开源证券研报指出，金固股份从轮毂制造商，向多元赛道新材料科技平台升级。汽车轮毂领军企业，营 收及净利不断释放，延展机器人与两轮车应用空间。新材料与汽车轮毂主业相结合，铸造高性能、低成 本的阿凡达低碳车轮产品。借此公司正实现由"单一产品供应商"向"新材料科技平台"的战略转型。公司 与九号科技有限公司签订战略合作协议，拓展两轮车车轮及车架领域。公司正式进入电动两轮车新兴市 场，利用现有技术优势快速切入，有望开辟全新增长空间。公司已与智元机器人、鹿明机器人、智身科 技等企业建立合作关系，并成立了杭州金固具身智能科技有限公司，引进专业人才团队，持续推动阿凡 达铌微合金等新材料的横向应用落地。公司正从以往专注于轮毂制造的"单一产品供应商"，逐步转向以 新材料技术为核心、多元业务赛道协同发展的综合解决方案提供商。首次覆盖，给予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is transitioning from a single product supplier focused on wheel manufacturing to a comprehensive solution provider centered on new material technology, specifically the Avatar niobium micro-alloy [3][4]. - Revenue projections for 2025-2027 are estimated at 42.78 billion, 61.08 billion, and 88.82 billion yuan, with net profits of 0.64 billion, 3.31 billion, and 10.03 billion yuan respectively. The corresponding EPS for these years is projected to be 0.06, 0.33, and 1.01 yuan, leading to PE ratios of 131.8, 25.4, and 8.4 times [3][4]. Summary by Sections 1. Transition from Wheel Manufacturer to New Material Technology Platform - The company has been in the wheel industry for nearly 30 years and is evolving into a new material technology solution provider [12]. - Its main business covers passenger cars and commercial vehicles, with a focus on the Avatar low-carbon wheel and steel wheels [17]. - The company has a relatively dispersed shareholding structure, with stable control by its major shareholders and involvement from state-owned enterprises [22]. 2. Self-developed Avatar Niobium Micro-alloy - The company has developed a revolutionary new material, the Avatar niobium micro-alloy, which addresses pain points in the automotive wheel industry [4][35]. - This new material allows for the production of high-performance, low-cost wheels, facilitating the company's strategic upgrade [4][35]. 3. Expansion of Avatar Product Capacity and New Applications - The demand for Avatar products is increasing, with the company expanding its production capacity to meet new orders from major clients [46]. - The company is also entering the electric two-wheeler market in collaboration with Ninebot, leveraging its existing technology to tap into this emerging market [61]. - In the robotics sector, the company is exploring new application scenarios for the niobium micro-alloy, establishing partnerships with various robotics firms [4][46]. 4. Financial Forecast and Investment Recommendations - The company is expected to see significant revenue and profit growth starting in 2025, following a period of investment in R&D and capacity expansion [24]. - The financial metrics indicate a recovery in profitability, with gross and net profit margins expected to improve as the Avatar product line gains traction [29][32].

每经AI快讯，有投资者在投资者互动平台提问：请问，阿凡达铌微合金作为一种新型材料，在车轮， 机器人结构件上已取得应用，还在哪些行业有应用潜力？ 金固股份（002488.SZ）12月12日在投资者互动平台表示，公司研发的阿凡达铌微合金具有强度高、韧 性好、成本低、碳排放量低的优点，具有广泛的应用场景，目前已在车轮行业大规模量产应用。除了目 前已开发机器人结构件产品外，我们也在推进阿凡达材料在智能电动两轮车领域的应用。 （文章来源：每日经济新闻） ...

金固股份（002488.SZ）12月10日在投资者互动平台表示，公司研发的阿凡达铌微合金具有强度高、韧 性好、成本低、碳排放量低的优点，具有广泛的应用场景，目前已在车轮行业大规模量产应用。除了目 前已开发机器人机构件产品外，我们也在推进阿凡达材料的其他横向应用。 每经AI快讯，有投资者在投资者互动平台提问：你好，公司的阿凡达铌微合金材料广受关注，是否有 介入航空航天相关业务的计划？ （记者 张明双） ...

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].

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]

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].

