证券研究报告：汽车 | 公司点评报告 发布时间：2025-11-18 股票投资评级 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） | 9.71 | | 总股本/流通股本（亿股）9.95 / 9.20 | | | 总市值/流通市值（亿元）97 / 89 | | | 52 周内最高/最低价 | 14.93 / 9.62 | | 资产负债率(%) | 55.1% | | 市盈率 | 416.74 | | 第一大股东 | 孙锋峰 | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 金固股份(002488) 25Q3 盈利能力同比改善，低碳车轮产能布局提速 ⚫ 事件 金固股份发布 2025 年三季报，公司前三季度实现营业收入 30.86 亿元，同比+6.91%。实现归母净利润 0.42 亿元，同比+29.77%，实现 扣非归母净利润 0.35 亿元，同比+39.13%。 ⚫ 点评 增持|首次覆盖 个股表现 -5% 1% 7% 13% 19% 25% 31% 37% 43% 49 ...

Core Viewpoint - The company reported a revenue of 3.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.91%, and a net profit attributable to shareholders of 42 million yuan, up 29.77% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 963 million yuan, a year-on-year increase of 0.61% but a quarter-on-quarter decrease of 22.09%. The comprehensive gross margin was 17.38%, up 9.93 percentage points year-on-year and 6.09 percentage points quarter-on-quarter [2] - The net profit attributable to shareholders for Q3 was 12 million yuan, reflecting a year-on-year increase of 1.65%, with a corresponding net profit margin of 2.44%, up 1.22 percentage points year-on-year and 2.24 percentage points quarter-on-quarter [2] Group 2: Product Development and Sales - The sales of the Avatar low-carbon wheels have significantly increased, with a 44% year-on-year growth in product sales during Q3, and a remarkable 93% year-on-year increase in Avatar product sales [3] - To alleviate the production capacity constraints of high-margin Avatar low-carbon wheels, the company is converting some traditional wheel production lines into dedicated lines for Avatar low-carbon wheels [3] Group 3: Strategic Expansion - The company is set to launch its overseas factory, with the Thailand Avatar low-carbon wheel factory expected to commence production in early 2026. This is anticipated to drive international business growth alongside domestic operations [4] - The company is actively pursuing applications for materials like Avatar niobium micro-alloy in emerging fields such as intelligent robots and low-altitude aircraft, with structural components already provided to Zhiyuan Robotics for mass production within the year [4] Group 4: Investment Strategy - The company forecasts revenues of 3.767 billion, 5.697 billion, and 7.284 billion yuan for 2025-2027, with net profits of 63 million, 261 million, and 421 million yuan respectively. The current stock price corresponds to PE ratios of 154.24, 37.0, and 23.0 times [5]

Group 1: Company Overview - Zhejiang Jingu Co., Ltd. was listed on the Shenzhen Stock Exchange in 2010 and is a leading manufacturer in the wheel manufacturing industry in China [2] - The company is transitioning from a traditional parts manufacturer to a new materials solution provider, driven by advanced material technology [2][3] Group 2: Material Technology and Strategic Upgrade - The company has developed the "Avatar" niobium micro-alloy material, which has a maximum strength of 2000 MPa, approximately twice that of titanium alloys and five times that of aluminum alloys, enabling weight reduction and cost savings [2][3] - Continuous investment in R&D has led to iterative upgrades of the Avatar material, expanding into other metal materials, composite materials, and modified plastics [3] Group 3: Automotive Parts Business Growth - The company is a significant player in the automotive wheel industry, leveraging its unique "Avatar low-carbon wheel" to establish a competitive advantage amid the trend towards automotive lightweighting [3] - The company has launched new product series, including "Gemini" and "Cybertron," aiming to cover a wide range of passenger vehicles from economy to mid-high-end models [3] - Rapid capacity expansion is underway with new production lines established in multiple domestic locations and overseas, including Thailand, to support performance growth [3] - The company has deepened partnerships with major domestic automakers like BYD and Changan, while also securing significant projects in international markets, with projected sales of $158 million from a U.S. project over five years [3] Group 4: Emerging Market Expansion - The company is strategically moving into the robotics industry, where lightweight, strong, and durable materials are essential for core components [4] - The electric two-wheeler market is expected to grow due to new safety regulations, prompting the company to apply its four-wheeler technology to this sector, which could significantly contribute to future performance [4] Group 5: Q&A Highlights - The Avatar niobium micro-alloy wheels are characterized by innovative design, lightweight, high precision, strength, better balance, enhanced deformation resistance, durability, and cost-effectiveness [5] - The company is actively collaborating with various enterprises in the robotics sector to enhance its competitive edge in high-end manufacturing [7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting significant growth in the coming years [4][7]. Core Insights - The company is successfully promoting its new material, Avanda niobium microalloy, and has established partnerships with various enterprises, indicating a strong market presence [1][4]. - The upgrade of production lines and the pre-emptive allocation of R&D expenses are expected to impact short-term performance, but the long-term outlook remains positive as production capacity for Avanda wheels is anticipated to meet growing demand [2][4]. - The upcoming launch of the Thailand factory is expected to drive international business growth, with several overseas projects already secured, including a significant contract with a leading global automotive company [3][4]. Financial Summary - The company forecasts revenue growth from 3,357 million in 2023 to 7,835 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 32.7% [5][12]. - Net profit is projected to rebound from 32 million in 2023 to 460 million by 2027, with a notable increase of 257.45% in 2026 [5][12]. - The earnings per share (EPS) is expected to rise from 0.03 in 2023 to 0.46 in 2027, indicating strong profitability growth [5][12]. Market Position and Strategy - The company is actively entering emerging sectors such as robotics and low-altitude aircraft, leveraging the unique properties of Avanda niobium microalloy, which offers significant weight reduction and cost savings compared to traditional materials [4][12]. - Collaborations with companies like Zhiyuan Robotics and Luming Robotics highlight the company's strategic focus on innovative applications of its materials [4][12].

