| 证券代码：603809 | 证券简称：豪能股份 公告编号：2025-007 | | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | 成都豪能科技股份有限公司 关于 2024 年度对外担保计划的进展公告 因成都昊轶强航空设备制造有限公司（以下简称"昊轶强"）借款事宜，成都豪 能科技股份有限公司（以下简称"公司"） 与中国银行股份有限公司成都锦江支行 签订了《保证合同》，为昊轶强与其签订的借款合同提供本金人民币 2,000.00 万元的 连带责任担保。 具体担保情况如下： 被担保人名称及是否为上市公司关联人：成都昊轶强航空设备制造有限公 司。本次担保为对全资子公司提供的担保，不属于关联担保。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 2,000.00 万 元。公司已实际为其提供的担保余额为 8,000.00 万元（含本次担保）。 是否存在反担保：否 无对外担保逾期情况 特别风险提示：公司对外担保金额已超过公司最近一期经审计净资产 100%， 敬请广大投资者注意担保风险。 单位：万元 | 担保方 | 被担 | 2024 年度 | | 本次担保 | | 剩余担 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock price in the next six months [5]. Core Views - The company is actively advancing its layout in the robotics sector and enhancing competitiveness across multiple segments [1]. - The establishment of a joint venture with Suzhou Ishikawa aims to strengthen the company's capabilities in the differential gear field, with a total investment of 200 million RMB [2][3]. - The company anticipates significant growth in net profit for 2024, projecting an increase of 70% to 87% year-on-year, supported by rapid growth in the new energy vehicle parts business [4]. Financial Summary - **Revenue Growth**: The company expects revenue to grow from 1,472 million RMB in 2022 to 3,584 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 19.8% [1]. - **Net Profit**: Projected net profit is expected to rise from 211 million RMB in 2022 to 550 million RMB in 2026, with a notable increase of 77.4% in 2024 [1][4]. - **Return on Equity (ROE)**: ROE is forecasted to improve from 10.4% in 2022 to 17.2% in 2026 [1]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.33 RMB in 2022 to 0.86 RMB in 2026 [1]. Strategic Initiatives - The company is focusing on a dual business strategy in "automotive + aerospace," leveraging rich customer resources and aiming for enhanced profitability through new projects and products [4][9]. - The joint venture with Suzhou Ishikawa is expected to integrate technology and resources, improving product precision and delivery efficiency, thereby increasing market share [3][4].

Investment Rating - The investment rating for the company is "Buy" [3][5][11] Core Insights - The company has established a joint venture with Suzhou Ishikawa to enhance its casting capabilities for differential housings and other components, with a total investment of RMB 200 million [1][2] - The company is expanding its planetary gearbox business based on process and customer synergies, with an initial investment of RMB 1 billion for its smart manufacturing core components project, focusing on parts for new energy vehicles and high-precision industrial gearboxes [2] - The company is actively positioning itself in the humanoid robot sector, where planetary gearboxes are expected to have significant applications due to their cost advantages and strong impact resistance [2] Financial Summary - The projected revenue for 2024-2026 is RMB 24.06 billion, RMB 30.08 billion, and RMB 36.45 billion, representing year-over-year growth of 23.7%, 25.0%, and 21.2% respectively [3][5] - The expected net profit for the same period is RMB 3.25 billion, RMB 4.19 billion, and RMB 5.09 billion, with year-over-year growth of 78.5%, 28.9%, and 21.6% respectively [3][5] - Earnings per share (EPS) are projected to be RMB 0.51, RMB 0.65, and RMB 0.79 for 2024-2026, with corresponding price-to-earnings (PE) ratios of 36.2, 28.1, and 23.1 [3][5]

| 证券代码：603809 | 证券简称：豪能股份 公告编号：2025-006 | | --- | --- | | 转债代码：113690 | 转债简称：豪 24 转债 | 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： 投资标的名称：豪能石川（泸州）精密制造有限公司（以工商登记机关 核准登记的名称为准，以下简称"合资公司"或"项目公司"） 投资金额：合资公司注册资本为人民币 2 亿元，成都豪能科技股份有限 公司以货币方式认缴出资 1 亿元，持有合资公司 50%的股权。 特别风险提示：本次投资设立合资公司，尚需工商行政审批部门核准， 能否通过核准以及最终通过核准的时间均存在不确定性。 一、对外投资概述 （一）对外投资基本情况 为了深化成都豪能科技股份有限公司（以下简称"公司"）差速器全产业链 布局，提升差速器壳体及其它零部件的铸件能力，公司与苏州石川精密制造科技 有限公司（以下简称"苏州石川"）签署《豪能石川（泸州）精密制造有限公司 合资合同》，拟共同出资人民币 2 亿元设立合资公司，公司与苏州石川以货币方 式 ...

