祥鑫科技成立于2004年5月20日，于2019年10月25日在深圳证券交易所上市，注册地址和办公地址均为广 东省东莞市。公司是国家高新技术企业，掌握多项核心技术与拥有多项新能源汽车领域专利，专注精密冲 压模具和金属结构件研发、生产和销售。 祥鑫科技从事精密冲压模具和金属结构件研发、生产和销售，所属申万行业为汽车-汽车零部件-其他汽车 零部件，涉及灵巧手、汽车轻量化、机器视觉核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第五，净利润第十六 2025年三季度，祥鑫科技营业收入达56.67亿元，在行业55家公司中排名第五。行业第一名中鼎股份营收 145.55亿元，第二名凌云股份营收140.7亿元，行业平均数为21.5亿元，中位数为12.83亿元。主营业务构成 方面，新能源汽车精密冲压模具和金属结构件19.37亿元占比54.24%，燃油汽车精密冲压模具和金属结构件 6.18亿元占比17.30%，储能设备精密冲压模具和金属结构件5.86亿元占比16.41%，通信设备及其他精密冲 压模具和金属结构件3.65亿元占比10.21%，其他收入6555.06万元占比1.83%。当期净利润为1.62亿元，行 业排名第十六， ...

Financial Performance - In the first half of 2025, the company achieved revenue of 3.572 billion CNY, a year-on-year increase of 13.25% [2] - Revenue from new energy vehicle molds and structural parts reached 1.937 billion CNY; revenue from fuel vehicle precision stamping molds and metal structural parts was 618 million CNY; revenue from communication equipment and other precision stamping molds and metal structural parts was 365 million CNY, up 145.99% [2] - The net profit attributable to shareholders was 112 million CNY, a year-on-year decline of 36.37% [2] - Operating cash flow net amount increased by 117.28% year-on-year, indicating enhanced operational quality [2] Business Growth Drivers - Growth driven by the continuous increase in automotive structural parts orders, strong overseas demand for energy storage business, and rapid rise of the domestic computing power market [2] - The company is expanding its global capacity, with a production base in Mexico already in large-scale production and a factory in Thailand set to launch soon [3] Challenges and Strategic Investments - The decline in net profit margin is attributed to industry-wide cost pressures, new projects still ramping up, and increased R&D expenses by 17.70% for future growth areas [4] - The company is actively investing in new business areas such as computing power servers and humanoid robots, which may impact short-term profits but are expected to drive long-term growth [4] Market Outlook - The company anticipates that the new energy vehicle sector will face a slowdown in growth due to market saturation and price wars, while fuel vehicle business remains resilient [6][7] - Future profit growth is expected to come from consolidating automotive and energy storage business while embracing emerging fields like computing power servers and humanoid robots [8] Product Development and Collaborations - The second-generation dexterous hand product has been developed with advanced features and is prepared for mass production with an annual capacity of 30,000 units [9] - The company has invested in Nuwa Robotics, acquiring a 1.25% stake, to enhance collaboration in the robotics sector [10] Customer Engagement and Market Strategy - The company is focusing on expanding its customer base and enhancing international competitiveness while optimizing product structure and operational efficiency [11] - It is actively engaging with major clients in the computing power server market, providing tailored cooling solutions [10] Conclusion - Overall, the company is navigating short-term profit pressures while laying a solid foundation for sustainable growth through strategic investments and global expansion efforts [3][4]

