信用等级通知书 东方金诚债跟踪评字【2025】0022 号 福立旺精密机电（中国）股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"福 立转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA-，评级展望为稳定，同 时维持"福立转债"的信用等级为 AA-。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年五月二十七日 东方金诚债跟踪评字【2025】0022 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用评级 报告（以下简称"本报告"），声明如下： 的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、客观、 公正的关联关系。 勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 和第三方组织或个人的干预和影响。 准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关性、可靠性、及时性的原 则对评级信息进行合理审慎的核查分析，但不对资料提供方和/或发布方提供的信息合法性、真 实性、准确性及完整性作任何形式的保证。 诚不对发行人使用/引用本报 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.271 billion yuan in 2024, a year-on-year decrease of 50%. The net profit attributable to the parent company was 146 million yuan, down 91% year-on-year [1] - In Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year decline of 51%, with a net profit of 26 million yuan, down 86% year-on-year [1] - The company has successfully turned a profit in Q1 2025, with significant improvements in cost optimization [4] - The expansion plan for tungsten wire busbars is underway, with a target of reaching a monthly production capacity of 6 million kilometers, which is expected to enhance cost efficiency [4] - Profit forecasts for 2025-2027 are 139 million, 266 million, and 383 million yuan respectively, with year-on-year changes of -5%, +92%, and +44% [4] Financial Summary - Total revenue for 2023 was 4.512 billion yuan, with a year-on-year growth of 23.3%. The projected revenue for 2025 is 2.208 billion yuan, reflecting a decrease of 2.8% [3] - The gross profit margin for 2025 is expected to be 15.3%, down from 50.2% in 2023 [3] - The diluted EPS for 2025 is projected to be 0.29 yuan, compared to 3.31 yuan in 2023 [3] - The P/E ratio for 2025 is estimated at 64.16, indicating a significant increase from 10.06 in 2023 [3]