编号：2025—001 证券代码：300464 证券简称：星徽股份 广东星徽精密制造股份有限公司 投资者关系活动记录表 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓 | 线上参与公司2024年度网上业绩说明会的投资者 | | 名 | | | 时间 | 2025年04月30日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事、总经理 蔡耿锡 董事、财务总监 吕亚丽 | | | 独立董事 吴静 | | | 董事会秘书 鲁金莲 | | 投资者关系活动主要内 | 1.公司采取什么措施来控制成本，特别是在原材料 采购和生产环节？ | | | 答:尊敬的投资者您好，在原材料采购环节，公司制 | | | 定严格的采购管理制度，通过集中统一采购、供应商分 | | 容介绍 | 级管理、推进数字化协同管理等，降低采 ...

Industry Outlook - The industry is expected to recover from a low point, entering a moderate growth phase due to domestic consumption stimulus policies and the application of AI technology in electronic products [2][3] - Structural opportunities are emerging in the industry due to technological innovations, such as periscope motors and AR/AI glasses [2] - Precision manufacturing is seen as a foundational industry, with companies enhancing core competitiveness to seize development opportunities [2] Company Performance - In 2024, the company achieved a revenue growth of 5.65%, while net profit decreased by 34.75% [5][6] - The decline in net profit is attributed to competitive pricing strategies, increased depreciation and amortization from new facilities, and initial production challenges affecting profit margins [5][6] - The company is focusing on stabilizing old customers and products while pushing for product structure upgrades and new project developments [5][6] Talent and Culture - The company emphasizes the integration of talent and corporate culture as a core competitive advantage [3] - Plans include partnerships with universities and industry associations for talent cultivation in precision manufacturing and mold design [3][4] Future Strategies - The company aims to enhance its market presence through improved external communication and marketing efforts [3] - Future growth drivers include expanding product categories and enhancing customer satisfaction through innovative solutions [5][6] - The company is committed to using raised funds for the development of new products and technologies, with a focus on VCM motors and IMMT processes [6][9] Market Position and Challenges - The company acknowledges the challenges posed by a small market capitalization and limited stock liquidity, considering potential stock splits to enhance market activity [4] - The decline in stock price is linked to macroeconomic factors, market sentiment, and industry dynamics, with a focus on high-quality development as a long-term strategy [6][8]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's Q1 2025 performance met market expectations, with a revenue of 4.395 billion yuan, a year-on-year increase of 11.55%. However, the net profit attributable to shareholders decreased by 43.44% to 175 million yuan, primarily due to last year's investment gains from the disposal of subsidiary equity. The non-recurring net profit attributable to shareholders increased by 32.85% to 168 million yuan [1][2] - The gross margin slightly improved to 18.96%, up by 1.26 percentage points year-on-year, while the expense ratio decreased by 0.69 percentage points to 12.58%, indicating ongoing cost control efforts [3] - The company is focusing on a "dual pillar + artificial intelligence" strategy to enhance its global layout, aiming to strengthen its traditional consumer electronics business while expanding its new energy business, particularly in energy storage systems. The company is also developing its artificial intelligence innovation business, targeting humanoid robot core components and high-speed communication products [4] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.877 billion, 21.838 billion, and 24.383 billion yuan, representing year-on-year growth of 11.5%, 15.7%, and 11.7% respectively. The net profit attributable to shareholders is expected to be 865 million, 1.007 billion, and 1.168 billion yuan, with growth rates of 12.1%, 16.3%, and 16.0% respectively [8][10] - The earnings per share (EPS) for 2025-2027 are projected to be 0.64, 0.74, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 33.04x, 28.40x, and 24.48x [8][10]

Core Insights - DeXin Technology reported a revenue of 364 million RMB and a net loss of 151 million RMB for the year 2024, while proposing a cash dividend of 0.56 RMB per 10 shares, totaling 13.1 million RMB [1] - The company focuses on precision manufacturing and transportation services, including lithium battery equipment, reducers, and various transportation services [1] Precision Manufacturing Business - DeXin Technology's core asset, DeHong Precision, has over 20 years of experience in the lithium battery precision mold sector, becoming a leading enterprise in the domestic market [2] - The company has developed innovative products such as L-shaped and rounded corner battery cutting molds, filling several industry gaps [2] - A nationwide after-sales network has been established to enhance service competitiveness, providing 24-hour on-site support to reduce customer downtime [2] Acquisition and Expansion - In September 2024, the company acquired 51% of Anhui Hamps, becoming its controlling shareholder and entering the precision automation field [3] - Anhui Hamps specializes in high-precision reducers and motors, leveraging advanced equipment and experienced technicians to meet diverse customer needs [3] Financial Performance - The precision manufacturing segment maintained a high gross margin of 31.93%, with overseas business generating revenue of 23.34 million RMB [4] - The company's losses were primarily due to asset impairment losses; excluding this, the company remained profitable [4] - In Q1 2025, the company achieved a revenue of 97.68 million RMB, an increase of 84.88% year-on-year, with a significant reduction in net loss by over 90% compared to the previous year [4]

