中安在线、中安新闻客户端讯如果把上市公司比作一艘在资本市场海洋中航行的航船，那么IPO（首次公开募股）就是让航船下水启航的"启动燃 料"，而再融资则是航船驶向更广阔海域所需要的"续航燃油"。再融资能够让企业在上市后通过定增、可转债等合规路径，汲取资本养分支撑长远 发展。 今年，资本市场"安徽军团"在再融资市场捷报频传： 从国盾量子、华塑股份的增发顺利落地，到志邦家居、伯特利的可转债成功发行，安徽再融资市场呈现"井喷"态势。 这份成绩的背后，是政策护航的精准发力，也是服务赋能的专业支撑，更是产业发展的必然回响。 （一）政策领航 早在2022年，安徽省政府办公厅就印发《安徽省推进企业上市"迎客松行动"计划》，提出"扩大上市公司再融资规模。利用资本市场股债融资工 具实施再融资和并购重组，引导并购基金、风险基金、产业基金以及银行业金融机构联动参与上市公司再融资和并购重组。" 近年来，从开展"科创100"专项行动，组织万家企业资本市场业务培训，到与沪深北证券交易所建立战略合作关系；从"双招双引"对接一大批金融 人才、金融资本组团来安徽洽谈投融资合作，到大规模举办全省万企融资对接活动……安徽抢抓资本市场机遇的决心、恒心有 ...

Core Viewpoint - The company is issuing convertible bonds with a credit rating of AA, indicating a stable outlook, while highlighting the importance of understanding associated risks in the automotive industry and market dynamics [1][2]. Group 1: Industry and Market Risks - The automotive parts industry is closely tied to the automotive manufacturing sector, which is cyclical and influenced by macroeconomic conditions. In 2023, China's automotive production and sales reached 30.16 million and 30.09 million units, respectively, marking year-on-year growth of 11.6% and 12.0% [2]. - The automotive parts market is experiencing intensified competition, with both international giants and domestic suppliers vying for market share. The shift from price competition to technology and brand competition is notable [2][3]. Group 2: Operational and Financial Risks - The company has a high customer concentration, with the top five customers accounting for 75.34% of revenue in the latest reporting period. This reliance on major clients poses risks if their demand decreases due to market pressures [3]. - The company has significant related-party transactions, particularly with Chery Automobile, which accounted for 44.44% of revenue. While these relationships are stable, any adverse changes could impact profitability [3]. - The company's gross margin has been declining, with rates of 20.45%, 19.50%, and 18.81% over the reporting periods. Increased competition and downward pressure on vehicle prices could further affect margins [4]. Group 3: Fundraising and Investment Risks - The company is raising funds for projects related to mechanical braking and intelligent electronic control products. Successful implementation is contingent on market conditions and customer demand [5][6]. - The company faces risks related to the international trade environment, particularly for its investment project in Mexico, which could be affected by changes in trade policies and market conditions in North America [7]. Group 4: Dividend Distribution Policy - The company has a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of distributable profits to be paid out annually. The policy emphasizes reasonable returns to investors while ensuring sustainable development [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is progressing smoothly in new business initiatives, aiming to become a supplier of intelligent chassis systems [1] - In 2024, the company expects revenue of 9.937 billion yuan, a year-on-year increase of 33%, and a net profit of 1.209 billion yuan, a year-on-year increase of 36% [3] - For Q1 2025, the company reported revenue of 2.6 billion yuan, a year-on-year increase of 42%, and a net profit of 270 million yuan, a year-on-year increase of 29% [1] Financial Performance - The company's revenue for 2024 is projected at 12.619 billion yuan, with a year-on-year growth of 28%, and a net profit of 1.556 billion yuan, with a year-on-year growth of 28.7% [4] - The gross profit margin for Q1 2025 is reported at 18.0%, down 2.8 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its product lines, including electric control steering systems and air suspension systems [3] Market Demand and Expansion - The domestic demand for new energy vehicles in Q1 2025 reached 3.075 million units, a year-on-year increase of 47% [1] - The company is expanding its overseas presence with R&D and production bases in the US and Mexico, which is expected to support future growth [1][2] - The company has successfully developed and validated several new products, including the WCBS 2.0B platform and electric control steering products [3] Profitability Forecast - The company forecasts net profits of 1.556 billion yuan in 2025, 2.0 billion yuan in 2026, and 2.58 billion yuan in 2027, with corresponding P/E ratios of 23, 18, and 14 times [3][4]

营收端：轻量化、智能电控量产提速，助力全年营收高增。2024 年公司实现营收99.37 亿（同比 +33.0%），4Q24 公司实现营收33.58 亿（同/环比+41.8%/+28.8%）。1）分业务看，2024 年公司机械制 动/智能电控/机械转向业务营收同比分别+32%/+37%/+16%，盘式制动器/轻量化制动零部件/ 智能电控/ 机械转向产品销量同比分别+19%/+35%/+40%/+24%，盘式制动器/轻量化/EPB/WCBS/EPS/ADAS/机械 转向量产项目分别新增59/44/136/33/9/10/18 项；2）分客户看，2024年主要客户奇瑞/ 吉利/ 长安/ 理想销 量同比分别+37%/+32%/+4%/+33%（国内乘用车批售同比+5.8%）。 利润端：4Q24 调整后毛利率预计环比改善，全年利润率稳健。1）毛利率：因会计准则调整，公司于四 季度将全年保证类质保费用由销售费用计入营业成本。2024 年毛利率21.1%（同比-1.4pct），4Q24 毛 利率20.9%（同/环比-2.2pct/-0.7pct）。追溯调整后2024 年毛利率同比-0.7pct（预计受主机厂年降影 响），4 ...