从行业背景看，该业务布局精准匹配新能源汽车轻量化趋势。据中国汽车工业协会（中汽协）2025年7月发 布数据，2025年上半年国内新能源汽车销量达389万辆，同比增长27%，而轻量化是车企降低能耗、提升续 航的核心路径：每减重100kg，纯电动车续航可提升约 50km。镁铝合金因密度仅为钢的1/4、比强度优于传 统铝合金，在新能源汽车中的渗透率正从2024年的8.5%向2025年的12%提升，鑫铂股份的2万套/月产能， 对应年供应能力24万套，可满足约12万辆新能源汽车的轻量化部件需求（按单车2套核心结构件测算），具 备明确的市场消化基础。 技术层面，公司长期积累为双赛道提供保障：2024年年报显示，鑫铂股份研发投入达1.2亿元，占营业收入 比例4.2%，累计获得铝型材加工相关专利58项（其中发明专利12项），"高精度铝合金挤压成型工艺""轻量 化部件表面防腐处理技术"等核心技术，可直接迁移至新能源汽车与机器人部件生产，例如其自主研发 的"等温挤压工艺"可将铝型材尺寸精度控制在±0.1mm，满足机器人结构件的装配公差要求（机器人关节部 件装配精度需≤0.2mm）。 在机器人赛道，鑫铂股份的突破聚焦于核心结构件的 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.91 CNY based on a projected PE of 19.0x for 2025 [3][4]. Core Insights - The company is positioned as a leading player in the domestic automotive aluminum alloy die-casting market, with a stable main business and high certainty of profit growth following the acquisition of Zhuoerbo. The future expansion into humanoid robotics is expected to broaden the company's growth potential [1][2]. - The aluminum die-casting market is anticipated to double in size, driven by the increasing demand for lightweight materials in the automotive sector, particularly in the context of the growing new energy vehicle (NEV) industry [1][2]. Summary by Sections 1. Core Business and Profit Growth - The company primarily engages in the R&D, production, and sales of aluminum and zinc alloy precision die-casting parts, with the automotive die-casting segment accounting for 96.47% of revenue in 2024 [13][16]. - The company has experienced rapid revenue growth, with a CAGR of 28.14% from 2021 to 2024, and a projected revenue of 79.51 billion CNY for 2025 [16][40]. 2. Market Dynamics and Growth Potential - The automotive aluminum die-casting market is expected to see significant growth due to the lightweighting trend, particularly in NEVs, with the domestic market projected to reach 3000-4000 billion CNY by 2025 [1][45]. - The company is actively expanding its product offerings to include larger die-casting components, which will enhance the value per vehicle and drive revenue growth [2][57]. 3. Strategic Acquisitions and Future Ventures - The acquisition of Zhuoerbo is aimed at entering the micro-motor sector, enhancing the company's capabilities in producing precision components for both NEVs and robotics [2][3]. - The establishment of a subsidiary focused on humanoid robotics is expected to capture growth opportunities in lightweight structural components and motor stators [2][3]. 4. Financial Projections and Valuation - Revenue projections for 2025-2027 are 79.51 billion CNY, 105.02 billion CNY, and 127.12 billion CNY, with corresponding net profits of 11.74 billion CNY, 14.89 billion CNY, and 18.76 billion CNY [3][4]. - The company's PE ratios are projected to decrease from 19.0x in 2025 to 12.5x in 2027, indicating potential for valuation improvement [3][4].

