| 2025 年 05 月 12 日 | | --- | | 评级 | 买入 | | --- | --- | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 40.07 | | 52 周价格区间（元） | 17.29-40.98 | | 总市值（百万） | 5470.27 | | 流通市值（百万） | 5411.99 | | 总股本（万股） | 13651.79 | | 流通股（万股） | 13506.34 | 涨跌幅比较 汽车｜ 汽车零部件 主营业务稳健向上，布局丝杠值得期待 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(亿元) | 5.83 | 68.03 | 84.16 | 105.88 | 131.92 | | 归母净利润(亿元) | 18.44 | 21.16 | 26.00 | 32.86 | 41.01 | | 每股收益（元） | 1.35 | 1.55 | 1.90 | 2.41 | 3.00 | | 每股净资产（元） | 9. ...

新坐标（603040.SH）：海外贡献业 绩增长，设立控股子公司进军丝杠 领域 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 68,028.21 万元，同比增长 16.63%，实现归母净利润 21,160.51 万元，同比增 长 14.76 %。2025 年一季度实现营收 17,899.06 万元，同比增长 26.15%，归 母净利润 6,681.67 万元，同比增长 37.59%，对此，我们点评如下： 海外业务贡献业绩增长。2024 年公司境外营收规模为 29,231.90 万元，同比 增长 47.0%，境外营收占比 43.0%。其中两个海外子公司营收规模均实现增长， 尤其是欧洲公司。欧洲新坐标 2024 年实现营收 16,556.08 万元，同比增长 77.5%，墨西哥新坐标 2024 年营收为 4,295.32 万元，同比增长 24.9%。海外 业务的持续增长受益于公司产品在原有客户内部份额的提升和新客户的开拓， 如欧洲大众、MAN、卡特彼勒、Stellantis 等新项目陆续投产。我们认为，海 外业务的持续增长正是公司在技术、成本及服务响应等方面竞争力的体现。 ...

新坐标（603040.SH）：海外贡献业 绩增长，设立控股子公司进军丝杠 领域 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 68,028.21 万元，同比增长 16.63%，实现归母净利润 21,160.51 万元，同比增 长 14.76 %。2025 年一季度实现营收 17,899.06 万元，同比增长 26.15%，归 母净利润 6,681.67 万元，同比增长 37.59%，对此，我们点评如下： 海外业务贡献业绩增长。2024 年公司境外营收规模为 29,231.90 万元，同比 增长 47.0%，境外营收占比 43.0%。其中两个海外子公司营收规模均实现增长， 尤其是欧洲公司。欧洲新坐标 2024 年实现营收 16,556.08 万元，同比增长 77.5%，墨西哥新坐标 2024 年营收为 4,295.32 万元，同比增长 24.9%。海外 业务的持续增长受益于公司产品在原有客户内部份额的提升和新客户的开拓， 如欧洲大众、MAN、卡特彼勒、Stellantis 等新项目陆续投产。我们认为，海 外业务的持续增长正是公司在技术、成本及服务响应等方面竞争力的体现。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company is actively expanding its growth opportunities in the screw rod sector and has shown strong revenue and profit growth in recent quarters [7]. - The company reported a revenue of 680.28 million yuan for 2024, representing a year-on-year increase of 16.63%, and a net profit attributable to the parent company of 211.61 million yuan, up 14.76% year-on-year [7]. - The company is focusing on enhancing its profitability and has achieved a gross margin of 51.9% in 2024, with a net margin of 32.3% [7]. Financial Performance Summary - **Revenue Forecast**: The company expects revenues to grow from 680.28 million yuan in 2024 to 1,507.60 million yuan by 2027, with compound annual growth rates (CAGR) of 32.4% [2][12]. - **Net Profit Forecast**: The net profit is projected to increase from 211.61 million yuan in 2024 to 490.86 million yuan in 2027, with significant growth rates in the coming years [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.55 yuan in 2024 to 3.60 yuan in 2027 [2][12]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 15.72% in 2024 to 21.09% in 2027 [2][12]. Business Segment Performance - **Valve Transmission Group**: Revenue from this segment is expected to grow from 500.17 million yuan in 2024 to 1,009.46 million yuan by 2027, with a gross margin of 56% by 2025 [9]. - **Cold Forged Precision Wire**: This segment is projected to see revenue growth from 40 million yuan in 2024 to 190.44 million yuan in 2027, with an improving gross margin reaching 10% by 2027 [9]. - **Overseas Business Growth**: The company has reported a 47% year-on-year increase in overseas revenue, driven by new projects and increased production capacity [7]. Strategic Initiatives - The company is investing approximately 500 million yuan in establishing a new joint venture focused on precision transmission components, which is expected to enhance its market position in the screw rod sector [7].

Core Insights - The company reported a revenue increase of 16.63% in 2024, reaching 680,282,123.88 yuan, driven by global expansion and new projects [2] - Net profit grew by 14.76% to 211,605,056.95 yuan, supported by revenue growth and effective cost control measures [3] - Significant fluctuations in cash flow were noted, with a 22.72% decline in operating cash flow and a 612.76% drop in financing cash flow, indicating potential liquidity concerns [5] Financial Performance - Revenue Growth: The company achieved a revenue of 680,282,123.88 yuan in 2024, up from 583,303,603.15 yuan in the previous year, reflecting a stable growth trend across all quarters [2] - Profitability: The net profit attributable to shareholders was 211,605,056.95 yuan, a 14.76% increase, with basic earnings per share rising to 1.58 yuan [3] - Cost Management: Sales expenses decreased by 8.85% to 8,777,082.12 yuan, while management expenses increased slightly by 1.47% [4] Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities was 241,129,448.50 yuan, down 22.72% from the previous year, primarily due to increased material purchases [5] - Investment Cash Flow: The net cash flow from investing activities improved by 82.05%, reaching -82,034,556.76 yuan, indicating a reduction in cash outflows from investments [5] - Financing Cash Flow: The net cash flow from financing activities was -126,833,852.06 yuan, a significant decline of 612.76%, attributed to increased repayments of bank loans and stock buybacks [5] Research and Development - R&D Investment: The company invested 37,465,979.37 yuan in R&D, accounting for 5.51% of total revenue, focusing on innovative technologies and product development [6][7] - R&D Team: The company has a specialized R&D team of 81 members, ensuring a strong foundation for technological innovation and market competitiveness [6][7] Personnel and Compensation - Executive Compensation: The chairman and general manager received a total pre-tax compensation of 3.1237 million yuan, with additional incentives in place to attract and retain talent [8] - Employee Incentives: The company implemented stock incentive plans to enhance employee motivation and align interests with company performance [8]