证券代码：002896 证券简称：中大力德 公告编号：2025-027 宁波中大力德智能传动股份有限公司 关于对外投资设立日本全资子公司及美国全资子公司的公告 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、对外投资概述 1、对外投资的基本情况 为了加强国际经济合作，发展外向型经济，使企业走出国门，参与国际市场 的竞争，在充分了解日本及美国的政治、法律、经济投资环境的基础上，公司拟 在日本设立全资子公司中大力德（日本）智能传动公司（Zhongda Leader (Japan) Motion Control Pte.,Ltd）（以上为暂定名，最终以当地有关部门注册为准），投 资总额拟不超过 1,000 万元人民币（以最终实际投资金额为准），拟在美国设立 全资子公司中大力德（美国）智能传动有限公司 Zhongda Leader (USA) Intelligent Transmission Co., Ltd（以上为暂定名，最终以当地有关部门注册为准），投资总 额拟不超过 100 万美元（以最终实际投资金额为准）。 2、董事会审议投资议案的表决情况 2025 年 ...

证券代码：002896 证券简称：中大力德 公告编号：2025-025 宁波中大力德智能传动股份有限公司 （二）审议通过《关于对外投资设立日本全资子公司的议案》 表决结果：有效表决票 3 票，同意票 3 票，反对票 0 票，弃权票 0 票。 宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届监事会第 二十次会议通知已于 2025 年 4 月 16 日以通讯方式向各位监事发出，本次会议于 2025 年 4 月 28 日在公司会议室以现场方式召开。会议由监事会主席罗杰波先生 主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开符合《公 司法》等有关法律、法规及《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过《关于 2025 年第一季度报告的议案》 表决结果：有效表决票 3 票，同意票 3 票，反对票 0 票，弃权票 0 票。 经审核，监事会认为：董事会编制和审议的公司 2025 年第一季度报告的程 序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于巨潮资讯网（ww ...

证券代码：002896 证券简称：中大力德 公告编号：2025-024 宁波中大力德智能传动股份有限公司 第三届董事会第二十四次会议决议公告 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、董事会会议召开情况 宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届董事会第 二十四次会议通知已于 2025 年 4 月 16 日以通讯方式向各位董事发出，本次会议 于 2025 年 4 月 28 日在公司会议室以现场及通讯方式召开。会议由董事长岑国建 先生主持，会议应出席董事 8 名，实际出席董事 8 名，公司监事和高级管理人员 列席本次会议。本次会议的召集、召开符合《公司法》等有关法律、法规及《公 司章程》的规定。 表决结果：有效表决票 8 票，同意票 8 票，反对票 0 票，弃权票 0 票。 公司董事、监事及高级管理人员已对 2025 年第一季度报告签署了书面确认 意见，公司监事会审议通过了 2025 年第一季度报告。 具体内容详见同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《2025 年 第一季度报告》（公告编号：2025-026）。 ...

Financial Performance - The company reported a basic earnings per share of 0.1200 yuan for Q1 2025, representing a 9.09% increase compared to 0.1100 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.17 billion yuan, up 6.25% from 0.16 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 reached 2.31 billion yuan, reflecting a 3.59% increase from 2.23 billion yuan in Q1 2024 [1] - The return on equity (ROE) was 1.47% in Q1 2025, slightly up from 1.46% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 90.31 million shares, accounting for 59.74% of the circulating shares, with an increase of 7.51 million shares compared to the previous period [2] - Ningbo Zhongdali De Investment Co., Ltd. holds 35.52 million shares, representing 23.50% of the total share capital, with no change [2] - New entrants among the top shareholders include Penghua Carbon Neutrality Theme Mixed A with 6.97 million shares (4.61%) and Qianhai Kaiyuan Jiaxin Mixed A with 1.03 million shares (0.68%) [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares this time [3]

Financial Performance - The company's revenue for Q1 2025 was CNY 230,507,649.66, representing a 3.47% increase compared to CNY 222,776,494.29 in the same period last year[5]. - Net profit attributable to shareholders was CNY 17,398,218.26, up 6.22% from CNY 16,378,928.05 year-on-year[5]. - The basic earnings per share increased by 9.09% to CNY 0.12 from CNY 0.11 in the same period last year[5]. - Total operating revenue for the current period reached ¥230,507,649.66, an increase of 3.29% compared to ¥222,776,494.29 in the previous period[20]. - Net profit for the current period was ¥17,326,937.84, representing a 6.11% increase from ¥16,329,977.53 in the previous period[21]. - Basic and diluted earnings per share both stood at ¥0.12, compared to ¥0.11 in the previous period, indicating a 9.09% increase[22]. Cash Flow - The net cash flow from operating activities significantly decreased by 99.08%, amounting to CNY 287,316.48 compared to CNY 31,291,975.97 in the previous year[11]. - Operating cash inflow for the current period was $242,693,814.88, down from $284,973,972.26 in the previous period, representing a decrease of approximately 14.9%[24]. - Net cash flow from operating activities was $287,316.48, significantly lower than $31,291,975.97 in the previous period[25]. - Cash outflow for employee compensation increased to $67,541,577.08 from $54,455,526.60, reflecting a rise of approximately 24%[24]. - Cash inflow from financing activities was $195,000.00, a sharp decline from $20,000,000.00 in the previous period[25]. - Net cash flow from financing activities was -$446,487.51, compared to $8,607,222.83 in the prior period, indicating a significant downturn[25]. - The ending balance of cash and cash