Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 919 million yuan for the first three quarters of 2024, representing a year-on-year increase of 14.03%. However, the net profit attributable to shareholders decreased by 10.74% to 191 million yuan [6] - The company has shown stable revenue growth primarily due to the consolidation of newly acquired subsidiaries, although profitability has faced slight pressure [6][7] - The company is focusing on sensor and industrial IoT sectors through investments and acquisitions, establishing a diversified business layout across multiple sensor categories [8] - The projected net profits for 2024, 2025, and 2026 are estimated at 305 million yuan, 364 million yuan, and 454 million yuan respectively, with corresponding EPS of 1.08, 1.29, and 1.62 yuan [8][9] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 363 million yuan, a year-on-year increase of 21.87%, with a net profit of 74 million yuan, up by 0.38% [6] - The gross margin for the first three quarters of 2024 was 43.32%, slightly down by 0.35 percentage points year-on-year, while the net margin was 23.68%, down by 4.87 percentage points [6] - Operating cash flow for the first three quarters was 148 million yuan, reflecting a year-on-year increase of 28.28% [7] Business Segmentation and Forecast - The company’s revenue from mechanical sensors and instruments is projected to grow significantly, with expected revenues of 796.2 million yuan in 2024, 915.6 million yuan in 2025, and 1,053 million yuan in 2026 [10] - The industrial IoT and system integration segment is also expected to see growth, with revenues forecasted at 361.6 million yuan in 2024 and 470.1 million yuan in 2025 [10] - The overall revenue forecast for the company is 1,268.8 million yuan in 2024, 1,520.3 million yuan in 2025, and 1,832.5 million yuan in 2026, indicating a robust growth trajectory [10][12]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the financial performance and strategic outlook of a company involved in the sensor industry, particularly focusing on multi-physical quantity sensors and robotics applications. Key Points and Arguments Financial Performance - Gross profit margin remains stable at approximately 43%, with no significant growth or decline compared to the previous year, primarily due to the consolidation of holding companies affecting the third quarter results [1] - Net profit has shown a narrowing decline, with a decrease of about 10.74% year-over-year in the third quarter, translating to a reduction of 23 million [2] - Government subsidies have decreased compared to the previous year, impacting overall financial support for the company [3] - The company experienced a decline in investment income, with a significant drop in financial returns from wealth management products, leading to a negative impact on overall profitability [5] Revenue and Growth Projections - The company anticipates a revenue increase of approximately 900 million to 1 billion for the fourth quarter, with total annual revenue projected between 1.27 billion to 1.3 billion, reflecting an 18-20% growth compared to the previous year [6][7] - The company aims to maintain net profit around 300 million, with a focus on improving the quality of earnings despite external economic pressures [8] - Future revenue growth is expected to be driven by acquisitions and the integration of new companies into the revenue stream, with a target of doubling revenue to 2 billion by 2026 [11] Strategic Initiatives - The company is actively pursuing acquisitions in the sensor sector, including various types of sensors such as temperature, water quality, and electrical sensors, to build a comprehensive sensor ecosystem [35] - There is a focus on expanding into the industrial automation and IoT sectors, leveraging the company's sensor technology to enhance operational efficiencies [36] - The company is exploring partnerships in the robotics field, particularly in humanoid robots, with ongoing collaborations with several enterprises [12][13] Market Dynamics and Challenges - The company faces challenges in domestic sales, which have slightly declined by about 10%, while international sales remain stable [16] - The overall economic environment and industrial performance are closely linked, affecting product demand and sales growth [16] - The company is committed to maintaining a competitive edge through cost control and production efficiency, particularly in the context of rising material costs [24][25] Future Outlook - The company is optimistic about its growth trajectory, with expectations of stable performance in upcoming financial reports barring any significant macroeconomic disruptions [10] - The management emphasizes the importance of strategic acquisitions and operational integration to achieve long-term growth objectives [32] Additional Important Information - The company is focusing on enhancing its production capabilities and cost efficiency through automation and in-house manufacturing of key components [25][26] - There is a strong emphasis on maintaining a competitive pricing strategy to attract downstream customers, particularly in the robotics and automation sectors [20] - The management acknowledges the complexities and risks associated with overseas acquisitions but remains open to exploring international opportunities in the future [37]

