| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-015 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于部分闲置募集资金现金管理到期赎回 并继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资品种：结构性存款 投资金额：5,500 万元 履行的审议程序：爱柯迪股份有限公司（以下简称"爱柯迪"或"本公 司"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二十四次会议、第三 届监事会第二十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的 议案》，本事项无需提交公司股东大会审议。 特别风险提示：公司本次购买的结构性存款产品属于安全性高、流动性 好的保本型理财产品，属于低风险投资产品，但金融市场受宏观经济影响较大， 不排除该项投资受到市场风险、政策风险、流动性风险、不可抗力风险等风险因 素从而影响预期收益。 一、前次使用部分闲置募集资金进行现金 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-014 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于部分闲置募集资金现金管理到期赎回 并继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资品种：结构性存款 投资金额：0.55 亿元 履行的审议程序：爱柯迪股份有限公司（以下简称"爱柯迪"或"本公 司"或"公司"）于 2024 年 4 月 25 日召开第三届董事会第二十四次会议、第三 届监事会第二十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的 议案》，本事项无需提交公司股东大会审议。 特别风险提示：公司本次购买的结构性存款产品属于安全性高、流动性 好的保本型理财产品，属于低风险投资产品，但金融市场受宏观经济影响较大， 不排除该项投资受到市场风险、政策风险、流动性风险、不可抗力风险等风险因 素从而影响预期收益。 一、前次使用部分闲置募集资金进行现金管 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-013 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 关于发行股份及支付现金购买资产 并募集配套资金事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易的基本情况 爱柯迪股份有限公司（以下简称"公司"）拟以发行股份及支付现金的方式 购买卓尔博（宁波）精密机电股份有限公司（以下简称"卓尔博"）71%股权，同 时公司拟发行股份募集配套资金（以下简称"本次交易"）。本次交易完成后， 卓尔博将成为公司的控股子公司。本次交易预计不构成《上市公司重大资产重组 管理办法》规定的重大资产重组；根据《上海证券交易所股票上市规则（2024 年 4 月修订）》，本次交易不构成关联交易；本次交易不会导致公司实际控制人发 生变更，不构成重组上市。 二、本次交易的进展情况 自本次交易预案披露以来，公司及有关各方正在积极推进本次交易的相关工 作。公司已协调本次 ...

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 | 2025-012 | | --- | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | | 爱柯迪股份有限公司 持股 5%以下股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | XUDONG INTERNATIONAL LIMITED | 5%以下股东 | 28,313,434 | 2.87% | IPO 前取得：28,313,434 | | --- | --- | --- | --- | --- | | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 股 | 上述减持主体无一致行动人。 1 股东持股的基本情况：截至本公告披露之日，爱柯迪股份有限公司（以 下简称"公司"）股东 XUDONG INTERNATIONAL LIMITED 持有公司股份 28,313,434 股，占公司总股本的 2.87%，股份来源为公司首次公开发 行取得 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report highlights three major positive changes and the expansion of the die-casting flagship business [3] - The company is actively expanding its robotics-related business through mergers and acquisitions and subsidiaries [6] - Revenue performance is stable with significant growth in new energy and large components [13] - New products and factories are contributing to a continuous increase in profit margins [17] - The company is expected to achieve steady revenue growth, with potential catalysts for valuation [21] Financial Metrics Summary - Revenue projections for the company are as follows: - 2023A: 59.57 billion, 2024E: 70.31 billion, 2025E: 85.94 billion, 2026E: 102.62 billion [4] - The expected growth rates for revenue are 39.7% in 2023, 18.0% in 2024, 22.2% in 2025, and 19.4% in 2026 [4] - The company's return on equity (ROE) is projected to be 14.4% in 2023, decreasing to 12.3% in 2024, then increasing to 15.3% by 2026 [4] - Earnings per share (EPS) is expected to grow from 0.93 in 2023 to 1.56 in 2026 [4] Revenue and Profitability Insights - The company is focusing on stable small-item bases while seeing significant growth in new energy and large components [13] - The profit margin is expected to continue rising due to new products and factory efficiencies [17] - The company has outlined financing plans for various projects, including a total of 15.22 billion for an IPO in 2017 and 15.7 billion for convertible bonds in 2022 [17]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company is acquiring a 71% stake in Zhuoerbo, a precision component manufacturer for micro motors, which will enhance its product matrix in the automotive micro motor sector [2][4]. - The establishment of a wholly-owned subsidiary, Shundong Robot Technology, aims to develop and sell intelligent robots, leveraging Zhuoerbo's expertise in micro motor technology [3]. - The integration of resources between the company and Zhuoerbo is expected to improve market share, as both companies have established relationships with major automotive suppliers and manufacturers [4]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 1.02 billion, 1.26 billion, and 1.40 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 12 times [4]. - Revenue is expected to grow from 6.97 billion yuan in 2024 to 9.46 billion yuan in 2026, reflecting a growth rate of 17% in 2024 and 16% in 2026 [5][13]. - The company's EBITDA is projected to increase from 1.84 billion yuan in 2024 to 2.62 billion yuan in 2026 [5]. Market Position - The company has a balanced presence in key automotive markets across Asia, North America, and Europe, with major clients including Mitsubishi Electric, Valeo, and Bosch [4]. - The acquisition of Zhuoerbo is anticipated to diversify the company's client base and enhance its competitive position in the automotive components market [2][4].

