Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]

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 ...