Investment Rating - Strong Buy (Maintained) with a target price of 47.7 RMB, compared to the current price of 32.07 RMB [1] Core Views - Revenue growth accelerated in Q3 2024, with both revenue and profit increasing YoY [1] - The company achieved a revenue of 3.63 billion RMB in Q3 2024, a YoY increase of 21.87%, and a net profit of 0.74 billion RMB, a YoY increase of 43.17% [1] - Gross margin and net margin in Q3 2024 were 23.88% and 6.33%, respectively, with R&D expenses accounting for 7.1% of revenue [1] - The company completed the acquisition of Taizi Automation and Ruibide Sensing, enriching its product portfolio and accelerating its "Sensor Forest" strategy [1] - The company is making significant progress in robotics sensors, particularly in six-dimensional force sensors, with products already being sampled by domestic collaborative and humanoid robot customers [1] Financial Performance - Revenue for the first three quarters of 2024 was 9.19 billion RMB, a YoY decrease of 10.47%, while net profit was 1.91 billion RMB, a YoY increase of 3.67% [1] - The company's total assets are expected to grow from 3.838 billion RMB in 2023 to 5.606 billion RMB in 2026, with revenue projected to increase from 1.072 billion RMB in 2023 to 1.933 billion RMB in 2026 [3] - Net profit attributable to shareholders is forecasted to grow from 312 million RMB in 2023 to 564 million RMB in 2026, with EPS increasing from 1.11 RMB to 2.00 RMB over the same period [3] - The company's gross margin is expected to remain stable at around 44% from 2024 to 2026, with ROE improving from 12.3% in 2023 to 15.9% in 2026 [3] Strategic Developments - The company is expanding its product matrix in the robotics sensor market, focusing on multi-physical quantity sensor integration, including force, touch, vision, and inertial navigation sensors [1] - The company is leveraging its leading position in the domestic force sensor market to capitalize on the growth of emerging industries such as robotics [1] - The company is expected to benefit from the development of the robotics industry, with its product offerings and market position poised for rapid expansion [1] Industry Context - The company operates in the instrumentation and sensor industry, with a focus on expanding its presence in the robotics and automation sectors [1][2] - The industry is experiencing growth driven by advancements in robotics and automation, with the company well-positioned to benefit from these trends [1]

来源：公司年报、国金证券研究所 业绩简评 10 月 29 日公司发布 24 年三季报： 24Q1-Q3 年实现营收 9.19 亿元，同比+14.03%；归母净利润为 1.91 亿元，同比-10.74%；销售毛利率为 43.32%，同比-0.34PCT；销售 净利率为 23.68%，同比-4.87PCT。 24Q3 实现营收 3.63 亿元，同比+21.87%；归母净利润为 0.74 亿元， 同比+0.38%；销售毛利率为 43.17%，同比-2.25PCT，环比-0.32PCT； 销售净利率为 23.88%，同比-3.26PCT，环比-2.29PCT。 经营分析 1、业绩符合预期。拆分如下： 1）收入拆分：收并购公司进展顺利，营收增速突破传统主业限制。 根据公开资料，并表子公司包含传感器数字信号芯片、水质传感 器、机器人、温度传感器等，预计本期收入增量主要来自华虹科 技、桃子自动化、瑞比德、苏州禹山等。 2）毛利率：24Q3 毛利率同环比承压，预计主因收并购子公司毛利 率整体水平略低于母公司。 3）费用率：多项费用率增加，系收并购的子公司费用率较高所致。 24Q3 年 销 售 / 管 理 / 财 务 / 研 ...

宁波柯力传感科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603662 证券简称：柯力传感 宁波柯力传感科技股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|--------------------------------------|-----------------|----------------- ...