证券研究报告 | 公司点评 gszqdatemark 2025 01 16 年 月 日 爱柯迪（600933.SH） 发布并购预案，外延微特电机业务。根据并购预案，卓尔博 2023 年营收 /净利润分别为 8.5/1.5 亿元，2024Q1-Q3 营收/净利润分别为 7.4/1.1 亿 元。主要产品包括微特电机转定子、电机机壳系列、模具等，客户包括礼 恩派、日本电装、精成电机、恒帅股份、延锋、恩坦华、东洋机电等。 公司产能梯度清晰，前瞻布局机器人等新兴业务：1）截止 2024H1，可转 债项目、墨西哥一期、马鞍山一期稳步爬坡，马来西亚厂房完成交付， 2024Q4 量产锌合金产线，墨西哥二期预计 2025 年投产。产能快速扩张 的背景下，我们预计公司有望超额完成激励考核目标。2）卓尔博基于对微 特电机工程工艺技术的深刻理解和多年深厚的技术积累，后续延伸拓展了 无人机、机器人、工业自动化等新兴领域业务。 第六期股权激励落地，持续激励+绑定核心员工：公司本次股权激励涉及 对象共计 857 人（包含董事、高级管理人员及核心岗位人员），计划授予 股票期权数量为 803.2 万股，占公司股本总和的 0.82%。业绩考核要 ...

Investment Rating - The report maintains a positive investment rating for Aikedi (600933 SH) [1] Core Views - Aikedi plans to acquire 71% equity of Zhuoerbo (Ningbo) Precision Electromechanical Co Ltd through issuing shares and paying cash to strategically expand into the micro motor sector [2] - The acquisition will help Aikedi horizontally expand into the automotive micro motor precision parts field and assist the target company in forming production capabilities for new energy drive motor cores and other modular automotive motor parts [4] - Aikedi released its sixth equity incentive plan covering 850 people with revenue growth targets of +19 19% 25 9% for 2025 2026 respectively [4] - As a leading domestic automotive aluminum alloy precision die casting supplier Aikedi is gradually improving its product categories and advancing global layout with new energy vehicle product sales accounting for over 30% of total revenue in H1 2024 [4] - The company is expected to achieve net profits of 1 04 billion 1 31 billion and 1 6 billion yuan in 2024 2025 and 2026 respectively with corresponding EPS of 1 06 1 33 and 1 63 yuan [4] Financial Projections - Revenue is projected to grow from 4 265 billion yuan in 2022 to 10 64 billion yuan in 2026 with a CAGR of 22% [5] - Net profit attributable to parent company is expected to increase from 649 million yuan in 2022 to 1 601 billion yuan in 2026 [5] - Gross margin is forecasted to remain stable around 29% 30% from 2024 to 2026 [5] - ROE is projected to improve from 12% in 2022 to 16 1% in 2026 [5] - P E ratio is expected to decline from 23 02x in 2022 to 9 32x in 2026 [5] Business Operations - Aikedi is constructing its second phase factory in Mexico with planned production starting in Q2 2025 [4] - The company completed construction of its Malaysia production base in June 2024 with aluminum alloy material production line starting mass production in July 2024 [4] - Current production construction work is progressing steadily [4] Target Company Overview - Zhuoerbo specializes in R D production and sales of micro motor precision parts with products including motor stators rotors housings and molds [4] - Its products are widely used in window lift motors sunroof motors tailgate motors and have extended to emerging fields like drones robots and industrial automation [4] - Major customers include global motor manufacturers automotive parts suppliers and OEMs such as Lear Corporation Denso BYD etc [4] - Zhuoerbo achieved revenues of 739 million 854 million and 742 million yuan in 2022 2023 and the first three quarters of 2024 respectively [4] - Net profits were 117 million 146 million and 111 million yuan for the same periods [4]

