Investment Rating - The report maintains a "Buy" rating for the company with a market price of 12.38 yuan [1]. Core Insights - The company demonstrates strong operational resilience despite industry demand fluctuations, with a revenue of 1.607 billion yuan in Q2 2024, reflecting a year-on-year decrease of 3.8% [2]. - The company is a leading supplier of aluminum alloy precision die-casting parts for the automotive industry, with a diverse customer base including global automotive suppliers and well-known manufacturers [3]. - The expansion of overseas production bases is accelerating, contributing to the company's strategic transformation and enhancing its supply chain [4]. - Revenue forecasts for 2024-2026 have been adjusted to 7.45 billion, 9.68 billion, and 12.1 billion yuan respectively, with corresponding growth rates of 25%, 30%, and 25% [4]. Financial Performance Summary - Revenue and profit projections indicate significant growth, with net profit expected to reach 1.211 billion yuan in 2025, reflecting a 24% year-on-year increase [1][4]. - The company's earnings per share (EPS) is projected to grow from 0.93 yuan in 2023 to 1.51 yuan in 2026 [1]. - The company maintains a healthy return on equity (ROE) of 15% in 2026, with a price-to-earnings (P/E) ratio decreasing from 18.7 in 2022 to 8.2 in 2026, indicating improved valuation [1][4].

公 司 研 究 爱柯迪（600933.SH）：国内业务快 速增长，全球化战略持续推进 2024 年 9 月 3 日 强烈推荐/维持 爱柯迪 公司报告 近日，公司发布 2024 年中报：报告期，公司营业收入 324,942.39 万元，同比 增长 22.92%；归母净利润为 44,976.97 万元，同比增长 13.62%。点评如下： 国内业务快速增长、中大件占比不断提升为公司发展提供支撑。2024H1 公司 营收增速达 22.92%，其中 Q1\Q2 分别增长 30.69%和 15.88%。国内业务实 现更高的增速，2024H1 国内营收为 145,547.13 万元，同比增长 34.2%，占 比 45.1%。国外营收为 176,888.16 万元，同比增长 16.1%。公司国内业务快 速增长与公司近年来新业务拓展有关。除了不断提高汽车转向系统、雨刮系统 等传统中小件市场份额外，公司紧随汽车电动化、智能化趋势，大力拓展新能 源汽车三电系统、汽车结构件、热管理系统、智能驾驶系统（影像系统、雷达 系统、域控系统、中控显示系统、HUD 系统）等用铝合金高压压铸件产品。 该类产品的市场应用更多集中在国内市场。2022 ...