equivalents was $84,761,646.86, down from $111,140,395.92 in the previous period, a decrease of about 23.8%[25]. - Cash outflow for dividends and interest payments was $584,000.01, compared to $763,552.52 in the previous period, showing a decrease of approximately 23.5%[25]. - The company experienced a negative impact of -$239,942.66 from foreign exchange fluctuations on cash and cash equivalents[25]. - The company’s cash flow from investment activities was -$59,815,967.12, slightly worse than -$58,963,506.81 in the previous period[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,615,382,957.94, a decrease of 1.41% from CNY 1,638,539,883.13 at the end of the previous year[5]. - Non-current assets totaled ¥1,069,599,847.65, an increase from ¥1,006,144,740.63, marking a growth of 6.56%[19]. - Total liabilities decreased to ¥423,494,618.30 from ¥463,984,774.27, a reduction of 8.71%[19]. - The company's total assets were reported at ¥1,615,382,957.94, slightly down from ¥1,638,539,883.13, a decrease of 1.41%[19]. Receivables and Inventory - The company reported a 44.37% increase in accounts receivable, totaling CNY 145,703,871.52, primarily due to customer payments not yet settled[9]. - Accounts receivable increased significantly from ¥100,924,101.85 to ¥145,703,871.52, indicating a growth of about 44.3%[17]. - The company’s inventory decreased slightly from ¥255,939,506.49 to ¥251,585,214.28, reflecting a reduction of approximately 1.7%[17]. - Other receivables dropped from ¥4,615,491.41 to ¥1,582,841.23, showing a decline of about 65.7%[17]. - The company’s financing receivables decreased from ¥108,868,801.13 to ¥52,276,265.13, a reduction of approximately 52.0%[17]. Shareholder Information - The top two shareholders, Ningbo Zhongda Lide Investment Co., Ltd. and Zhongda (Hong Kong) Investment Co., Ltd., hold 23.50% and 21.85% of shares respectively[14]. - The company has a total of 35,522,400 shares held by Ningbo Zhongda Lide Investment Co., Ltd., which is the largest shareholder[14]. - The company’s total number of shares held by the top ten unrestricted shareholders amounts to 84,000,000 shares[14]. - There are no significant changes in the shareholder structure or any new mergers and acquisitions reported[15]. Other Financial Metrics - Financial expenses decreased by 36.92% to CNY 774,440.85, attributed to reduced interest expenses and exchange losses[10]. - Other income increased by 40.87% to CNY 7,401,916.43, mainly due to higher government subsidies received[10]. - The company experienced a significant increase in construction in progress, rising by 112.20% to CNY 82,961,574.46, due to increased infrastructure spending by overseas subsidiaries[9]. - Research and development expenses increased to ¥14,176,415.27 from ¥13,667,501.14, reflecting a growth of 3.72%[21]. - The company reported a net investment loss of ¥277,915.08, an improvement from a loss of ¥672,477.17 in the previous period[21]. - Deferred income tax assets rose to ¥18,635,792.27 from ¥17,363,468.88, an increase of 7.34%[19]. - Total operating costs amounted to ¥213,367,743.94, up from ¥206,884,018.80, reflecting a growth of 3.57%[20].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company has a deep foundation in the reducer field and is expected to benefit from the mass production of humanoid robots [4][6] - The company's revenue for 2024 was 976 million yuan, a decrease of 10.1% year-on-year, while the net profit attributable to shareholders was 73 million yuan, a decrease of 0.82% year-on-year. However, the net profit after deducting non-recurring gains and losses increased by 3.26% year-on-year to 58 million yuan [4][6] - The company has a competitive advantage in supplying integrated actuators to robot manufacturers and has been focusing on the integration and modularization of its products [6][4] Financial Performance Summary - In 2024, the company achieved a gross margin of 25.9%, an increase of 3.02 percentage points year-on-year [6] - Revenue breakdown by business: - Smart execution units: 370 million yuan (-23.65% year-on-year), gross margin 25.87% (+2.21 percentage points) - Gear motors: 345 million yuan (+0.78% year-on-year), gross margin 28.55% (-0.2 percentage points) - Reducers: 243 million yuan (+1.07% year-on-year), gross margin 23.26% (+9.72 percentage points) [6] - The company is expected to achieve revenues of 1.118 billion yuan, 1.288 billion yuan, and 1.493 