豪能股份持续督导文件 现场检查报告 招商证券股份有限公司关于 1 / 6 （一）保荐机构：招商证券股份有限公司 （二）保荐代表人：李莎、贾音 （三）现场检查时间：2025 年 2 月 11 日至 2025 年 2 月 14 日 （四）现场检查人员：李莎 （五）现场检查内容 豪能股份持续督导文件 现场检查报告 二、对现场检查事项逐项发表的意见 成都豪能科技股份有限公司 向不特定对象发行可转换公司债券 2024 年现场检查报告 上海证券交易所： 根据中国证券监督管理委员会《关于成都豪能科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2024〕374 号），公司向不特定 对象发行可转换公司债券 550 万张，每张面值为人民币 100.00 元，募集资金总 额为人民币 550,000,000.00 元，扣除发行费用不含税金额 7,605,283.02 元后，实 际募集资金净额为人民币 542,394,716.98 元。本次可转债已经于 2024 年 11 月 20 日上市。 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为成都豪 能科技股份有限公司（以下简称"豪能股份"、"公司" ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company, HaoNeng Co., Ltd., is a leading player in the synchronizer market, with a diversified business layout that opens up growth opportunities. It has established a strong presence in the automotive parts industry, particularly in synchronizers and differentials, and has expanded into aerospace and robotics sectors [5][6][18]. - The company's revenue and profit performance in the first half of 2024 showed significant growth, driven by the robust development of its synchronizer and differential businesses, as well as the positive trends in the robotics industry [7][21]. - The company is actively expanding its product offerings in the transmission system components, with a focus on the differential project, which is expected to see substantial growth in the near future [6][50]. Summary by Sections Company Overview - HaoNeng Co., Ltd. was established in 2006 and listed in 2017. It has become a leading domestic synchronizer manufacturer, providing a full product line for both passenger and commercial vehicles. The company has also entered the aerospace sector through acquisitions and is investing in new energy vehicle components [13][14]. Business Structure - The automotive parts business accounted for 86.5% of the company's revenue in 2023, while the aerospace segment contributed 11.4%. The main products include synchronizers, differentials, and precision components for aerospace [18]. Financial Analysis - In the first half of 2024, the company achieved a revenue of 16.9 billion yuan, with a year-on-year growth of 26.6%. The net profit attributable to the parent company reached 2.4 billion yuan, up 62.6% year-on-year. The company's gross margin improved to 34.1% [21][24]. Market Trends - The global automotive differential market is projected to grow from 21.43 billion USD in 2024 to 25.39 billion USD by 2029, with a CAGR of 7.9%. The company is well-positioned to capture this growth due to its strong client relationships and production capabilities [48][50]. Profitability Forecast - The company is expected to generate revenues of 24.4 billion, 29.5 billion, and 35.6 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 3.2 billion, 4.3 billion, and 5.2 billion yuan [8][9].

