证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2024-035 | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------|----------------------------------------------------------|-------|----------------| | | | | | | | | 特定对象调研 □分析师会议 | | | | | 投资者关系活动类 | □媒体采访 □新闻发布会 □路演活动 | □业绩说明会 | | | | 别 | □现场参观 | | | | | | 其他 （电话会议） | | | | | | | | | | | 参与单位名称及人 员姓名 | | 东吴证券：刘力宇；国君资管：丁仲元、金润、张炳炜、景健； | | | | 时间 | 2024 年 11 月 8 日 | | | | | 地点 | 公司会议室 | | | | | 上市公司接待人员 | | | | | | 姓名 | 董事会 ...

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2024-034 | --- | --- | --- | --- | --- | --- | |-----------------------------|--------------------------------------------|-------|-------|-------|--------------------------------------------------------| | | | | | | | | | 特定对象调研 □分析师会议 | | | | | | | □媒体采访 | | | | | | 投资者关系活动类 别 | □新闻发布会 □路演活动 | | | | | | | 现场参观 | | | | | | | 其他 （电话会议） | | | | | | 参与单位名称及人 | | | | | 甬兴证券：王琎、狄德华；泽添基金：戎君君；量利投资：林 | | 员姓名 | 杰、董晗；易方达：王司南；中信证券：陈彦龙 | | | | | | 时间 | 2024 年 11 月 7 日 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and new product developments [6] Core Views - The company's micro-motor products have broad incremental application prospects, with 24Q3 revenue increasing by 9.01% quarter-over-quarter [3] - Despite a year-over-year decline in 24Q3 revenue (-8.69%) and net profit (-18.39%), the company has developed multiple motor varieties for the four-door two-cover field, indicating significant market potential [3] - The company's profitability is under pressure, with a 24Q3 gross margin of 33.94% (down 3.34pct year-over-year) and a net margin of 19.85% (down 2.36pct year-over-year) [3] - The company's ADAS cleaning system is expected to accelerate penetration, with new motor projects entering mass production and overseas factories progressing [3] Financial Performance - For the first three quarters of 2024, the company achieved revenue of approximately 704 million yuan, a year-over-year increase of 6.30%, and net profit attributable to the parent company of 164 million yuan, up 8.96% year-over-year [2] - 24Q3 revenue was approximately 241 million yuan, with a net profit of 48 million yuan [3] - The company's 24Q3 operating expense ratio was 10.79%, with sales/management/R&D/financial expense ratios changing by +1.02pct/-0.53pct/-0.30pct/+2.22pct quarter-over-quarter [3] Growth Prospects - The company's revenue is expected to grow to 1.04 billion, 1.18 billion, and 1.35 billion yuan in 2024, 2025, and 2026, respectively, with year-over-year growth rates of 12.1%, 13.9%, and 14.7% [4] - Net profit attributable to the parent company is forecasted to reach 220 million, 259 million, and 302 million yuan in 2024, 2025, and 2026, with growth rates of 9.1%, 17.4%, and 16.8%, respectively [4] - The company's PE ratios for 2024-2026 are projected at 29.0x, 24.7x, and 21.1x, respectively [4] Industry and Product Development - The company's motor products are in the penetration phase, with significant room for customer expansion and market growth [3] - The company is collaborating with German company Lenze on drum motor products, which are expected to enter mass production and be applied in automotive, industrial automation, and humanoid robot scenarios [3] - The company's ADAS cleaning products have secured some customer orders, with more incremental models expected to enter the order cycle [3] Valuation and Financial Ratios - The company's EPS for 2024-2026 is projected to be 2.76, 3.23, and 3.78 yuan, respectively [5] - The company's ROE for 2024-2026 is expected to be 16.7%, 16.4%, and 16.1%, respectively [5] - The company's gross margin is forecasted to improve from 36.7% in 2024 to 38.2% in 2026, with net margins of 21.3%, 21.9%, and 22.3% over the same period [9]

证券研究报告·公司点评报告·汽车零部件 恒帅股份（300969） 2024 年三季报点评：2024Q3 业绩暂时承压， 微电机龙头成长可期 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 738.76 | 923.37 | 1,012.26 | 1,265.06 | 1,564.08 | | 同比（ % ） | 26.40 | 24.99 | 9.63 | 24.97 | 23.64 | | 归母净利润（百万元） | 145.53 | 202.10 | 226.15 | 282.29 | 347.60 | | 同比（ % ） | 25.90 | 38.87 | 11.90 | 24.82 | 23.14 | | E ...

