民生证券股份有限公司 关于宁波卡倍亿电气技术股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二五年六月 宁波卡倍亿电气技术股份有限公司 上市保荐书 声 明 民生证券股份有限公司（以下简称"保荐机构"、"本保荐机构"）作为宁波 卡倍亿电气技术股份有限公司（以下简称"卡倍亿"、"发行人"或"公司"）宁 波卡倍亿电气技术股份有限公司向不特定对象发行可转换公司债券（以下简称 "本次发行"）的保荐机构，本保荐机构及其指派的保荐代表人已根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、 《上市公司证券发行注册管理办法》 《证券发行上市保荐业务管 理办法》等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及 深圳证券交易所有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则 和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐书中如无特别说明，相关用语具有与《宁波卡倍亿电气技术股份 有限公司向不特定对象发行可转换公司债券募集说明书》中相同的 ...

证券代码：002309 证券简称：*ST中利 江苏中利集团股份有限公司投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名 | | | 称及人员姓 | 线上参与公司 2024 年度网上业绩说明会的全体投资者 | | 名 | | | 时间 | 2025 年 04 月 29 日 15：00-17：00 | | 地点 | 价值在线（https：//www.ir-online.cn/）网络互动 | | | 董事长：许加纳先生 副董事长：黄昶先生 | | 上市公司接 | | | | 总经理：郑晓洁女士 | | 待人员姓名 | 财务总监兼董事会秘书：廖嘉琦先生 | | | 独立董事：詹有义先生 | | | 1.公司提及"处于重整阶段"，现有债务规模及展期比例如 | | | 何？是否已有战略投资者明确注资意向？重整资金是否优先用于 | | | 恢复产能？ | | | 答：感谢您对公司的关注。公司重整计划已于 2024 ...

公司报告 | 年报点评报告 立讯精密（002475） 证券研究报告 业绩符合预期，横向拓展+垂直整合+全球化布局持续强化竞争力 事件：公司发布 2024 年年报、2025 年一季报、2025 年半年报业绩预告。2024 年公司实现营收 2687.95 亿元，yoy+15.91%，实现归母净利润为 133.66 亿元，yoy+22.03%。25Q1 实现营业总收 入 617.88 亿元，yoy+17.90%，实现归母净利润为 30.44 亿元，yoy+23.17%。预计 25H1 实现归母 净利润 64.75-67.45 亿，yoy+20-25%。 点评：24 年业绩符合预期，横向拓展+垂直整合+全球化布局持续强化竞争力。2024 年公司实现 营收 2687.95 亿元，yoy+15.91%，实现归母净利润为 133.66 亿元，yoy+22.03%。分业务板块看， 电 脑 /汽 车/ 通讯 /消 费电 子/ 其他 分 别实 现营 收 90.02/137.58/183.60/2240.94/35.81 亿元， yoy+20.15%/+48.69%/+26.29%/ +13.65%/+4.13% ，毛利率 分别为 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 268.79 billion yuan in 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company recorded a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and temporary overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to ongoing internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment achieved revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment saw revenue of 13.76 billion yuan in 2024, up 48.7% year-on-year, with expectations for continued high growth in 2025 [8] Future Projections - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10] - The projected P/E ratios for 2025, 2026, and 2027 are 13.0, 10.4, and 8.9 respectively, indicating a favorable valuation outlook [9][10]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][18]. Core Views - The company's performance in 2024 is in line with expectations, driven by horizontal expansion, vertical integration, and a strengthened global layout [2][3]. - The company achieved a revenue of 268.795 billion yuan in 2024, representing a year-over-year growth of 15.91%, and a net profit attributable to the parent company of 13.366 billion yuan, up 22.03% year-over-year [2][3]. - For Q1 2025, the company reported total revenue of 61.788 billion yuan, a year-over-year increase of 17.90%, with a net profit of 3.044 billion yuan, up 23.17% year-over-year [3]. Financial Performance Summary - The company expects to achieve a net profit of 6.475 to 6.745 billion yuan in H1 2025, representing a year-over-year growth of 20% to 25% [2]. - The revenue breakdown by business segments for 2024 includes: - Computers: 9.002 billion yuan (yoy +20.15%) - Automotive: 13.758 billion yuan (yoy +48.69%) - Communications: 18.360 billion yuan (yoy +26.29%) - Consumer Electronics: 224.094 billion yuan (yoy +13.65%) - Others: 3.581 billion yuan (yoy +4.13%) [2]. - The gross profit margins for these segments were 18.9%, 16.1%, 16.4%, 9.1%, and 18.9% respectively, with slight variations year-over-year [2]. Business Segment Insights - The consumer electronics segment is focusing on horizontal expansion and vertical integration, aiming to enhance long-term growth potential through a strategy that includes "scene ecology, AI empowerment, and global collaboration" [3]. - The automotive segment continues to show strong growth, with new projects expected to ramp up production in 2025, particularly in high-voltage and high-speed wiring harnesses [5]. - The communications business is developing a complete technology matrix, with significant advancements in high-speed cable products and power management solutions expected to double revenue and profit in 2025 [4]. Financial Projections - The company forecasts revenues of 311.802 billion yuan in 2025, with a growth rate of 16% [11]. - The net profit attributable to the parent company is projected to be 16.484 billion yuan in 2025, reflecting a growth rate of 23.33% [11]. - The earnings per share (EPS) is expected to reach 2.27 yuan in 2025, with a price-to-earnings (P/E) ratio of 13.42 [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 268.79 billion yuan for 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and short-term overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to continuous internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a three-pronged strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment reported revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment achieved revenue of 13.76 billion yuan in 2024, a significant year-on-year growth of 48.7%, with expectations for continued high growth in 2025 [8] Profit Forecast - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10]

