证券代码：603662 证券简称：柯力传感 宁波柯力传感科技股份有限公司 二〇二五年五月 宁波柯力传感科技股份有限公司 2024 年年度股东大会会议资料 宁波柯力传感科技股份有限公司 2024 年年度股东大会会议资料 宁波柯力传感科技股份有限公司 为维护宁波柯力传感科技股份有限公司（以下简称"公司"）全体股东的合 法权益，确保股东大会的正常秩序和议事效率，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股东大会规则》《宁波柯力传感科技股份 有限公司章程》及《宁波柯力传感科技股份有限公司股东大会议事规则》等相关 规定，制定会议须知如下： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其他股东权益。 二、出席本次股东大会现场会议的股东及股东代理人，应在办理会议登记手 续时出示或提交本人身份证、股票账户卡、加盖法人公章的企业法人营业执照复 印件（法人股东）、授权委托书（股东代理人）等文件。 三、会议主持人宣布现场出席会议的股东人数及所持有表决权的股份总数时， 会议登记终止，在会议登记终止时未在"股东登记册"上登记的股东，其代表的 股份不计入出席本次大会现场会议的股份总数，不得参与现场会议的表 ...

Group 1 - The core event is the 10th "Maker China" Innovation and Entrepreneurship Competition for High-end Scientific Instrument Equipment and Sensors, which aims to enhance the innovation capabilities and specialization of small and medium-sized enterprises in this sector [1][2] - The competition is organized by various governmental and institutional bodies, gathering over 300 participants from government, academia, research institutions, investment firms, and entrepreneurs [1] - The event is part of a broader strategy in Huairou District to develop a cluster for high-end scientific instruments and sensors, leveraging regional industrial advantages and the influence of the "Maker China" platform [1] Group 2 - The competition aims to stimulate innovation potential, gather entrepreneurial resources, create an innovative atmosphere, and promote industrial development, providing a platform for small and medium-sized enterprises in the high-end scientific instrument and sensor sectors [2] - It will collect projects nationwide, featuring both corporate and entrepreneurial categories, covering areas such as high-end scientific instruments, core components, and intelligent sensing solutions [2] - Award-winning projects will receive cash rewards, space for implementation, and support in finance, entrepreneurship, and technology services to ensure sustainable and diversified development prospects [2]

Financial Performance - In 2024, the company achieved operating revenue of 446.37 million yuan, a year-on-year increase of 51.33% [1] - Net profit attributable to shareholders decreased by 30.17% to 39.41 million yuan, while net profit excluding non-recurring gains and losses increased by 51.34% to 53.17 million yuan [1][2] - In Q1 2025, the company reported operating revenue of 89.68 million yuan, a year-on-year decrease of 5.13%, and a net profit of 7.30 million yuan, down 40.58% [4] Product Applications and Market Position - The company's pyroelectric infrared sensors are applicable in smart traffic monitoring [3] - The company is a leading supplier of sensors and solutions, with a strong market position in various sensor categories, including pyroelectric infrared sensors and visible light sensors [5][8] - The subsidiary, Green Tong, achieved operating revenue of 128.70 million yuan and net profit of 28.61 million yuan in 2024 [4] Research and Development - R&D expenses for 2024 amounted to 29.05 million yuan, reflecting a year-on-year increase of 48.18% [6] - The company is focused on developing new products and technologies, including multi-channel intelligent pyroelectric infrared detectors and high signal-to-noise ratio sensors [6] Dividend and Shareholder Returns - The company plans to distribute cash dividends of 0.35 yuan per 10 shares for the first half of 2024, totaling 9.90 million yuan [7] - For the full year 2024, the proposed cash dividend is 1.00 yuan per 10 shares, amounting to 28.27 million yuan, with total dividends for the year reaching 38.17 million yuan [7] Market Expansion and Strategy - The company aims to enhance its sales team and explore high-growth potential markets, particularly in petrochemical, chemical, gas, pharmaceutical, and power sectors [10] - The company will integrate resources from Green Tong to expand cross-selling opportunities in different regional markets [10] Impact of External Factors - Over 90% of the company's revenue comes from the domestic market, indicating that U.S. tariff policies have minimal impact on operations [10] - The decision to terminate certain fundraising projects is based on market conditions and strategic considerations, ensuring no adverse effects on current operations [11] ESG and Corporate Governance - The company emphasizes sustainable development and compliance with environmental regulations, integrating ESG principles into daily operations [9]

