星标 ★ IPO日报 精彩文章第一时间推送 AI制图 8月25日，上交所官网显示，爱柯迪股份有限公司（下称"爱柯迪"，600933.SH）发行股份购买资产 案上会获通过。 具体来看，爱柯迪拟以发行股份及支付现金方式收购卓尔博71%股权，交易对价11.18亿元。其中，现 金对价为5.03亿元和股份对价为6.15亿元。同时，公司拟向不超过35名特定投资者发行股份募集配套资 金。 公开资料显示，爱柯迪主要从事汽车用铝合金、锌合金精密压铸件的研发、生产及销售。 而卓尔博主要从事微特电机精密零部件产品的研发、生产与销售，主要产品可分为转定子系列、机壳系 列及模具系列，产品应用以汽车微特电机领域应用为主。 爱柯迪表示，此次交易属于汽车零部件供应链内企业的产业并购，双方在产品应用场景、主要客户、销 售渠道、产能工艺、技术特点、原材料等方面具有显著的互补与协同性。 业绩方面，2024年，卓尔博实现营业收入10.51亿元，归母净利润为1.54亿元。截至2024年末，卓尔博资 产总计14.39亿元。 值得一提的是，本次交易中，交易对方承诺，标的公司2025年度—2027年度预计净利润分别不低于 14150万元、15690万元、1 ...

Core Viewpoint - Aikodi (600933.SH) announces a share buyback plan to enhance investor confidence and improve corporate governance, with a total buyback amount between 100 million and 200 million RMB, at a maximum price of 24.17 RMB per share [1][2][3] Financial Performance - In Q1 2025, Aikodi achieved revenue of 1.666 billion RMB, a year-on-year increase of 1.41%, and a net profit of 257 million RMB, up 10.94% [1][5] - The total assets of Aikodi as of March 31, 2025, were 14.92 billion RMB, reflecting a 4.5% increase from the previous year [2][3] - Cumulative cash dividends since its listing in 2017 amount to 1.774 billion RMB, with a dividend payout ratio of 38.5% [1][3] Share Buyback Details - The buyback will utilize self-owned or self-raised funds through the Shanghai Stock Exchange, with an estimated repurchase of approximately 4.1374 million to 8.2747 million shares, representing 0.42% to 0.84% of the total share capital [2][3] - The buyback price is set to be 55.63% higher than the current market price of 15.53 RMB per share [2] Business Growth and Strategy - Aikodi's revenue for 2024 was 6.746 billion RMB, a 13.24% increase year-on-year, and net profit was 940 million RMB, up 2.86% [5] - The company has been focusing on technological innovation and global expansion, achieving significant business progress, including the successful launch of the 500,000th five-in-one electric drive housing [5][6] - Aikodi has consistently increased its R&D expenditure, reaching 348 million RMB in Q1 2025, with a total of 1.146 billion RMB over the past five years [6] Patent and Innovation - Aikodi has obtained a total of 137 valid authorized patents, including 74 invention patents, indicating a strong focus on innovation [6]

Group 1 - The appointment of Yu Chengyun as the new Deputy General Manager of Aikodi has attracted market attention, highlighting the importance of talent succession in family businesses [4][5] - Yu Chengyun, son of core director Yu Guohua, has a strong educational background and extensive experience within the company, holding 27,000 shares [5][6] - The company has ensured a smooth transition in financial leadership, with the former financial director, Xi Haijun, stepping down due to health reasons but remaining as a senior management consultant [6][12] Group 2 - Aikodi, established in 2003 and listed on the Shanghai Stock Exchange in 2017, specializes in the research, production, and sales of aluminum and zinc alloy precision die-casting parts for the automotive industry [7][9] - The company has shown significant revenue growth, with total revenue increasing from 2.51 billion to 5.96 billion from 2018 to 2023, and a revenue growth rate of 39.7% in 2023 [11] - Aikodi is expanding its global footprint, with investments in Mexico and Southeast Asia, and has recently transitioned from leasing to owning its facilities in Mexico [12][14]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][60] Core Views - The company has received approval from the Shanghai Stock Exchange for the acquisition of 71% of Zhuoerbo Precision Electromechanical Co., Ltd. and plans to raise supporting funds through a share issuance [2][5] - Zhuoerbo's performance commitments for 2025, 2026, and 2027 are net profits of no less than 141.5 million, 156.9 million, and 174.1 million yuan respectively, which are expected to enhance the company's profits by 111 million and 123 million yuan in 2026 and 2027 [3][16] - The company reported a steady revenue growth of 1.41% year-on-year in Q1 2025, achieving a revenue of 1.666 billion yuan and a net profit of 257 million yuan, which is a 10.94% year-on-year increase [3][21] - The company is focusing on expanding its product categories, enhancing production capacity, and transitioning into the embodied intelligence field, with three main growth paths: main business, new categories, and instant robots [3][51] Summary by Sections Financial Performance - The company achieved a revenue of 1.666 billion yuan in Q1 2025, a year-on-year increase of 1.41%, and a net profit of 257 million yuan, reflecting a 10.94% year-on-year growth [3][21] - The projected revenues for 2025, 2026, and 2027 are 8.143 billion, 9.914 billion, and 11.670 billion yuan respectively, with year-on-year growth rates of 20.7%, 21.7%, and 17.7% [3][60] - The projected net profits for the same years are 1.113 billion, 1.373 billion, and 1.646 billion yuan, with year-on-year growth rates of 18.4%, 23.4%, and 19.9% [3][60] Business Strategy - The company is actively expanding its product lines and enhancing its capabilities in the automotive lightweight and electric vehicle sectors, with a focus on large components and magnesium alloy products [49][51] - The acquisition of Zhuoerbo is seen as a strategic move to enhance product offerings and achieve synergy between the two companies [51] - The company is also investing in the robotics sector, establishing a subsidiary focused on embodied intelligence products and components [51][52] Market Position - The company has a strong governance structure and quality customer resources, which contribute to its leading profitability in the industry [43][45] - The company’s products cater to the growing demand for lightweight and electric vehicle components, positioning it well for future growth [49][51]

Group 1 - The company Aikodi plans to acquire 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., Ltd. through a combination of issuing shares and cash payment, with the transaction price set at 1.118 billion yuan [5][6] - The acquisition aims to enhance the company's revenue and profit, leveraging significant synergies in product offerings, industry resources, and global strategies [8][7] - Zhuoerbo reported a revenue of 1.051 billion yuan and a net profit of 154 million yuan for the year 2024, with total assets amounting to 1.439 billion yuan [7][8] Group 2 - Aikodi has also announced adjustments to its "Aikodi Intelligent Manufacturing Technology Industrial Park Project," designating Aikodi (Malaysia) Co., Ltd. as the new implementing entity [9] - The total investment for the project remains unchanged at 1.57 billion yuan, with net fundraising of 1.553 billion yuan after deducting issuance costs [9] - As of May 26, Aikodi's stock price closed at 16.09 yuan per share, with a total market capitalization of 15.8 billion yuan [10]