Investment Rating - The report gives a "Buy" rating for the company, Zhenyu Technology, with a target price of 137.62 CNY [5]. Core Insights - Zhenyu Technology has a strong technical foundation and robust business growth, focusing on precision progressive stamping molds and downstream precision components, particularly in the fields of home appliances and automotive parts [1][12]. - The company has shown significant revenue growth, with a 30.64% year-on-year increase in revenue to 3.13 billion CNY in the first half of 2024, and a remarkable 276.35% increase in net profit to 130 million CNY [2][17]. - The company is expanding into the robotics market, leveraging its expertise in precision components to meet the needs of humanoid robots [3][4]. Summary by Sections Company Overview - Zhenyu Technology specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision components, with a strong manufacturing system and technical expertise [1][12]. - The company has established long-term relationships with high-quality clients such as Gree, Midea, BYD, and CATL, enhancing its market position [15][16]. Precision Progressive Stamping Mold Business - The precision progressive stamping mold business is experiencing steady growth, with a focus on high-quality, customized molds for various industries, including home appliances and automotive [23][25]. - The company has a mature production model that emphasizes customization and efficiency, allowing it to maintain a competitive edge in the market [25][32]. Lithium Battery Structural Components - Zhenyu Technology's lithium battery structural components business has seen significant growth, with revenue reaching 3.266 billion CNY in 2023, driven by strong demand in the new energy vehicle sector [35][39]. - The company has established partnerships with leading battery manufacturers, enhancing its market presence and revenue share [40][41]. Electric Motor Core Technology - The electric motor core business is a key area of growth, with the company leveraging its advanced stamping technology to produce high-quality components for various applications [46][48]. - Continuous innovation in production processes, such as the development of adhesive core technology, positions the company favorably in the high-end automotive market [50].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 145.14 CNY, based on a projected EPS of 2.22, 3.54, and 4.51 CNY for 2024-2026, respectively, and a reference PE of 41 times for 2025 [2][4][128]. Core Insights - The company is a leader in precision progressive stamping molds, leveraging its expertise to capture opportunities in the humanoid robot sector. The new management team is expected to revitalize growth, with a projected net profit of 220-280 million CNY in 2024, marking a significant year-on-year increase of 414.39%-554.68% [7][14]. - The company has successfully expanded its business model from mold manufacturing to downstream components, including motor cores and precision structural parts for lithium batteries, aligning with the growth of the new energy vehicle market [7][14]. - The company is investing in its subsidiary, Martin Robotics, to develop precision components for humanoid robots, with an investment of up to 120 million CNY planned [7][107]. Financial Summary - The company's revenue for 2022 was 5,752 million CNY, with a projected increase to 7,117 million CNY in 2024, reflecting a growth rate of 18.2% [3][126]. - The gross margin is expected to improve from 12.3% in 2022 to 15.1% by 2026, driven by cost control and increased automation [3][126]. - The net profit margin is projected to rise from 1.8% in 2022 to 4.9% in 2026, indicating improved profitability [3][126]. Business Segments - **Mold Business**: The core business, contributing significantly to revenue, is expected to maintain a high gross margin of over 50% due to customized production [30][126]. - **Motor Cores**: This segment is projected to see revenue growth driven by the increasing demand from the new energy vehicle sector, with a gross margin of around 16.6% [31][126]. - **Lithium Battery Components**: The fastest-growing segment, with expected revenue growth rates of 30.1% in 2024, benefiting from the rising demand for electric vehicles [31][126]. Industry Context - The precision mold industry is experiencing robust growth, driven by the increasing demand for high-precision components in various sectors, including automotive and electronics [39][46]. - The electric vehicle market is a key driver for the motor core and lithium battery components, with significant growth expected in the coming years as the industry shifts towards more efficient and sustainable technologies [58][64]. - The company is well-positioned to capitalize on these trends, leveraging its technological advantages and established customer relationships to enhance its market share [7][14].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [8]. Core Insights - The company is expected to achieve its best historical performance in 2024, with a significant recovery in profits driven by increased sales orders and enhanced production automation [4][5]. - The projected net profit for 2024 is estimated to be between 220 million to 280 million yuan, representing a year-on-year growth of 414.39% to 554.68% [3]. - The company has successfully turned around its lithium battery structural components business, benefiting from automation improvements and strategic partnerships with major clients [5][6]. Summary by Sections Market Performance - As of January 22, 2025, the closing price is 118.26 yuan, with a year-to-date high of 123.00 yuan and a low of 29.83 yuan [2]. Financial Forecast - The company anticipates revenues of 7.44 billion yuan in 2024, with a year-on-year increase of 23.7% [9]. - The projected net profits for 2024, 2025, and 2026 are 2.61 billion, 4.10 billion, and 6.11 billion yuan, respectively, with corresponding P/E ratios of 53.2, 33.8, and 22.7 [8][10]. Business Segments - The lithium battery structural components segment is expected to contribute nearly 60% of total revenue, with a year-on-year growth of 30% [4]. - The motor core segment saw a shipment increase of over 30%, although revenue decreased by 10% due to raw material price drops [4]. - The mold segment achieved close to 300 million yuan in revenue, reflecting a 33% year-on-year increase [4]. New Business Developments - The company has established a subsidiary focused on humanoid robot precision components, with small-scale production already initiated [6]. - Plans are in place to expand production capacity with the construction of a second semi-automated production line expected to be operational in Q1 2025 [7]. Strategic Partnerships - The company has formed stable partnerships with leading clients in the electric vehicle and industrial motor sectors, enhancing its market position [7].

