公 司 研 究 宁波高发（603788.SH）：拟设立海 外子公司，积极拓展国际市场 近日，公司发布《关于拟设立全资子公司并投资境外建设生产基地的公告》， 公告中提到公司拟设立海南全资子公司或直接通过新加坡公司，投资建设摩洛 哥生产基地，该项目计划投资总额不超过 2,000 万美元。对此，我们点评如下： 通过设立海外子公司，积极拓展国际业务。据公告，本次投资基于市场情况及 客户项目定点的海外产能布局需求，为"走出去"战略的实施。公司通过在摩 洛哥投资建厂有助于公司完善全球产业布局，提升公司整体实力。当前，公司 主要业务仍然集中在国内市场，据 2024 年报，公司主营业务营收全部来自于 国内。国外市场仍处于空白，此次建立海外子公司将打破该局面，同时为公司 业务带来新的增量。 海外客户已获得定点。据 2024 年报，2024 年公司产品档位操纵器进入雷诺汽 车整车供应体系，电子加速踏板进入斯特兰蒂斯、雷诺汽车等整车供应体系。 公司为顺应中国汽车出口潮流，逐步推行"走出去"战略。本次海外拟设立子 公司并投资设厂正是这一战略的体现，也将有望开拓公司新的业务增长点。 公司业务经营稳健，现金资产充足。公司较强的成本费用控 ...

Core Viewpoint - The company reported a strong financial performance for 2024, with significant growth in revenue and net profit, driven by increased sales of key products and effective cost management [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1,460.65 million yuan, a year-on-year increase of 15.61% [1] - The net profit attributable to shareholders reached 190.59 million yuan, up 17.18% year-on-year [1] - The gross margin for the main business was 22.62%, a decrease of 0.41 percentage points compared to 2023 [2] - The net profit margin improved to 12.98%, compared to 12.86% in 2023 [2] Product Sales and Revenue - Sales of electronic shift assemblies reached 3.1 million units, a year-on-year increase of 31.36% [1] - Sales of electronic accelerator pedal assemblies totaled 7.43 million units, up 29.44% year-on-year [1] - Revenue from the electronic accelerator pedal assembly grew by 32.3% year-on-year, while revenue from the shift control system assembly and soft shaft increased by 4.68% [1] Cost and Expense Management - The company maintained excellent control over expenses, with a total expense ratio (selling, administrative, and R&D) of 9.1%, down 2.51 percentage points year-on-year [2] - The average return on equity (ROE) increased to 9.41%, a growth of 1.16 percentage points year-on-year [2] Cash Position and Dividends - The company reported cash and cash equivalents totaling 1.02 billion yuan, with short-term borrowings of only 45.65 million yuan [3] - The dividend payout ratio for 2024 was 81.93%, indicating a commitment to returning value to shareholders [3] Market Expansion and Future Outlook - The company is expanding its market presence, with new foreign and joint venture clients including Stellantis, Renault, SAIC Audi, GAC Toyota, and ZF [3] - Forecasted net profits for 2025-2027 are 221 million yuan, 256 million yuan, and 299 million yuan, respectively, with corresponding EPS of 0.99, 1.15, and 1.34 yuan [3] Valuation - The current price-to-earnings (PE) ratios are projected at 15x for 2025, 13x for 2026, and 11x for 2027, maintaining a "recommended" rating [4]