Core Viewpoint - The article emphasizes the evolution of "force perception" technology as a key driver for precision control and human-robot collaboration in various applications, including humanoid robots, industrial robotic arms, and medical robotic hands [1]. Group 1: 6L2A Series Six-Dimensional Force Sensor - The 6L2A series six-dimensional force sensor boasts high precision with an accuracy of 0.5% and a repeatability of 0.1%, providing robust technical support for precise control in robotics [1][3]. - It has a fatigue life of 5 million cycles, ensuring stability and reliability in high-frequency and high-intensity usage environments [1]. - The sensor offers customization and validation testing, supporting integrated or customized designs to meet diverse application needs [1][3]. - It is widely applicable in humanoid robots for simulating human movements and in industrial robots for real-time detection of multi-dimensional interaction forces [4]. Group 2: NB4A Series Joint Torque Sensor - The NB4A series joint torque sensor features a compact design with a torque range of 20N.m to 300N.m and a weight of 100g to 200g, making it easy to integrate into various robotic joints [5][7]. - It has excellent anti-crosstalk capabilities, with Fz direction crosstalk as low as ±0.1%FS, ensuring accurate measurement data [5]. - The sensor maintains high precision even in extreme working conditions, with a zero-point temperature drift of only 0.1%FS/10℃ [5]. - It is suitable for humanoid robots and robotic arms, providing precise torque feedback for flexible control [7]. Group 3: Micro Tension and Pressure Sensor - The micro tension and pressure sensor includes the BM24F series linear actuator and L24C series dexterous robotic hand, featuring high reliability and an IP67 protection rating [9][11]. - It utilizes advanced membrane strain gauge technology for excellent consistency in creep and zero return, ensuring precise and stable robotic movements [9]. - The sensor supports multiple protocols and interfaces for easy integration and system development, optimizing space layout and reducing costs [9][11]. - It plays a crucial role in humanoid robots for precise control, safety monitoring, interaction feedback, and environmental adaptation [11].

Core Viewpoint - The research institute has made significant advancements in the development of high-performance MEMS fast mirrors, which have substantial potential applications in satellite laser communication [1] Group 1: Technology Development - The MEMS fast mirrors feature a large mirror surface size and a compact packaging volume [1] - The mirrors exhibit excellent linearity, angular resolution, response speed, repeat positioning accuracy, and dynamic deformation of the mirror surface [1] - The integration of high-sensitivity angle sensors allows for more precise closed-loop control of laser beams [1] Group 2: Application Potential - The fast mirrors play a crucial role in satellite laser communication by directing, capturing, and tracking laser beams [1] - The advancements in this technology indicate a promising future for its application in laser satellite communication [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [12]. Core Views - The company is experiencing a turning point in its traditional business, with promising prospects for its robotics segment [12]. - The company reported a revenue of 2.228 billion yuan in 2024, a decrease of 2.61% year-on-year, and a net profit of 766.803 million yuan, down 41.38% year-on-year. However, the first quarter of 2025 showed a revenue of 603 million yuan, an increase of 1.54% year-on-year, and a net profit of 16.936 million yuan, up 16.91% year-on-year, indicating a potential recovery [4][6]. Summary by Sections Financial Performance - In 2024, the company faced a decline in performance due to increased market competition, ongoing R&D investments, and new business lines not yet generating effective revenue. The new business negatively impacted net profit by approximately 49.9279 million yuan [4]. - The revenue from the sensor segment was 341 million yuan, up 28.05% year-on-year, while the smart instrument segment generated 995 million yuan, a slight increase of 0.42% year-on-year [4]. Business Strategy - The company aims to become a leader in IoT solutions centered around sensors, integrating smart instruments, data collection, geographic information, and cloud computing technologies [5]. - The company has seen its revenue grow from 1.941 billion yuan in 2020 to 2.395 billion yuan in 2022, with a CAGR of 11.08% [5]. Market Position - The company has established itself as a leader in the gas sensor industry, with a comprehensive technology platform covering chip design, sensitive materials, manufacturing processes, and testing technologies [7]. - The company is expanding its product line in various sectors, including home appliances, automotive, energy storage, and optoelectronics, to maintain its market leadership [7]. Robotics Business - The company is enhancing its robotics business through various initiatives, including developing a range of sensors for robotic applications, collaborating with nearly twenty robotics manufacturers, and leveraging its subsidiary's expertise in flexible sensor technology [9][11]. Profit Forecast - The company is projected to achieve net profits of 122 million yuan, 151 million yuan, and 185 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.37 yuan, 0.46 yuan, and 0.57 yuan [12][14].

