Core Insights - The 2025 China-Japan Robotics Industry Cooperation Conference and Pinghu Artificial Intelligence Industry Development Conference opened on the 19th, attracting over 300 representatives from Chinese and Japanese enterprises and industries [1] - A total investment of nearly 3 billion yuan was signed for 12 projects, covering key areas such as core components of robots, computing infrastructure, and system integration [1] - The event featured various formats including exhibitions, thematic sharing, and roundtable discussions, creating a platform for investment and industrial cooperation [1] Industry Development - The conference showcased exhibits such as precision components for industrial robots, service robots, and humanoid robots, visually presenting industry development trends [1] - The China-Japan (Pinghu) Cooperation Industrial Park has gathered over 100 Japanese-funded enterprises, attracting a total of over 3.4 billion USD in Japanese investment [1] - In 2024, the output value of 39 Japanese enterprises in the park is expected to reach 19.656 billion yuan, accounting for 30.45% of the total industrial output value of the region [1]

Core Viewpoint - The company has terminated significant investment projects in the lithium battery structural components sector due to a fundamental shift in market expectations and overcapacity concerns, reflecting a need to reassess its expansion strategy [1][2][3] Group 1: Project Termination and Market Conditions - The company announced the termination of a 1 billion yuan investment project in Yichun, Jiangxi, which was initially planned in March 2023 amid a booming lithium battery market [1] - The actual investment at the time of termination was only 4.96% of the planned amount, with 49.64 million yuan already spent primarily on equipment that will be relocated [1][2] - The company had previously terminated another 500 million yuan project in Yibin, Sichuan, citing a need to concentrate resources on key business areas [1][2] Group 2: Financial Performance and Challenges - In 2024, the company reported revenue of 7.129 billion yuan, an 18.45% year-on-year increase, and a net profit of 254 million yuan, a staggering 493.77% increase [2] - However, the company's total liabilities reached 8.432 billion yuan, with a debt-to-asset ratio of 73.80%, significantly above the healthy level for manufacturing firms [2] - The company has faced continuous negative operating cash flow for five years, with cash and cash equivalents at 1.026 billion yuan, only covering 17.28% of current liabilities [2] Group 3: Strategic Shifts and New Ventures - The company is experiencing pressure from major clients like CATL and BYD, which have strong bargaining power, affecting the company's cash flow and payment terms [3] - Alongside project terminations, the company has also delayed other projects, such as the annual production of 900 million lithium battery tops, pushing the completion date from the end of 2024 to the end of 2025 [3][4] - The company has initiated a new venture into humanoid robot precision components, although this segment has contributed minimally to revenue, highlighting the uncertainty in its strategic pivot [4]

证券代码：301000 证券简称：肇民科技 上海肇民新材料科技股份有限公司 投资者关系活动记录表 编号：2025-044 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 电话交流会议、券商策略会、反路演活动 | | | 一、4月10日 电话交流会议 | | | 民生证券、银河基金、筌笠资产、北大方正人寿、英大保 | | | 险资产、山西证券、德邦证券资产、招商证券、上海盘京投 | | | 资、华泰证券、华创证券、华福证券、Vision Finance、南方 | | | 基金、信达证券、中泰证券、东兴基金、中信证券、泓德基 | | 参与单位名 | 金、运舟私募基金、中信建投证券、鸿道投资、富安达基金、 | | 称及人员姓 | 光大保德信基金、国富人寿保险、浙商基金、青骊投资管理、 | | 名 | 上海呈瑞投资、天弘基金、深圳正圆投资、红土创新基金、长 | | | 江证券、爱建证券、中欧基金、长江证券（上海）资产、浙商 | | | 控股集团上海资产、中信证 ...

4）净利率：归母净利率19.2%，同/环比-3.2pct/+3.1pct。 5）费用率：销售/管理/研发/财务费用率分别为1.7%/7.5%/5.1%/-0.1%，分别同比 +0.2pct/+0.5pct/+0.8pct/+0.2pct ， 合计14.3% ， 同/ 环比+1.6pct/+1.1pct。 特种工程塑料龙头，积极卡位人形机器人。公司凭借在特种工程塑料领域的卡位优势，从汽车、家电等 传统领域向人形机器人、储能等新兴领域延伸。 人形机器人领域，公司与Tier1 客户深入合作，共同成功开发多个人形机器人精密零部件新品。我们预 计随着下游客户的人形机器人产品进入量产，公司的机器人零部件业务将实现突破。 公司25Q1 归母净利润0.36 亿元，同/环比+2.8%/-0.8%；扣非归母净利润0.35亿元，同/环比 +15.3%/-6.4%。看好公司业绩稳健成长，机器人零部件业务持续突破。维持"增持"评级。 25Q1 利润端受非经营因素扰动，扣非业绩符合预期。 1）收入端：1.9 亿元，同/环比+20.2%/-16.8%。 2）利润端：归母净利润0.36 亿元，同/环比+2.8%/-0.8%；扣非归母净利润0 ...