春和景明，万物勃发，四月的长沙，处处涌动着项目建设的澎湃动能。 新标杆项目林立。湖南近日发布的2025年"数字新基建"标志性项目，长沙42个项目入选，为加快培育和 发展新质生产力强基赋能。 重大项目加速跑。以浏阳经开区为例，一季度新开工9个项目、竣工18个项目，写下春日奋进的生动答 卷。 工地塔吊林立，厂房机器轰鸣，园区车辆穿梭……星城大地上，项目建设者在春光里全速奔跑。将项目 现场当作比拼赛场，长沙正以干劲"满格"状态，在春天里描绘高质量发展的新图景。 春潮激荡：重大项目"领跑"产业升级 每个重大项目落地，都在拉长产业链条、锻造核心竞争力、补齐关键环节短板。 日前，省发改委公布2025年省重点建设项目，位于浏阳经开区的7个项目入选。走进这些项目工地，满 目皆是火热奋斗之景。 蓝思智能装备研发、生产基地项目总占地面积近400亩，目前主体已全部封顶，室内外装修已完成 90%，设备安装完成25%，仓库、宿舍及部分车间已竣工投入使用。 惠科Mini-LED背光/直显模组及整机项目则已完成土地平整、摘牌及地勘等工作，进入全面建设阶段。 该项目占地约109亩，从签约到启动建设用了不到一个月，充分展现了产业奋进的"长沙速 ...

每个重大项目落地，都在拉长产业链条、锻造核心竞争力、补齐关键环节短板。 日前，省发改委公布2025年省重点建设项目，位于浏阳经开区的7个项目入选。走进这些项目工地，满 目皆是火热奋斗之景。 蓝思智能装备研发、生产基地项目总占地面积近400亩，目前主体已全部封顶，室内外装修已完成 90%，设备安装完成25%，仓库、宿舍及部分车间已竣工投入使用。 长沙晚报全媒体记者 张洋子 春和景明，万物勃发，四月的长沙，处处涌动着项目建设的澎湃动能。 新标杆项目林立。湖南近日发布的2025年"数字新基建"标志性项目，长沙42个项目入选，为加快培育和 发展新质生产力强基赋能。 重大项目加速跑。以浏阳经开区为例，一季度新开工9个项目、竣工18个项目，写下春日奋进的生动答 卷。 工地塔吊林立，厂房机器轰鸣，园区车辆穿梭……星城大地上，项目建设者在春光里全速奔跑。将项目 现场当作比拼赛场，长沙正以干劲"满格"状态，在春天里描绘高质量发展的新图景。 春潮激荡：重大项目"领跑"产业升级 惠科Mini-LED背光/直显模组及整机项目则已完成土地平整、摘牌及地勘等工作，进入全面建设阶段。 该项目占地约109亩，从签约到启动建设用了不到一个月， ...

Core Viewpoint - Longying Precision achieved record high operating performance in 2024, with significant growth in revenue and net profit driven by its core businesses in precision components for consumer electronics and new energy products [1][2]. Financial Performance - In 2024, Longying Precision reported revenue of 16.934 billion yuan, a year-on-year increase of 23.4% [2] - The net profit reached 772 million yuan, marking a staggering year-on-year growth of 800.24% [2] - The net profit excluding non-recurring gains and losses was 531 million yuan, reflecting a remarkable increase of 2750.7% [2] - The company experienced a recovery from a loss in 2021, with net profits of 42.38 million yuan in 2022 and 85.70 million yuan in 2023 [2]. Business Segments - The growth was attributed to the dual drivers of precision components for consumer electronics and new energy products, alongside new ventures in robotics and intelligent equipment [1][3]. - Revenue from the consumer electronics segment was 11.691 billion yuan, up 15.39% year-on-year, supported by a 6.4% increase in global smartphone shipments and growth in PC product sales [2][3]. - The new energy business saw revenue increase by 47.29% to 5.214 billion yuan, aided by the ramp-up of production capacity in various locations [3]. R&D and Innovation - Longying Precision maintains a high R&D expenditure rate, consistently between 7% and 10% of revenue, with R&D expenses exceeding 1.2 billion yuan annually from 2022 to 2024 [1][7]. - In 2024, the company added 272 new patents, including 132 invention patents, and had a total of 2002 effective patents by year-end [7]. Financial Structure and Cost Management - The company successfully reduced financial expenses by 64.5% to 73.71 million yuan in 2024, with the fourth quarter showing a negative financial expense of -51.09 million yuan [7][8]. - The asset-liability ratio decreased to 58.72%, the first time below 60% in four years, down from 66.99% in the previous year [8]. Dividend Distribution - Longying Precision announced a cash dividend distribution for the first time in three years, proposing a payout of 1.3 yuan per 10 shares, totaling 176 million yuan, which is 22.85% of the net profit for 2024 [4][5].

