Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant revenue increase of 31.21% year-on-year for 2024, reaching 2.397 billion yuan, with a net profit growth of 52.81% to 224 million yuan [1] - In Q1 2025, the company achieved a revenue of 606 million yuan, reflecting a year-on-year growth of 7.06%, and a net profit of 59 million yuan, up 11.41% year-on-year [2] - The company is expanding its robotics business, focusing on advanced technologies such as dexterous hands and harmonic reducers, and has established a subsidiary to enhance its capabilities in humanoid robotics [3] Financial Summary - The company forecasts revenues of 3.44 billion yuan, 4.41 billion yuan, and 5.47 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.4%, 28.3%, and 23.9% [4] - Expected net profits for the same years are projected at 331 million yuan, 435 million yuan, and 530 million yuan, with growth rates of 47.5%, 31.5%, and 21.9% [4][9] - The company's earnings per share (EPS) is expected to increase from 0.97 yuan in 2024 to 2.29 yuan in 2027 [11]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.9 CNY for 2025, based on a 40x PE valuation [3][6]. Core Insights - The company reported a strong performance in 2024, achieving a revenue of 2.397 billion CNY, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million CNY, up 52.81% year-on-year [1][2]. - The growth in revenue was driven by various business segments, with EGR, new energy, and stamping parts generating revenues of 729 million CNY, 1.034 billion CNY, and 421 million CNY, respectively, reflecting year-on-year growth rates of 30%, 29%, and 43% [2]. - The company has made significant advancements in the humanoid robot sector, focusing on key components such as dexterous hands and harmonic reducers, indicating potential for future growth [3]. Financial Summary - In 2024, the company achieved a gross margin of 17.95%, an increase of 0.16 percentage points year-on-year, and a net margin of 9.57%, up 1.43 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 3.402 billion CNY, 4.456 billion CNY, and 5.596 billion CNY, with corresponding net profits of 306 million CNY, 425 million CNY, and 562 million CNY, indicating a robust growth trajectory [4][12]. - The company’s net asset return is expected to improve from 12.31% in 2024 to 19.20% by 2027, showcasing enhanced profitability [4][12].

向特定对象发行股票之持续督导保荐总结报告书 隆盛科技持续督导项目 保荐总结报告书 招商证券股份有限公司关于 无锡隆盛科技股份有限公司 隆盛科技持续督导项目 保荐总结报告书 | 保荐结构名称 | 招商证券股份有限公司 | | --- | --- | | 保荐机构编码 | Z27174000 | 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为无锡 隆盛科技股份有限公司（以下简称"隆盛科技"、"公司"）2021 年度向特定 对象发行股票的保荐机构，负责本次发行股票后的持续督导工作，持续督导期间 自隆盛科技本次发行的股票上市之日起至 2024 年 12 月 31 日（以下简称"持续 督导期"）。 招商证券根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板 股票上市规则》等法规、规范性文件相关要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总 ...

招商证券股份有限公司 关于无锡隆盛科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：隆盛科技 | | --- | --- | | 保荐代表人姓名：王靖韬 | 联系电话：0755-82943666 | | 保荐代表人姓名：梁石 | 联系电话：0755-82943666 | 一、保荐工作概述 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原 因及解决措施 | | --- | --- | --- | | 1、控股股东、实际控制人关于股份减持的承诺 | 是 | 不适用 | | 2、控股股东、实际控制人关于同业竞争、关联交 易、资金占用方面的承诺 | 是 | 不适用 | | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | ...

