宁波德昌电机股份有限公司2025 年第一季度报告 证券代码：605555 证券简称：德昌股份 宁波德昌电机股份有限公司 2025 年第一季度报告 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。 第一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 单位：元 币种：人民币 2/12 宁波德昌电机股份有限公司2025 年第一季度报告 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | 营业收入 | 1,000,469,829.44 | 824,559,684.09 | 21.33 | | 归属于上市公司股东的净利润 | 81,048, ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a total revenue of 4.1 billion yuan for 2024, representing a year-over-year increase of 48%, with a net profit attributable to shareholders of 410 million yuan, up 28% year-over-year [1] - In Q4 2024, the company achieved a total revenue of 1.11 billion yuan, marking a 71% year-over-year growth, and a net profit of 110 million yuan, which is an 86% increase year-over-year [1] - The company has diversified its product offerings in the home appliance sector, achieving significant growth in various categories, including a 30% increase in vacuum cleaner sales and a 69% increase in small home appliances [2] - The automotive motor segment saw a remarkable 105% year-over-year growth, with the business achieving its first year of profitability and securing nine new projects [2] Revenue Breakdown - The revenue from vacuum cleaners reached 2.1 billion yuan, up 30% year-over-year [2] - Small home appliances generated 1.39 billion yuan, reflecting a 69% year-over-year increase [2] - The automotive motor segment contributed 410 million yuan, with a year-over-year growth of 105% [2] Profitability Metrics - For 2024, the gross margin was 17.4%, down 1.8 percentage points year-over-year, while the net profit margin was 10.0%, a decrease of 1.6 percentage points year-over-year [3] - In Q4 2024, the gross margin was 16.8%, down 4.9 percentage points year-over-year, with a net profit margin of 9.9%, an increase of 0.7 percentage points year-over-year [3] Expense Ratios - For 2024, the sales, management, R&D, and financial expense ratios were 0.4%, 4.2%, 3.4%, and -2.0%, respectively, with year-over-year changes of +0.0, -0.2, -0.3, and +1.0 percentage points [4] - In Q4 2024, the expense ratios were 0.5%, 4.5%, 3.6%, and -4.1%, with year-over-year changes of -0.0, -0.3, -1.2, and -3.9 percentage points [4] Financial Forecast - The company expects revenues of 5.1 billion yuan, 6.2 billion yuan, and 7.3 billion yuan for 2025, 2026, and 2027, respectively, representing year-over-year growth rates of 24%, 22%, and 19% [5] - The projected net profits for the same years are 499 million yuan, 602 million yuan, and 721 million yuan, with corresponding year-over-year growth rates of 21%, 21%, and 20% [8]

Investment Rating - The investment rating for 德昌股份 is "Add" [4] Core Views - The company reported an annual revenue of 4.09 billion yuan, a year-on-year increase of 47.6%, with a net profit attributable to shareholders of 410 million yuan, up 27.5% year-on-year [1][2] - The home appliance business exceeded expectations, generating 3.51 billion yuan in revenue, a 43% increase year-on-year, while the automotive parts business saw a significant growth of 105%, reaching 410 million yuan [2] - The company achieved a quarterly revenue of 1.11 billion yuan in Q4, reflecting a 71.4% year-on-year increase, primarily driven by the addition of new projects [2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 410 million yuan, with a net profit margin of 10.0%, a decrease of 1.6 percentage points year-on-year [3] - The automotive parts business turned profitable for the first time, with a gross margin of 21.7%, an increase of 11.4 percentage points year-on-year, surpassing the main business of home appliance OEM [3] - The company optimized its expense ratios, with reductions in sales, management, R&D, and financial expense ratios [3] Earnings Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 500 million yuan, 600 million yuan, and 720 million yuan, respectively, representing year-on-year growth rates of 22.0%, 20.4%, and 19.0% [4] - The corresponding price-to-earnings ratios for these years are estimated at 15x, 12x, and 10x [4]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [6][18]. Core Views - The company reported a significant revenue increase of 47.56% year-on-year, reaching 4.095 billion yuan in 2024, with a net profit of 411 million yuan, up 27.51% year-on-year [1][2]. - The automotive parts business showed remarkable growth, achieving a revenue increase of 104.54% year-on-year, with a total sales amount exceeding 2.3 billion yuan from newly added projects [2][4]. - The company is expanding its product lines and customer base, with successful certifications for new products like dishwashers, indicating a proactive approach to market opportunities [2][4]. Financial Performance - In 2024, the company achieved a gross margin of 17.36%, with specific margins for different segments: vacuum cleaners at 15.67%, small appliances at 17.80%, and automotive motors at 21.65% [3]. - The net profit margin for 2024 was 10.0%, reflecting a slight decrease of 1.6 percentage points year-on-year [3]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, with a