Company and Industry Summary Company Overview - The company, 提金机械, was established in 1996 and has over 50 years of experience in precision manufacturing, with its origins tracing back to 1968 [1] - It operates six production bases, four located in Ningbo, Zhejiang Province, and one in Hefei, Anhui Province, covering over 400 acres [1] Core Business Segments - The company focuses on three main product areas: - Home appliance components, including washing machine clutches and related parts - Automotive components, including parts for power systems and hydraulic systems in machinery - Electric tool components, such as steel sleeves and tool handles for professional-grade electric tools [2][3] Competitive Advantages - The company has established a strong brand image and recognition in the home appliance parts industry, with a focus on expanding into overseas markets since 2016 [2] - It has a comprehensive quality control and management system, ensuring product quality stability and consistency [3] - The company possesses advanced technical research and development capabilities, allowing for rapid design and production of various specifications and safety standards [3] Financial Performance (2024) - The company achieved a revenue of 2.004 billion yuan, a year-on-year increase of 13.11% [4] - Net profit reached 67.4456 million yuan, with a non-recurring net profit of 63.6912 million yuan [4] - As of the end of 2024, the company reported total assets of 2.261 billion yuan and a net asset value of 1.155 billion yuan, with a debt-to-asset ratio of 48.93% [4] Revenue Breakdown - Automotive components business grew by 13.36% - Electric tool components saw significant growth of 32.9% due to increased market demand [5] - Revenue composition: Home appliance components accounted for 78.25%, automotive components 14.28%, electric tools 7.09%, and other businesses 0.38% [5] Sales Performance - Domestic sales reached 1.341 billion yuan, up 12.32% year-on-year - International sales totaled 611 million yuan, an increase of 12.11% [5] - Growth driven by domestic promotional policies and increased demand in the Eastern market [5] Recognition and Awards - The company has received multiple accolades, including: - National-level digital pilot demonstration enterprise - National manufacturing single champion - Quality innovation award from Ningbo municipal government - Global annual best supplier award from BorgWarner and cost co-creation award from Haier [5] Investor Relations - Since 2016, the company has consistently returned value to investors, distributing dividends of over 413 million yuan each quarter [6]

导 语：智能手机市场逐渐趋于饱和，竞争加剧，公司需要不断推出创新产品和解决方案来维持 增长。 据蓝思科技在港交所递交的招股书内容，此次公司拟在香港联合交易所主板上市，独家保荐人为中 信证券 。此次发行股份的具体数量、融资规模等细节暂未完全确定，不过从招股书透露的信息来 看，此次上市意义重大，有望为公司的发展注入新的活力。 从财务状况来看，公司在业绩记录期内表现亮眼。2022 年、2023 年及 2024 年，公司分别录得收入 人民币 466.99 亿元、人民币 544.91 亿元及人民币 698.97 亿元，2023 年及 2024 年分别同比增长 16.7% 及 28.3%。 蓝思科技的主营业务是提供智能终端全产业链一站式精密制造解决方案，涵盖消费电子、智能汽车 以及新兴智能终端等领域。 在消费电子板块，公司为智能手机、电脑、智能穿戴设备等提供防护玻璃、金属中框、触控显示模 组等产品，是全球首款智能手机防护玻璃核心供应商，在全球消费电子精密结构件及模组综合解决 方案行业中排名领先。 在智能汽车领域，围绕智能驾驶舱研发及生产多样化产品，如中控屏、仪表盘等车载电子玻璃及组 件，还是全球首款高端智能汽车中控屏交互 ...

Novanta (NOVT) Q4 2024 Earnings Call February 25, 2025 10:00 AM ET Company Participants Ray Nash - Corporate Finance Leader & IRMatthijs Glastra - Chair and Chief Executive OfficerRobert Buckley - CFOLee Jagoda - Senior Managing DirectorBrian Drab - Co-Group Head–Industrials Conference Call Participants Robert Mason - Senior Research Analyst Operator Good morning. My name is Gary, and I will be your conference operator today. At this time, I would like to welcome everyone to the Novanta Incorporated's Fourt ...