证券之星消息，2025年9月1日新坐标（603040）发布公告称民生证券、天风证券（601162）、上银基金、 指南行远私募、上海合远私募基金、华福证券、中泰证券（600918）研究所、西南证券、光大保德信基 金、长江证券、中意资产、国信证券、国寿安保基金、源弈资产、华西证券（002926）、杭州俊腾私募、 开源证券、华泰自营、华鑫证券、英大基金于2025年8月29日调研我司。 具体内容如下： 问：1.公司上半年业绩增长的原因？目前公司全面的业绩指引？ 答：报告期内，全球化的制造、销售服务体系建设成果显现，新坐标欧洲和新坐标墨西哥营业收入较上年 同期分别增长33.42%和29.36%，海外子公司盈利能力持续提升。商用车、乘用车海外市场同步发力，这 一积极态势不仅体现了国际客户对公司产品的高度认可，更为未来的业绩增长打下坚实的基础。公司在 2024年7月公告的股权激励草案中明确了公司2025年的收入及利润考核目标，公司管理层及全体员工将尽 力做好各方面经营工作，实际经营过程中还是会存在多方面不确定因素。 答：公司与浙江陀曼智能科技股份有限公司、孙立松先生共同出资设立控股子公司杭州玖月捌传动科技有 限公司，实现多 ...

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 390 million yuan, a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 140 million yuan, up 27.4% year-on-year [1] - For Q2 2025, the company reported revenue of 210 million yuan, a year-on-year increase of 13.3% and a quarter-on-quarter increase of 17.9%, with a net profit of 80 million yuan, reflecting a year-on-year increase of 19.6% and a quarter-on-quarter increase of 12.3% [1] - The company declared a cash dividend of 40 million yuan (before tax) in H1 2025, with a dividend payout ratio of 28.6%, an increase of 4.6 percentage points year-on-year [1] Group 2: Profitability and Cost Management - The company's gross margin for H1 2025 was 53.9%, an increase of 1.4 percentage points year-on-year, while the net margin was 37.3%, up 2.4 percentage points year-on-year [1] - In Q2 2025, the gross margin was 54.1%, a year-on-year increase of 0.8 percentage points and a quarter-on-quarter increase of 0.5 percentage points, with a net margin of 36.7%, reflecting a year-on-year increase of 1.8 percentage points but a quarter-on-quarter decrease of 1.3 percentage points [1] - The expense ratios for sales, management, and R&D in Q2 2025 were 1.0%, 9.7%, and 4.2%, showing a year-on-year change of -1.5 percentage points, +0.9 percentage points, and -0.4 percentage points respectively, with the quarter-on-quarter changes remaining stable or decreasing [1] Group 3: Business Growth and Market Expansion - The company's valve timing group business saw rapid growth, with revenue from precision components reaching 300 million yuan, a year-on-year increase of 23.6% [2] - In H1 2025, overseas revenue was 200 million yuan, a year-on-year increase of 30.7%, accounting for 51.4% of total revenue, an increase of 4.7 percentage points year-on-year [2] - The company successfully opened new projects with luxury car brand Rolls-Royce, expanding its presence in the high-end overseas market [2] Group 4: Product Development and Innovation - The company is focusing on product development in the screw rod sector, leveraging advantages in cold forming technology, mold design, and equipment automation [3] - The company is diversifying raw materials for cold forming from primarily steel to include aluminum, copper, titanium alloys, and stainless steel, and is expanding applications in various precision components [3] - A new subsidiary, JiuYueBa Transmission Holdings, has been established to focus on the R&D and production of screw rod products, enhancing product performance and manufacturing processes [3] Group 5: Profit Forecast and Investment Outlook - The company forecasts net profits attributable to shareholders of 290 million yuan, 380 million yuan, and 490 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 30, 23, and 18 times [3]

Investment Rating - The report assigns a "Buy" rating to the company, maintaining the previous rating [1][6]. Core Insights - The company's main business is showing steady growth, with a promising layout in ball screw technology [5][6]. - In 2024, the company achieved a revenue of 6.80 billion yuan, a year-on-year increase of 16.63%, and a net profit attributable to shareholders of 2.12 billion yuan, up 14.76% year-on-year [5]. - The first quarter of 2025 saw a significant revenue increase of 26.15% year-on-year, reaching 1.79 billion yuan, with a net profit growth of 37.59% [5]. - The company is expanding its overseas business, with notable revenue growth from European markets [5][6]. - A new joint venture has been established to enhance the development of precision transmission components, indicating strategic growth initiatives [5][6]. Financial Projections - Revenue projections for 2025-2027 are 8.42 billion yuan, 10.59 billion yuan, and 13.19 billion yuan respectively, with net profits of 2.60 billion yuan, 3.29 billion yuan, and 4.10 billion yuan [6][7]. - The earnings per share (EPS) are expected to grow from 1.90 yuan in 2025 to 3.00 yuan in 2027 [6][7]. - The company is projected to maintain a price-to-earnings (P/E) ratio of 25 times in 2025, with a target price of 47.61 yuan [6].

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]