4、 《 停火+降息+自动驾驶利好不断，科技股再成为领涨主角》 摘 要 ■ 伊朗与以色列达成停火协议，这一转变为市场带来了明显的情绪好转，尤其是能源、航运、黄金等 避险资产遭遇抛售，资金纷纷流入股市，推动了A股的上涨。 ■ 美联储新任监管副主席鲍曼在讲话中表示，如果通胀保持可控，支持在下次会议时降低利率，进一 步推动流动性。 ■ 特斯拉在美国推出了自动驾驶出租车（Robotaxi）服务，尽管首批仅部署了10辆车，但这一历史性 里程碑标志着自动驾驶出租车的商业化开启。 ■ 特斯拉在加速技术落地，特别是在自动驾驶出租车、入门级车型和人形机器人等领域的创新，将为 供应链中的相关公司带来更多市场机会。 ■ 联创电子是特斯拉自动驾驶项目的核心受益标的，专注于车载镜头领域，预计2025年将成为特斯拉 镜头的第一供应商，未来几年预计将实现大幅收入增长。 ■ 作为特斯拉在中国的最大合作伙伴，拓普集团提供底盘系统、减震器、内饰功能件等多种零部件， 并且为特斯拉的机器人项目提供配套产品。 ■ 旭升股份持续在电池系统、传动系统等方面为特斯拉提供关键零部件，预计未来依然是特斯拉供应 链的重要成员。 ■ 三花智控为特斯拉提供电池和电机 ...

宁波拓普集团股份有限公司 变更部分募集资金用途、部分募投项目延期的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为宁波 拓普集团股份有限公司（以下简称"拓普集团"或"公司"）向特定对象发行 A 股股票的保荐机构，根据《上市公司募集资金监管规则》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有 关法律法规规定，对公司拟变更部分募集资金用途、部分募投项目延期的事项进 行了专项核查，具体核查情况如下： 一、变更部分募集资金用途、部分募投项目延期的概述 （一）募集资金基本情况 招商证券股份有限公司关于 经中国证券监督管理委员会下发的《关于同意宁波拓普集团股份有限公司向 特定对象发行股票注册的批复》（证监许可20231443 号），公司向特定对象发 行人民币普通股（A 股）60,726,104 股，发行价格为 57.88 元/股，募集资金总额 为 3,514,826,899.52 元，扣除与本次发行有关费用人民币 16,389,101.09 元（不含 增值税），实际募集资金净额为人民币 3,498,437,798.43 元。 以上募集资金已于 20 ...

舜宇精工业务覆盖国内主要汽车产地集群，同时积极拓展海外客户与海外业务，目前部分产品已销往西班牙、德国、捷克、英国、 印度尼西亚等国家。 舜宇精工同时积极布局和深度研发智能机构件、智能照明、智能成像三大系列产品，凭借同步开发及一体化开发能力，舜宇精工在 细分市场拥有良好的品牌信誉度和稳定的客户群体，汽车功能件业务服务客户包括延锋、Novem、新泉股份等国内外知名汽车零部 件一级供应商，覆盖的车企品牌包括一汽红旗、上汽通用、比亚迪、梅赛德斯奔驰、宝马、Stellantis、吉利、沃尔沃等；同时也直 接服务于包括一汽红旗、上汽集团、上汽通用五菱、长城汽车、Renulat、上汽大众、一汽大众、一汽捷达、江铃福特、北汽新能 源、奇瑞等知名汽车厂商以及小鹏、理想、岚图、赛力斯、零跑等造车新势力。 近日，舜宇精工在接受机构调研时表示，随着公司配套车型产销量的增长及新定点车型项目不断投入量产，公司内饰功能件业务在 手订单规模进一步提升。公司模具业务是支撑内饰功能件业务拓展的重要能力，随着内饰功能件业务的增长而增长。公司AGV业务 的应用领域已由汽车主机厂拓展至汽车零部件制造商与物流等领域。 据介绍，舜宇精工内饰功能件业务一般 ...

投资者关系活动记录表 证券代码：831906 证券简称：舜宇精工 公告编号：2025-045 宁波舜宇精工股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 15 日 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长倪文军先生；公司董事、总经理贺宗贵先生； 公司董事会秘书董云先生；公司财务负责人张映丽女士；德邦证券保荐代表人廖 晓靖女士。 三、 投资者关系活动主要内容 问题 1：公司 2024 年毛利率为 13.83%，与 2023 年与 2022 年相比下降幅度 较大，请问是什么原因导致？ 回复：尊敬的投资者，您好！公司 2024 年毛利率下降的主要原因为：1、因 公 ...

