8月28日，爱柯迪盘中上涨2.06%，截至09:43，报19.82元/股，成交5686.94万元，换手率0.30%，总市值 195.25亿元。 资金流向方面，主力资金净流入132.81万元，特大单买入729.97万元，占比12.84%，卖出605.51万元， 占比10.65%；大单买入948.92万元，占比16.69%，卖出940.56万元，占比16.54%。 爱柯迪所属申万行业为：汽车-汽车零部件-底盘与发动机系统。所属概念板块包括：机器人概念、工业 4.0、汽车热管理、中盘、汽车零部件等。 截至3月31日，爱柯迪股东户数3.34万，较上期增加34.08%；人均流通股29271股，较上期减少25.42%。 2025年1月-3月，爱柯迪实现营业收入16.66亿元，同比增长1.41%；归母净利润2.57亿元，同比增长 10.94%。 分红方面，爱柯迪A股上市后累计派现17.74亿元。近三年，累计派现7.82亿元。 机构持仓方面，截止2025年3月31日，爱柯迪十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股995.74万股，为新进股东。广发稳健增长混合A（270002）、鹏华新兴产业混合 （206 ...

截至3月31日，爱柯迪股东户数3.34万，较上期增加34.08%；人均流通股29271股，较上期减少25.42%。 2025年1月-3月，爱柯迪实现营业收入16.66亿元，同比增长1.41%；归母净利润2.57亿元，同比增长 10.94%。 分红方面，爱柯迪A股上市后累计派现17.74亿元。近三年，累计派现7.82亿元。 机构持仓方面，截止2025年3月31日，爱柯迪十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股995.74万股，为新进股东。广发稳健增长混合A（270002）、鹏华新兴产业混合 （206009）、易方达供给改革混合（002910）退出十大流通股东之列。 责任编辑：小浪快报 8月26日，爱柯迪盘中上涨2.08%，截至13:58，报20.11元/股，成交2.16亿元，换手率1.11%，总市值 198.11亿元。 资金流向方面，主力资金净流出1536.06万元，特大单买入110.54万元，占比0.51%，卖出955.53万元， 占比4.43%；大单买入3313.46万元，占比15.37%，卖出4004.54万元，占比18.58%。 爱柯迪今年以来股价涨25.69%，近5个交易日涨0. ...

截至3月31日，爱柯迪股东户数3.34万，较上期增加34.08%；人均流通股29271股，较上期减少25.42%。2025年1月-3月，爱柯迪实现营业收入16.66亿元，同比增长1.41%；归母净利润2 分红方面，爱柯迪A股上市后累计派现17.74亿元。近三年，累计派现7.82亿元。 机构持仓方面，截止2025年3月31日，爱柯迪十大流通股东中，香港中央结算有限公司位居第八大流通股东，持股995.74万股，为新进股东。广发稳健增长混合A（270002）、鹏华新兴产业混 责任编辑：小浪快报 8月22日，爱柯迪盘中上涨2.04%，截至10:50，报19.97元/股，成交1.14亿元，换手率0.59%，总市值196.73亿元。 资金流向方面，主力资金净流入161.00万元，特大单买入416.44万元，占比3.67%，卖出384.00万元，占比3.38%；大单买入1882.14万元，占比16.58%，卖出1753.58万元，占比15.45 爱柯迪今年以来股价涨24.81%，近5个交易日涨10.76%，近20日涨22.07%，近60日涨27.28%。 资料显示，爱柯迪股份有限公司位于浙江省宁波市江北区金山路588号，成 ...