dividend payout ratio of 31.72% [1]. Revenue and Profit Forecast - The company forecasts continued growth in net profit, estimating 520 million yuan for 2025, 640 million yuan for 2026, and 750 million yuan for 2027, with corresponding P/E ratios of 14.0x, 11.5x, and 9.7x [4][5]. - Revenue is expected to grow at a rate of 26.45% in 2025, 18.83% in 2026, and 16.78% in 2027 [5][12]. Market Position and Strategy - The company is recognized for its comprehensive capabilities in the automotive parts sector, with a supply volume exceeding 2 million units in 2024, indicating a growing scale effect [4]. - Plans for overseas capacity expansion include new factories in Vietnam and Thailand, aimed at ensuring stable and flexible product supply [4]. - The company is committed to deepening its expertise in motor technology, focusing on a strategic development model that includes vacuum cleaners, small appliances, and EPS motors [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing rapid growth across multiple business segments, with significant contributions from its home appliance and automotive parts divisions. The production capacity in Vietnam and Thailand is already established, and there is a strong order backlog in the automotive parts sector, benefiting from domestic substitution potential [7][9] - Revenue projections for 2025-2027 are estimated at 5.18 billion, 6.30 billion, and 7.47 billion yuan, reflecting year-on-year growth rates of 26.4%, 21.7%, and 18.7% respectively. The net profit attributable to the parent company is forecasted to be 500 million, 610 million, and 740 million yuan, with corresponding growth rates of 22.7%, 21.8%, and 20.0% [7][10] Revenue Analysis - All three major business segments are accelerating in growth, with significant increases in revenue across the board. The company reported a revenue of 4.095 billion yuan for 2024, a year-on-year increase of 47.6% [9][10] Profitability Analysis - The company’s profitability is enhanced by foreign exchange gains. The gross margin for 2024 is projected to be 17.4%, with a gradual increase expected in subsequent years [10][12] - The net profit margin for 2024 is expected to be 10.0%, with improvements in operational efficiency reflected in reduced expense ratios [12] Financial Forecast - Key financial metrics for 2024A to 2027E include: - Revenue: 4,095 million (2024), 5,176 million (2025), 6,296 million (2026), 7,473 million (2027) - Net Profit: 411 million (2024), 504 million (2025), 614 million (2026), 736 million (2027) - EPS: 1.10 (2024), 1.35 (2025), 1.65 (2026), 1.98 (2027) [10][11]

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Insights - The company reported a significant revenue increase of 47.56% year-on-year, reaching 4.095 billion yuan in 2024, with a net profit of 411 million yuan, up 27.51% [1][5]. - The company is expanding its product categories and customer base, with notable growth in its automotive parts business, which saw a revenue increase of 104.54% [2][4]. - The company is actively pursuing market opportunities, including certifications for new products like dishwashers, and is expanding its production capacity in Vietnam and Thailand [2][4]. Financial Performance - In Q4 2024, the company achieved a revenue of 1.108 billion yuan, a year-on-year increase of 71.36%, and a net profit of 109 million yuan, up 85.81% [1][3]. - The gross margin for 2024 was reported at 17.36%, with the automotive motor segment showing a significant improvement in profitability [3][12]. - The company plans to construct a new facility in Ningbo with an annual production capacity of 1.2 million smart kitchen appliances, which is expected to contribute to future revenue [4][11]. Revenue and Profit Forecast - The company forecasts revenues of 5.178 billion yuan in 2025, 6.153 billion yuan in 2026, and 7.186 billion yuan in 2027, with corresponding net profits of 524 million yuan, 637 million yuan, and 752 million yuan respectively [5][12]. - The expected growth rates for revenue are 26.45% in 2025, 18.83% in 2026, and 16.78% in 2027 [5][13]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.84 in 2024 to 9.74 in 2027, indicating an attractive valuation as earnings grow [5][12]. - The price-to-book (P/B) ratio is expected to decline from 2.43 in 2024 to 1.74 in 2027, further supporting the investment case [5][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing rapid growth across multiple business segments, with significant contributions from its home appliance and automotive parts divisions. The production capacity in Vietnam and Thailand is already established, and there is a strong order backlog benefiting from domestic substitution potential [7][9] - Revenue and profit forecasts for 2025-2027 are optimistic, with expected revenues of 5.18 billion, 6.30 billion, and 7.47 billion yuan, representing year-on-year growth of 26.4%, 21.7%, and 18.7% respectively. Net profit attributable to the parent company is projected to be 500 million, 610 million, and 740 million yuan, with year-on-year growth of 22.7%, 21.8%, and 20.0% respectively [7][10] Revenue Analysis - All three major business segments are accelerating, with significant year-on-year revenue growth reported. The company achieved a total revenue of 4.095 billion yuan in 2024, reflecting a 47.6% increase compared to the previous year [9][10] Profitability Analysis - The company’s profitability is enhanced by foreign exchange gains. The gross margin for 2024 is expected to be 17.4%, with a gradual increase projected in subsequent years [7][10] - The net profit margin for 2024 is reported at 10.0%, with improvements in expense ratios contributing to overall profitability [11][12] Financial Projections - Key financial metrics for 2024A to 2027E include: - Revenue: 4,095 million (2024), 5,176 million (2025), 6,296 million (2026), 7,473 million (2027) - Net profit: 411 million (2024), 504 million (2025), 614 million (2026), 736 million (2027) - EPS: 1.10 (2024), 1.35 (2025), 1.65 (2026), 1.98 (2027) [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's revenue performance exceeded expectations, with total revenue for 2024 reaching 40.95 billion yuan, a year-on-year increase of 48%. The net profit attributable to shareholders was 4.11 billion yuan, up 28% year-on-year [7] - The vacuum cleaner and small appliance businesses achieved rapid growth, with vacuum cleaner revenue at 21.24 billion yuan (up 30.22%) and small appliances at 13.86 billion yuan (up 68.60%). The company also invested 1.38 billion yuan in R&D, a 36.17% increase [7] - The automotive parts business saw significant revenue growth of 4.12 billion yuan, a 104.54% increase, with a gross margin improvement of 11.37 percentage points to 21.65% [7] - The company has established a research and development center in Vietnam and is expanding its product offerings, including a new dishwasher line [7] - Profit forecasts have been slightly adjusted for 2025 and 2026, with expected net profits of 4.72 billion yuan and 5.36 billion yuan, respectively, reflecting growth rates of 15.0% and 13.6% [7] Financial Data Summary - Total revenue projections for the company are as follows: 2023: 2,775 million yuan, 2024: 4,095 million yuan, 2025E: 5,158 million yuan, 2026E: 6,288 million yuan, 2027E: 7,504 million yuan [6][9] - Net profit projections are: 2023: 322 million yuan, 2024: 411 million yuan, 2025E: 472 million yuan, 2026E: 536 million yuan, 2027E: 673 million yuan [6][9] - The company’s gross margin is projected to be 19.1% in 2023, decreasing to 17.4% in 2024, and then stabilizing around 18% in the following years [6]

Group 1 - The core viewpoint of the news is that 德昌股份 has achieved significant growth in its automotive parts and home appliance businesses, with a focus on becoming a leading player in the EPS motor and brake motor industries [1][2]. - In 2024, the company reported a revenue of over 4 billion yuan, marking a year-on-year increase of 27.51%, while total revenue exceeded 40 billion yuan, reflecting a growth of 47.56% [1]. - The home appliance segment generated a revenue of 35.11 billion yuan, up 43.08% year-on-year, while the automotive parts business saw a remarkable revenue increase of 104.54%, reaching 4.12 billion yuan [1]. Group 2 - The automotive parts business, initiated in 2017, has established core advantages in the EPS and brake motor sectors, achieving its first profitable year in 2024 with a supply volume exceeding 2 million units [2]. - The EPS market is highlighted as a significant opportunity, with the global market size being substantial and the domestic industry gradually catching up with international leaders in technology [2]. - The company has invested 1.38 billion yuan in R&D in 2024, a 36.17% increase, and has established multiple R&D centers in China and Vietnam to develop innovative products [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved a revenue of 4.09 billion yuan in 2024, representing a year-on-year growth of 47.6%. The net profit attributable to shareholders was 410 million yuan, up 27.5% year-on-year [1]. - The automotive motor business saw significant growth, with revenue increasing by 104.5% to 410 million yuan, and a gross margin improvement of 11.4 percentage points [1]. - The company is actively expanding its overseas production capacity, with projects in Vietnam and Thailand aimed at enhancing supply stability and flexibility [2]. Financial Performance - The overall gross margin slightly decreased by 1.7 percentage points to 17.4% in 2024, with a net profit margin of 10.0%, down 1.6 percentage points year-on-year [2]. - The company expects net profits for 2025, 2026, and 2027 to be 477 million, 593 million, and 725 million yuan respectively, with growth rates of 16.2%, 24.3%, and 22.2% [3]. - The earnings per share (EPS) for 2024 is projected at 1.10 yuan, with a price-to-earnings (P/E) ratio of 17.6 [5][6]. Business Segments - Revenue from vacuum cleaners reached 2.12 billion yuan, growing by 30.2%, while small home appliances generated 1.39 billion yuan, up 68.6% [1]. - The company is diversifying its customer base and product categories, enhancing its market presence both domestically and internationally [2].