Core Viewpoint - The company experienced revenue growth in 2024, reaching 6.744 billion yuan, a year-on-year increase of 18.25%, while net profit declined to 359 million yuan, down 11.63%, indicating both opportunities and challenges in its operations [1][2][3]. Financial Performance - Revenue for 2024 was 6,744,224,014.49 yuan, up from 5,703,204,128.39 yuan the previous year, marking an 18.25% increase [2]. - The automotive manufacturing sector generated 5,002,853,733.52 yuan, accounting for 74.18% of total revenue, with a year-on-year growth of 12.85% [2]. - The metal products sector saw significant growth, with revenue of 1,518,385,713.76 yuan, a 60.66% increase [2]. - Revenue from computer, communication, and other electronic equipment manufacturing dropped to 115,750,077.83 yuan, down 49.38% [2]. - The most rapid growth came from energy storage equipment precision stamping molds and metal structural parts, which generated 1,216,926,538.98 yuan, up 123.03% [2]. Profitability Challenges - Net profit attributable to shareholders was 359,441,766.08 yuan, down from 406,736,577.67 yuan, reflecting an 11.63% decline [3]. - The decrease in net profit is attributed to intensified market competition, leading to lower product prices and profit margins, as well as increased operational costs [3]. Expense Analysis - Sales expenses rose to 36,021,193.36 yuan, a 20.09% increase due to expanded sales activities [4]. - Management expenses increased by 8.58% to 277,718,044.36 yuan, driven by higher personnel costs and operational expenses [4]. - Financial expenses showed a significant decrease, reaching -6,209,332.66 yuan, primarily due to foreign exchange fluctuations [4]. - Research and development expenses amounted to 243,204,126.73 yuan, representing 3.61% of revenue, with a 17.34% increase from the previous year [4]. Cash Flow and Investment - Net cash flow from operating activities decreased by 19.92% to 294,197,764.45 yuan, influenced by increased operational costs [5]. - Net cash flow from investing activities worsened to -559,178,097.00 yuan, reflecting a 64.15% increase in cash outflows [5]. - Net cash flow from financing activities surged to 693,368,511.32 yuan, a 753.35% increase, due to funds raised from issuing shares and loans [5]. Research and Development Focus - The company invested 24,320.41 million yuan in R&D, which is 3.61% of revenue, emphasizing its commitment to innovation and technology development [7]. - The number of R&D personnel increased from 449 to 542, a growth of 20.71%, indicating a focus on talent acquisition for sustained innovation [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the automotive and automotive parts industry [6]. Core Views - The company's core business in new energy structural components is stable, while its robotics segment is expected to provide new growth opportunities. The projected net profits for 2024-2026 are estimated at 382 million, 492 million, and 618 million yuan respectively, with a corresponding PE ratio of 28, 22, and 17 times for those years. The target price is set between 60.25 and 72.3 yuan, based on a 25-30 times PE valuation for 2025 [4][6]. Summary by Sections 1. Company Development and Market Position - The company has established a solid core technology system in the mold and metal structural components sector since its inception in 2004, expanding into automotive stamping molds and metal structural components in 2008. It has gradually accumulated production experience and developed new technologies in precision stamping molds, covering automotive, energy storage photovoltaic, and communication sectors [1][13]. - The company has invested in a subsidiary in Mexico to further explore overseas markets [1]. 2. New Energy Vehicle Market Potential - The demand for stamping parts is increasing due to the rising penetration of new energy vehicles (NEVs) and the trend towards automotive lightweighting. Major clients such as Geely and BYD are expected to see significant sales growth, with Geely targeting 2.71 million vehicles by 2025, a 24.5% increase from 2024, and BYD aiming for over 5 million vehicles, a 17% increase [2][48]. 3. Robotics and Smart Manufacturing - The company has established a subsidiary focused on humanoid robotics and formed a strategic partnership with the Guangdong Academy of Sciences to innovate key components for humanoid robots. This collaboration aims to leverage research capabilities in areas such as dexterous hands and digital simulation design [3][5]. 4. Financial Performance and Projections - The company has shown strong revenue growth, with projected revenues of 7.03 billion, 8.75 billion, and 10.98 billion yuan for 2024-2026, reflecting growth rates of 23.31%, 24.42%, and 25.51% respectively. The net profit is expected to grow significantly, with a notable increase of 300.38% in 2022 compared to 2021 [5][26][28]. 5. Industry Trends and Customer Base - The new energy vehicle sector is experiencing rapid growth, with NEV sales in China projected to rise from 1.21 million in 2019 to 12.87 million in 2024, representing a compound annual growth rate (CAGR) of 60.55% [36]. - The company has established long-term partnerships with leading battery manufacturers, contributing to its revenue growth. It supplies battery box components to major players like CATL and BYD, which dominate the domestic market [51][52]. 6. Strategic Collaborations and Market Expansion - The company has formed partnerships with international leaders in the photovoltaic and energy storage sectors, enhancing its market position and expanding its customer base. It has secured supplier certifications from major companies, enabling mass production of various products [61][63].

天衡会计师事务所（特殊普通合伙） 关于祥鑫科技股份有限公司向特定对象发行股 票的审核问询函的回复 天衡专字(2023) 00925 号 天衡会计师事务所（特殊普通合伙） 2-1 t and the state of the state 宙核间询函回复 祥鑫科技股份有限公司 关于祥鑫科技股份有限公司 向特定对象发行股票的审核问询函的回复 天衡专字(2023) 00925号 深圳证券交易所:: 贵所于2023年4月4日出具的《关于祥鑫科技股份有限公司申请向特定对象发 行股票的审核问询函》(审核函〔2023〕120044号)(以下简称"审核问询函") 己收悉,天衡会计师事务所(特殊普通合伙)(以下简称"发行人会计师")作 为祥鑫科技股份有限公司(以下简称"祥鑫科技"、"发行人"、"公司") 向特定对象发行股票的申报会计师,我们对审核问询函中有关财务事项进行了审 慎核查,现回复如下,请予以审核。 除另有说明外,本问询函回复使用的简称与《祥鑫科技股份有限公司向特定 对象发行股票募集说明书(申报稿)》中的释义相同。 本间询函回复中的字体代表以下含义: | 字体 | 含义 | | --- | --- | | 黒体加粗 | ...