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 14.48%, 15.23%, and 15.89% [6][7] Earnings Forecast - The forecast for net profit attributable to shareholders is 91 million yuan, 107 million yuan, and 129 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.84%, 17.26%, and 20.46% [7][6] - The company has been focusing on the modularization of joint modules and has a comprehensive layout in the fields of smart execution units, servo motors, and precision reducers [6][4] Valuation Comparison - The company’s current price is 88 yuan, with a P/E ratio of 82.8 for 2023, which is lower than some comparable companies [8] - The average P/E ratio for comparable companies is significantly higher, indicating potential undervaluation [8]

Core Viewpoint - The first quarter of 2025 has shown significant performance divergence among equity funds in the A-share market, with a strong lead from carbon neutrality themes while consumption and energy sectors remain under pressure [1][3]. Fund Performance Summary - As of April 21, 2025, there are 28 equity funds with assets exceeding 10 billion yuan, indicating a robust market presence [1]. - The top-performing fund, Penghua Carbon Neutrality Theme A, achieved a return of 60.26% in Q1 2025, with a year-to-date return of 46.94% and a fund size of 10.896 billion yuan [2][3]. - In contrast, funds focused on consumption and traditional energy, such as Xingquan Trend Investment and Huaxia Energy Innovation A, reported negative returns of -6.31% and -0.89%, respectively, highlighting market divergence in growth and valuation recovery [3]. Fund Manager Strategy - Fund manager Yan Siqian has made significant adjustments in the portfolio of Penghua Carbon Neutrality Theme A, focusing on high-growth sectors like precision manufacturing and robotics [4][8]. - The fund's top ten holdings have shifted to include companies like Zhongdali De and Zhenyu Technology, while reducing positions in traditional automation firms [4][5]. - The strategy emphasizes a focus on high-prospect niche sectors and dynamic optimization of leading stocks, enhancing the fund's offensive capabilities while maintaining a carbon neutrality theme [8]. Market Outlook - The demand for new energy is projected to grow at an average annual rate of 20% until 2030, driven by China's status as the largest carbon emitter and manufacturing country [8]. - Key technological breakthroughs expected in 2025 include solid-state batteries, photovoltaic perovskites, and advancements in robotics, which are crucial for China's manufacturing technology upgrade [8].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company has a deep foundation in the reducer field and is expected to benefit from the mass production of humanoid robots. The company has been involved in the modularization of joint modules and has a first-mover advantage in the humanoid robot sector, having already supplied certain mainframe manufacturers [6][4]. Financial Performance Summary - In 2024, the company achieved a total revenue of 976 million yuan, a year-on-year decrease of 10.1%. The net profit attributable to the parent company was 73 million yuan, a decrease of 0.82% year-on-year. However, the net profit after deducting non-recurring gains and losses was 58 million yuan, an increase of 3.26% year-on-year [4][6]. - The gross profit margin improved to 25.9%, an increase of 3.02 percentage points year-on-year. Revenue from the intelligent execution unit was 370 million yuan, down 23.65%, while the revenue from the reducer motor was 345 million yuan, up 0.78%. The revenue from reducers was 243 million yuan, up 1.07% [6][4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 1.12 billion yuan, 1.29 billion yuan, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 14.48%, 15.23%, and 15.89% [6][7]. - The net profit attributable to the parent company is forecasted to be 91 million yuan, 107 million yuan, and 129 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.84%, 17.26%, and 20.46% [6][7]. Market Position and Competitive Advantage - The company supplies products to robot mainframe manufacturers and has competitive advantages in integrated actuators. Its products are widely used in various sectors, including robotics, intelligent logistics, and CNC machine tools. The company has been focusing on core components such as reducer motors and reducers, aligning with the industry's trend towards integration [6][4].

