点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链 买入（维持） 业绩保持靓丽，盈利能力韧性十足 公 司 点 评 科达利（002850）2025 年一季报点评 2025 年 4 月 30 日 投资要点： 分析师：黄秀瑜 事件：公司发布了2025年一季度报告。 | 2025 年 | 4 月 29 日 | | | --- | --- | --- | | 收盘价(元) | | 127.37 | | 总市值（亿元） | | 348.32 | | 总股本(亿股) | | 2.73 | | 流通股本(亿股) | | 1.97 | | ROE（TTM） | | 12.81 | | 12 | 月最高价(元) | 148.80 | | 12 | 月最低价(元) | 68.51 | | 股价走势 | | 证 券 | | 资料来源：东莞证券研究所，Wind | | 研 究 | | 相关报告 ...

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, with a target price adjusted to HKD 40.7, indicating a potential upside of 17% from the current price of HKD 34.8 [1][3]. Core Insights - BYD Electronics is expected to achieve steady profit growth this year, driven by the automotive intelligence sector, particularly supported by BYD's automotive sales. The company's products in smart driving and suspension are anticipated to drive revenue growth that outpaces the parent company's automotive sales growth [9]. - The company is actively enhancing operational efficiency, which is expected to lead to a reduction in expense ratios and provide a foundation for profit release. The current valuation, with a P/E ratio of 13.5x, is considered attractive [9]. - The first quarter of this year saw a slight increase in revenue and profit, with revenue reaching RMB 36.88 billion, a year-on-year growth of 1%. The gross margin was 6.3%, showing a year-on-year decline of 0.6 percentage points [9][11]. Financial Forecasts - Revenue projections for BYD Electronics from 2023 to 2027 are as follows: - 2023: RMB 129,957 million - 2024: RMB 177,306 million (21% growth) - 2025E: RMB 193,450 million (9% growth) - 2026E: RMB 216,411 million (12% growth) - 2027E: RMB 239,562 million (11% growth) [2][10]. - Net profit forecasts for the same period are: - 2023: RMB 4,041 million - 2024: RMB 4,266 million (6% growth) - 2025E: RMB 4,758 million (12% growth) - 2026E: RMB 5,938 million (25% growth) - 2027E: RMB 7,031 million (18% growth) [2][10]. Valuation Methodology - The valuation of BYD Electronics is conducted using a sum-of-the-parts approach, assigning target P/E ratios to various segments, leading to a target price of HKD 40.7 [9][13]. - The segments and their respective target P/E ratios for 2025 are: - International customer assembly: 12x - International customer components: 13x - Android assembly: 12x - Android components: 15x - New smart products: 21x - Automotive intelligent systems: 35x [13]. Market Performance - The stock has a 52-week price range of HKD 24.85 to HKD 61.55, with a total market capitalization of HKD 71,877 million [3][9]. - The average daily trading volume over the past three months is HKD 1,252 million [3].

2024 年，公司锂电结构件业务实现营收114.73 亿元，同比增长14%；毛利率同比提升0.9pct 至25.01%， 盈利能力稳中有升。公司持续推进降本增效，公司整体期间费用率降低0.53pct 至9.4%，全年净利率提 升至12.2%。 海外产能布局完善，就近配套客户提升粘性 事件 公司发布2024 年年报，全年实现营收120.30 亿元，同比增长14.44%；实现归母净利润14.72 亿元，同比 增长22.55%。其中2024Q4 实现营收34.38 亿元，同比+25.32%，环比+9.25%；归母净利润4.55 亿元，同 比+12.15%，环比+23.58%；扣非归母净利润4.59 亿元，同比+18.76%，环比+28.37%；单季度毛利率 27.26%，环比提升3.84pct，2024Q4 业绩超市场预期。 锂电结构件盈利能力保持稳健 盈利预测及投资建议 我们预计公司2025-2027 年营业收入分别为144.0/172.8/208.7 亿元，同比增速分别为 19.7%/20.0%/20.7%；归母净利润分别为18.1/21.7/26.6 亿元，同比增速分别为22.8%/19.8%/22.8%,三 ...