Group 1 - The company reported total revenue of 26.6 billion yuan in 2024, a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.001 billion yuan, up 39.52% year-on-year [1] - Revenue growth was observed across all segments: shock absorption systems revenue reached 4.402 billion yuan (up 2.40%); interior functional components revenue was 8.434 billion yuan (up 28.24%); chassis systems revenue was 8.203 billion yuan (up 33.98%); automotive electronics revenue was 182 million yuan (up 907.63%); thermal management systems revenue was 2.14 billion yuan (up 38.24%); and electric drive systems revenue was 13.4273 million yuan (up 624.11%) [1] - The company reduced its sales expense ratio to 1.03% (down 0.28 percentage points), management expense ratio to 2.33% (down 0.43 percentage points), and R&D expense ratio to 4.60% (down 0.41 percentage points) [1] Group 2 - The robot electric drive actuator project is progressing smoothly, with batch supply initiated and multiple samples delivered to customers [2] - The company is actively expanding its product layout in robotics, including body structure components, sensors, foot shock absorbers, and electronic flexible skin [2] - The company has fully launched its North American factories for thermal management, chassis, shock absorption, and interior components, with the second phase of projects progressing in an orderly manner [2] Group 3 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 3.607 billion yuan, 4.564 billion yuan, and 5.855 billion yuan respectively [3] - Corresponding P/E ratios are projected to be 25.17, 19.89, and 15.51 times, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Views - The company is expected to achieve a robust performance in 2024, with total revenue projected to increase by 35.0% year-on-year to 26.6 billion yuan and net profit expected to rise by 39.5% to 3.0 billion yuan [1][4]. - Short-term profitability may fluctuate due to a decline in sales from major clients and increased costs associated with new factories and business development, but the long-term growth potential in smart vehicles and robotics remains strong [2][3]. Summary by Sections Financial Performance - In 2024, the company's gross margin is expected to decrease by 2.1 percentage points to 20.8%, while the selling, general, and administrative (SG&A) expense ratio is projected to decline by 1.1 percentage points to 8.0% [2]. - For Q1 2025, revenue is anticipated to show a slight year-on-year increase of 1.4% but a significant quarter-on-quarter decline of 20.4%, amounting to 5.7 billion yuan in net profit, which reflects a year-on-year decrease of 12.4% [1][2]. Business Segments - The automotive electronics segment is experiencing high growth, with revenue expected to increase by 906% to 1.8 billion yuan. Other segments, including interior functional parts and chassis systems, are also showing steady growth [2]. - The robotics segment is beginning to contribute positively to profits, with the electric drive system achieving a gross margin of 50.9% in 2024 [2][3]. Global Expansion and Strategic Positioning - The company is accelerating its global footprint, with plans to add a third closed air suspension production line in 2025 and new factories in Mexico and Thailand set to commence operations in 2024 and 2026, respectively [3]. - The dual-platform strategy in smart vehicles and robotics is expected to enhance the company's competitive edge, with significant client partnerships established with major automotive brands [3]. Profitability and Valuation Metrics - The report projects a decline in net profit margin to 10.0% in 2025, with a gradual recovery expected in subsequent years [10]. - Key valuation metrics include a projected P/E ratio of 27 for 2025 and a P/B ratio of 4.1, indicating a favorable valuation relative to expected earnings growth [11].

