证券代码：001306 证券简称：夏厦精密 浙江夏厦精密制造股份有限公司 投资者关系活动类别 ☑特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他 活动参与人员 Bernstein - Dien Wang Bernstein - Weibin Liang Marshall Wace - Nigel Gu Farallon Capital - Yidan Li Monolith Management - Shengyu Gu 时间 2025 年 6 月 24 日 13:30-15:00 地点 浙江夏厦精密制造股份有限公司二楼会议室 上市公司接待人员 董事会秘书 张波杰 证券事务代表 顾文杰 形式 现场交流 交流内容及具体问答 记录 问题 1：2024 年度公司各版块业务占比率情况？ 答：2024 年度公司汽车齿轮业务实现营业收入 3.91 亿 元，占 2024 年度营业收入的 58.79%；电动工具齿轮业 务实现营业收入 1.40 亿元，占 2024 年度营业收入的 21.03%；减速机、刀具、设备及其他齿轮实现营业收入 为 1.34 亿元，占 2024 年度营业 ...

精锻科技 20250610 摘要 晶端科技是国内领先的精锻齿轮制造商，全球锥齿轮市场占有率约 10%，国内市占率达 30%，主要客户包括大众、特斯拉等，其精密制 造能力获得认可，为后续合作奠定基础。 公司差速器总成业务占比逐步增长，毛利率约 24%。2025 年铝锻件已 量产，比亚迪和华为订单逐步增加，公司在乘用车精锻齿轮领域市占率 领先，海外新能源市场为公司向欧洲发展提供了机遇。 2024 年公司收入约 20 亿元，同比下滑 3.7%，归母净利润约 1.6 亿元。 预计 2025 年收入有所修复，大众、NTN、比亚迪、华为等新项目带来 增量，泰国工厂小批量生产，毛利率维持在 24%左右。 公司通过入股模式持续迭代和调整行星减速器产品，2024 年开始已有 相关产品对接车企和知名人形机器人厂商，2025 年将加快行星减速器 产品的落地生产。 公司与日本自动化设备厂商合作，引入小模数齿轮技术，实现从小齿轮 到大齿轮整合，为后续围绕新型减速器开发更多总成产品奠定基础。 Q&A 东吴汽车对晶端科技的推荐逻辑是什么？ 晶端科技目前正在从差速器齿轮及总成转型至人形机器人减速器领域。公司已 参股武汉格兰若人形机器人本体公 ...

飞亚达 20250606 摘要 飞亚达 2024 年总营收约 40 亿元，净利润 2.85 亿元，华南区贡献 47%营收。公司积极拓展精密科技和智能穿戴业务，其中极狐品牌智能 手表是亮点，物业租赁占比约 3.3%。 飞亚达收购精密齿轮制造商 PROPDO，旨在加速精密制造领域发展， PROPDO 在航空航天小模数齿轮和减速器方面具有领先优势，是国家级 专精特新小巨人企业。 飞亚达对手表业务保持信心，认为长期市场前景广阔，尽管短期可能受 消费环境影响。PROPDO 估值基于技术能力和市场前景，收购旨在增强 技术实力和拓展高潜力市场。 飞亚达将手表和精密制造作为未来发展重点，手表业务是业绩基本盘， 精密制造是转型升级方向。PROPDO 过去几年收入稳健增长，但 2024 年受航空航天项目波动影响。 飞亚达期望 PROPDO 保持与宏观经济一致的增速，尤其看好 C919 等 民用航空领域。飞亚达将在新产业方面赋能 PROPDO，实现资源互补， 推动高端装备等领域发展。 Q&A 飞亚达公司目前的业务结构是怎样的？ 飞亚达公司成立于 1987 年，主要从事手表业务。目前，公司有几块主要业务： 第一块是自主品牌手表，以飞 ...

飞亚达：拟现金收购陕西长空齿轮有限公司控股权 智通财经6月4日电，飞亚达(000026.SZ)公告称，公司与汉中汉航机电有限公司签署股权收购意向协 议，拟以现金方式收购陕西长空齿轮有限责任公司的全部或部分控股权。汉航机电为公司实际控制人中 国航空工业集团有限公司的控股子企业，本次交易构成关联交易。长空齿轮主营研发、设计、生产和销 售精密齿轮及相关产品，若本次收购顺利完成，有助于增强公司精密科技业务的技术实力和核心能力。 ...

Broadwind (BWEN) Q1 2025 Earnings Call May 13, 2025 11:00 AM ET Company Participants Thomas Ciccone - VP & CFOEric Blashford - CEO, President & Director Conference Call Participants Justin Clare - MD & Research AnalystSameer Joshi - Senior Equity Research AnalystEric Stine - Senior Research Analyst Operator Greetings and welcome to Broadwind's First Quarter and Full Year twenty twenty five Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will f ...