Core Viewpoint - Zhenyu Technology (300953) expects a significant increase in net profit attributable to shareholders for 2024, projecting between 220 million to 280 million yuan, representing a year-on-year growth of 414.39% to 554.68% [1] Group 1 - The company has been executing its operational plans in an orderly manner during the reporting period [1] - There has been a continuous increase in sales orders, indicating strong demand for the company's products [1] - The company is enhancing its technological research and innovation, which is expected to contribute to its growth [1] Group 2 - Zhenyu Technology is improving its production automation levels, which is likely to lead to greater efficiency [1] - The company is focusing on cost reduction and efficiency enhancement to boost overall economic performance [1]

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： | 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-007 | | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | 宁波震裕科技股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 被动稀释的公告 自 2025 年 1 月 16 日至 2025 年 1 月 17 日期间，"震裕转债"累计转股 1,177,476 股，公司总股本增加至 117,125,590 股（包含回购股份数量，将用于实 施员工持股计划或者股权激励）。本次持股比例变动前，控股股东、实际控制人 及其一致行动人持有股份 57,202,850 股，占公司总股本的比例为 49.3349%。因 上述转股事项导致公司总股本增加，控股股东、实际控制人及其一致行动人持股 比例被动稀释至 48.8389%，持股比例被动稀释了 0.4960%。 二、其他相关说明 1、本次控股股东、实际控制人及其一致行动人持股比例被动稀释系公司可 转债转股，公司总股本增加所致，不涉及向市场减持，不触及要约收购，未 ...

Financial Projections - The estimated net profit for 2024 is projected to be between 220 million and 280 million CNY, representing a year-on-year increase of 414.39% to 554.68% compared to 42.77 million CNY in the previous year[4] - The estimated net profit after deducting non-recurring gains and losses is projected to be between 200 million and 250 million CNY, indicating a year-on-year increase of 2,174.05% to 2,742.56% compared to 8.79 million CNY in the previous year[4] Reasons for Profit Increase - The main reasons for the profit increase include orderly execution of the business plan, continuous growth in sales orders, and enhanced production automation through increased investment in technology and innovation[6][7]

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-005 | | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | 宁波震裕科技股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 被动稀释超过 5%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。 特别提示： 1、宁波震裕科技股份有限公司（以下简称"公司"）控股股东、实际控制 人蒋震林先生、洪瑞娣女士及其一致行动人宁波震裕新能源有限公司、宁波聚信 投资合伙企业（有限合伙）（以下简称"控股股东、实际控制人及其一致行动人"） 本次持股比例被动稀释超过 5%系可转换公司债券（以下简称"可转债"）转股， 公司总股本增加所致。 2、本次控股股东、实际控制人及其一致行动人持股比例被动稀释超过 5%， 不会使公司控股股东、实际控制人发生变化，亦不会对公司治理结构及持续经营 产生重大影响。 一、本次持股比例变动情况 经中国证券监督管理委员会《关于同意宁波震裕科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1995 号）同意注册 ...

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-004 | | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | 宁波震裕科技股份有限公司 关于震裕转债转股数额累计达到转股前公司已发行股 份总额 10%的公告 一、可转债基本情况 简称"震裕转债"，债券代码"123228"。 （一）可转债发行情况 经中国证券监督管理委员会《关于同意宁波震裕科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1995 号）同意注册， 公司于 2023 年 10 月 20 日向不特定对象发行了 11,950,000 张可转债，每张面值 为人民币 100 元，按面值发行，发行总额为人民币 119,500.00 万元。本次向不特 定对象发行的可转债向公司在股权登记日收市后登记在册的原股东优先配售，原 股东优先配售后余额部分（含原股东放弃优先配售部分）通过深交所交易系统网 上向社会公众投资者发行，认购金额不足 119,500.00 万元的部分由主承销商余额 包销。本次发行可转债募集资金由中汇会计师事务所（特殊普通合伙）进行验资， 并出具了《验资报告》（中 ...

宁波震裕科技股份有限公司 关于债券持有人可转债持有比例变动达到 10%的公告 债券持有人陕西省国际信托股份有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与债券持有人提供的信息一 致。 | 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 近日，公司收到陕西省国际信托股份有限公司的通知，获悉陕西省国际信托股 份有限公司-陕国投·金玉 250 号证券投资集合资金信托计划（以下简称"信托计 划"）于 2025 年 1 月 14 日至 2025 年 1 月 15 日期间通过大宗交易方式合计减持 "震裕转债"4,350,000 张，占本次债券发行总量的 36.40%。 | | 本次减 | 本次减持 | | | | 本次减持 | | --- | --- | --- | --- | --- | --- | --- | | 持有人 | 持前持 | 前持有数 | 本次减持 | 本次减持数量 | 本次减持后 | ...

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-002 | | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | 宁波震裕科技股份有限公司 关于股票交易异常波动的公告 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。 特别提示： 1、宁波震裕科技股份有限公司连续 3 个交易日（2025 年 1 月 8 日至 2025 年 1 月 10 日）内收盘价格涨幅偏离值累计超过 30%，根据深圳证券交易所的有 关规定，属于股票交易异常波动的情况。 2、公司预计将于 2025 年 4 月 22 日披露《2024 年年度报告》，目前正在进 行 2024 年度财务决算，如经公司测算达到《深圳证券交易所创业板股票上市规 则》规定的业绩预告有关情形的，公司将按照规定及时披露 2024 年年度业绩预 告。公司未向除为公司审计的会计师事务所以外的第三方提供未公开的年度业绩 信息。 3、经公司自查并向控股股东、实际控制人书面发函查证，截至本公告披露 日，不存在应披露而未披露的重大事项或重大信息。 4、股价严重偏离合理估值的风险。截至 ...