| 证券代码：603809 | 证券简称：豪能股份 公告编号：2025-005 | | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | 成都豪能科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理 到期赎回并继续进行现金管理的进展公告 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。 重要内容提示： ● 现金管理产品：结构性存款 ● 投资金额：人民币 13,000 万元 ● 履行的审议程序：成都豪能科技股份有限公司（以下简称"公司"）于 2024 年 11 月 5 日召开第六届董事会第七次会议和第六届监事会第五次会议，审议通 过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司及子公 司使用总额度不超过人民币 13,000 万元（含 13,000 万元）暂时闲置募集资金进 行现金管理，用于购买安全性高、流动性好、有保本约定的低风险投资产品。投 资期限自公司董事会审议通过之日起不超过 12 个月。在上述额度及有效期内， 可滚动使用。保荐机构对本事项出具了同意的专项核查报告。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6][13]. Core Insights - The company is expected to achieve a net profit of 310-340 million yuan in 2024, representing a year-on-year increase of 70%-87% [1]. - The revenue for 2024 is projected to be 2.58 billion yuan, with a growth rate of 32.6% [5]. - The company is focusing on expanding its business in automotive transmission systems and aerospace components, with significant growth in its differential gear segment [2][3]. Summary by Sections Financial Performance - The company reported a significant increase in revenue driven by the rapid growth of its differential gear business, with a projected net profit of 67-97 million yuan for Q4 2024, reflecting a year-on-year increase of 106.15%-198.96% [2]. - The differential gear business generated 198 million yuan in revenue in H1 2024, with a year-on-year growth of 99.11% [3]. Business Expansion - The company is accelerating its layout in the robot reducer market, with a total investment of 1 billion yuan aimed at building production lines for high-precision industrial gear reducers [4]. - The aerospace components business achieved revenue of 126 million yuan in H1 2024, growing by 10.85% year-on-year, supported by increasing orders in the civil aviation sector [3]. Future Projections - Revenue forecasts for 2024-2026 are 2.58 billion, 3.16 billion, and 3.67 billion yuan, respectively, with corresponding net profits of 325 million, 409 million, and 529 million yuan [5][9]. - The expected earnings per share (EPS) for 2024-2026 are 0.51, 0.64, and 0.83 yuan, with price-to-earnings (PE) ratios of 28, 22, and 17, respectively [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6][13]. Core Insights - The company is expected to achieve a net profit of 310-340 million yuan in 2024, representing a year-on-year increase of 70%-87% [1]. - The revenue for 2024 is projected to be 2.58 billion yuan, with a growth rate of 32.6% [5]. - The company is focusing on expanding its business in automotive transmission systems and aerospace components, with significant growth in its differential gear business [2][3]. Summary by Sections Financial Performance - The company reported a significant increase in revenue driven by the rapid growth of its differential gear business, with a projected net profit of 67-97 million yuan for Q4 2024, reflecting a year-on-year increase of 106.15%-198.96% [2]. - The differential gear business generated 198 million yuan in revenue in H1 2024, with a year-on-year growth of 99.11% [3]. - The aerospace components business achieved revenue of 126 million yuan in H1 2024, growing by 10.85% year-on-year [3]. Business Expansion - The company is accelerating its layout in the robot reducer market, with a total investment of 1 billion yuan aimed at building production lines for high-precision industrial planetary reducers and related components [4]. - The company aims to become a leader in the domestic differential gear market, targeting an annual production capacity of 10 million sets of differential assemblies by 2025 [3]. Earnings Forecast - The projected revenue for 2024-2026 is 2.58 billion, 3.16 billion, and 3.67 billion yuan, respectively, with net profits expected to be 325 million, 409 million, and 529 million yuan [5][9]. - The earnings per share (EPS) are forecasted to be 0.51, 0.64, and 0.83 yuan for 2024, 2025, and 2026, respectively [5][9].

Investment Rating - The investment rating for Junhao Energy Co., Ltd. (603809.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance forecasts and growth potential. Core Views - The company is expected to achieve a net profit of 3.1 to 3.4 billion yuan for the year 2024, representing a year-on-year increase of approximately 79.6% [2] - The growth is driven by the release of new projects and products in the synchronizer and differential gear segments, leading to improved scale effects and gross margin optimization [4] - The aerospace components business is also contributing to revenue growth, alongside a reduction in losses from long-term equity investments [4] Financial Performance Summary - For 2024, the company forecasts total revenue of 2.444 billion yuan, with a year-on-year growth rate of 25.6% [5] - The projected net profit for 2024 is 320 million yuan, reflecting a significant increase of 75.9% compared to the previous year [5] - Gross margin is expected to stabilize around 32.3% in 2024, with a slight recovery in subsequent years [5] Business Development Summary - The core differential gear project is nearing significant production capacity, with a notable increase in gross margin as production scales up [4] - The company is expanding its product offerings in the transmission system, including hollow motor shafts and planetary gearboxes, which supports its goal of a comprehensive industry chain layout [4] - The market for reducer products is projected to grow significantly, with estimates suggesting a market size of 22.65 billion yuan for automotive reducers by 2028 and 75 billion yuan for humanoid robot reducers by 2029 [4] Earnings Forecast - Revenue projections for the company are 2.444 billion yuan in 2024, 2.946 billion yuan in 2025, and 3.561 billion yuan in 2026 [5] - Corresponding net profits are expected to be 320 million yuan in 2024, 428 million yuan in 2025, and 519 million yuan in 2026, with price-to-earnings ratios of 28, 21, and 17 respectively [4][5]