[投资要点 事件：公司发布2024 年报及2025 一季报。2024 年公司实现营业收入87.81 亿元，同比增长8.76%；实现 归母净利润10.24 亿元，同比增长25.42%。其中，2024Q4 单季度公司实现营业收入20.39 亿元，同比下 降7.42%，环比下降15.76%；实现归母净利润2.86 亿元，同比增长25.96%，环比增长7.88%。2025Q1 公 司实现营业收入20.65 亿元，同比微降0.47%，环比增长1.27%；实现归母净利润2.76 亿元，同比增长 24.70%，环比下降3.46%。公司2024Q4 及2025Q1 业绩符合我们的预期。 2024Q4 及2025Q1 业绩符合预期，公司经营持续稳健。收入端，公司2024Q4 单季度实现营收20.39 亿 元，环比下降15.76%；2025Q1 实现营收20.65 亿元，同比微降0.47%。毛利率方面，公司2024Q4 单季 度综合毛利率为31.04%，同比提升6.46 个百分点，环比提升7.08 个百分点；2025Q1 单季度毛利率为 26.82%，同比提升4.17 个百分点。期间费用方面，公司2024Q4 期间费用率为13. ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: 双环传动 (Shuanghuan Transmission) - **Industry**: Gear manufacturing, particularly focusing on the automotive sector, including traditional fuel vehicles and electric vehicles Key Points and Arguments Revenue and Growth - **Electric Vehicle Gear Business**: Revenue share reached over 41% in Q1 2025, with a year-on-year growth exceeding 50% [2][4] - **Traditional Fuel Vehicle Gear Business**: Revenue declined by approximately 5% year-on-year in Q1 2025 [2][4] - **Commercial Vehicle Business**: Gradual recovery noted, but still a drag on overall performance [2][7] - **Overall Revenue**: 2024 revenue was 8.148 billion yuan, with a growth rate of 18.46% [3] Product Performance - **Intelligent Actuator Business**: Expected growth rate over 69% in 2024, contributing over 9% to total revenue [4][6] - **Coaxial Reducer**: Monthly production capacity of 60,000 units, with strong domestic demand despite poor performance in the European market [2][5] Market Potential - **Global Gear Market Size**: Estimated at 600 billion yuan globally, with the Chinese market around 300 billion yuan [10][11] - **Emerging Applications**: Significant growth potential in new applications such as robotic vacuum cleaners [11] Manufacturing and Supply Chain - **Hungary Factory**: Production team handed over in April 2025, expected to generate revenue in the second half of the year, with profitability anticipated by 2026 at the earliest [9][23] - **Local Production Strategy**: Emphasis on localizing supply chains to mitigate risks associated with international trade [20][22] Competitive Landscape - **Competition in Coaxial Reducers**: Increased competition from leading companies and OEMs, necessitating a focus on high-quality, differentiated products [17] - **Response to New Competitors**: Company remains confident in its ability to maintain market share through innovation and cost control [26][27] Future Outlook - **Revenue Growth Guidance for 2025**: Focus on core gear technology and diversification, with expectations for continued rapid growth in electric vehicle gear and intelligent actuator segments [24] - **Single Vehicle Value**: Current value exceeds 1,000 yuan per vehicle, with expectations for further increases due to rising demand for intelligent applications [25] Additional Important Insights - **Cost Management**: Company is actively working on domestic equipment validation to enhance production efficiency and reduce costs [13] - **Commercial Vehicle Market Outlook**: Optimistic about the heavy-duty and new energy commercial vehicle markets, with ongoing efforts to secure major client orders [14][15] - **Technological Innovation**: Strong emphasis on R&D capabilities to meet specific customer needs, particularly in the robotic vacuum cleaner segment [31] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market potential, competitive landscape, and future outlook in the gear manufacturing industry.

Investment Rating - The report maintains a "Buy" rating for Shuanghuan Drive, with a target price set at Rmb42.0, indicating an expected share price return of 31.0% [4][7]. Core Insights - Shuanghuan's net profit for 2024 increased by 25% year-on-year to Rmb1.02 billion, aligning with market expectations, while the gross profit margin (GPM) expanded by 2.8 percentage points to 25.0%, surpassing both CitiE and consensus estimates [1][2]. - The growth in GPM is attributed to improvements in NEV gear and a reduced contribution from the low-GPM steel trading business, which saw a revenue decline of 46% year-on-year [1][2]. - The best-performing segments were plastic gear, which grew by 69% year-on-year, and NEV gears, which increased by 51% year-on-year [1][2]. Revenue and GPM by Product - Revenue growth in 2024 was notable in plastic gear (69% YoY) and NEV gear (51% YoY), while reducers and components and power tool gears also saw growth of 18% and 10% YoY, respectively [2]. - The steel trading business experienced the largest revenue decline due to a change in business model and efforts to mitigate bad debt risk [2]. - GPM improvements were observed across various segments, with plastic gear and passenger vehicle gear GPM expanding by 4.8 and 3.9 percentage points YoY, respectively [2]. Earnings Summary - The earnings summary indicates a projected net profit of Rmb1.026 billion for 2024, with a diluted EPS of Rmb1.202, reflecting a growth of 23.9% [3]. - The report forecasts continued earnings growth, with a projected net profit of Rmb1.279 billion for 2025, representing a 24.7% increase [3]. Valuation - Shuanghuan is valued at Rmb42.0 per share, based on a 28x 2025E EPS and a 25% earnings growth estimate for 2025 [20]. - The stock is considered to be trading at an undemanding valuation of approximately 21x 2025E P/E, which is attractive given the expected earnings growth [7].

Broadwind, Inc. (NASDAQ:BWEN) Q4 2024 Earnings Conference Call March 5, 2025 11:00 AM ET Company Participants Eric Blashford - President, Chief Executive Officer Tom Ciccone - Vice President, Chief Financial Officer Conference Call Participants Eric Stine - Craig Hallam Amit Dayal - HC Wainwright Justin Clare - Roth MKM Operator Greetings and welcome to Broadwind's Fourth Quarter and Full Year 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer sessi ...