证券代码：002965 证券简称：祥鑫科技 公告编号：2025-016 祥鑫科技股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 03 月 31 日召开第四届董 事会第三十四次会议和第四届监事会第三十四次会议，审议通过了《关于使用部分闲置 募集资金暂时补充流动资金的议案》，同意公司在确保募集资金投资项目建设需求和募 集资金使用计划正常进行的前提下，使用部分闲置募集资金不超过人民币 5 亿元暂时补 充流动资金，使用期限自董事会审议通过之日起不超过 12 个月，到期前归还至募集资 金专用账户。现将具体事项公告如下： 一、募集资金的基本情况 （一）2020 年公开发行可转换公司债券 经中国证券监督管理委员会《关于核准祥鑫科技股份有限公司公开发行可转换公司 债券的批复》（证监许可[2020]2620 号）核准，公司向社会公众公开发行面值总额 647,005,400.00 元可转换公司债券，募集资金总额为人民币 647,005,400.00 元，扣除 发 ...

经与会监事审议并表决，形成了如下决议： （一）审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》 证券代码：002965 证券简称：祥鑫科技 公告编号：2025-015 祥鑫科技股份有限公司 第四届监事会第三十四次会议决议公告 本公司及监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、监事会会议召开情况 祥鑫科技股份有限公司（以下简称"公司"）第四届监事会第三十四次会议于 2025 年 03 月 31 日 14:30 在公司会议室以现场结合通讯表决方式召开，会议通知已于 2025 年 03 月 28 日以通讯方式送达全体监事。本次会议应出席监事 3 名，实际出席会议监事 3 名，其中监事李姗以通讯表决方式出席，由监事会主席张端阳女士主持，董事会秘书 列席了本次会议。本次会议的召开符合《公司法》《公司章程》等有关规定，决议合法 有效。 二、监事会会议审议情况 监事会认为：本次使用部分闲置募集资金暂时补充流动资金事项有利于公司的持续 发展，不存在改变或变相改变募集资金用途以及损害公司及股东利益的情形；本次使用 部分闲置募集资金暂时补充流动资金表决程序符合《上市 ...

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 证券代码：002965 证券简称：祥鑫科技 公告编号：2025-014 祥鑫科技股份有限公司 第四届董事会第三十四次会议决议公告 表决结果：同意 7 票，反对 0 票，弃权 0 票，该项议案获得通过。 三、备查文件 1、祥鑫科技股份有限公司第四届董事会第三十四次会议决议； 2、祥鑫科技股份有限公司 2025 年第一次独立董事专门会议决议。 特此公告。 祥鑫科技股份有限公司董事会 祥鑫科技股份有限公司（以下简称"公司"）第四届董事会第三十四次会议于 2025 年 03 月 31 日 14:30 在公司会议室以现场结合通讯表决方式召开，会议通知已于 2025 年 03 月 28 日以通讯方式送达全体董事。本次会议应出席会议董事 7 名，实际出席会议 董事 7 名，其中刘伟、黄奕鹏、汤勇、王承志等 4 名董事以通讯表决方式出席，由董事 长陈荣先生主持，公司监事和有关高级管理人员列席了本次会议。本次会议的召开符合 《公司法》《公司章程》等有关规定，决议合法有效。 二、董事会会议审议情况 经与会董事 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 75 CNY based on a 30x PE for 2025 [6][7]. Core Viewpoints - The company is a leading manufacturer of precision components, actively expanding into new business areas while maintaining a strong foundation in traditional sectors [9][12]. - The company has shown robust revenue growth, particularly in the new energy vehicle (NEV) sector, with a compound annual growth rate (CAGR) of 106% from 2020 to 2023 [6][22]. - The company is well-positioned in high-growth potential sectors, including NEVs, energy storage, and communication equipment, with a focus on deepening relationships with leading customers and expanding internationally [6][12]. Summary by Sections Company Overview - Founded in 2004, the company specializes in precision stamping molds and metal structural components for NEVs, energy storage devices, and communication equipment [9][12]. - The company has over 500 patents and two provincial R&D centers, showcasing its commitment to technological innovation [9][14]. Financial Performance - The company reported total revenue of 4.29 billion CNY in 2022, with projections of 5.70 billion CNY in 2023 and 6.72 billion CNY in 2024, reflecting a year-on-year growth of 32.96% [6][18]. - Net profit attributable to shareholders is expected to reach 4.12 billion CNY in 2024, with a projected PE ratio of 28 [6][18]. Business Segments - NEV components have become the company's main product line, with revenue increasing from 4.18 billion CNY in 2020 to 36.74 billion CNY in 2023, accounting for 64.42% of total revenue [6][22]. - The energy storage segment has also seen significant growth, with a CAGR of 48% from 2020 to 2023, maintaining stable gross margins [6][22]. Technological Advancements - The company has developed advanced technologies, including the cold media direct cooling technology, which enhances heat dissipation efficiency for NEVs and energy storage systems [30][31]. - The company is focused on lightweight solutions and modular design capabilities, which are critical for the automotive industry [31][32]. Market Position and Strategy - The company has established strong partnerships with leading automotive manufacturers, including BYD and GAC Group, positioning itself as a key supplier in the NEV market [6][12]. - The international expansion strategy includes establishing production bases in Mexico and Thailand to cater to North American and Southeast Asian markets [6][12].