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Core Viewpoint - Zhaoyi Innovation has shown strong performance in Q1 2025, but rising accounts receivable and interest-bearing liabilities indicate potential future growth pressures. However, industry insiders believe the company's business quality remains robust, placing it in the top tier domestically [1][2]. Financial Performance - In Q1 2025, Zhaoyi Innovation achieved total revenue of 19.09 billion yuan, a year-on-year increase of 17.32%. The net profit attributable to shareholders was 2.35 billion yuan, up 14.57% year-on-year, while the net profit excluding non-recurring gains and losses reached 2.24 billion yuan, reflecting a 21.83% increase [1][2]. - The company experienced a significant decline in net profit in 2023, dropping 92.15% to only 1.61 billion yuan, following a 12.16% decrease in 2022 [1]. Cash Flow and Debt - Operating cash flow for Q1 2025 was 3.36 billion yuan, with a net cash flow from operating activities showing a year-on-year decline of 46.48%. The cash flow per share was only 0.51 yuan, indicating pressure from increased accounts receivable, which rose by 31.01% [3][4]. - Interest-bearing liabilities surged, with short-term loans increasing by 7.98%, leading to a total interest-bearing debt of 10.3 billion yuan, a staggering 132.48% year-on-year increase. Despite this, the company's cash reserves reached a record high of 93.79 billion yuan at the end of Q1 2025, suggesting manageable debt levels [3][4]. Business Segments - The storage chip business generated 51.94 billion yuan in revenue, accounting for 70.6% of total revenue, with NOR Flash products holding a global market share of 15%, ranking among the top three worldwide [4]. - The MCU segment reported revenue of 17.06 billion yuan, representing 23.2% of total revenue, making Zhaoyi the leading supplier of 32-bit Arm general-purpose MCUs in China, with products entering major automotive supply chains [5]. - The sensor business generated 4.48 billion yuan, contributing 6.2% to total revenue, primarily serving the IoT and consumer electronics sectors [6]. Competitive Position - Zhaoyi Innovation competes directly with Taiwanese companies like Winbond and Macronix in the storage chip sector, and with international giants such as STMicroelectronics and NXP in the MCU market. The company's advantages lie in localized service capabilities and cost-effectiveness [7]. - The company has seen a marginal slowdown in growth rates, with Q1 2025 revenue growth dropping from 27.39% to 17.32%, driven by demand from AI and telecommunications sectors [7][8]. Research and Development - In 2024, Zhaoyi Innovation's R&D expenses reached 11.22 billion yuan, a 13.38% increase, focusing on high-end storage products and automotive-grade MCUs. Q1 2025 R&D investment was 2.92 billion yuan, up 1.68% year-on-year [11]. - The company is accelerating the mass production of LPDDR4 and is also developing LPDDR5 to tap into emerging markets such as AI glasses and servers [11]. Supply Chain Optimization - Zhaoyi Innovation is collaborating with domestic foundries to establish a 12-inch wafer production line, expected to reduce foundry costs by 10%-15% upon completion in 2026 [13]. Strategic Outlook - The growth in Q1 2025 validates Zhaoyi Innovation's dual-driven strategy in storage and MCU sectors. However, challenges such as declining gross margins, cash flow pressures, and rising debt levels need to be monitored. Continued success in mass production of LPDDR4 and increased penetration of automotive-grade MCUs could further solidify the company's market position amid the domestic substitution trend [14].