Group 1: Financial Performance - The company achieved a revenue of 12.03 billion CNY in 2024, representing a year-on-year growth of 14.44% [2] - The net profit for 2024 was 1.472 billion CNY, showing a year-on-year increase of 20.46% [2] - In Q1 2025, the company reported a revenue of 3.022 billion CNY, which is a 22.55% increase compared to the same period last year, with a net profit of 387 million CNY, up by 25.51% [2] Group 2: Growth Drivers - The company is one of the largest suppliers of precision structural components for power batteries in China, with extensive technical experience and manufacturing capabilities [3] - The growth in the new energy sector, deepening strategic partnerships, and steady demand from high-quality customers are expected to enhance order quality and scale, further improving profitability [3] - The company is actively expanding into high-precision reducers and joint modules related to humanoid robots, which are anticipated to provide new growth opportunities [3] Group 3: Industry Outlook - The power battery industry has been experiencing strong growth, driven by policy support, technological advancements, and increasing market demand [3] - The expansion of downstream application scenarios and breakthroughs in battery technology are expected to sustain rapid industry development and broad market prospects [3] - Humanoid robots are moving from laboratory settings to commercial applications, showcasing significant market potential and application prospects due to ongoing government support and advancements in AI, biomimicry, and new materials [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, with a significant year-on-year increase in net profit margin for Q1 2025. The company achieved a revenue of 3.022 billion yuan in Q1 2025, representing a year-on-year growth of 20.5%, and a net profit of 387 million yuan, up 25.5% year-on-year [7] - The company is expanding its domestic high-quality customer base while facing a shortage of overseas production capacity, indicating potential for increased shipments. The company has established a strategic cooperation agreement with Inpai Battery for 100% supply of structural components for power and energy storage batteries over the next five years [7] - The robotics business is successfully shipping products, with significant growth potential. The company’s subsidiary, Shenzhen Kemon, focuses on harmonic reducers and has launched several new core transmission technology products for humanoid robots [7] - The investment analysis suggests a slight upward adjustment in profit forecasts for 2025-2026, with new profit projections for 2027. Expected net profits for 2025-2027 are 1.813 billion, 2.200 billion, and 2.623 billion yuan respectively, corresponding to PE ratios of 20, 17, and 14 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 14.505 billion yuan, with a year-on-year growth rate of 20.6%. The net profit for 2025 is estimated at 1.813 billion yuan, reflecting a growth rate of 23.2% [6] - The gross profit margin is expected to be 24.0% in 2025, with a return on equity (ROE) of 14.0% [6] - The company’s financial summary indicates a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 20.220 billion yuan by 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance shows high profit margins, with a revenue of 3.02 billion yuan, a year-on-year increase of 20.5% [7] - The company is expected to achieve a revenue growth of 20-30% in the structural components sector for 2025, potentially reaching around 15 billion yuan [7] - The company has a strong cash flow, with operating cash flow of 680 million yuan in Q1 2025, a year-on-year increase of 198.9% [7] - The company is well-positioned for future growth with its innovative product offerings, including a new lightweight harmonic reducer made from Peek material [7] Financial Forecasts - Total revenue is projected to reach 10.51 billion yuan in 2023, growing to 20.07 billion yuan by 2027, with a compound annual growth rate (CAGR) of 16.80% [1] - Net profit attributable to shareholders is expected to increase from 1.20 billion yuan in 2023 to 2.79 billion yuan in 2027, reflecting a CAGR of 20.00% [1] - The latest diluted EPS is forecasted to rise from 4.39 yuan in 2023 to 10.20 yuan in 2027 [1] Market Data - The closing price of the company's stock is 134.50 yuan, with a market capitalization of approximately 36.78 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 30.63 for 2023, which is expected to decrease to 13.19 by 2027 [1][5]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company is expected to achieve a revenue of 6.744 billion RMB in 2024, representing an 18.25% year-on-year increase, while the net profit attributable to the parent company is projected to be 359 million RMB, a decrease of 11.63% year-on-year due to intense competition in the structural components business [1][7]. - The energy storage business is expected to benefit from strong growth in downstream demand, with a projected revenue of 1.217 billion RMB in 2024, a significant increase of 123% year-on-year [3]. - The company is expanding into the humanoid robot sector, which is anticipated to provide substantial growth opportunities [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.866 billion RMB, with a quarter-on-quarter increase of 8.24% and a year-on-year increase of 3.84%. However, the net profit for the same period was 90 million RMB, reflecting a decrease of 30.21% year-on-year [2]. - The gross margin for Q4 2024 was 14.72%, showing a quarter-on-quarter increase, while the net margin was 4.76%, slightly down by 0.63 percentage points [2]. Business Segments - The energy storage segment is projected to grow significantly, with a major contract worth 300-400 million RMB expected to support revenue in 2025 [3]. - The new energy vehicle segment is forecasted to generate 3.813 billion RMB in revenue in 2024, a 4% increase year-on-year, although the gross margin is expected to decline by 6 percentage points due to increased competition [3]. Strategic Initiatives - The company is focusing on global expansion, with plans to invest in a subsidiary in Thailand and leverage its factory in Mexico to integrate into the North American automotive supply chain [4]. - Collaborations with research institutions for the development of key components for humanoid robots are underway, indicating a strategic move into a high-potential market [4]. Valuation - The report adjusts the net profit forecasts for 2025 and 2026 to 456 million RMB and 534 million RMB, respectively, while introducing a new forecast for 2027 at 700 million RMB. The target price is set at 62.44 RMB, based on a price-to-earnings ratio of 28 times for 2025 [5][9].