Investment Rating - The report assigns a "Recommended" rating to the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [6][8]. Core Insights - The company has signed strategic cooperation agreements with SANDU Intelligent and Wudi Electronics to enhance its presence in the humanoid robot sector and the new energy vehicle components market [4][5]. - The partnership with SANDU Intelligent focuses on developing key technologies and components for humanoid robots, leveraging SANDU's expertise in flexible operation technology [5]. - A joint technology innovation center will be established with the Guangdong Academy of Sciences to facilitate the development of intelligent solutions for humanoid robots, covering various aspects from R&D to production [5]. Financial Forecast - The company is projected to achieve revenues of 67.16 billion, 85.33 billion, and 110.12 billion RMB for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.8%, 27.0%, and 29.1% [6][8]. - The net profit attributable to the parent company is expected to be 3.82 billion, 5.13 billion, and 6.98 billion RMB for the same years, with corresponding PE ratios of 30x, 22x, and 17x [6][8]. - The revenue breakdown indicates significant growth in the new energy business, with projections of 45.13 billion, 56.17 billion, and 67.46 billion RMB from 2024 to 2026 [9].

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-013 祥鑫科技股份有限公司 关于签订战略合作协议的自愿性信息披露公告 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。 特别提示： 1、本次公司与合作方签订的战略合作协议属于框架性协议，具体实施过程尚存在 不确定性，敬请广大投资者谨慎决策，注意投资风险。 2、本次签订战略合作协议不会对公司本年度经营业绩构成重大影响。 一、协议签署概况 祥鑫科技股份有限公司（以下简称"公司"）近日分别与三度（佛山）智能科技有 限公司（以下简称"三度智能"）、深圳市武迪电子科技有限公司（以下简称"武迪电 子"）签订了《人形机器人关键零部件战略合作协议》和《新能源汽车关键零部件战略 合作协议》。为加强企业间的合作，促进技术创新，加快科技成果转化，经平等协商， 公司与三度智能围绕"人形机器人关键技术"、与武迪电子围绕"新能源汽车关键零部 件"建立战略合作关系并开展深度合作，以推动产业发展。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》等有关规定，本 ...

Group 1 - The core viewpoint of the article is that Xiangxin Technology has signed strategic cooperation agreements with three-dimensional (Foshan) Intelligent Technology Co., Ltd. and Shenzhen Wudi Electronic Technology Co., Ltd. to enhance its capabilities in humanoid robots and new energy vehicles [1] - The strategic cooperation with SanDu Intelligent focuses on key technologies for humanoid robots, aiming to achieve complementary advantages and resource sharing [1] - The collaboration with Wudi Electronics is centered around key components for new energy vehicles, indicating a commitment to advancing the industry [1] Group 2 - The agreements aim to break through key technologies in humanoid robots and promote their application in various fields such as microbiology, semiconductors, automotive, and photovoltaic energy storage [1]

