滁州多利汽车科技股份有限公司 2025 年第一季度报告 证券代码：001311 证券简称：多利科技 公告编号：2025-026 滁州多利汽车科技股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.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）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计：否 1 滁州多利汽车科技股份有限公司 2025 年第一季度报告 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据：否 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增减（%） | | --- | --- | --- | --- | | 营业收入（元） | 872,670,954.55 | 780,410,297.23 | 11.82% | | 归属于上市公司股东的净利润（元） | ...

证券代码：001311 证券简称：多利科技 公告编号：2025-025 滁州多利汽车科技股份有限公司 关于注销部分募集资金专项账户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准滁州多利汽车科技股份有限公司首次 公开发行股票的批复》（证监许可[2022]3066 号）核准，滁州多利汽车科技股份 有限公司（简称"公司"）首次公开发行人民币普通股（A 股）股票 3,533.3334 万股，每股发行价格 61.87 元，实际募集资金总额 218,607.34 万元，扣除发行费 用 15,938.64 万元（不含税）后，实际募集资金净额 202,668.70 万元，该募集资金 已于 2023 年 2 月 20 日划至公司指定账户，上述募集资金到位情况已经中汇会计 师事务所（特殊普通合伙）审验并出具了中汇会验[2023]0435 号《验资报告》。 募集资金到账后，公司及子公司对募集资金进行了专户存储，并与保荐机构、存 放募集资金的银行签署了《募集资金三方监管协议》《募集资金四方监管协议》。 车科技股份有限公 ...

Core Viewpoint - The automotive parts industry will continue to focus on electrification and intelligence in 2025, with integrated die-casting products expected to expand and become more prevalent, reshaping the body structure parts market [1] Company Performance - In 2024, the company reported revenue of 3.592 billion yuan, a year-on-year decrease of 8.19%, and a net profit of 425 million yuan, down 14.43% year-on-year due to factors such as fluctuations in downstream product sales and increased asset depreciation [1] - The company is actively extending its industrial chain by advancing integrated die-casting, hot forming, electrophoretic painting, and composite materials businesses, optimizing its product structure [1] Capacity Layout - The company has established production facilities in multiple locations, achieving an 80% utilization rate in its stamping and welding business [2] - Four integrated die-casting production lines have been set up in Jiangsu Yancheng and Anhui Liu'an, with an additional line under construction in Jiangsu Changzhou [2] - A new project in Jinhua City with a total investment of 1 billion yuan aims to produce 200,000 sets of integrated automotive body structure parts annually [2] Future Business Outlook - The integrated die-casting and hot forming businesses have secured multiple customer orders, with large-scale production expected to begin in the second half of 2025, leading to a significant increase in capacity utilization by 2026 [2] Market Position - Major clients include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others, with ongoing efforts to enhance the customer structure [3] - The impact of the U.S. "reciprocal tariff" policy on the company's business is minimal, with only 4.01% of total revenue coming from export business, and approximately 3.6% from exports to the U.S. [3]

Investment Rating - The investment rating for Junduoli Technology (001311.SZ) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for the company's integrated die-casting business and customer structure optimization [2][4]. Core Views - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 420 million yuan, down 14.4% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 1.1 billion yuan, a decline of 5.3% year-on-year, with a net profit of 80 million yuan, down 24.1% year-on-year [2][4]. - The decline in performance is attributed to terminal fluctuations and increased costs, including asset depreciation and impairment provisions [4]. - The company is positioned to ramp up its integrated die-casting production, having established multiple large-scale production lines and secured several customer orders, with expectations for significant contributions to performance starting in the second half of 2025 [4][5]. - The company is projected to achieve revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 580 million yuan, 700 million yuan, and 820 million yuan for the same years [4][5]. Summary by Sections Financial Performance - In 2024, the total revenue was 3.59 billion yuan, with a year-on-year growth rate of -8.2% [5]. - The net profit attributable to the parent company was 420 million yuan, reflecting a year-on-year decrease of 14.4% [5]. - The gross profit margin for 2024 was 21.08%, down 2.13 percentage points from the previous year [4][5]. Business Outlook - The integrated die-casting business is expected to enter a phase of large-scale production starting in the second half of 2025, following a period of investment and business development [4]. - The company has established a strong customer base, including major clients such as NIO, Leap Motor, and Li Auto, and has accumulated experience in advanced equipment, product yield, cost control, and process design [4]. Earnings Forecast - The forecast for 2025-2027 indicates a revenue growth trajectory with expected revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan, respectively [5]. - Corresponding net profits are projected to be 580 million yuan, 700 million yuan, and 820 million yuan for the same years, with price-to-earnings ratios of 10, 9, and 7 times [4][5].

