Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company has a strong growth trajectory in precision manufacturing, particularly in the fields of electric motor cores and lithium battery structural components, with a significant increase in revenue and profit margins expected [8][14]. - The entry into the humanoid robot sector is seen as a strategic move, with high technical barriers and substantial profit potential [8][14]. - The company is expected to benefit from automation improvements and cost reductions, leading to a recovery in profit margins [8][14]. Summary by Sections 1. Company Overview - The company has been deeply involved in the precision mold industry for over 20 years, expanding into electric motor cores and lithium battery structural components, achieving rapid growth [14]. - Established in 1994, the company has evolved from manufacturing steel needles to becoming a leader in precision stamping molds and structural components [14]. 2. Financial Performance - The company’s revenue grew from 1.193 billion to 7.129 billion yuan from 2020 to 2024, with a CAGR of 42.96% [23]. - The net profit increased from 130 million to 254 million yuan during the same period, reflecting a CAGR of 14.42% [23]. - The company’s gross margin for lithium battery structural components is projected to rise to over 12% by 2025 [8][23]. 3. Precision Molding Business - The precision stamping mold technology is critical for downstream component performance, and the company is recognized as a domestic leader in this field [33][40]. - The company’s molds are used in various industries, including automotive and industrial control, with a focus on high efficiency and precision [33][40]. 4. Lithium Battery Structural Components - The company has established strong partnerships with major clients like CATL, leading to a rapid increase in market share [8][14]. - Revenue from lithium battery structural components is expected to grow by over 35% starting in 2025, driven by increased demand from second and third-tier battery clients [8][14]. 5. Humanoid Robot Sector - The company is entering the humanoid robot market, focusing on the production of precision components such as lead screws, which are essential for robot functionality [8][14]. - The lead screw market is characterized by high technical barriers, and the company is well-positioned to capture significant market share due to its existing precision manufacturing capabilities [8][14]. 6. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 413 million, 575 million, and 785 million yuan respectively, with year-on-year growth rates of 62.67%, 39.21%, and 36.52% [1][8].

Key Insights - The report highlights the upcoming launch of Huawei's foldable PC and Apple's foldable iPhone, which are expected to drive rapid development in materials for foldable devices [5] - The non-bank financial sector is seeing regulatory changes aimed at enhancing support for technology enterprises, particularly in mergers and acquisitions [8] - The report discusses the performance of various companies, including their revenue growth and profitability, indicating a positive outlook for several sectors [11][13][16] Industry Commentary - The chemical raw materials sector is experiencing growth due to the anticipated demand for materials used in foldable devices, with a notable increase in the new materials index [5] - The non-bank financial sector is undergoing reforms to improve the service capabilities for technology companies, which is expected to enhance the overall market environment [8] - The textile and apparel industry is likely to benefit from Shanghai's new consumption stimulus plan, particularly in sportswear and jewelry [5] Company Analysis - The report provides insights into the financial performance of various companies, such as: - **Zhenyu Technology**: Achieved revenue of 6.20 billion yuan in 2024, with a net profit of -1.75 billion yuan, indicating a recovery in Q1 2025 with a 23.75% year-on-year revenue increase [9][11] - **Jinxi Axle**: Reported a revenue increase in high-speed train axles, supported by its state-owned enterprise background, which enhances its diversification efforts [16] - **Shanghai Hanxun**: Expected to exceed 150 million yuan in satellite business revenue in 2024, with a significant increase in satellite launches planned for 2025 [21] Financial Performance - Companies are showing varied financial results, with some experiencing significant growth: - **Artis**: Projected to create a second growth engine through large-scale storage, with steady production expansion in the U.S. [5] - **Zhenyu Technology**: Anticipates a recovery in profitability post-transformation, with a focus on human-shaped robots and eVTOL businesses [11] - **Jinxi Axle**: Reported a 33.23% increase in railway vehicle revenue, indicating strong market demand [19] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from emerging trends, such as foldable device materials and advancements in AI and IoT technologies [5][27] - Companies like **Guanghe Tong** are highlighted as leaders in AI IoT, with a strong product matrix and growth potential in smart modules [27] - The overall sentiment is positive for sectors that are adapting to technological advancements and regulatory changes, indicating potential investment opportunities [8][11]

