山东美晨科技股份有限公司投资者关系活动记录表 证券代码： 300237 证券简称：美晨科技 5、李秘：请问公司被立案调查一事已经过去 1 个多月了， 到目前为止进展公告都没有？请问进展到哪一步了？是否 又触及信披违规？ 尊敬的投资者，您好！截至目前，公司尚未收到中国证监会 | | 就立案事项出具的结论性意见或决定。如有进展，公司将严格按 | | --- | --- | | | 照相关法律法规和监管要求及时履行信息披露义务，谢谢。 | | | 6、资产重组进展到哪里了？还得多久能完成？ | | | 尊敬的投资者，您好！公司本次出售杭州赛石园林集团有限 | | | 公司 100%股权将构成重大资产重组，相关审批流程相对复杂， | | | 目前公司正按流程加速推进，如有重大进展且达到披露要求，公 | | | 司会及时按规定进行披露，谢谢您的关注 | | | 7、请问贵公司有没有，生产的有没有军工产品 | | | 尊敬的投资者，您好！目前公司为部分军用汽车提供包含流 | | | 体输送系统、悬架减震系统等多种产品，但相关产品在公司整体 | | | 营业收入中占比相对较低，不会对公司营收产生重大影响，敬请 | | | ...

山东美晨科技股份有限公司投资者关系活动记录表 | | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 | 业绩说明会 □ 媒体采访 ☑ | | 类别 | □ 新闻发布会 □ 路演活动 | | | 现场参观 □ | | | □ 其他 | | 参与单位 | 线上参与 2024 年度网上业绩说明会的投资者 | | 时间 | 年 月 日 (周五) 下午 2025 5 9 15:00-17:00 | | 地点 | 公司通过"价值在线"（www.ir-online.cn）采用网络远程的方式 | | | 召开业绩说明会 | | 上市公司接待人 | 1、总经理王永刚 | | | 2、独立董事吕洪果 | | 员姓名 | 3、财务总监刘增伟 | | | 4、董事会秘书李炜刚 | | 投资者关系活动 | 投资者提出的主要问题及公司回复情况 | | | 公司就投资者在本次业绩说明会中提出的问题进行了回复： | | | 1、根据公司《重大资产出售预案》显示，三方所签合同中 | | | 约定赛石园林所欠公司的 22.71 亿元债务，其中 4.26 亿元通过债 | | | 务重组方式抵消，是否指本次交 ...

| 黄细里 刘力宇 | GMT - 1 | | --- | --- | | 高路 | | | 郭雨蒙 | 1970 | | 孙仁昊 | | | 赖闊旭 | סוגים | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2025年一季报，2025Q1公司营收达57.68亿元，同比+1.40%/环比-20.43%；归母净利 润达5.65亿元，同比-12.39%/环比-26.23%。从盈利能力看，公司25Q1毛利率达19.89%，同 比-2.53pct/环比+0.08pct；25Q1净利率达9.80%，同比-1.54pct/环比-0.77pct。25Q1公司期间费用 率达10.51%，同比+1.18pct/环比+2.15pct。其中销售费用/管理费用/财务费用/研发费用率分别 达1.19%/3.30%/0.10%/5.93%，同比分别-0.19pct/+0.55pct/-0.61pct/+1.44pct。 2025Q1业绩下滑主要受下游部分大客户影响，预计25Q2将得到改善： 从主要下游客户2025Q1表现来看：1）特斯拉全球销量为33.7万辆，同比-13.0%；2）吉利销量 为7 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - Despite a decline in performance in Q1 2025, the report anticipates improvement in Q2 2025 as adjustments in downstream customer production lines conclude and new products are launched [3] - The company is projected to achieve net profits of 3.554 billion, 4.460 billion, and 5.652 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.04, 2.57, and 3.25 RMB [3] - The company operates as a Tier 0.5 supplier, focusing on both smart automotive components and robotics, which are expected to drive future growth [9] Financial Projections - Total revenue is forecasted to reach 32.879 billion, 40.774 billion, and 48.929 billion RMB from 2025 to 2027, with year-on-year growth rates of 23.60%, 24.01%, and 20.00% respectively [3][10] - The gross margin for Q1 2025 was reported at 19.89%, showing a year-on-year decrease of 2.53 percentage points [9] - The company’s net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year [9]

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].