[ T able_StockInfo] 2024 年 09 月 02 日 证券研究报告•2024半年报点评 买入 （维持） 当前价：12.38 元 爱 柯 迪（600933）汽车 目标价：——元（6 个月） 2024Q2 盈利水平下滑，全球布局有序推进 [Table_Summary 事件：8月 30日，公司发布 ] 2024年半年报，24H1 实现营业收入 32.49亿元， 同比+22.92%；实现归母净利润 4.5亿元，同比+13.62%，实现扣非归母净利润 4.18 亿元，同比+7.13%。其中，2024Q2 实现营收 16.07 亿元，同环比分别 +15.88%/ -2.14%；实现归母净利润 2.18亿元，同环比分别-3.8%/ -6.04%；实 现扣非归母净利润 1.97 亿元，同环比分别-17.16%/ -11.16%。 受原材料成本上涨导致二季度盈利水平下降。2024Q1/Q2，公司毛利率分别为 29.67%/ 27.66%，同比分别+0.03pp/ -0.87pp，环比分别+1.14pp/ -2.01pp。净 利率分别为 14.86%/ 14.14%，同比分别+0.87pp / -2.76pp ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is positively impacted by the increasing proportion of new energy vehicle products and its global capacity expansion [5][6] - The company has adjusted its profit forecast based on product structure and gross margin, expecting net profits of 1.041 billion, 1.305 billion, and 1.581 billion yuan for 2024-2026 [5] - The company is solidifying its position as a leader in the small and medium-sized parts industry while expanding into larger components related to new energy vehicles [6] Financial Summary - The company achieved a revenue of 32.49 billion yuan in H1 2024, a year-on-year increase of 23%, with a net profit of 4.50 billion yuan, up 14% [6] - The gross margin for H1 2024 was 28.68%, slightly down from the previous year, but expected to improve [5] - The company’s main revenue from automotive products grew by 25% year-on-year in H1 2024, while industrial products saw a decline of 9% [5] Profit Forecast - The company forecasts main revenue of 7.536 billion, 9.174 billion, and 10.889 billion yuan for 2024-2026, with corresponding EPS of 1.07, 1.33, and 1.62 yuan [4][5] - The expected PE ratios are 12X, 9X, and 8X for the same period [5] Market Position - The company is actively enhancing its production capacity in North America, Southeast Asia, and Europe, with significant projects underway in Mexico and Malaysia [5][6] - The share of revenue from new energy vehicle products has increased to over 30% in H1 2024, indicating a strong market trend [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to 18.08 CNY, down from the previous target of 28.15 CNY [4][3]. Core Insights - The company's Q2 performance showed a slight decline in revenue and profit compared to the previous quarter, with H1 revenue reaching 3.25 billion CNY, a year-on-year increase of 22.9%, and a net profit of 450 million CNY, up 13.6% year-on-year [3][4]. - The report highlights the ongoing global expansion of the company's production capabilities, with new facilities in North America, Southeast Asia, and Europe, which are expected to enhance competitiveness in the North American market [3][4]. Financial Performance Summary - Q2 revenue was 1.61 billion CNY, a year-on-year increase of 15.9% but a quarter-on-quarter decrease of 2.1%. The net profit for Q2 was 220 million CNY, down 3.8% year-on-year and 6.0% quarter-on-quarter [3][4]. - The gross margin for Q2 was 27.7%, showing a decline compared to previous periods, attributed to rising raw material costs and operational challenges in the new Mexican facility [3][4]. - The report adjusts the EPS forecasts for 2024-2026 to 1.13 CNY (-0.10), 1.41 CNY (-0.23), and 1.73 CNY (-0.25) respectively, reflecting increased market competition and foreign exchange losses [3][4]. Global Expansion Efforts - The company is actively establishing production bases in key regions, with the second phase of the Mexican factory expected to commence production in Q2 2025. The Malaysian production base was completed in June 2024, with production lines for aluminum and zinc alloy components expected to start in Q4 2024 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 3.249 billion yuan in H1 2024, representing a year-on-year increase of 22.9%, with a net profit attributable to shareholders of 450 million yuan, up 13.6% year-on-year [1]. - In Q2 2024, the company reported a revenue of 1.61 billion yuan, with year-on-year and quarter-on-quarter changes of +16% and -2% respectively, and a net profit of 220 million yuan, down 4% year-on-year and 6% quarter-on-quarter [1]. - The company is actively expanding into new businesses, particularly in the new energy sector, with over 30% of H1 2024 revenue coming from this segment [1]. - The company is progressing with its global capacity expansion, with the Malaysia plant expected to commence production in H2 2024, and other plants ramping up steadily [1]. Financial Performance Summary - The company’s Q2 2024 gross margin was 27.7%, down 0.9 percentage points year-on-year and 2.0 percentage points quarter-on-quarter, primarily due to the impact of overseas factories, rising aluminum prices, and capacity ramp-up [1]. - The total expense ratio for Q2 2024 was 12.99%, with a year-on-year increase of 7.05% and a quarter-on-quarter decrease of 0.3 percentage points [1]. - The company forecasts net profits attributable to shareholders of 1.1 billion, 1.4 billion, and 1.73 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 11, 9, and 7 times [1][2].