Group 1: Company Overview - In 2024, the company's operating revenue was 976.343 million yuan, a decrease of 10.10% compared to the previous year [2] - The net profit attributable to shareholders was 72.5504 million yuan, down 0.82% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 58.2917 million yuan, an increase of 3.26% year-on-year [2] Group 2: Business Development - The revenue from humanoid robots is currently small, but the company is actively exploring market opportunities and enhancing R&D innovation [2] - The company has established connections and collaborations with several domestic main engine manufacturers [2] Group 3: Market Value Management - The company is committed to improving operational management and internal value as part of its market value management strategy [3] - The company plans to communicate with the capital market through multiple channels to convey value concepts and create stable returns for investors [3] Group 4: Product Strategy - The improvement in gross margins across the three main business segments is attributed to technological innovation and the development of high-value-added products [3] - The company aims to enhance product quality and technological content by introducing advanced technologies, thereby increasing customer loyalty and market share [3] Group 5: Future Plans - The company is considering various opportunities and plans for mergers and acquisitions or financing based on industry trends and overall strategic planning [3] - Any future plans that align with strategic directions will be disclosed in compliance with regulatory requirements [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 84.77 yuan [1]. Core Views - The company has shown a significant improvement in the gross margin of its reducers, demonstrating scalable precision manufacturing capabilities [1][7]. - In 2024, the company achieved a revenue of 976 million yuan, a year-on-year decrease of 10.10%, while the net profit attributable to shareholders was 72.55 million yuan, a decrease of 0.82% year-on-year [4][7]. - The company has a strong market position in small and micro gear motors and has made technological breakthroughs in precision reducers, competing effectively against foreign companies [8]. Financial Performance Summary - **Revenue and Profitability**: The company’s revenue is projected to recover to 1,084 million yuan in 2025, with a net profit of 89 million yuan, reflecting a year-on-year growth of 23.2% [6][10]. - **Gross Margin**: The gross margin for 2024 is reported at 25.9%, an increase of 3.02 percentage points year-on-year, indicating improved cost management [7][10]. - **Earnings Per Share (EPS)**: The EPS is expected to grow from 0.48 yuan in 2024 to 0.59 yuan in 2025, with further increases projected in subsequent years [6][10]. Product and Market Position - The company focuses on key components in the mechanical transmission and control application fields, with a product structure that includes reducers, gear motors, and intelligent actuators [8]. - The main products, including gear motors and precision reducers, have shown sales growth, with the precision reducer's gross margin increasing by 10.57 percentage points year-on-year [7][8]. - The company is actively expanding into humanoid robot components, positioning itself well in the growing market for robotics [8]. Financial Ratios and Projections - **Return on Equity (ROE)**: The ROE is projected to improve from 6.2% in 2024 to 8.7% by 2027, indicating enhanced profitability [10]. - **Debt Ratios**: The asset-liability ratio is expected to decrease from 28.3% in 2024 to 24.7% in 2027, reflecting a stronger balance sheet [10]. - **Cash Flow**: Operating cash flow is projected to be 131 million yuan in 2025, indicating healthy cash generation capabilities [11].