Core Viewpoints - The company reported a revenue of approximately 26.6 billion yuan for 2024, representing a year-on-year increase of about 35.02%, and a net profit of approximately 3.001 billion yuan, up by about 39.52% year-on-year [1] - The automotive electronics business was the main contributor to revenue growth, with significant increases in the electric drive system and automotive electronics segments [2] Revenue Breakdown - In 2024, revenue from interior functional components was approximately 8.434 billion yuan, up by about 28.24% year-on-year; chassis systems revenue was about 8.203 billion yuan, an increase of approximately 33.98% year-on-year; shock absorbers generated revenue of about 4.402 billion yuan, up by about 2.40% year-on-year; thermal management revenue was approximately 2.14 billion yuan, increasing by about 38.24% year-on-year; electric drive systems revenue was about 0.013 billion yuan, a significant increase of approximately 624.11% year-on-year; and automotive electronics revenue reached about 1.82 billion yuan, up by approximately 907.63% year-on-year [2] Profitability and Expense Management - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3] - In Q4 2024, the gross margin was approximately 19.82%, down by about 4.28 percentage points year-on-year, and the net margin was approximately 10.50%, up by about 0.65 percentage points year-on-year [3] - The total expense ratio for Q4 2024 was approximately 8.36%, a decrease of about 0.99 percentage points year-on-year [3] Market Opportunities - The robotics market presents significant growth potential, with each robot requiring dozens of motion actuators, each valued at several thousand yuan [3] - The company is expanding its product matrix in the robotics sector, including linear actuators, rotary actuators, and flexible skin electronics, which are progressing rapidly [3] Investment Outlook - The company is expected to continue expanding its customer base and product categories, with traditional businesses progressing steadily and automotive electronics accelerating growth [4] - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's automotive electronics business is the main growth driver, with significant revenue increases in various segments, particularly in automotive electronics and electric drive systems [2][5]. - The company is expanding its product matrix in the robotics sector, which presents new growth opportunities [4][5]. Revenue and Profitability - In 2024, the company achieved revenue of approximately 26.6 billion yuan, a year-on-year increase of about 35.02%, and a net profit of approximately 3.0 billion yuan, up about 39.52% year-on-year [1][7]. - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3][17]. Segment Performance - Revenue from interior functional components was approximately 8.4 billion yuan, up about 28.24% year-on-year; chassis systems revenue was approximately 8.2 billion yuan, up about 33.98% year-on-year; and automotive electronics revenue was approximately 1.82 billion yuan, up about 907.63% year-on-year [2][5]. - The electric drive system business saw a remarkable revenue increase of approximately 624.11% year-on-year, reaching about 0.13 billion yuan [2]. Future Projections - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [5][7]. - Net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of about 21.2%, 23.4%, and 25.1% respectively [5][7].

Investment Rating - The report maintains a "Recommended" rating for the company [3][9]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.00 billion yuan, up 39.52% year-on-year [5][11]. - The company's gross margin decreased by 2.10 percentage points to 20.80% in 2024, primarily due to the impact of a "price war" in the vehicle market and increased depreciation from new production capacity [2][5]. - The company is rapidly advancing its robot product line, diversifying its offerings, which is expected to create new growth avenues [2][6]. Financial Performance - In 2024, the company reported a revenue of 72.48 billion yuan in Q4, a year-on-year increase of 30.63%, and a net profit of 7.67 billion yuan, up 38.47% year-on-year [5]. - The five main business lines—damping systems, interior functional components, chassis systems, automotive electronics, and thermal management systems—achieved revenue growth rates of 2.40%, 28.24%, 33.98%, 907.63%, and 38.24% respectively in 2024 [5][11]. - The automotive electronics segment saw a remarkable revenue increase of over 9 times, driven by the large-scale shipment of air suspension products [5][11]. Future Projections - The company is projected to achieve revenues of 34.27 billion yuan, 41.85 billion yuan, and 50.48 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 3.78 billion yuan, 4.62 billion yuan, and 5.57 billion yuan [9][11]. - The gross margin is expected to slightly decline to 20.09% in 2025 and further to 19.99% in 2026 [7][11]. - The company plans to expand its overseas market presence, with significant investments in production facilities in Thailand, Mexico, and Poland [5][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.40 CNY, based on an average PE valuation of 35 times for comparable companies in 2025 [2][6]. Core Views - The company is expected to achieve a net profit attributable to the parent company of 3.54 billion CNY in 2025, with projections of 3.54 billion CNY, 4.29 billion CNY, and 5.12 billion CNY for 2025, 2026, and 2027 respectively [2]. - The company is experiencing rapid growth in its automotive electronics and robotics businesses, with significant contributions from both organic growth and acquisitions [11]. Financial Performance Summary - Revenue is projected to grow from 19.70 billion CNY in 2023 to 49.34 billion CNY in 2027, with year-on-year growth rates of 23.2%, 35.0%, 25.8%, 24.2%, and 18.8% respectively [4][13]. - The gross profit margin is expected to stabilize around 21.4% from 2026 onwards, after a slight decline in 2024 [4][11]. - The net profit margin is projected to be around 10.6% in 2025, with a gradual increase to 10.4% by 2027 [4][11]. - The company plans to distribute a cash dividend of 5.19 CNY for every 10 shares to its shareholders [11]. Business Growth and Strategy - The company is expanding its production capacity both domestically and internationally, with new factories in Mexico and Thailand, and plans for a robotics industry base [11][12]. - The automotive electronics segment is expected to see substantial growth, with significant orders and projects in smart cabins and air suspension systems [11]. - The company is actively pursuing mergers and acquisitions to enhance its market position, including a recent acquisition of a 100% stake in Wuhu Changpeng Automotive Parts Co., Ltd. for 330 million CNY [11].