证券代码：301550 证券简称：斯菱股份 证券代码：301550 证券简称：斯菱股份 浙江斯菱汽车轴承股份有限公司 投资者关系活动记录表 编号：2025-011 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 长江证券倪蕤、长江证券王子豪、方正证券朱柏睿、山 西证券潘宁河、东北证券韩金呈、东北证券周兴武、国 联民生证券完颜尚文、财通证券邢重阳、华福证券朱静 怡、华福证券姜一帆、东吴证券郭雨蒙、光大证券邢萍、 华能贵诚信托孙宇、勤辰资产周南、湘财基金徐若旭、 浙商资管陈一、国联安张一健、青俪投资袁翔、浦泓投 资吴敏、尚善资产刘晓鹏 时间 2025 年 11 月 24 日 地点 公司会议室 形式 现场交流 上市公司接待人员姓名 董事长姜岭、董事会秘书安娜、证券事务代表蔡航丽 投资者关系主要内容介绍 风险提示： 本次调研涉及公司未来发展展望、销售目标等均不 构成本公司的实质承诺，投资者及相关人士等均应对此 保持足够的风险认识。 1、请问贵公司海外工厂的近况如何？ 答：2024 年，斯菱泰国工厂已获得 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in the first three quarters of 2025 met expectations, with revenue of 580 million yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 140 million yuan, up 2% year-on-year [1] - The company is accelerating its global expansion and has established production bases in Xinchang and Thailand, which are expected to support future revenue growth [2] - The establishment of a robotics division aims to capitalize on the upcoming growth in the robotics industry, with products like harmonic reducers and actuator modules being developed [2][3] Financial Summary - Revenue is projected to grow from 738 million yuan in 2023 to 1.581 billion yuan in 2027, with a compound annual growth rate (CAGR) of 35% [4] - Net profit is expected to increase from 150 million yuan in 2023 to 347 million yuan in 2027, reflecting a CAGR of 34.2% [4] - The company's P/E ratio is forecasted to decrease from 128.6 in 2023 to 55.5 in 2027, indicating improving valuation [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in H1 2025 met expectations, with revenue of 390 million yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 100 million yuan, up 5% year-on-year [1] - The company is accelerating its global expansion, with production bases in Xinchang and Thailand, which are expected to support future revenue growth [2] - The establishment of a robotics division positions the company to benefit from the upcoming growth in the robotics industry, leveraging its precision manufacturing capabilities [2] Financial Performance Summary - In H1 2025, the company's gross margin was 34.8%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 25.4%, a decrease of 0.9 percentage points year-on-year [1] - Revenue projections for 2025-2027 are 952 million yuan, 1.171 billion yuan, and 1.581 billion yuan, respectively, with corresponding net profits of 218 million yuan, 259 million yuan, and 347 million yuan [4] - The company’s earnings per share (EPS) for 2025 is projected to be 1.36 yuan, with a price-to-earnings (P/E) ratio of 75.5 [4]

Core Viewpoint - The board of directors of Zhejiang Siling Automotive Bearing Co., Ltd. held its tenth meeting of the fourth session, where several key resolutions were passed regarding the company's operations and governance structure [1][2][3]. Meeting Details - The meeting was convened on August 22, 2025, with all five directors present, and the procedures complied with relevant laws and regulations [1]. Resolutions Passed - The board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status without any misleading statements [2]. - A special report on the management and use of raised funds was also approved, indicating compliance with legal requirements and no violations in fund usage [2]. - The board proposed changes to the company's registered capital and the abolition of the supervisory board, with the audit committee taking over its responsibilities [3]. - The board agreed to postpone certain fundraising projects without altering the investment scale or direction, ensuring no adverse impact on the company's operations [6]. - The reappointment of Tianjian Accounting Firm as the financial auditor for 2025 was approved, emphasizing the firm's professionalism and continuity in auditing [6]. - The board proposed the establishment and revision of governance-related systems to enhance operational compliance and governance structure [6]. - A resolution was made to convene the first extraordinary general meeting of shareholders in 2025 on September 10, 2025 [10].

Core Viewpoint - The company, Zhejiang Siling Automotive Bearing Co., Ltd., has announced a delay in the completion of certain fundraising projects due to external factors affecting the construction timeline, while maintaining the original investment purposes and scales [1][4][6]. Fundraising Overview - The company raised a total of RMB 1,032.90 million by issuing 27,500,000 shares at a price of RMB 37.56 per share, with a net amount of RMB 926.55 million after deducting issuance costs of RMB 106.35 million [1][2]. - As of June 30, 2025, the company has utilized RMB 514.06 million of the raised funds, leaving a balance of RMB 440.84 million [2][4]. Project Delay Details - The company has adjusted the expected completion dates for the "Annual Production of 6.29 Million High-end Automotive Bearings Intelligent Construction Project" and the "Siling Technology R&D Center Upgrade Project" to September 2026 due to delays in preliminary preparations and administrative approvals [4][5]. - The delay is solely related to site construction and does not affect the project’s implementation subjects, investment purposes, or scales [4][6]. Impact of Delay - The delay is a cautious decision based on the actual situation of the fundraising projects and is not expected to have a significant adverse impact on the company's normal operations or long-term development plans [4][5][6]. Review Procedures - The company's board of directors and supervisory board have approved the delay, confirming that it aligns with legal regulations and does not harm shareholder interests [5][6].

Group 1 - The company announced a delay in the expected operational status of two projects: the 'Annual Production of 6.29 million sets of high-end automotive bearings intelligent construction project' and the 'Upgrading project of the Slin Technology R&D Center' from September 2025 to September 2026 [1] - The delay is attributed to external factors affecting the preliminary preparation, design, and administrative approval of the project construction land [1] - The company will continue to monitor the construction progress and expedite subsequent investments after the main project is completed to ensure overall quality and expected benefits [1] Group 2 - The delay of certain fundraising projects will not have a significant adverse impact on the company's normal operations and aligns with the company's long-term development plan [1]