据证券之星公开数据整理，近期贝隆精密(301567)发布2024年年报。截至本报告期末，公司营业总收入 4.02亿元，同比上升5.65%，归母净利润3789.84万元，同比下降34.75%。按单季度数据看，第四季度营业 总收入1.05亿元，同比下降5.82%，第四季度归母净利润1187.99万元，同比下降22.96%。本报告期贝隆精 密公司应收账款体量较大，当期应收账款占最新年报归母净利润比达388.76%。 该数据低于大多数分析师的预期，此前分析师普遍预期2024年净利润为盈利1.81亿元左右。 | 报告日期 机构简称 研究员 近三年业绩 研报数 覆盖时长 2025预测 2025预测 目标价 | | | | --- | --- | --- | | 2024-03-12 华鑫证券 毛正 | 1.81亿 | 2.71 Z | 本次财报公布的各项数据指标表现一般。其中，毛利率24.47%，同比减21.57%，净利率9.43%，同比减 38.25%，销售费用、管理费用、财务费用总计3442.66万元，三费占营收比8.56%，同比增10.6%，每股净 资产10.32元，同比增39.35%，每股经营性现金流0.97元， ...

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制图：佘诗婕 早有渊源 星标 ★ IPO日报 精彩文章第一时间推送 4月16日晚间，宁波方正汽车模具股份有限公司（下称"宁波方正"，300998.SZ）发布公告称，公司正筹划以现金方式购买福建骏 鹏通信科技有限公司（下称"骏鹏通信"）60%股权。 本次交易实施前，宁波方正已持有骏鹏通信40%股权，福建省鹏鑫创展新能源科技有限公司（下称"鹏鑫创展"）持有骏鹏通信 60% 股权。骏鹏通信由上市公司实际控制人方永杰、王亚萍之女方如玘控制。 因此，本次交易构成关联交易。本次交易完成后，骏鹏通 信将成为宁波方正全资子公司。 本次交易预计构成重大资产重组，但不涉及发行股份，也不会导致公司控制权变更。 据悉，标的公司骏鹏通信成立于2003年，主营业务为新能源动力电池结构件及储能设备结构件的研发、设计、制造、销售。 IPO日报发现，宁波方正与骏鹏通信早有渊源。 早在2023年9月，宁波方正就曾计划控股骏鹏通信。彼时，宁波方正筹划以现金方式购买骏鹏通信不低于51%股权。 然而重组推进接近一年，2024年8月，宁波方正宣称，鉴于现阶段交易各方未能就主要交易条款等达成一致意见，公司决定终止筹划 重大资产重组事项，并拟调整购买资产方 ...