Group 1: Company Overview and Business Segments - Xiangxin Technology focuses on the development of new energy-related products, particularly in the fields of battery and photovoltaic energy storage [1] - The company has established partnerships with major domestic power battery manufacturers, securing orders for popular vehicle models [2] - The company’s automotive structural components serve mainstream automakers, including GAC Group, Geely, BYD, and NIO [1] Group 2: Future Development Plans - The company plans to expand its business into low-altitude economy, liquid-cooled servers, and humanoid robots, having already engaged with relevant clients [2][3] - Humanoid robots are identified as a key strategic direction, with the company providing comprehensive solutions from molds to structural components [4] - A joint technology innovation center has been established with the Guangdong Academy of Sciences to develop intelligent solutions for humanoid robots [4] Group 3: Client Engagement and Market Strategy - The company is in communication with clients in the robotics sector, but specific details are confidential due to non-disclosure agreements [5] - The company supplies various products to clients in communication, data centers, smart vehicles, and energy storage [6] - The company aims to enhance its technological research capabilities and expand its market share across different business segments [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the automotive and automotive parts industry [6]. Core Views - The company's core business in new energy structural components is stable, while its robotics segment is expected to provide new growth opportunities. The projected net profits for 2024-2026 are estimated at 382 million, 492 million, and 618 million yuan respectively, with a corresponding PE ratio of 28, 22, and 17 times for those years. The target price is set between 60.25 and 72.3 yuan, based on a 25-30 times PE valuation for 2025 [4][6]. Summary by Sections 1. Company Development and Market Position - The company has established a solid core technology system in the mold and metal structural components sector since its inception in 2004, expanding into automotive stamping molds and metal structural components in 2008. It has gradually accumulated experience in precision stamping mold production and R&D [1][13]. - The company has invested in a subsidiary in Mexico to further explore overseas markets [1]. 2. New Energy Vehicle Market Potential - The demand for stamping parts is increasing due to the rising penetration of new energy vehicles (NEVs) and the trend towards automotive lightweighting. Major clients include Geely and BYD, with projected sales growth of 24.5% and 17% respectively by 2025 [2][48]. - The NEV market is expected to grow significantly, with sales projected to reach 1.5 million units for Geely and over 5 million units for BYD by 2025 [2][48]. 3. Robotics and Smart Manufacturing - The company has established a subsidiary focused on humanoid robotics and formed a strategic partnership with the Guangdong Academy of Sciences to develop key components for humanoid robots [3]. - The collaboration with Huawei in the robotics ecosystem is anticipated to create new opportunities for the company [3]. 4. Financial Performance and Projections - The company has shown strong revenue growth, with projected revenues of 7.03 billion, 8.75 billion, and 10.98 billion yuan for 2024-2026, reflecting growth rates of 23.31%, 24.42%, and 25.51% respectively [5]. - The net profit for 2024 is expected to be 381.82 million yuan, with a slight decline projected for 2025 before rebounding in 2026 [5]. 5. Industry Trends and Customer Base - The NEV market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 60.55% from 2019 to 2024, and the penetration rate expected to reach 40.93% by 2024 [36]. - The company has established long-term partnerships with leading battery manufacturers, contributing to its revenue growth [51]. 6. Strategic Collaborations and Market Expansion - The company has formed partnerships with international leaders in the energy storage and photovoltaic sectors, enhancing its market position and order acquisition capabilities [61]. - The expansion into digital infrastructure and data centers is also a focus, with the company supplying key components to major domestic players [67].

公司报告 | 首次覆盖报告 祥鑫科技（002965） 证券研究报告 新能源结构件业务稳固，机器人打开成长空间 深耕模具及金属结构件领域，重点布局新能源赛道 公司深耕模具及金属结构件领域，形成了独立的核心技术体系。2004 年， 公司成立，从事打印机、复印件等五金件加工。2008 年，公司进军汽车冲 压模具及金属结构件，逐步积累精密冲压模具的生产经验和研发精密冲压 模具新技术，产品逐步覆盖汽车、储能光伏、通信三大领域。2021 年，公 司为进一步开拓海外市场，与全资子公司东莞市骏鑫金属制品有限公司在 墨西哥投资设立子公司。 坐拥新能源车赛道，结构件&动力电池行业前景广阔 随着新能源汽车在整车市场的渗透率不断提高以及汽车轻量化趋势的加 深，新能源汽车对冲压件的需求也在不断提升。公司新能源汽车业务下游 主要客户包括吉利汽车、比亚迪，客户销量持续高增。吉利汽车 2025 年目 标销量 271 万辆，较 24 年销量增长 24.5%；其中新能源汽车销量目标为 150 万辆，较 24 年销量大幅增长近 70%。比亚迪 2025 年销量目标为突破 500 万辆，较 24 年销量增长 17%。根据吉利与比亚迪的 2025 年 ...