证券代码：603662 证券简称：柯力传感 公告编号：2024-038 宁波柯力传感科技股份有限公司 关于与专业投资机构共同投资设立产业基金的 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、与专业投资机构共同投资概述 2、统一社会信用代码：91330205MAE0XEQ49E 3、出资额：柒仟万元整 4、成立日期：2024年9月24日 5、类型：有限合伙企业 6、执行事务合伙人：深圳市时代伯乐创业投资管理有限公司（委派代表： 蒋国云） 7、主要经营场所：浙江省宁波市江北区人民路183号、189号1-97 宁波柯力传感科技股份有限公司（以下简称"公司"）与宁波市江北区资 产经营有限公司、深圳市时代伯乐创业投资管理有限公司、深圳市勤永兴科技 有限公司于2024年9月6日签订了《宁波传感谷创业投资基金合伙企业（有限合 伙）合伙协议》，共同投资设立宁波传感谷创业投资基金合伙企业（有限合伙） （以下简称"基金"、"产业基金"、"合伙企业"），合伙企业认缴出资总 额7,000万元，公司作为有限合伙人以自有资金认缴出资额5, ...

中国上海石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于宁波柯力传感科技股份有限公司 2024 年第一次临时股东大会的法律意见书 致：宁波柯力传感科技股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受宁波柯力传感科技股份 有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中 国证券监督管理委员会颁布实施的《上市公司股东大会规则》等中华人民共和国 （以下简称"中国"）现行法律、法规和规范性文件（以下简称"中国法律、法 规"，为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区及台湾 地区的法律、法规和规范性文件）及公司现行有效的《宁波柯力传感科技股份有 限公司章程》（以下简称"《公司章程》"）和《宁波柯力传感科技股份有限公司 股东大会议事规则》的有关规定，就公司 2024 年第一次临时股东大会（以下简称 "本次股东大会"）有关事 ...

证券代码：603662 证券简称：柯力传感 公告编号：2024-037 宁波柯力传感科技股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 322 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 152,096,696 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 54.0002 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，由董事长柯建东先生主持。会议采取现场 投票及网络投票相结合的表决方式进行表决，会议的召集、召开、出席会议人员 资格及表决方式符合《公司法》《上市公司股东大会规则》等有关法律法规和《公 司章程》的规定。 | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- ...

[Table_MainInfo] 公司研究/机械工业/仪器仪表 证券研究报告 柯力传感（603662）公司研究报告 2024 年 09 月 18 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 23.71 | | 52 周股价波动（元） | 19.38-39.26 | | 总股本 / 流通 A 股（百万股） | 282/281 | | 总市值 / 流通市值（百万元） 相关研究 | 6678/6658 | 市场表现 [Table_QuoteInfo] -31.09% -19.09% -7.09% 4.91% 16.91% 28.91% 2023/9 2023/12 2024/3 2024/6 柯力传感 海通综指 | --- | --- | --- | --- | |------------------------------ ...

关于 2024 年半年度业绩说明会召开情况的公告 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。 证券代码：603662 证券简称：柯力传感 公告编号：2024-036 宁波柯力传感科技股份有限公司 一、本次说明会召开情况 2024 年 9 月 12 日上午 10:00-11:30，公司董事长兼总经理柯建东先生、独立 董事张保柱先生、董事会秘书叶方之先生、财务总监柴小飞先生出席了本次业绩 说明会，并就参会投资者普遍关心的 2024 年上半年度公司经营业绩情况、生产 经营状况及未来业务规划等事项与广大投资者进行充分交流和沟通。 二、交流的主要问题及公司的回复情况 问题 1：请问贵公司机器人传感器近期进展怎样了？ 回复：您好，2024 年上半年公司重点突破机器人传感器。六维力/力矩传感 器已完成人形机器人手腕、脚腕，工业臂、协作臂末端的产品系列开发，掌握了 结构解耦、算法解耦、高速采样通讯等技术要点，并已给多家国内协作机器人、 人形机器人客户送样。公司将继续投入研发力量，向微型、高频响应、MEMS 硅基、力控算法集成等方向进行突破 ...