Core Viewpoint - Jingu Co., Ltd. reported a revenue of 3.086 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.91%, with a net profit attributable to shareholders of 42 million yuan, up 29.77% year-on-year, driven by strong performance in core business segments [1] Financial Performance - Revenue for the first three quarters of 2025 reached 3.086 billion yuan, a 6.91% increase year-on-year [1] - Net profit attributable to shareholders was 42 million yuan, reflecting a year-on-year growth of 29.77% [1] - Deducting contingent financial expenses, the net profit for the first three quarters would be approximately 113.11 million yuan, representing a year-on-year increase of about 249.41% [1] R&D Investment - The company significantly increased its R&D investment, with expenses rising by 136.79% year-on-year [1] - Jingu Co., Ltd. is focusing on the development of new products, particularly the revolutionary material "Avatar Niobium Microalloy" [1] Product Development and Market Strategy - The Avatar Niobium Microalloy material offers unique advantages, achieving a maximum strength of 2000 MPa, which is twice that of titanium alloys and five times that of aluminum alloys [1] - The company is transforming some traditional wheel production lines into dedicated production lines for Avatar low-carbon wheels to alleviate capacity constraints [2] - Jingu Co., Ltd. is exploring applications of Avatar material in emerging fields such as robotics and electric transportation, aiming to build a diversified product matrix around new materials [2]

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]. Group 2: Product Innovations - The company has developed a revolutionary new material, Avatar niobium micro-alloy, which offers high strength, good toughness, low cost, and reduced carbon emissions. Its strength is approximately 1.5 times that of ordinary steel and lower than titanium alloys, making it easy to process [2][3]. - The Avatar low-carbon wheel is a lightweight product with innovative design, high precision, and strength, currently being mass-produced in the wheel industry [3]. Group 3: Market Expansion - The Avatar low-carbon wheel has entered both passenger and commercial vehicle markets, securing contracts with several new energy vehicle manufacturers, thus tapping into the new energy vehicle market [3]. - The company is accelerating capacity construction to meet the growing customer demand, leveraging its first-mover and scale advantages [3]. Group 4: Strategic Development - The company is focusing on emerging industries' needs for lightweight, high-performance, and low-cost materials, actively exploring market potential [3]. - A new subsidiary, Hangzhou Jingu Embodied Intelligent Technology Co., Ltd., has been established to advance applications of Avatar niobium micro-alloy in emerging fields like embodied intelligent robotics [3][4]. Group 5: International Business - The company has secured multiple overseas client projects, with sales expected to reach hundreds of millions of dollars over the project lifecycle. A notable project with a global leading automotive company in the U.S. is projected to generate approximately $158 million in sales over the first five years [4]. - A new production line for Avatar low-carbon wheels in Thailand is set to commence by the end of 2025, which will enhance the company's international business growth [4].

Core Viewpoint - The strategic cooperation between Jingu Co., Ltd. and Ninebot Company aims to enhance industry influence and competitiveness in the electric transportation sector by focusing on lightweight, high-strength materials to replace traditional structures [1][2]. Group 1: Company Overview - Jingu Co., Ltd. specializes in the research, production, and sales of automotive wheels and has developed a new material called Avatar niobium microalloy, which offers high strength, good toughness, low cost, and reduced carbon emissions, achieving large-scale application in the wheel industry [1]. - Ninebot Company has a strong presence in the smart short transportation sector, with a diverse product line including electric balance bikes, scooters, all-terrain vehicles, service robots, and E-bikes, leading the market in smart electric two-wheeled vehicles [1]. Group 2: Strategic Cooperation Details - The cooperation will focus on three core areas: 1. Ninebot will leverage its product resources and technological advantages to assist Jingu in accelerating the innovative application of Avatar niobium microalloy in industrial upgrades [2]. 2. Jingu will collaborate with Ninebot to develop lightweight, high-strength, and low-cost components for electric two-wheelers and service robots, utilizing its expertise in new materials [2]. 3. Both companies will share market analysis and investment opportunities, establishing a collaborative mechanism to ensure efficient progress in their partnership [2]. Group 3: Industry Context and Future Prospects - The demand for lightweight and environmentally friendly materials in the electric transportation sector is increasing due to national policies such as the "Electric Bicycle Safety Technical Specifications" and the "Plastic Limit Order" [1]. - Jingu has reported significant progress in applying Avatar niobium microalloy in emerging fields such as embodied intelligent robots and low-altitude aircraft, with ongoing collaborations with various companies to advance key component projects [3].