Core Viewpoint - JinDi Co., Ltd. (603270.SH) has announced a plan to issue convertible bonds to unspecified investors, with the total amount not exceeding 1 billion RMB, aimed at funding key manufacturing projects and supplementing working capital [1][2]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued at a face value of 100.00 RMB each, with a term of six years from the date of issuance [1]. - The initial conversion price will be determined based on the average trading price of the company's stock over the 20 trading days prior to the announcement [1]. - The issuance will prioritize existing shareholders, who may waive their preemptive rights [3]. Group 2: Fund Allocation - The total investment for the projects is 1.08 billion RMB, with 1 billion RMB planned to be raised through the bond issuance [2][3]. - The funds will be allocated as follows: - 670 million RMB for high-end equipment key components intelligent manufacturing project [3]. - 168 million RMB for precision components and semiconductor heat sink intelligent manufacturing project [3]. - 162 million RMB for supplementing working capital [3]. Group 3: Financial Performance - For the third quarter of 2025, the company reported a revenue of 537 million RMB, a year-on-year increase of 63.03%, and a net profit of 32.61 million RMB, up 23.98% [5]. - Year-to-date revenue reached 1.37 billion RMB, reflecting a growth of 48.58%, with a net profit of 109 million RMB, a 30.06% increase [6][7]. - The company experienced a negative cash flow from operating activities of -246 million RMB [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 830 million yuan for 2024, representing a year-on-year growth of 15.22%. However, it experienced a net profit loss of 8 million yuan, a decline of 124.43% compared to the previous year [2][4]. - In Q1 2025, the company achieved a revenue of 162 million yuan, with a year-on-year growth of 7.60%, but the net profit was a loss of 12 million yuan, down 376.67% year-on-year [2][4]. - The gross profit margin for 2024 was 19.01%, a decrease of 0.58 percentage points year-on-year, while the net profit margin was -0.91%, down 5.21 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 830 million yuan, with a gross profit of 158 million yuan, resulting in a gross margin of 19% [14]. - The company’s operating costs were 673 million yuan, leading to a net profit of -8 million yuan for the year [14]. - For Q1 2025, the revenue was 162 million yuan, with a gross profit margin of 18.94% [2][4]. Business Segments - The connector business generated revenue of 617 million yuan in 2024, a year-on-year increase of 9.11%, while the component business reached a record high of 174 million yuan, growing 48.77% year-on-year [9]. - The company is focusing on expanding its semiconductor heat sink and 3D printing businesses, which are expected to drive future growth [9]. Future Outlook - The company anticipates significant growth in its semiconductor heat sink business, with plans to expand production lines from 2 to 4-7 by 2025, supported by strong order demand [9]. - The 3D printing segment is expected to enter small-scale production in 2025, contributing to revenue for the first time [9]. - Forecasted net profits for the company are projected to be 94 million yuan in 2025, 200 million yuan in 2026, and 446 million yuan in 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][17]. Core Views - The company is experiencing pressure on profits due to increased R&D investments while its new business segments are building momentum for performance recovery [1][2]. - The consumer electronics industry is entering a cyclical recovery, and the company is expanding its domestic and overseas markets, achieving breakthroughs in new product development and customer acquisition [2][3]. - The company's connector and component businesses are showing stable growth, with connector product sales reaching 617 million yuan, a year-on-year increase of 9.11%, and component product revenue hitting a record high of 174 million yuan, up 48.77% year-on-year [2][3]. Financial Summary - The company reported a revenue of 830 million yuan for 2024, a year-on-year growth of 15.22%, but incurred a net loss of 7.57 million yuan, a decline of 124.43% compared to the previous year [1][2]. - For the forecasted years 2025 to 2027, the company is expected to achieve net profits of 43 million yuan, 145 million yuan, and 182 million yuan respectively, with significant growth rates of 670.4% and 236.4% in 2025 and 2026 [1][9]. - The company's earnings per share (EPS) for 2025 to 2027 are projected to be 0.21 yuan, 0.70 yuan, and 0.88 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 138.3, 41.1, and 32.8 [9][10]. Business Development - The company is focusing on new product and technology development, particularly in the automotive connector sector, which has achieved breakthroughs and is set for mass supply in 2024 [3]. - The company is actively developing its 3D printing technology and semiconductor heat sink business, with expectations for revenue generation from these new applications starting in 2025 [3][4]. - The semiconductor heat sink project has received a shift in funding focus from the IPO proceeds, aiming for customer validation and mass production [3]. Market Position - The company is positioned in the electronics industry, with a total market capitalization of approximately 5.97 billion yuan and a circulating market value of about 2.28 billion yuan [5]. - The stock price as of April 29, 2025, was 28.91 yuan, reflecting the company's market performance [5].

证券研究报告 | 公司动态点评 2025 年 04 月 09 日 鸿日达（301285.SZ） 全年净利润水平承压，积极拓展 3D 打印及半导体散热片新业务 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 594 | 721 | 862 | 1,218 | 1,695 | | 增长率 yoy（%） | -3.9 | 21.3 | 19.7 | 41.3 | 39.1 | | 归母净利润（百万元） | 49 | 31 | -7 | 126 | 173 | | 增长率 yoy（%） | -21.4 | -37.0 | -124.1 | 1792.6 | 37.0 | | ROE（%） | 4.9 | 2.7 | -0.7 | 11.1 | 13.2 | | EPS 最新摊薄（元） | 0.24 | 0.15 | -0.04 | 0.61 | 0.84 | | P/E（倍） | 107.4 | 170.4 | -707.2 | 41.8 | 30.5 | | P/ ...

证券研究报告 | 公司动态点评 2025 年 03 月 11 日 鸿日达（301285.SZ） 积极打造 3D 打印等新业务增长曲线，半导体散热片产能加速释放 助力公司业绩提升 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 594 | 721 | 877 | 1,239 | 1,721 | | 增长率 yoy（%） | -3.9 | 21.3 | 21.7 | 41.2 | 38.9 | | 归母净利润（百万元） | 49 | 31 | 55 | 132 | 211 | | 增长率 yoy（%） | -21.4 | -37.0 | 76.3 | 141.3 | 59.9 | | ROE（%） | 4.9 | 2.7 | 5.1 | 10.9 | 14.9 | | EPS 最新摊薄（元） | 0.24 | 0.15 | 0.26 | 0.64 | 1.02 | | P/E（倍） | 148.8 | 236.1 | 133.9 | 55.5 | 34.7 | ...