01 事件概述 公司披露2025年一季报：2025Q1实现营收57.7亿元，同比+1.4%/环比-20.4%；归母净利5.7亿元，同比-12.3%/环比-26.2%；扣非归母净利4.9亿元，同比-18.4%/环 比-21.0%。 02 分析判断 ►2025Q1业绩短期承压 新产品、新客户持续突破 公司2025Q1营收同比+1.4%/环比-20.4%，归母净利润同比-12.3%/环比-26.2%，业绩短期承压，我们分析主要原因系：1）核心客户销量表现一般，其中特斯拉2025Q1 交付量33.7万辆，同比-13.0%/环比-32.1%；赛力斯2025Q1销量4.5万辆，同比-47.2%/环比-53.1%；2）增速较低的情况下，公司固定资产的折旧摊销费用一般保持相对 刚性，影响毛利率水平，跟踪2025Q1毛利率为19.9%，同比-2.5pct。未来展望公司重点客户销量逐渐回升，热管理核心业务优势持续加强，电驱系统开始交付产品，且 国际化战略布局不断加速，短期承压不改长期持续增长。 公司2025Q1毛利率达19.9%，同比-2.5pct/环比+0.1pct。费用方面，2025Q1公司销售费用率、管理费用率、研发费用率 ...

维持"强烈推荐"投资评级。拓普集团专注于汽车行业40 余年，公司目前已经拥有 8 大系列产品，即汽 车 NVH 减震系统、内外饰系统、轻量 化车身、智能座舱部件、热管理系统、底盘系统、空气悬架系 统、智能驾驶系统，单车配套金额约3 万元，且公司产品线仍具备扩大空间。公司另研发机器人电驱执 行器等系列化，市场空间巨大。公司新产品不断量产下线，客户资源优质。预计25-27 年归母净利润分 别为35.2/43.6/51.0 亿元，维持"强烈推荐"投资评级。 风险提示：汽车行业周期性波动风险；国际贸易摩擦风险；客户相对集中风险；产品质量控制风险。 事件：公司发布2024 年年报，2024 年公司实现营业收入266.0 亿元，同比+35.0%，实现归母净利润30.0 亿元，同比+39.5%，实现扣非归母净利润27.3 亿元，同比+35.0%。 产品竞争力不断增强，积极布局机器人业务。公司内饰功能件、轻量化底盘、 热管理等业务综合竞争 力不断提高，销售收入保持稳步增长；汽车电子类产品订单开始放量，空气悬架项目、智能座舱项目、 线控制动 IBS 、线控转向 EPS 、电驱系统等项目相继量产，其中空气悬架项目增长迅速，闭式空 ...

公司2024年毛利率20.8%，同比-2.2pct，其中2024Q4毛利率19.8%，同比-4.3pct、环比-1.1pct，主要系产品结构变化导致。费用方面，2024年销售费用率/管理费用率/研 发费用率/财务费用率分别同比-0.3pct/-0.4pct/-0.4pct/+0.2pct至1.0%/2.3%/4.6%/0.6%，主要受益于规模效应。 ► 平台型Tier0.5 剑指全球汽配龙头 客户+： 战略绑定特斯拉和造车新势力，进军全球供应体系。公司已与国际、国内创新车企及主要传统整车厂建立稳定合作关系，并战略绑定特斯拉，进入福特、戴姆 勒、宝马、大众、奥迪等全球供应体系。顺应行业电动智能变革，公司积极与RIVIAN、蔚小理、比亚迪、赛力斯等造车新势力合作，探索Tier0.5级合作模式。 01 事件概述 公司披露2024年报：2024年实现营收266.0亿元，同比+35.0%，归母净利30.0亿元，同比+39.5%，扣非归母净利27.3亿元，同比+35.0%；2024Q4实现营收72.5亿元， 同比+30.6%，环比+1.7%；归母净利7.7亿元，同比+38.4%/环比-1.4%；扣非归母净利7.1亿元，同 ...