Core Viewpoint - The company, Keli Sensor, reported a significant increase in net profit for Q1 2025, driven by strategic investments in the robotics sector, indicating a successful transition in its business model [1][2]. Financial Performance - In Q1 2025, the company's revenue reached 316 million yuan, a year-on-year increase of 27%, while net profit surged by 76% to 75.65 million yuan [1]. - For the full year 2024, Keli Sensor achieved approximately 1.3 billion yuan in revenue, reflecting a 20.8% year-on-year growth, although net profit decreased by 16.6% to 261 million yuan. However, the non-recurring net profit increased by 10.7% to 193 million yuan, showcasing the stability of its core business [1]. Strategic Focus - The company has identified four key investment areas: industrial measurement and control, smart logistics, energy and environmental measurement, and robotics, with a particular emphasis on the robotics sector [1]. - The frequency of the term "robot" in the annual report increased from 17 times in 2023 to 38 times in 2024, highlighting the strategic importance of this field [1]. Technological Advancements - Keli Sensor made substantial progress in technology development, completing the product series for six-dimensional force/torque sensors for humanoid robots and industrial arms, and has engaged over 50 domestic clients in the robotics sector [2]. - The establishment of new organizational structures, such as the "Robotics Sensor Division" and the "Shenzhen Robotics Sensor R&D Team," indicates a focused approach towards enhancing production capacity and innovation in robotics sensors [2]. Future Outlook - The company plans to shift its investment strategy from broad to specialized, concentrating on full-body sensors for robots, with a focus on six-dimensional force, torque, and encoders [2]. - Keli Sensor aims to leverage market opportunities by expanding into low-altitude economy, environmental energy measurement, and smart manufacturing, striving to create a comprehensive industrial matrix for competitive advantage in the sensor market [2].

Core Viewpoint - The company reported a revenue of 940 million yuan for 2024, marking a year-on-year increase of 25.93%, and a net profit attributable to shareholders of 82.64 million yuan, up 3.44% year-on-year. A cash dividend of 3 yuan per 10 shares is proposed for distribution to all shareholders [1][2]. Revenue Breakdown - The pressure sensor segment drove growth, achieving a revenue of 468 million yuan, a 32.17% increase, making it the largest revenue source at 49.8% of total revenue. The company has become a leading domestic player in the import substitution of automotive-grade pressure sensors [1]. - Revenue from thermistors and temperature sensors reached 369 million yuan, with a 2.7% increase, particularly in the automotive sector [1]. - Oxygen sensors and others generated revenue of 17.76 million yuan, with the company becoming the first in China to secure a position in the automotive pre-installation market for oxygen sensors, marking a significant milestone [1]. Profitability and Cash Flow - The company's overall gross margin was 32.24%, up 0.42 percentage points year-on-year. However, the increase in management and R&D expense ratios, along with asset impairment losses of 11.58 million yuan and credit impairment losses of 15.21 million yuan, contributed to profit growth lagging behind revenue growth [1]. - The net cash flow from operating activities was 90.23 million yuan, indicating strong profit quality [2]. Technological Advancements - The company leverages mature technology platforms in sensitive ceramic and MEMS technologies, and is actively developing integrated circuit design and R&D, forming a strong competitive edge in the vertical industry chain of materials, IC chips, and sensor modules [2]. - The development of humanoid robots presents new growth opportunities for force sensors, with ongoing collaboration on MEMS-based force sensors for robotic applications [2]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 1.176 billion yuan, 1.439 billion yuan, and 1.688 billion yuan, respectively, with net profits expected to be 114 million yuan, 152 million yuan, and 183 million yuan, leading to corresponding EPS of 1.16 yuan, 1.54 yuan, and 1.86 yuan [2].