Core Viewpoint - Huzhou Anda Automotive Parts Co., Ltd. has completed the second round of inquiry responses from the Beijing Stock Exchange, but the significant decline in its order amount for 2024 raises concerns about the sustainability of its performance growth [2] Company Overview - Anda Co. was established in 2005 and primarily engages in the R&D, production, and sales of precision aluminum alloy die-casting parts for automobiles, including components for power transmission systems, new energy systems, and suspension systems [4] - The company reported revenues of 658 million, 771 million, 924 million, and 469 million from 2021 to the first half of 2024, with net profits of 22 million, 18 million, 58 million, and 38 million respectively [4] Financial Performance - In 2024, Anda's revenue decreased by 1.44% year-on-year, while net profit saw a slight increase of 0.68%, a significant drop in growth rate of 213.41 percentage points compared to 2023 [4] - Historical data shows a decline in net profit from 63 million in 2018 to 18 million in 2022, indicating instability in performance [4] Order and Receivables Situation - As of the end of 2024, the company's order backlog was 78 million, down 14.57% year-on-year, posing a potential risk to annual performance stability [5] - Accounts receivable have been increasing annually, with balances of 100 million, 163 million, 205 million, and 193 million over the reporting period, representing 15.14%, 21.07%, 22.13%, and 20.54% of revenue respectively [5] - The accounts receivable turnover rate decreased from 5.94 to 4.72, indicating declining efficiency in capital turnover [5] Cash Flow and Debt Pressure - With reduced cash inflows from operating activities, the company's cash balance at the end of Q1 2025 was 60 million, compared to at least 217 million in short-term interest-bearing loans, indicating significant short-term debt repayment pressure [5]

Core Viewpoint - Rongtai Co., Ltd. reported significant growth in revenue and net profit for the fiscal year 2024 and the first quarter of 2025, indicating a strong operational performance and strategic focus on new energy and automation sectors [1][2]. Financial Performance - In 2024, Rongtai achieved operating revenue of 2.352 billion yuan, a year-on-year increase of 16.42%, and a net profit attributable to shareholders of 163 million yuan, up 11.93%. The non-recurring net profit was 138 million yuan, reflecting a growth of 10.90% [1]. - For the first quarter of 2025, the company reported operating revenue of 662 million yuan, a 29.68% increase year-on-year, with a net profit of 48 million yuan, up 13.76%, and a non-recurring net profit of 45 million yuan, which grew by 25.57% [1]. Fundraising and Investment Projects - In April 2025, Rongtai completed a private placement of A-shares, raising a total of 878 million yuan for the "Intelligent Manufacturing Project for New Energy Vehicle Components." The company aims to enhance production line automation and provide higher quality products through this initiative [1]. Future Development Strategy - The company plans to solidify its existing business while increasing investments in robotics, autonomous driving, and automotive electronics, which are supported by national policies. This strategy aims to cultivate a second growth curve by exploring new business sectors and leveraging synergies with existing operations [2]. - Rongtai is focusing on strengthening its research in humanoid robots, automotive electronics, and industrial automation, and is looking to integrate resources through joint ventures, equity participation, and mergers to support new business projects [2]. Humanoid Robot Sector - Rongtai's investment in the humanoid robot sector is particularly noteworthy. In April 2025, the company announced a joint venture with Jiangsu Runfu Power Technology Co., Ltd. to develop technologies and products related to intelligent robots and new energy vehicle chassis systems, specifically focusing on the research, production, and sales of planetary roller screw mechanisms [3].

Core Viewpoint - Huzhou Anda Auto Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing an upward trend in its gross profit margin while its industry peers are experiencing a decline [1][2]. Group 1: Financial Performance - The company's gross profit margins for the years 2021 to 2024 (first half) are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase [2]. - In contrast, the average gross profit margins of comparable companies in the same industry are 20.76%, 19.40%, 17.54%, and 17.24% for the same periods, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Anda has been notably high, with figures of 39.04%, 35.69%, 3.97%, and 6.26% at the end of each reporting period, with over 10% non-compliance noted in 2021 and 2022 [3]. - As of August 31, 2023, the proportion of labor dispatch workers reached 41.67%, prompting the company to rectify this by converting dispatch workers to formal employees [3]. Group 3: Supplier Relationships - Anda's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with procurement amounts of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5]. - The company has ceased procurement from Boyuan Metal in the second half of 2023 due to better quality and supply capabilities from other suppliers [5]. Group 4: Energy Procurement - Starting in 2023, Anda began purchasing electricity from Huzhou Two Mountains Ecological Resource Operation Co., Ltd., with procurement amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [6]. - The average electricity procurement prices have decreased from 0.74 yuan/kWh in 2022 to 0.66 yuan/kWh in the first half of 2024 [6].

