expanding its customer base and product offerings [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 54.50 billion, 74.17 billion, and 100.29 billion yuan, with year-on-year growth rates of 32.93%, 36.09%, and 35.23% respectively [10] - Net profit forecasts for the same period are 0.84 billion, 1.13 billion, and 1.58 billion yuan, with corresponding growth rates of 122.87%, 34.65%, and 40.12% [10]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.096 billion yuan, down 2.47% year-on-year, and net profit at 201 million yuan, down 24.22% year-on-year [1] - In Q2 2025, the company experienced a revenue increase of 3.89% year-on-year, reaching 1.05 billion yuan, despite a decline in global deliveries from major client Tesla [2] - The company has initiated production at its Mexico facility and is expanding its operations in Thailand, aiming to enhance its international growth and customer base [3] Financial Performance - For H1 2025, the company's net profit was 201 million yuan, a decrease of 24.22% year-on-year, while the non-recurring net profit was 177 million yuan, down 25.65% year-on-year [1] - In Q2 2025, the gross margin improved to 22.75%, up 1.10 percentage points year-on-year, while the net margin was 9.98%, down 0.66 percentage points year-on-year [2] - The company’s expenses showed normal fluctuations, with sales, management, R&D, and financial expense ratios varying slightly compared to previous periods [2] Strategic Developments - The Mexico facility began operations in June 2025, focusing on localizing supply for lightweight products and enhancing production capacity through automation [3] - The company is also developing new business lines in energy storage and robotics, achieving approximately 300 million yuan in revenue from energy storage components in H1 2025, marking significant growth [3] - The company is advancing its magnesium alloy technology and has initiated collaborations for magnesium alloy electric drive housing projects with international clients [3] Investment Outlook - The company is positioned as a strong beneficiary in the lightweight sector of the new energy vehicle market, with projected revenues of 5.47 billion yuan, 6.72 billion yuan, and 8.21 billion yuan for 2025-2027 [4] - Expected net profits for the same period are forecasted at 500 million yuan, 610 million yuan, and 770 million yuan, with corresponding EPS of 0.52, 0.64, and 0.81 yuan [4] - The company maintains a "recommended" rating based on its market share acquisition capabilities and technological advancements [4]

Event Overview - Southwest region joint venture and asset acquisition completed, with Chongqing Yongmaotai's 39% stake transferred to Baiyudeng Technology and 10% to Baiyudeng New Energy, resulting in a new ownership structure [1] - Establishment of robot-related companies, including Shanghai Yongmaotai Robot Technology Co., Ltd. and Shanghai Yongmaotai Sensor Technology Co., Ltd., both with a registered capital of 75 million [1] Analysis and Judgment - The joint venture and asset acquisition will accelerate the expansion of the automotive and robot parts business in the southwest region, creating new profit growth points for the company [2] - The company is a large domestic producer of recycled aluminum alloys and automotive parts, actively entering the robot parts sector, leveraging partnerships with established players in the southwest automotive industry [2] Strategic Breakthroughs - The company is focusing on the robot sector, participating in the development of various robot products and securing orders from a well-known domestic robot manufacturer [3] - In the magnesium alloy sector, the company has gained contracts from major automotive and electronic manufacturers, positioning itself for significant market share growth [3] Investment Outlook - The company has a well-established integrated supply chain in recycled aluminum alloys and is expanding into robot applications, with projected revenues of 5.45 billion, 7.42 billion, and 10.03 billion from 2025 to 2027, reflecting year-on-year growth rates of 32.93%, 36.09%, and 35.23% respectively [4] - Expected net profits for the same period are 84 million, 113 million, and 158 million, with corresponding year-on-year growth rates of 122.87%, 34.65%, and 40.12% [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of stabilization and growth in its core business and energy storage segment [1][2][3]. Financial Performance - In 1H25, the company achieved revenue of 2.096 billion yuan, a year-on-year decrease of 2.5%; net profit attributable to shareholders was 201 million yuan, down 24.2%; and non-GAAP net profit was 177 million yuan, down 25.7% [1]. - For 2Q25, revenue was 1.05 billion yuan, with a quarter-on-quarter increase of 3.9% and a year-on-year increase of 0.3%; net profit was 105 million yuan, with a quarter-on-quarter decrease of 2.4% but a year-on-year increase of 9.8% [1][3]. Business Trends - Tesla's fluctuating sales impacted revenue, while the energy storage business experienced significant growth, generating approximately 300 million yuan in 1H25, a substantial year-on-year increase [3]. - The company diversified its client base, with new energy vehicle manufacturers like BYD, Li Auto, and others increasing their orders [3]. Profitability and Cost Management - The gross margin for 2Q25 was 22.7%, showing a quarter-on-quarter improvement of 1.1 percentage points; net margin was 10.0%, with a slight quarter-on-quarter decrease of 0.6 percentage points [4]. - The company reported a foreign exchange gain that contributed approximately 26.6 million yuan to profits, while it recognized asset impairment losses of about 12.7 million yuan due to the cancellation of its aluminum bottle business [4]. Global Expansion and New Growth Areas - The company accelerated its globalization efforts, with a factory in Mexico starting operations in June 2025 and a new facility in Thailand beginning construction in July 2025 [5]. - New business developments include investments in robotics and magnesium alloy components, with successful applications in both automotive and robotics sectors [5]. Earnings Forecast and Valuation - The earnings forecast for 2025 was revised down by 5.0% to 500 million yuan, while the 2026 forecast remains at 640 million yuan [6]. - The current stock price corresponds to a P/E ratio of 27.3x for 2025 and 21.6x for 2026, with a target price of 18.3 yuan, indicating a potential upside of 26.9% from the current price [6].

Electric Vehicle Industry Trends - Tesla's Optimus robot is adopting magnesium alloy, reducing weight by 30% and improving efficiency [2] - The global humanoid robot market is projected to exceed 1 million units by 2030, with lightweight materials like magnesium alloy being crucial [2] - Norway's new car registrations are 972% electric in July 2025, with Tesla Model Y leading at 75% market share [2] - BYD's sales growth slowed to 1% year-over-year in July 2025, with a 10% decrease compared to June [2][3] Tesla Developments - Tesla's first Supercharger in India, equipped with four V4 supercharging piles (250kW), is set to launch in Mumbai on August 4, 2025 [2] - Tesla plans to build eight Supercharger stations in India, four each in Mumbai and Delhi [2] - Tesla is using magnesium alloy for Optimus robot's drives, with potential for wider application due to cost-effectiveness and lightweight properties [2] - Elon Musk stated that Tesla will not sue other companies for using its patents, aiming to promote industry development [3] BYD Challenges - BYD's plug-in hybrid vehicle (PHEV) sales dropped by 226% in July, indicating potential market saturation or increased competition [3] - Chinese regulators are reportedly urging BYD and other automakers to avoid selling cars below cost and reduce price wars [3] - BYD's capital base is under pressure due to record financing and strained supplier relationships [3]