Core Viewpoint - The company has shown significant growth in revenue and profit, driven by automation upgrades and cost reduction strategies, particularly in the lithium battery and mold businesses [3][4][5]. Financial Performance - In 2024, the company achieved a revenue of 7.129 billion yuan, representing a year-on-year growth of 18.45%. The net profit attributable to shareholders was 254 million yuan, a remarkable increase of 493.77%. The non-recurring net profit reached 231 million yuan, soaring by 2528.14% [3]. - For Q4 2024, the company reported a revenue of 2.114 billion yuan, up 21.26% year-on-year and 12.31% quarter-on-quarter. The net profit for this quarter was 82 million yuan, marking a turnaround from losses, with a quarter-on-quarter growth of 100.37% [3]. - The company forecasts a net profit of 69-75 million yuan for Q1 2025, indicating a year-on-year growth of 31.54%-42.97% [4]. Business Segments - The revenue from lithium battery precision structural components reached 4.24 billion yuan in 2024, growing by 29.84%, with a gross margin of 11.28%, an increase of 2.75 percentage points [5]. - The mold business generated 416 million yuan in revenue, up 32.70%, with a high gross margin of 53.85%, reflecting improvements from technological innovation and cost reduction [6]. - The revenue from motor iron cores was 1.509 billion yuan, down 11.78%, but the gross margin improved to 18.85%, an increase of 2.41 percentage points, attributed to the rising proportion of adhesive iron cores [7]. Technological Advancements - The company has developed advanced manufacturing capabilities, including reverse planetary roller screws and linear actuators, with plans to expand production lines to meet increasing demand [8][9].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母净利 润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 单季度来看，公司2024Q4营业收入21.14亿元，同比增长21.26%，环比增长12.31%；归母净利润0.82亿 元，同比扭亏为盈，环比增长100.37%。公司24Q4毛利率为15.59%，环比增长4.32pcts，同比增长 6.38pcts，净利率为3.86%，环比增长1.70pcts，同比增长4.55pcts。 25Q1业绩同比持续提升 公司发布25Q1业绩预告，实现归母净利润0.69-0.75亿元，同 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 7.129 billion yuan, an 18.45% year-on-year growth, and net profit attributable to shareholders soaring by 493.77% to 254 million yuan [1] - The strong performance is primarily driven by the lithium battery structural components business, which saw nearly a 30% increase in revenue [4] Group 1: Lithium Battery Structural Components - The lithium battery structural components business emerged as the main growth driver, with revenue growth attributed to optimized production processes and increased automation, leading to reduced production costs and improved product quality [4] - The company successfully developed new products such as blade batteries, further solidifying its market position [4] - Despite strong performance, reliance on a single business poses potential risks, with increasing competition in the rapidly growing electric vehicle market [4] Group 2: Molds and Motor Core Business - The mold business experienced rapid growth, particularly in the electric vehicle motor core mold sector, with enhanced profitability through technological innovation and cost reduction [5] - The company made significant progress in export markets, especially in Europe and Japan [5] - The motor core business saw a slight revenue decline due to raw material price fluctuations, highlighting the need for improved management of material cost volatility [5] Group 3: Humanoid Robot Business - The company has begun to establish its presence in the humanoid robot sector, developing precision components and achieving small-scale supply to leading domestic and international clients [6] - Although initial results are promising, the humanoid robot business is still in its infancy, contributing limited revenue in the short term [6] - The company plans to increase investment in this area, aiming to become a key supplier in the humanoid robot supply chain, while acknowledging the uncertainties and challenges in the market [6]