Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's business landscape is expected to continue expanding under the "specialization in main business + technological extension" strategy, with a year-on-year revenue growth of 31% in H1 2025 [5][8] - The company achieved a revenue of 167 million yuan in H1 2025, with a net profit attributable to shareholders of 31.88 million yuan [8] - The growth in revenue is driven by increased customer demand and improved production and sales volume, particularly in the context of the new energy vehicle market [8] Financial Performance - Revenue projections for the company are as follows: 2023: 258 million yuan, 2024: 304 million yuan, 2025E: 371 million yuan, 2026E: 449 million yuan, 2027E: 549 million yuan, with respective year-on-year growth rates of 24.31%, 18.04%, 21.76%, 21.18%, and 22.20% [7] - The net profit attributable to shareholders is projected to be 67 million yuan in 2023, 79 million yuan in 2024, 97 million yuan in 2025E, 119 million yuan in 2026E, and 146 million yuan in 2027E, with year-on-year growth rates of 30.59%, 18.93%, 22.41%, 22.65%, and 22.94% respectively [7] - The company’s earnings per share (EPS) are expected to increase from 0.50 yuan in 2023 to 1.09 yuan in 2027 [7] Business Strategy - The company focuses on two main strategies: deepening its core business by promoting automotive seat assembly components and expanding into new fields using its existing technologies [8] - The company plans to leverage its expertise in powder metallurgy and metal injection molding to explore new markets such as commercial vehicles, engineering machinery, and electric tools [8] - The company’s R&D expenses reached 11.16 million yuan in H1 2025, reflecting an 88% year-on-year increase, indicating a strong commitment to innovation and product development [8]

证券研究报告·北交所公司点评报告·汽车零部件 明阳科技（837663） 2025 中报点评：营收端稳步增长 31%，客户 年降与生产成本增加致利润率下滑 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 257.81 | 304.32 | 400.45 | 482.76 | 592.32 | | 同比 | 24.31 | 18.04 | 31.59 | 20.55 | 22.69 | | 归母净利润（百万元） | 66.53 | 79.13 | 87.00 | 105.74 | 129.90 | | 同比 | 30.59 | 18.93 | 9.95 | 21.55 | 22.84 | | EPS-最新摊薄（元/股） | 0.50 | 0.59 | 0.65 | 0.79 | 0.97 | | P/E（现价&最新摊薄） | 49.53 | 41.65 | 37.88 | 31.17 | 25.37 | [Table ...

Core Viewpoint - Mingyang Technology successfully held its 2024 annual report performance briefing on May 8, showcasing robust financial results and future growth strategies [1][2] Financial Performance - In 2024, Mingyang Technology achieved operating revenue of 304 million yuan, representing a year-on-year increase of 18.04% - The net profit attributable to shareholders reached 79.126 million yuan, up 18.93% year-on-year - The net profit after deducting non-recurring gains and losses was 73.076 million yuan, reflecting a growth of 10.76% - Basic earnings per share stood at 0.77 yuan, indicating stable performance [1] Customer Structure and Market Focus - The company’s main clients include leading enterprises such as Huayu Automotive, Hubei Zhonghang Precision Machinery, Faurecia Group, and Fuyao Glass - In 2025, the company plans to focus on expanding its customer base in the automotive seating and non-automotive sectors [1] Future Business Strategy - The company aims to drive continuous growth through five key initiatives: 1. Expanding business areas and product application scenarios for multi-dimensional revenue growth 2. Increasing R&D investment to optimize processes and launch cost-effective new products 3. Enhancing customer response capabilities and service stickiness 4. Optimizing supply chain management to reduce procurement costs 5. Promoting intelligent transformation to improve capacity and efficiency [2] Product Portfolio - Mingyang Technology specializes in the R&D and production of core components for automotive seat adjustment systems, with products including self-lubricating bearings, force transmission rods, powder metallurgy, and metal injection molded parts - The products are widely used in automotive, engineering machinery, and electric tools sectors - The company plans to leverage its technological advantages to accelerate its extension into high-value non-automotive business areas, further consolidating its market competitiveness [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on the import substitution of core components for seat adjustment systems, expanding market capacity, and developing assembly components [5] - In 2024, the company achieved revenue of 304 million yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 79.13 million yuan, a year-on-year increase of 18.93% [6] - The company is leveraging growth opportunities from downstream customer demand, with several core products experiencing revenue growth [6] - The penetration rate of new energy vehicles in China continues to rise, with the company focusing on the new energy vehicle sector, where orders for new energy models account for 90% of total orders [6] - The company plans to expand its market and production capacity in 2025, with ongoing R&D efforts and significant investment progress in key projects [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 304 million yuan, with a year-on-year growth of 18.04% and a net profit of 79 million yuan, reflecting an 18.93% increase [6] - The company’s core products, including metal powder metallurgy parts and self-lubricating bearings, saw significant revenue increases [6] Market Opportunities - The Chinese automotive industry showed resilience in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking year-on-year increases of 3.70% and 4.50% [6] - The company is well-positioned to benefit from the growing demand for new energy vehicles, with strong partnerships with leading clients in the industry [6] Future Outlook - The company is expected to maintain high growth rates through horizontal expansion and continuous R&D optimization [6] - The projected net profits for 2025-2027 are estimated at 97 million, 119 million, and 146 million yuan, respectively, with corresponding EPS of 0.94, 1.15, and 1.42 yuan per share [8]

保荐人名称和住所 1-1-0 证券简称： 明阳科技 证券代码： 837663 江苏省苏州市吴江经济技术开发区乌金路88号 明阳科技（苏州）股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 明阳科技（苏州）股份有限公司招股说明书（申报稿） 保荐人主承销商名称和住所 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出 ...

江苏省苏州市吴江经济技术开发区乌金路88号 明阳科技（苏州）股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 保荐人名称和住所 1-1-0 证券简称： 明阳科技 证券代码： 837663 明阳科技（苏州）股份有限公司招股说明书（申报稿） 慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 声明 发行 ...

明阳科技（苏州）股份有限公司 江苏省苏州市吴江经济技术开发区乌金路88号 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 （苏州工业园区星阳街 5 号） 证券简称：明阳科技 证券代码：837663 明阳科技（苏州）股份有限公司招股说明书（申报稿） 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声 明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 ...