Summary of Minglida's Conference Call Company Overview - Minglida primarily operates in the precision structural components manufacturing sector, focusing on various products including metal casings, brackets, and internal support structures, as well as lightweight vehicle components. The company initially relied heavily on the photovoltaic sector, particularly on major clients Solaredge and Enphase, which contributed significantly to its revenue growth in 2022. However, the company faced challenges in 2023 due to inventory destocking in the inverter market and increased competition in the domestic market [2][9]. Key Challenges and Financial Performance - In 2023, Minglida encountered three main pressures: 1. Declining demand in the overseas energy storage market leading to a slowdown in revenue growth starting in the second half of 2023. 2. A decrease in revenue from the high-margin consumer electronics sector, which accounts for approximately 70% of the company's gross profit, resulting in negative beta effects. 3. Intense competition in the domestic automotive sector, causing the automotive business's gross margin to drop significantly to 12.1%, a year-on-year decrease of 7.8 percentage points [3][10]. - The company reported a substantial loss of 470 million yuan in 2023, alongside an asset impairment loss of 180 million yuan due to the closure of production bases in Hunan and Anhui [2][10]. Capital Expenditure and Profitability - Minglida's capital expenditures have suppressed profitability from 2022 to 2024. The company has made significant investments in both domestic and overseas production facilities to address capacity constraints. However, the long construction cycles and high initial costs of overseas bases have resulted in continued losses into 2024 [4][5]. - The forecast for net profit attributable to shareholders is projected to be 185 million yuan in 2025, 390 million yuan in 2026, and 673 million yuan in 2027, driven by growth in the new energy vehicle sector and an increase in high-margin clients [4][7]. Strategic Shifts and Future Outlook - In 2025, Minglida is expected to experience several operational turning points: 1. The company has streamlined operations by closing underperforming domestic production bases, allowing for a more agile approach. 2. The focus has shifted towards expanding its client base in the new energy vehicle sector, which accounted for 56% of revenue in 2024 and is expected to remain the highest revenue segment in 2025. 3. The company anticipates a significant increase in overseas automotive client volumes, marking a pivotal year for revenue recovery and improved gross margins [6][11]. - Minglida is actively responding to changes in the overseas market by investing in production bases in Mexico and Hungary to meet local client demands. Although initial costs are high, the company expects to achieve annual sales of no less than 1 billion yuan from these bases starting from late 2024 to early 2025 [12]. Technological Capabilities and New Business Ventures - The company possesses advanced technical capabilities in precision die-casting, machining, and surface treatment, enabling it to produce high-quality aluminum alloy die-cast components for clients like BYD and Geely [13][14]. - Minglida is also diversifying into new business areas, including robotic structural components and liquid cooling solutions for data centers. These ventures are expected to provide additional revenue streams and growth potential in the coming years [15]. Conclusion - Overall, Minglida is navigating a challenging landscape with strategic adjustments aimed at enhancing profitability and market position. The anticipated recovery in the new energy vehicle sector and the successful execution of overseas expansions are critical to the company's future success [16].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is adjusting its fundraising project for the "Carbon Fiber and Heat Dissipation Precision Parts R&D and Production Project," increasing the total investment from 266 million to 743 million yuan to enhance production capacity and meet market demand [2] - A new fundraising project for "Key Components and Complete Machine Upgrading for Humanoid Robots" is introduced with an investment of 50 million yuan, aimed at enhancing R&D and system integration capabilities in high-end intelligent manufacturing [3] - The company has launched a 2025 Employee Stock Ownership Plan (ESOP) to attract and retain key talent, with a target of 26.4 million shares, representing 0.38% of the total share capital [4][7] Financial Projections - The company forecasts revenue for 2025-2027 to be 50.141 billion, 59.080 billion, and 69.267 billion yuan, with year-on-year growth rates of 13.42%, 17.83%, and 17.24% respectively [8] - The projected net profit for the same period is 2.500 billion, 3.403 billion, and 4.193 billion yuan, with growth rates of 42.58%, 36.10%, and 23.23% respectively [8] - Earnings per share (EPS) are expected to be 0.36, 0.49, and 0.60 yuan for 2025, 2026, and 2027 respectively [8] Financial Summary - The company's total revenue for 2025 is estimated at 50.141 billion yuan, with a net profit of 2.500 billion yuan and a gross margin of 16.9% [10] - The projected PE ratios for 2025, 2026, and 2027 are 22.99x, 16.89x, and 13.71x respectively [10] - The company aims for a net profit growth rate of not less than 10%/20%/30% for the years 2025-2027 compared to 2024 [7]