Group 1 - The automotive parts industry is experiencing new development opportunities due to the accelerated electrification and intelligent transformation of downstream automakers [1][2] - Companies are increasingly becoming strategic partners with automakers, indicating a shift towards "deep collaboration" in the automotive industry [1] - The collaboration is expected to enhance the high-end development of the automotive industry and improve resource optimization and international competitiveness [1] Group 2 - Zhejiang Tiancheng's subsidiary received a notification to supply a total of 480,000 passenger car seat assemblies, with production expected to start in March 2026 and a project lifecycle of five years [1] - Huada Automotive Technology announced it has secured 23 project designations, with a total sales amount expected to reach 2.9 billion yuan [1] - Several companies, including Shenzhen Haon Automotive Electronics and Ningbo Junsen Electronics, have also announced project designations since October [2] Group 3 - New energy-related products are dominating the project designations, with Star Source Magnesium expected to generate approximately 2.021 billion yuan in sales over four years for a new energy vehicle component [2] - Junsen Electronics' subsidiary will develop a range of intelligent electric vehicle products for global customers [2] - Zhejiang Jingu received a project designation from a leading German automaker to develop low-carbon wheels for its European new energy models [3] Group 4 - The automotive parts industry is shifting its value focus from traditional mechanical components to "incremental components" such as batteries, electric drives, and intelligent cockpits [3] - Companies are encouraged to emphasize technological innovation and develop system-level solution capabilities to remain competitive in the future [3]

Group 1: Company Overview - Zhejiang Jingu Co., Ltd. was listed on the Shenzhen Stock Exchange in 2010 and is a leading manufacturer in the wheel industry in China [2] - The company is transitioning from a traditional parts manufacturer to a new materials solution provider, driven by advanced material technology [2][3] Group 2: Material Technology and Strategic Upgrade - The company has developed the "Avatar" niobium micro-alloy material, which offers high strength (up to 2000 MPa), good toughness, low cost, and reduced carbon emissions [2][3] - The Avatar material is now in large-scale production in the wheel industry, aligning with national policies promoting high-end, intelligent, and green manufacturing [3] Group 3: Automotive Parts Business Growth - The company is a significant player in the automotive wheel sector, leveraging its unique "Avatar low-carbon wheel" to establish a competitive edge in the lightweight automotive trend [3] - Continuous R&D investment and capacity expansion are driving high-quality growth in the automotive parts business [3] - The company has established partnerships with major domestic automakers like BYD and Changan, and has secured significant projects in international markets, including a projected sales revenue of $158 million from a U.S. project over five years [3][4] Group 4: Emerging Market Expansion - The company is strategically entering the robotics industry, where lightweight and durable materials are crucial for key components [4] - The implementation of the "Electric Bicycle Safety Technical Specification" in September 2025 is expected to drive product upgrades in the electric two-wheeler market, presenting new opportunities for the company [4] Group 5: Production Capacity and Future Plans - As of last year, the company had five Avatar production lines, with plans to build or upgrade approximately eight more lines in various locations, including Thailand [4] - The company anticipates constructing around ten additional Avatar production lines by 2026, contingent on market demand and strategic deployment [4]

Core Viewpoint - The company JinGu Co., Ltd. emphasizes the advantages of its core product, the Avatar low-carbon wheel, which features innovative design and superior performance compared to traditional wheels [2] Product Characteristics - The Avatar low-carbon wheel is noted for its novel appearance, lightweight design, high strength, high precision, better balance, enhanced resistance to deformation, durability, and higher cost-effectiveness [2] - The gross margin of the Avatar low-carbon wheel is reported to be higher than that of traditional wheels [2]