Group 1: Company Performance - In 2024, the company achieved operating revenue of 3.592 billion yuan, a year-on-year decrease of 8.19% [4] - The net profit attributable to shareholders was 425 million yuan, down 14.43% year-on-year [4] - The company’s integrated die-casting business is in the ramp-up phase, with expectations for significant contributions to performance once projects reach breakeven [4] Group 2: Market and Industry Outlook - The automotive parts market in 2025 will be driven by policies, technology, and consumer demand, with electrification and intelligence as the main themes [5][6] - Global penetration rate of new energy vehicles is expected to continue rising, with new energy vehicle sales reaching 40.9% of total new car sales in 2024 [6] - The automotive industry maintained steady growth in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking increases of 3.7% and 4.5% year-on-year [6] Group 3: Customer and Product Diversification - The company’s main customers include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others [3] - The company plans to diversify its customer and product structure to enhance core competitiveness and risk resistance [3] - The company is actively developing new customers and products while strengthening cooperation with existing clients [4] Group 4: Production Capacity and Utilization - The current stamping parts capacity utilization rate is only 80%, with plans to increase as new orders are fulfilled [2] - The company’s integrated die-casting and hot-forming production lines are expected to achieve significant capacity utilization improvements by 2026 [4] - The company is currently supplying parts for the C series models of Leap Motor and has not yet supplied for the B series models [2]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for the company's integrated die-casting business and customer structure optimization [2][4]. Core Viewpoints - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 420 million yuan, down 14.4% year-on-year [2][4]. - The decline in performance is attributed to terminal fluctuations and increased costs, including asset depreciation and impairment provisions [4]. - The company is positioned to ramp up its integrated die-casting production, having established multiple large-scale production lines and secured several customer orders, with expectations for significant contributions to performance starting in the second half of 2025 [4]. - The company is projected to achieve revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 580 million yuan, 700 million yuan, and 820 million yuan for the same years [4][5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 3.59 billion yuan, a decrease of 8.2% from 2023, and a net profit of 420 million yuan, down 14.4% year-on-year [2][4]. - The gross profit margin for 2024 was 21.08%, a decline of 2.13 percentage points compared to the previous year [4]. - The company expects to see revenue growth of 32.7%, 19.2%, and 15.1% in 2025, 2026, and 2027, respectively [5]. Business Outlook - The integrated die-casting business is anticipated to enter a phase of large-scale production starting in the second half of 2025, following a period of investment and business development [4]. - The company has established a strong customer base, including notable clients such as NIO, Leap Motor, and Li Auto, which is expected to enhance its market position [4]. Profitability Forecast - The company is projected to achieve a net profit of 580 million yuan in 2025, with a corresponding price-to-earnings ratio (P/E) of 10 times [5]. - The expected earnings per share (EPS) for 2025 is 2.43 yuan, with a forecasted P/E ratio decreasing to 7.32 by 2027 [5].