Core Viewpoint - Aikodi (600933.SH) announced a plan to acquire 71% of Zhuolibo (Ningbo) Precision Electromechanical Co., Ltd, aiming to enhance its product offerings in the automotive micro-motor precision components sector [1][2] Group 1: Acquisition Details - Aikodi plans to purchase Zhuolibo's shares through a combination of issuing shares and cash payments to three sellers [1] - The share issuance price is set at 14 CNY per share, representing a 17% discount compared to Aikodi's last trading price of 16.84 CNY [1] - The financial audit and asset valuation for the transaction are still pending, meaning the final transaction price is yet to be determined [1] Group 2: Financial Performance of Zhuolibo - Zhuolibo's projected revenues for 2022, 2023, and the first three quarters of 2024 are 738 million CNY, 854 million CNY, and 742 million CNY, respectively [1] - The net profits for the same periods are estimated at 117 million CNY, 146 million CNY, and 111 million CNY [1] Group 3: Strategic Rationale - Aikodi believes the acquisition will create significant synergies in product offerings, industry resources, global strategies, R&D, and operational management [2] - The transaction is expected to enhance Aikodi's asset scale, revenue levels, and overall profitability [2] Group 4: Company Background - Aikodi, established in December 2003 and headquartered in Ningbo, specializes in automotive aluminum alloy precision die-casting [2] - The company focuses on automotive lightweighting, energy conservation, new energy, electrification, and autonomous driving [2] - Aikodi reported a revenue of approximately 4.974 billion CNY for the first three quarters of 2024, reflecting a year-on-year growth of 17.46% [2] Group 5: Industry Outlook - Dongxing Securities expressed a positive outlook on Aikodi's future, noting its ability to increase market share in traditional aluminum die-casting while also expanding in the new energy sector [3] - Aikodi is recognized for its high operational efficiency and cost control capabilities [3]

本次发行股份及支付现金购买资产不以配套融资的成功实施为前提，最终配套融资成功与否不影响本次 发行股份及支付现金购买资产的实施。 截至预案签署日，本次交易相关的审计、评估工作尚未完成，本次交易标的资产的预估值及交易价格尚 未确定。 发行股份及支付现金购买资产方面，上市公司拟通过发行股份及支付现金的方式向王成勇、王卓星及周 益平等3名交易对方购买其合计持有的卓尔博71%股权。 中国经济网北京1月16日讯 爱柯迪(600933.SH)昨日晚间披露《发行股份及支付现金购买资产并募集配套 资金预案》。 同时，公司还公告称，公司股票、可转债债券以及可转债转股将于2025年1月16日（星期四）开市起复 牌。 今日开盘，爱柯迪一字涨停，截至发稿，报16.68元，涨幅10.03%，总市值164.27亿元。 根据预案，本次交易系上市公司拟通过发行股份及支付现金的方式购买卓尔博（宁波）精密机电股份有 限公司（以下简称：卓尔博）71%股权；同时上市公司拟向不超过35名特定投资者发行股份募集配套资 金。 截至本预案签署日，王成勇持有标的公司4,000万股股份，直接持股比例为47.8469%，并担任标的公司 董事长；王卓星持有标的公司3 ...