无锡金杨新材料股份有限公司（简称"金杨股份"）近日发布《审核问询函回复报告》，就深圳证券交易 所关于公司向不特定对象发行可转换公司债券的问询事项进行了详细说明。报告显示，公司2022年至 2025年1-9月营业收入波动增长，但扣非归母净利润持续下滑，电池精密结构件毛利率呈下降趋势。公 司对此解释称，主要受消费电池行业景气度波动、产品价格下降及原材料价格波动等因素影响。 收入与利润变动趋势不一致 毛利率持续下滑 报告期内，金杨股份营业收入分别为12.29亿元、11.10亿元、13.65亿元及11.95亿元，呈现波动增长态 势；扣非归母净利润则从2022年的8789.07万元持续下滑至2025年1-9月的2689.61万元，期间费用增加及 股份支付费用计提是重要原因。2025年1-9月，公司管理费用同比增加74.20%，主要系管理人员薪酬增 加及计提股份支付费用1691.18万元所致。 电池精密结构件毛利率从2022年的21.89%降至2024年的9.80%，2025年1-9月略有回升至11.00%。公司 表示，毛利率下滑主要受产品销售价格下降、方形壳体等新产品市场开拓初期毛利率较低以及原材料价 格波动影响。分产 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [7]. Core Insights - The company, Keda Li (002850), is a leading global manufacturer of precision battery structural components, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries. The company has seen a steady increase in orders while also focusing on cost reduction and efficiency improvements, resulting in robust performance [5][7]. - For the first half of 2025, the company reported revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, up 18.72% year-on-year. The gross margin was 22.87%, slightly down by 0.19 percentage points, while the net margin was 11.52%, down by 0.35 percentage points [5][6]. - The company is actively expanding into the humanoid robot joint components business, aiming to create a second growth curve. It has established several joint ventures focused on developing key components such as reducers and dexterous hands, with some products already in testing phases with high-quality clients [5][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 3.623 billion yuan, a year-on-year increase of 23.34% and a quarter-on-quarter increase of 19.90%. The net profit for Q2 was 382 million yuan, up 12.54% year-on-year but down 1.36% quarter-on-quarter [5]. - The company’s R&D expenses reached 355 million yuan in the first half of 2025, reflecting a year-on-year growth of 21.11%, with the R&D expense ratio remaining stable [5][6]. Market Expansion - The company is deepening its service to leading enterprises both domestically and internationally, signing strategic procurement agreements with clients like Honeycomb Energy and actively exploring new clients in India and other regions [5]. - The company has established a global production network and is expanding its production capacity in Hungary, Jiangxi, Sichuan, and preparing for a production base in the United States [5]. Future Outlook - The earnings forecast for the company indicates a projected net profit of 1.816 billion yuan for 2025, with an expected EPS of 6.64 yuan, corresponding to a PE ratio of 18 times [6][7].

Core Viewpoint - Keda Li (002850.SZ) reported a steady growth in its performance for the first half of 2025, with a revenue of 6.645 billion yuan and a net profit of 769 million yuan, driven by the increasing sales of new energy vehicles and effective cost reduction measures [2][3][5]. Financial Performance - The company achieved a revenue of 6.645 billion yuan, representing a year-on-year growth of 22.01% [2]. - The net profit attributable to shareholders was 769 million yuan, up 18.72% year-on-year, while the net profit excluding non-recurring items was 720 million yuan, reflecting a growth of 14.61% [2]. - The gross margin for the precision structural components business was 23.26%, showing a slight decline of 0.35% year-on-year [5]. Market Position and Strategy - Keda Li maintains a market share of approximately 40% in the precision structural components sector, with over 50% in the domestic power battery structural components market and over 30% globally [3][5]. - The company has established long-term strategic partnerships with leading domestic manufacturers such as CATL and international clients like Tesla [6]. Research and Development - Keda Li invested 355 million yuan in R&D during the first half of the year, marking a 21.11% increase, focusing on enhancing safety, reliability, lightweight design, and high capacity of power battery precision structural components [5]. - The company has developed key technologies in explosion-proof design and leak-proof handling, establishing a competitive edge in the industry [5]. New Business Ventures - Keda Li is actively exploring the humanoid robot sector, having co-founded Shenzhen Kema Innovation Robot Technology Co., Ltd. with a registered capital of 100 million yuan, where Keda Li holds a 40% stake [7]. - The company is developing core components for humanoid robots, including harmonic reducers and rotary joints, with a focus on lightweight materials [7][8]. - Keda Li has also established partnerships to expand its robot industry chain, including investments in Suzhou Yizhi Smart Drive Technology Co., Ltd. to focus on advanced dexterous hand development [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has demonstrated strong performance with resilient profitability, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries [5] - The company is a leading global manufacturer of precision structural components for batteries, with a significant increase in orders and effective cost control measures contributing to rapid revenue growth [5] - The company is expanding its production capacity both domestically and internationally, with plans to establish new production bases in the United States and Malaysia [5] Financial Performance - In Q1 2025, the company achieved revenue of 3.022 billion yuan, a year-on-year increase of 20.46% - The net profit attributable to shareholders was 387 million yuan, up 25.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 353 million yuan, an increase of 19.54% year-on-year - The gross margin was 22.2%, up 0.02 percentage points year-on-year, and the net margin was 12.77%, up 0.47 percentage points year-on-year - Operating cash flow net amount reached 679 million yuan, a significant increase of 198.89% year-on-year [5][6] Business Development - The company is deepening its strategic partnerships with major clients such as CATL and ACC, securing a 100% supply share for battery structural components for the next five years [5] - The company is also venturing into the humanoid robotics sector, establishing joint ventures to focus on the development of joint components, which is expected to create new growth opportunities [5] Future Outlook - The company maintains a "Buy" rating with projected EPS of 6.70 yuan and 8.07 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 19 times and 16 times [5][6]