证券研究报告：汽车 | 公司深度报告 发布时间：2025-12-22 股票投资评级 增持 |首次覆盖 个股表现 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 星源卓镁 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 47.22 | | --- | --- | | 总股本/流通股本（亿股）1.12 | / 0.37 | | 总市值/流通市值（亿元）53 | / 18 | | 周内最高/最低价 52 | 64.31 / 32.57 | | 资产负债率(%) | 11.6% | | 市盈率 | 47.22 | | 第一大股东 | 宁波源星雄控股有限公 | | 司 | | 研究所 分析师:苏千叶 SAC 登记编号:S1340525110004 Email:suqianye@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 星源卓镁(301398) 星源卓镁： ...

Core Viewpoint - The company, Ningbo Sinyuan ZM Technology Co., Ltd., is issuing convertible bonds to raise funds for expanding its production capacity in the magnesium alloy sector, particularly for automotive lightweight components, in response to the growing demand driven by the rapid development of new energy vehicles and national policies promoting lightweight materials [1][11]. Company Overview - The company is based in Ningbo, Zhejiang Province, and specializes in the research, development, and manufacturing of magnesium and aluminum alloy precision die-casting products [11]. - The registered capital of the company is 112 million RMB, and it was established on July 16, 2003 [11]. Purpose of the Bond Issuance - The issuance aims to support the company's strategic plan to enhance its production capabilities in high-strength magnesium alloy components for the automotive industry, aligning with the industry's shift towards lightweight materials to meet energy-saving and emission reduction goals [11][12]. - The company plans to invest the raised funds into a project that will produce 3 million sets of high-strength magnesium alloy precision components annually, which is expected to significantly boost its market supply capacity and core competitiveness [8][12]. Market Context - The automotive industry is increasingly focusing on lightweight materials to improve fuel efficiency and reduce emissions, with magnesium alloys being a key material due to their low density and high strength [11][12]. - The demand for magnesium alloy components is expected to rise as the production of new energy vehicles in China is projected to grow significantly, with sales expected to reach approximately 12.89 million units by 2024, reflecting a compound annual growth rate of 47.14% [11][12]. Financial Overview - The company has a stable profit distribution policy, having distributed a total of 83.2 million RMB in cash dividends over the past three years, which is 115.21% of the average annual distributable profit [5][6]. - The company plans to issue convertible bonds with a total amount not exceeding 450 million RMB, with a maturity of six years and an annual interest rate to be determined based on market conditions [14][15]. Investment and Risk Factors - The company acknowledges potential risks associated with customer concentration, market competition, and international trade policies that could impact its revenue and profitability [6][7]. - The company has a robust plan to mitigate these risks by diversifying its customer base and enhancing its product offerings in response to market demands [12][13].