Core Viewpoint - Andar Automotive Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing a rising gross profit margin in its main business despite a declining average margin among comparable companies in the industry [1][2]. Group 1: Financial Performance - The gross profit margins for Andar from 2021 to the first half of 2024 are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase influenced by product structure, sales prices, and costs [2]. - In contrast, the average gross profit margins of comparable companies in the same period are 20.76%, 19.40%, 17.54%, and 17.24%, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Andar was over 40% as of August 31, 2023, with non-compliance issues noted in previous years [3]. - The average cost of labor dispatch workers was reported to be 23.93% lower than that of formal production employees [3]. Group 3: Supplier Relationships - Andar's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with a procurement amount of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5][7]. - Discrepancies were noted in procurement data, with Andar reporting a lower procurement amount for Boyuan Metal in earlier disclosures [7]. Group 4: Outsourcing and Related Parties - Andar has utilized external processing methods, with procurement amounts for outsourcing reported as 38.71 million yuan, 33.73 million yuan, 14.76 million yuan, and 3.08 million yuan over the specified periods [4]. - The company has shifted its electricity procurement to a related party, with amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [7].

► 深耕铝合金精密压铸 新能源浪潮驱动向上 爱柯迪是国内领先的汽车铝合金精密压铸件专业供应商，传统产品为转向、雨刮系统等汽车铝压铸小件产品，逐步向新能源汽车三电系统、结构件等中大型压铸件 产品拓展。公司近五年业绩稳健增长，2019-2024年营业收入CAGR为17.0%，归母净利润CAGR达到13.5%；结构上：公司2022 年新能源汽车产品收入占比约 为 20%，2025/2030年新能源汽车产品收入占比目标分别为30%/70%。 ► 电动智能化驱动汽车轻量化行业扩容 头部企业有望强者恒强 行业空间 ：我们测算2023年国内车用铝合金市场规模约为1,828.5亿，预计2030年将达3,341.1亿元，2023-2030年CAGR超9.0%，其中压铸工艺约占近八成比 例； 分部位 ：底盘、车身等部位铝材渗透潜力大，预计2030年国内电车底盘/车身铝材渗透率将达到94.0%/14.0%，较2018年提升68.0/6.0pcts； 格局端 ：国 内铝压铸竞争格局较为分散，2023年CR5市占率合计约为11.9%，预计龙头企业有望凭借技术/规模等优势提升市场份额。 ► 精益管理能力突出 有望复刻至中大型压铸件业务 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is positioned as a leading supplier of automotive aluminum precision die-casting parts in China, with a focus on expanding into the new energy vehicle (NEV) sector. The revenue from NEV products is expected to grow significantly, targeting 30% by 2025 and 70% by 2030 [1][27]. - The aluminum alloy market for automotive applications in China is projected to grow from approximately 182.85 billion in 2023 to 334.11 billion by 2030, with a CAGR exceeding 9% [2]. - The company has a strong management capability and aims to replicate its success in small die-casting parts to larger components, opening new growth opportunities [3]. Summary by Sections Company Overview - The company has shown steady growth over the past five years, with a CAGR of 17% in revenue and 13.5% in net profit from 2019 to 2024. The traditional product line includes small die-casting parts for steering and wiper systems, while expanding into larger components for NEVs [1][19]. Industry Analysis - The automotive lightweighting trend driven by electrification is expected to expand the aluminum die-casting market. The penetration rates for aluminum in vehicle chassis and body are projected to reach 94% and 14% respectively by 2030 [2][46]. - The competitive landscape in the aluminum die-casting industry is fragmented, with the top five companies holding a combined market share of only 11.9% in 2023, indicating potential for leading firms to gain market share through technological and scale advantages [2][61]. Competitive Advantages - The company has a robust management system that has historically led to high product value and profitability. The transition to larger die-casting parts is expected to leverage this management expertise, creating new growth avenues [3][4]. Financial Forecast and Investment Recommendations - The company is expected to see revenue growth from 82.6 billion in 2025 to 118.4 billion in 2027, with net profits projected to rise from 11.8 billion to 18.05 billion in the same period. The estimated EPS for these years is 1.20, 1.53, and 1.83 respectively, with corresponding PE ratios of 12, 9, and 8 [5][6].