Summary of the Conference Call for Multi-Tech Company Overview - The conference call discusses the performance and outlook of Multi-Tech, focusing on its financial results for 2024 and projections for 2025, particularly in relation to its major clients such as Tesla and Li Auto [1][2][3]. Key Financial Highlights - In 2024, Multi-Tech reported revenue of 3.592 billion yuan, a decrease of 8.19% year-on-year [3]. - Net profit attributable to shareholders was 425 million yuan, down 14.45% year-on-year [3]. - The decline in revenue and profit was primarily due to extended holidays taken by major clients, leading to reduced operational activity [2][3]. - Depreciation and amortization increased by 80 million yuan due to new fixed assets, alongside a 20 million yuan rise in management expenses [2][3]. Impairment and Cost Management - In Q4 2024, the company made an impairment provision of 54 million yuan for accounts receivable, inventory, and mold assets related to Hozon Auto [2][4][5]. - The total impairment provision significantly impacted net profit attributable to shareholders [5][6]. - R&D expenses were notably high, but these are expected to positively influence revenue over the next two years [5][6]. New Orders and Production Capacity - Multi-Tech secured new orders for integrated die-casting and hot forming, with unit values ranging from 1,400 to 2,400 yuan per vehicle [2][5]. - The company anticipates that production for the new models will ramp up in the second half of 2025, improving capacity utilization and financial performance [7][30]. - The hot forming production line cost approximately 80 million yuan and has completed depreciation [9]. Profitability and Margin Outlook - Excluding one-time impairments and R&D costs, the gross margin for core business remained stable between 18% and 21% [6][7]. - Despite challenges, the company expects to maintain a steady gross margin above 20% in the long term [10]. Export and Market Challenges - The outlook for exports in 2025 is not optimistic, with projected revenue of approximately 120 million yuan for the first three quarters and a significant decline in Q4 [11]. - The company plans to continue operations in the European market but faces uncertainties in the U.S. market due to tariff issues [11][13]. Strategic Partnerships and Future Plans - Multi-Tech is exploring partnerships with established automotive parts companies in Europe to enhance production capabilities [13]. - The company is also in discussions with Tesla and Li Auto regarding ongoing collaborations and potential production changes [25][26]. Emerging Business Areas - Multi-Tech is focusing on developing logistics and handling robots, with plans to launch products in the second half of the year [22]. - The company is also exploring humanoid robotics, emphasizing the development of key components for internal efficiency [24][29]. Conclusion and Future Outlook - Despite a challenging 2024, Multi-Tech expects significant revenue growth in 2025 due to new business orders and improved client structure [30]. - The company is entering a new growth cycle with diversified products and a focus on integrated die-casting, hot forming, and other key areas [30].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 29.3 yuan for 2025 [2][9]. Core Views - The company's 2024 revenue is reported at 3.59 billion yuan, a year-on-year decrease of 8%, with a net profit attributable to the parent company of 425 million yuan, down 14% year-on-year [2][5]. - The company is recognized as a leader in stamping technology and is emerging in integrated die-casting and hot forming, with diversified layouts supporting long-term development [4][9]. - The fourth quarter performance is under pressure due to impairment provisions, but revenue is expected to recover to historical highs in the upcoming quarters [9]. Financial Summary - **Revenue Forecast**: - 2024: 3.59 billion yuan (down 8.2%) - 2025: 3.98 billion yuan (up 10.8%) - 2026: 4.39 billion yuan (up 10.2%) - 2027: 4.85 billion yuan (up 10.7%) [5][10] - **Net Profit Forecast**: - 2024: 425 million yuan (down 14.4%) - 2025: 466 million yuan (up 9.6%) - 2026: 532 million yuan (up 14.1%) - 2027: 582 million yuan (up 9.5%) [5][10] - **Earnings Per Share (EPS)**: - 2024: 1.78 yuan - 2025: 1.95 yuan - 2026: 2.23 yuan - 2027: 2.44 yuan [5][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 15 times [9][10]. Business Performance - The company’s revenue in Q4 2024 was 1.1 billion yuan, with a year-on-year decline of 5% and a quarter-on-quarter increase of 16% [9]. - The automotive parts segment generated 3.32 billion yuan in revenue for 2024, down 5% year-on-year, primarily due to weak sales performance from major client T China [9]. - The company has secured new project contracts worth 2.5 to 3 billion yuan, which are expected to significantly support revenue growth in 2025 [9]. Market Position - The company has established itself as a key supplier for major automotive manufacturers, including Tesla and Li Auto, and is recognized for its high gross margin of over 20% and net margin of over 10% in the stamping industry [9]. - The integrated die-casting and hot forming technologies are seen as areas of strong competitive advantage, with recent contracts indicating growing client recognition in these new business areas [9].