Financial Performance - The company reported a basic earnings per share of 0.0600 yuan for Q1 2025, representing a 50% increase compared to 0.0400 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.32 billion yuan, up 52.38% from 0.21 billion yuan in Q1 2024 [1] - Operating revenue reached 10.05 billion yuan in Q1 2025, an increase of 11.3% from 9.03 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.96% in Q1 2025, compared to 1.33% in Q1 2024, marking a 47.37% increase [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 60.3943 million shares, accounting for 22.35% of the circulating shares, which is a decrease of 21.4416 million shares from the previous period [2] - Notable shareholders include Hunan Xingxiang Investment Holding Group Co., Ltd. with 24.8571 million shares (9.20%) and Hunan Provincial State-owned Enterprise M&A Fund Management Co., Ltd. with 20.6673 million shares (7.65%), both remaining unchanged [2] - Several new shareholders have entered the top ten, including Ma Sen with 1.8704 million shares (0.69%) and He Jie with 1.5000 million shares (0.56%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Performance Overview - The total revenue of Tongguang Cable in Q1 2025 was 396 million yuan, a decrease of 12.98% compared to the same period last year [1] - The net profit attributable to the parent company was 5.58 million yuan, down 49.47% year-on-year [1] - The net profit after deducting non-recurring items was 4.26 million yuan, a decline of 33.7% year-on-year [1] Profitability Analysis - The company's gross margin was 19.35%, an increase of 22.18% year-on-year [2] - However, the net profit margin was only 1.69%, a decrease of 37.55% year-on-year, indicating challenges in cost and expense control [2] Expense Control - Total expenditures on sales, management, and financial expenses amounted to 46.77 million yuan, accounting for 11.8% of total revenue, an increase of 13.26% year-on-year [3] Cash Flow and Debt - As of the end of the reporting period, the company's cash and cash equivalents were 354 million yuan, a decrease of 12.09% year-on-year [4] - Accounts receivable reached 1.163 billion yuan, representing 2481.81% of the latest annual net profit, indicating significant pressure in accounts receivable management [4] - Interest-bearing debt was 511 million yuan, an increase of 24.52% year-on-year, indicating a heavier debt burden [4] Per Share Metrics - The net asset per share was 4.86 yuan, a decrease of 0.95% year-on-year [5] - Earnings per share were 0.01 yuan, down 50.0% year-on-year [5] - Operating cash flow per share was -0.1 yuan, although it improved by 34.63% year-on-year, it remains negative, indicating significant cash outflow from operations [5] Business Model and Capital Return - The company's performance primarily relies on R&D, marketing, and equity financing [6] - The last year's Return on Invested Capital (ROIC) was 2.38%, indicating weak capital returns, with a net profit margin of 2%, suggesting low added value of products or services [6] Summary - Overall, Tongguang Cable's financial performance in Q1 2025 was unsatisfactory, particularly in terms of profitability and cash flow [7] - The company needs to focus on managing accounts receivable and improving cash flow to ensure sustainable development in the future [7]