Financial Performance - The company's revenue for Q1 2025 was CNY 605,783,627.37, representing a 7.06% increase compared to CNY 565,815,996.15 in the same period last year[5] - Net profit attributable to shareholders was CNY 58,668,946.25, up 11.41% from CNY 52,661,551.03 year-on-year[5] - The basic earnings per share increased to CNY 0.2540, reflecting an 11.45% rise from CNY 0.2279 in the previous year[5] - Total operating revenue for the current period reached ¥605,783,627.37, an increase of 7.3% compared to ¥565,815,996.15 in the previous period[22] - Net profit for the current period was ¥60,774,844.71, representing a growth of 14.5% from ¥53,151,365.17 in the previous period[23] - The company's operating profit increased to ¥68,932,219.22, compared to ¥60,339,814.03, marking a rise of 14.0%[23] - The total comprehensive income for the period was CNY 60,774,844.71, compared to CNY 53,106,757.04 in the previous period, representing an increase of approximately 14.1%[24] - The net income attributable to the parent company was CNY 58,668,946.25, up from CNY 52,634,786.15, indicating a growth of about 11.4%[24] - Basic and diluted earnings per share increased to CNY 0.2540 from CNY 0.2279, reflecting a rise of approximately 11.5%[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,078,265,011.11, a 1.96% increase from CNY 3,999,757,536.93 at the end of the previous year[5] - Total liabilities increased to ¥2,049,835,457.65 from ¥1,998,770,842.10, reflecting a rise of 2.6%[20] - The company's equity attributable to shareholders rose to ¥1,953,070,824.01, compared to ¥1,927,733,863.84, an increase of 1.3%[20] Cash Flow - The net cash flow from operating activities was negative at CNY -42,888.05, a significant decline of 100.06% compared to CNY 75,735,686.42 in the same period last year[5] - Cash inflows from operating activities totaled CNY 497,287,867.76, compared to CNY 438,653,834.22 in the previous period, marking an increase of about 13.3%[27] - Cash outflows from operating activities were CNY 497,330,755.81, up from CNY 362,918,147.80, resulting in a net cash flow from operating activities of CNY -42,888.05, a significant decline from CNY 75,735,686.42[27] - The net increase in cash and cash equivalents for the period was CNY 66,168,452.11, contrasting with a decrease of CNY 102,095,717.26 in the previous period[27] - The ending balance of cash and cash equivalents was CNY 340,113,524.02, compared to CNY 227,235,790.41 at the end of the previous period, representing an increase of approximately 49.6%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,690, with the largest shareholder holding 21.26% of the shares[10] - The company has repurchased a total of 1,028,100 shares, representing 0.45% of the total share capital, with a total expenditure of ¥33,329,277[16] - The company’s major shareholders include Ni Maosheng and Ni Ming, who are related, with significant holdings of 12,279,253 and 4,692,543 shares respectively[14] - The company’s stock repurchase program had a maximum transaction price of ¥39.36 per share and a minimum of ¥27.15 per share, reflecting a strategic approach to enhance shareholder value[16] Tax and Other Income - The company reported a 46.40% increase in taxes and surcharges, amounting to CNY 255.02, due to higher revenue[9] - The company recorded a 66.56% increase in other income, amounting to CNY 880.67, attributed to increased VAT deductions[9] - The company reported a significant increase in tax expenses, which rose to ¥14,393,498.20 from ¥12,794,315.81, reflecting an increase of 12.5%[20] Investment and Expenses - Investment income surged by 935.86% to CNY 279.39, compared to CNY 26.97 in the previous year, driven by increased dividend income from financial products[9] - Research and development expenses were ¥21,726,520.04, up from ¥19,080,186.81, indicating an increase of 13.9%[23] - Total operating costs amounted to ¥553,788,696.59, up from ¥510,899,937.05, reflecting a rise of 8.4%[22] Other Financial Metrics - The company's accounts receivable decreased to ¥800,422,129.13 from ¥834,661,800.01, indicating a reduction of about 4.1%[18] - The company’s accounts receivable notes decreased significantly from ¥20,352,619.24 to ¥10,300,155.68, a decline of approximately 49.3%[18] - The company’s total restricted shares at the end of the period were 51,877,938, down from 58,329,814, indicating a reduction in locked shares[15] - The company’s trading financial assets increased slightly to ¥336,209,400.31 from ¥332,155,703.87, showing a marginal growth of about 1.6%[18] - The company experienced a 372.22% increase in prepayments, totaling CNY 8,092.90, indicating a rise in material purchases[9]

Group 1 - The core point of the article is that Longsheng Technology (300680) reported a revenue of 606 million yuan in the first quarter of 2025, reflecting a year-on-year growth of 7.06% [1] - The net profit for the same period was 58.6689 million yuan, which represents a year-on-year increase of 11.41% [1]

无锡隆盛科技股份有限公司 2025 年第一季度报告披露的提示性公告 证券代码：300680 证券简称：隆盛科技 公告编号：2025-023 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。 董事会 2025年4月26日 无锡隆盛科技股份有限公司《2025 年第一季度报告》已于 2025 年 4 月 26 日在巨 潮资讯网(www.cninfo.com.cn)上披露，敬请投资者注意查阅。 特此公告。 无锡隆盛科技股份有限公司 ...

Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, a 29.88% increase year-on-year [5] - The company is gradually improving its layout in the humanoid robot sector, with its second-generation humanoid robot capable of precise positioning and dual-arm collaborative operations [5][6] Financial Summary - For 2024 Q4, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3] - The company's net profit margin for 2024 Q4 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Market Data - The current stock price is 36.43 yuan, with a market capitalization of approximately 8.416 billion yuan [3] - The stock has a 52-week price range of 13.31 to 49.50 yuan, indicating significant volatility [3] Growth Potential - The company is expected to benefit from the launch of new products in 2025, including the AITO M8 and Xiaomi YU7, which are anticipated to drive growth in its motor core business [5] - Longsheng Technology's humanoid robot development is supported by its acquisition of key components, enhancing its competitive edge in the robotics market [5][6]

Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, up 29.88% year-on-year [5] - The human-shaped robot layout is gradually improving, with the second generation of the robot body "Lansen" capable of intelligent judgment and optimized execution, enhancing operational efficiency [5][6] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3][5] - The company's net profit margin in Q4 2024 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Business Segments - The EGR and injection systems business is a key growth driver, benefiting from increased sales from core customers such as BYD, Chery, and Geely, which has led to an increase in market share [5] - The new energy products segment generated 1.034 billion yuan in revenue, reflecting a year-on-year growth of 29.21%, with potential blockbuster products set to launch in 2025 [5] - The company is expanding its human-shaped robot capabilities, with core components being developed and integrated into its existing product lines, enhancing its competitive edge in the robotics sector [5][6]

Summary of Rongsheng Technology Conference Call Company Overview - Rongsheng Technology reported a revenue of approximately 2.32 billion yuan for 2024, with a basic earnings per share of about 1 yuan. Total assets and net assets showed steady growth. The three main business segments, EGR, motor cores, and precision manufacturing, all achieved significant growth, with the 1+2 segment and new energy business growing by about 30%, and precision components increasing by approximately 13% [1][2][5]. Key Business Segments Performance - **EGR and Natural Gas Nozzle Business**: - Revenue from the natural gas nozzle business was around 1 billion yuan in 2024, with the remainder coming from the EGR system [6]. - The EGR business saw a revenue target of 1 billion yuan for 2025, supported by stable natural gas market conditions and strong demand from commercial vehicles [12][13]. - **Motor Core Segment**: - The largest customer for the motor core segment is Tesla, generating nearly 400 million yuan in revenue, followed by United Microelectronics at about 300 million yuan, and others like Seres and Geely contributing significantly [17][20]. - By the end of 2024, the production capacity for motor cores reached 3.43 million sets, with actual sales at 2.25 million sets. The expected production capacity for 2025 is around 5 million sets, with actual shipments projected to exceed 3 million sets [20]. - **Precision Components**: - The precision components business grew by 43% in 2024, driven by components for the Longsheng system and motor core-related products [21]. New Business Developments - Rongsheng Technology is actively expanding into new business areas, particularly in aerospace satellites, low-altitude drones, and humanoid robots. The acquisition of Weian Intelligent is expected to enhance the humanoid robot industry chain, with significant advancements anticipated in 2025 [1][3][5]. - The Chongqing Rongsheng Maomao project has commenced production with an annual capacity of 200,000 semi-finished products, corresponding to nearly 300 million yuan in revenue. Plans are in place to increase production lines in the second half of 2025 to meet Seres' demand [4][5]. Customer Structure and Market Position - In 2024, the largest customer was BYD, contributing nearly 300 million yuan, followed by Bosch at about 100 million yuan, and Chery with revenues of approximately 40-50 million yuan [2][7][10]. - Rongsheng maintains a 50% share in BYD's supply chain, with expectations of revenue growth aligned with BYD's increasing sales volume [10]. Financial Performance and Projections - The company expects to maintain a rapid growth trajectory over the next three years, supported by its existing business segments and emerging fields like humanoid robotics and aerospace [5][30]. - The net profit margin for Rongsheng's new energy subsidiary was approximately 6.08% in 2024, with expectations for improvement as production capacity and sales increase [18][30]. Challenges and Considerations - Despite an increase in average prices, the gross margin has declined due to changes in product mix, with lower-margin products from clients like Chery affecting overall profitability [11]. - The company is optimistic about the natural gas nozzle market, anticipating significant growth driven by demand from commercial vehicles and new model platforms from clients like BYD and Chery [13][30]. Conclusion - Rongsheng Technology is positioned for substantial growth, leveraging its established business segments while exploring new opportunities in high-potential areas. The company's strategic initiatives and customer relationships are expected to drive future performance and profitability [31].