Group 1: Company Performance Overview - In 2024, the company achieved operating revenue of 3.592 billion yuan, a year-on-year decrease of 8.19% [3] - The net profit attributable to shareholders was 425 million yuan, down 14.43% compared to the previous year [3] - The comprehensive gross profit margin was 21.08%, a decline of 2.13 percentage points year-on-year [3] Group 2: Factors Affecting Performance - Revenue and net profit declines were primarily due to fluctuations in downstream product sales, increased asset depreciation, and higher impairment provisions [3] - The company recorded an additional impairment provision of 55.4683 million yuan in 2024, including 26.8949 million yuan for credit impairment and 28.5734 million yuan for inventory impairment [3] Group 3: Production Capacity and Utilization - The overall capacity utilization rate for the stamping and welding business is approximately 80% [4] - The capacity utilization rate for integrated die-casting and hot forming production lines is expected to significantly increase by 2026 [4] Group 4: Market and Clientele - The company’s export revenue for 2024 was 144 million yuan, accounting for 4.01% of total revenue, with exports to the U.S. making up about 3.6% [5] - Major clients include Tesla, Li Auto, NIO, and BYD, with ongoing efforts to expand the customer base [6] Group 5: Future Strategies - The company plans to enhance production efficiency and product quality through continuous R&D and technological upgrades [7] - There is a focus on expanding production scale, optimizing capacity layout, and developing new clients to improve market competitiveness [7]

Core Viewpoint - The overall performance of the company is poor, with significant declines in revenue and net profit, primarily due to the downturn in its core stamping and welding components business, despite some progress in the new energy vehicle parts sector [1][4][7]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 3.592 billion yuan, a year-on-year decrease of 8.19% [1]. - The net profit attributable to shareholders was 425 million yuan, down 14.43% year-on-year [1]. - The comprehensive gross profit margin for 2024 was 21.08%, a decline of 2.13 percentage points compared to the previous year [7]. Group 2: Core Business Challenges - The company's main business includes automotive stamping, welding assembly components, functional components, stamping molds, and integrated die-casting parts [4]. - Revenue from stamping and welding components significantly declined due to fluctuations in downstream product sales, with the stamping mold business accounting for only 3.13% of total revenue, far below the 90.80% from automotive parts sales [4]. - The transition of the automotive industry towards lightweight and electric vehicles has further shrunk the market demand for traditional stamping and welding components, posing severe challenges to the company's competitiveness in this area [4]. Group 3: Future Growth Potential - The company has made progress in the integrated die-casting business, which is seen as a key driver for future growth, especially with the increasing market demand due to the lightweight trend in new energy vehicles [5]. - New project orders in the integrated die-casting sector are expected to gradually enter mass production in the second half of 2025 [5]. - However, the integrated die-casting business is currently in a production ramp-up phase, with high management and manufacturing costs, making it difficult to contribute significantly to overall performance in the short term [5][6]. Group 4: Cost Pressures and Profitability - The company faces increased cost pressures due to rising asset depreciation, impairment provisions, and other expenses, which have impacted profitability [7]. - Despite efforts to enhance profitability through cost reduction and process optimization, the company still faces significant challenges due to intensified industry competition and price pressures from end-product manufacturers [7]. - Maintaining profitability amidst fierce market competition is a critical issue for the company's future development [7].