Core Viewpoint - The company has successfully achieved large-scale production of its Avatar niobium micro-alloy in the wheel industry, indicating a strong market demand and stable growth in its low-carbon wheel business [1] Group 1 - The Avatar niobium micro-alloy developed by the company is now being mass-produced and applied in the wheel industry [1] - The low-carbon wheel business of the company is experiencing stable growth, with products in high demand [1] - The company is actively integrating resources to accelerate capacity construction [1] Group 2 - The company is leveraging the cross-industry adaptability of the Avatar niobium micro-alloy material to explore various new materials through self-research, joint development, and equity cooperation [1] - The company is advancing the application of materials, including Avatar niobium micro-alloy, in emerging fields such as embodied intelligent robotics [1]

Core Viewpoint - The company, Kingood Co., Ltd. (002488.SZ), showcased its proprietary Avata niobium micro-alloy material during an investor meeting, highlighting its performance advantages and industrialization progress in emerging fields such as electric vehicles and embodied intelligent robots [1][3]. Group 1: Core Technology Advantages - The Avata niobium micro-alloy material exhibits significant advantages, including high strength, good toughness, low cost, and reduced carbon emissions. After processing, the material can achieve a maximum strength of 2000 MPa, which is approximately twice that of titanium alloys and five times that of aluminum alloys. Its density is only 1.7 times that of titanium and 2.9 times that of aluminum, making it suitable for replacing traditional metals like aluminum, titanium, and ordinary steel [3]. - The material has already achieved large-scale production in the automotive wheel sector, gaining orders from several new energy vehicle manufacturers due to its superior balance, deformation resistance, durability, and cost-effectiveness, which are driving the company's performance growth [3]. Group 2: Market Applications and Emerging Field Layout - In the electric vehicle sector, the company is responding to the increasing demand for lightweight and low-energy consumption products. The Avata low-carbon wheel products have opened up market opportunities, and the company is accelerating capacity construction to meet order demands, aiming to maintain its first-mover and scale advantages [4]. - The company is expanding its application boundaries by leveraging the cross-industry adaptability of its materials. It is focusing on the core needs of emerging industries, such as embodied intelligent robots, for lightweight, high-performance, and low-cost materials, promoting the application of Avata niobium micro-alloy materials in these fields [4]. Group 3: Capacity and Market Expansion Planning - In response to inquiries about new material industry planning, the company has established "Hangzhou Kingood Embodied Intelligent Technology Co., Ltd." and formed a dedicated team to advance the industrialization of Avata niobium micro-alloy materials in the field of embodied intelligent robots [5]. - Regarding overseas expansion plans, the company stated it would adjust its capacity layout based on market demand and existing orders, aiming to enhance its domestic market share while actively exploring international markets to meet the growing order demands [5].

Group 1: Company Overview - Zhejiang Jingu Co., Ltd. is a high-tech enterprise focused on the research, production, and sales of automotive wheels, recognized as a "specialized, refined, distinctive, and innovative" enterprise in Zhejiang Province [2]. - The company emphasizes technological innovation and product development, with a comprehensive research and development system [2]. - The revolutionary new material, Avatar niobium microalloy, offers high strength (up to 2000 MPa), good toughness, low cost, and reduced carbon emissions, making it suitable for replacing aluminum alloys, titanium alloys, and various steel materials [2][3]. Group 2: Product Highlights - The Avatar low-carbon wheel is a lightweight product characterized by innovative design, high precision, strength, better balance, enhanced deformation resistance, durability, and cost-effectiveness [3]. - The Avatar low-carbon wheel has entered both passenger and commercial vehicle markets, securing contracts with several new energy vehicle manufacturers [3]. - The company is accelerating capacity construction to meet the growing customer demand, leveraging its first-mover and scale advantages [3]. Group 3: Strategic Initiatives - The company is focusing on emerging industries' demands for lightweight, high-performance, and low-cost materials, actively exploring market potential [3]. - Plans are in place to establish "Hangzhou Jingu Embodied Intelligent Technology Co., Ltd." to advance applications of Avatar niobium microalloy in emerging fields like embodied intelligent robotics [4]. - The company aims to expand its product matrix for new materials through self-research, joint development, and equity cooperation [4]. Group 4: Market Expansion - The company plans to enhance its production capacity based on market demand and existing orders, ensuring it meets the increasing order requirements [5]. - While steadily increasing its domestic market share, the company is also looking to expand into overseas markets by establishing production bases abroad to provide competitive products and services to international clients [5].