Core Viewpoint - The company is adjusting its fundraising projects and amounts to enhance the efficiency of fund utilization, with a significant increase in investment for the carbon fiber project and the introduction of a new project focused on humanoid robots [2] Group 1: Fundraising Adjustments - The total investment for the original fundraising project "Research and Production of Carbon Fiber and Heat Dissipation Precision Parts" is increased from 266 million to 743 million [2] - A new fundraising project "Upgrading Key Components and Assembly Capabilities for Humanoid Robots" is introduced with a planned investment of 50 million [2] Group 2: Project Implementation - The company plans to conduct research, testing, and trial production of robot-related structural components and complete products across multiple locations including Shenzhen, Dongguan, Suzhou, and Yangzhou [3] - The project aims to develop core components such as body structure parts, servo motors, drivers, reducers, and joint modules, as well as solutions for high-power charging and heat dissipation [3] Group 3: Technological Advancements - The project will introduce advanced research and testing equipment such as five-axis CNC machines, 3D printers, and laser tracking devices to enhance the professional and systematic level of the R&D platform [4] - The company has a strong foundation in high-strength material processes and structural design, which will support the development of core components for humanoid robots [4] Group 4: Strategic Importance - The new project is a crucial strategic move for the company to capture industry development opportunities and diversify its growth trajectory [3] - The integration of the robot industry chain from key components to complete systems will enhance the company's participation in the robotics ecosystem [3]

Group 1: Financial Performance - The company experienced a significant decline in sales revenue, primarily due to inventory destocking by its main photovoltaic customers, leading to a substantial drop in sales to high-margin foreign clients [5][6] - In 2024, the company reported a loss, with a notable decrease in gross margin and an increase in fixed costs due to investments in new production bases in Mexico and Hungary [5][6] - The asset-liability ratio increased due to operational losses and rising capital expenditures, with plans to reduce debt through strategies like debt-to-equity swaps and improving cash flow [6] Group 2: Strategic Direction - The company has identified the robotics sector as a key area for future growth, with ongoing discussions with major clients regarding the production of robotic structural components [3] - In 2024, the company shifted its strategic focus towards the new energy vehicle sector, with major clients including BYD and CATL, and has passed audits from two global automotive brands [5][6] - The Hungarian production base is primarily established to meet the production demands of Stellantis in Europe, with plans to gradually release capacity as projects ramp up [5] Group 3: Operational Challenges - The company is currently facing challenges in production efficiency and cost management due to the initial phases of ramping up production in new facilities [9] - The increase in fixed costs and the underutilization of production capacity in Mexico and Hungary have contributed to the financial losses [9] - The company is actively working to enhance production efficiency and product quality to improve overall operational performance [8] Group 4: Investor Relations - The management acknowledges the need for clearer communication regarding the company's strategic direction and business segments to better inform investors [10] - The company is committed to enhancing its corporate culture and ensuring that investors have a comprehensive understanding of its operations and market positioning [10]

Core Viewpoint - The company achieved a revenue of 69.897 billion yuan in 2024, representing a year-on-year increase of 28.27%, with a net profit of 3.624 billion yuan, up 19.94% year-on-year, slightly below previous profit expectations due to increased asset impairment provisions [1] Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% year-on-year [1] - The company’s comprehensive gross margin decreased by 0.70 percentage points to 15.89% in 2024, primarily due to the increased revenue share from assembly business and challenges in the automotive electronics segment [2] - The company forecasts net profits of 5.308 billion yuan, 6.433 billion yuan, and 7.767 billion yuan for 2025, 2026, and 2027 respectively, with slight downward adjustments from previous estimates [4] Group 2: Business Segments - The company’s revenue from smartphones, computers, smart cars, smart headsets, and other smart terminals in 2024 was 57.75 billion yuan, 5.93 billion yuan, 3.49 billion yuan, and 1.41 billion yuan respectively, with significant growth in assembly business [2] - The company is focusing on multiple new fields including foldable screens, AI glasses, automotive electronics, and robotics, which are expected to drive strong growth [3][4] - The company has established deep collaborations with leading clients in the robotics sector, developing various structural components and modules [3] Group 3: Market Outlook - The company is optimistic about the growth of its consumer electronics business driven by new product launches from major North American clients and increased market share in Android products [1] - The company maintains a target price of 29.4 yuan and a buy rating, reflecting confidence in its strategic positioning in emerging AI terminal markets [4]