证 券 研 究 报 告 爱柯迪（600933）2024 年中报点评 强推（维持） 2Q 业绩展现韧性，符合预期 目标价：20.4 元 当前价：12.30 元 事项： 公司发布 2024 年中报，上半年营收 32.5 亿元、同比+23%，归母净利 4.50 亿 元、同比+14%，扣非归母净利 4.18 亿元、同比+7%。 评论： 2Q 营收环比-2%，符合预期，估计受海外提货节奏影响。2Q24 公司营收 16.1 亿元、同环比+16%/-2%，对应国内乘用车批发同环比+2%/+10%，北美同环比 +1%/+10%，欧洲同环比+4%/+2%，营收环比表现弱于行业，估计与海外 1Q 提 前提货有关。 2Q 归母净利展现韧性。2Q24 公司实现归母净利 2.18 亿元、同环比-4%/-6%， 净利率 14.1%、同环比-2.8PP/-0.7PP，扣非归母净利 1.97 亿元、同环比-17%/- 11%；具体地： 1) 毛利率同环比下降、受规模、原材料、运价综合影响：毛利率 27.7%、同环比 -0.9PP/-2.0PP：①营收下滑，规模环比负向影响，估计生产性折摊比例 12.4%、 同环比+0.9PP/+0.3PP； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2024 performance met expectations, with revenue growth driven by product category expansion and accelerated global layout [3][4] - The company achieved a total revenue of 3.249 billion yuan in the first half of 2024, representing a year-on-year increase of 22.92%, and a net profit attributable to shareholders of 450 million yuan, up 13.62% year-on-year [3] - In Q2 2024, the company reported revenue of 1.607 billion yuan, a year-on-year increase of 15.88%, but a quarter-on-quarter decline of 2.14% [3] - The gross margin for Q2 2024 was 27.66%, down 2.01 percentage points from the previous quarter, primarily due to rising aluminum ingot and shipping prices [3] Summary by Sections Financial Performance - The company’s total revenue for 2022 was 4.265 billion yuan, increasing to 5.957 billion yuan in 2023, with projections of 7.220 billion yuan for 2024, 8.734 billion yuan for 2025, and 10.557 billion yuan for 2026 [2] - The net profit attributable to shareholders was 648.54 million yuan in 2022, rising to 913.40 million yuan in 2023, with forecasts of 1.02819 billion yuan for 2024, 1.25342 billion yuan for 2025, and 1.51431 billion yuan for 2026 [2] - The earnings per share (EPS) for 2024 is projected at 1.05 yuan, with a price-to-earnings (P/E) ratio of 11.69 [4] Product and Capacity Expansion - The company is expanding its product categories, achieving comprehensive coverage in areas such as electric drive systems, automotive structural components, thermal management, and intelligent driving systems [3] - The company has initiated production at its first phase in Mexico and is constructing a second phase, expected to commence in 2025 [3] - A new production base in Hungary is being established to enhance its layout in body structure and shell components [3] Market Data - The closing price of the company's stock is 12.30 yuan, with a market capitalization of approximately 12.02158 billion yuan [6] - The company has a price-to-book (P/B) ratio of 1.50 and a total asset-liability ratio of 40.28% [7]

除上表所列条款修订外，《公司章程》中其他条款内容不变。修订后的《爱 柯迪股份有限公司章程（2024 年 8 月修订）》、《爱柯迪股份有限公司股东大会 议事规则（2024 年 8 月修订）》、《爱柯迪股份有限公司董事会议事规则（2024 年 8 月修订）》详见上海证券交易所网站（www.sse.com.cn）。 为进一步完善公司治理，同时结合公司经营管理实际，拟对《公司章程》及 其附件的部分条款进行修订。《公司章程修订对比表》如下： | 序号 | 《公司章程》相应条款 | 修订后的《公司章程》条款 | | --- | --- | --- | | 1 | 第七十二条 股东大会由董事长主持。 | 第七十二条 股东大会由董事长主持。 | | | 董事长不能履行职务或不履行职务时， | 董事长不能履行职务或不履行职务 | | | 由副董事长主持，副董事长不能履行职 | 时，由副董事长主持，未设副董事长、 | | | 务或不履行职务时，由半数以上董事共 | 副董事长不能履行职务或不履行职务 | | | 同推举的一名董事主持。 | 时，由半数以上董事共同推举的一名 | | | 监事会自行召集的股东大会，由监 | 董事主持。 ...

爱柯迪股份有限公司 董事会议事规则 爱柯迪股份有限公司 董事会议事规则 爱柯迪股份有限公司 二〇二四年八月 爱柯迪股份有限公司 董事会议事规则 第一条 宗 旨 为了进一步规范爱柯迪股份有限公司（以下简称"公司"）董事会的议事方式和 决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运作和科学决策水 平，根据《中华人民共和国公司法》（以下简称"公司法"）、《上市公司治理准则》、 《上海证券交易所股票上市规则》（以下简称"《上市规则》"）以及《爱柯迪股份 有限公司章程》（以下简称"《公司章程》"）等有关规定，制订本规则。 第二条 董事会办公室 (二) 执行股东大会的决议； (三) 决定公司的经营计划和投资方案； (四) 制订公司的年度财务预算方案、决算方案； (五) 制订公司的利润分配方案和弥补亏损方案； (六) 制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； 爱柯迪股份有限公司 董事会议事规则 (十) 决定公司内部管理机构的设置； 董事会下设董事会办公室（证券部），负责处理董事会日常事务。 董事会秘书兼任公司董事会办公室负责人，保管董事会印章。 第三条 董事会专门委员会 公司董事会设立审计 ...