恒帅股份（ [Table_StockNameRptType] 300969） | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

简要的这个介绍首先是收入端的本季度的话收入端环比是有增长的因为二季度的收入应该在2.2亿左右然后到三季度恢复到2.4个亿多亿但是同比的话是有一些下降的去年同季度应该做到2.6亿左右有一个比较可信的原因是 那去年三季度呢有一块电机的业务是量产爬坡很快的特别特别特别快是那个充电闪门代表那个产品它是在三季度比较集中的方向爬坡所以去年三季度有这个因素所以比较高今年呢有一个因素是在清洗这块业务呢我们短期的成压是比较大的所以你看二季度我们这块收入其实有一定的下滑 就是才做到2.2其中有一个因素就是因为清洗系统这边今年受到的压力会比较大所以收入端是有受到一些影响到三季度的时候这一块有一些恢复所以从环比的角度三季度是有在收入端是有业绩回升的然后其中有一个比较根源的因素也是因为清洗这块业务恢复的比较快 就是有一定的恢复相比二季度而言所以那个今年三季度就是房地有收入端有一个提升然后今年三季度呢有一些电机的新品也是开始爬坡但目前呢可能那个短期的量还没有爬得特别大所以三季度的贡献还不是特别的显著这是在收入端的一个情况 然后在利润端其实整个三季度应该算表现得特别好利润端我们指三季度达到四千八百万左右然后这个同行比都有一定的下滑这主要的 ...

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2024-033 | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------|----------------------------------------------------------|-----------|--------------------------| | | | | | | | | 特定对象调研 □分析师会议 | | | | | 投资者关系活动类 | □媒体采访 □新闻发布会 □路演活动 | □业绩说明会 | | | | 别 | 现场参观 | | | | | | □其他 | | | | | | | 国泰基金：陈亚琼、程瑶、罗众求、智健、陈逸锟；国金证券： | | | | 参与单位名称及人 员姓名 | 蒋浩然 | | | | | 时间 | | | | | | 地点 | 2024 年 10 月 31 日 | | | | | | 公司会议室 | | | | | 上市公司接 ...

Financial Performance - In the first three quarters of 2024, the company's operating income reached **XX million yuan**, representing a year-on-year growth of **6.30%** [1] - The net profit attributable to shareholders was **XX million yuan**, an increase of **8.96%** year-on-year [1] - The net profit after deducting non-recurring gains and losses grew by **9.82%** [1] Product Development and Market Position - The company has a strong vertical integration strategy in its cleaning system business, allowing for in-house production of key components such as cleaning pumps and nozzles [1] - The company is recognized as a hidden champion in the cleaning pump sector, with a high global market share and a solid reputation among end customers [2] - The company is actively expanding its ADAS (Advanced Driver Assistance Systems) cleaning system customer base, with products already adapted for clients like Waymo and Meituan [2] Overseas Operations - The U.S. factory is in the ramp-up phase for certain projects, but profitability is expected to be challenging in the short term [3] - The Thailand facility is anticipated to achieve profitability more quickly due to lower asset burdens and efficient capacity expansion [3] Future Investment Plans - Future investments will focus on new projects, including a new automotive parts production base in Thailand, with an annual output of **19.54 million** automotive micro-motors [3] - The company plans to adjust its investment strategy based on performance and market conditions [3] Pricing Strategy and Market Competition - The automotive industry remains competitive, leading to pricing pressures on the company's cleaning system business, primarily serving OEMs [3] - The company employs two pricing strategies: annual reductions and one-time discounts to maintain market share [3] - Despite short-term margin pressures, the company expects absolute growth in revenue and profit [3]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has demonstrated steady business development and is continuously advancing its global layout, with a revenue of 700 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6% [1]. - The net profit attributable to the parent company for the same period reached 160 million yuan, up 9% year-on-year [1]. - In Q3 2024, the company reported a revenue of 240 million yuan, which is a 9% increase quarter-on-quarter but a 9% decrease year-on-year [1]. - The company is well-positioned in the automotive supply chain, serving major clients such as BMW, Honda, and BYD, and has established production bases in various locations including the US and Thailand [1]. Financial Performance - For Q1-Q3 2024, the company's gross margin was 35.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 23.2%, an increase of 0.6 percentage points year-on-year [2]. - In Q3 2024, the gross margin was 33.9%, down 3 percentage points year-on-year, and the net profit margin was 19.9%, down 2 percentage points year-on-year [2]. - The financial expenses for Q3 2024 amounted to 860,000 yuan, a significant increase from the previous quarter, primarily due to foreign exchange losses [2]. Growth Prospects - The company is capitalizing on the growing demand for ADAS intelligent cleaning systems and has made significant advancements in the development of humanoid robots, which are expected to open new market opportunities [3]. - The forecasted net profits for 2024-2026 are 220 million, 270 million, and 350 million yuan respectively, corresponding to PE ratios of 26, 22, and 17 times [3]. Financial Metrics - The projected revenue for 2024 is 988 million yuan, with a growth rate of 7% year-on-year, and the net profit is expected to be 222 million yuan, reflecting a 10% year-on-year increase [4]. - The earnings per share (EPS) for 2024 is estimated at 2.78 yuan, with a net asset return rate of 17.3% [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 28.6 in 2023 to 26.0 in 2024, indicating a favorable valuation trend [4].

证券代码：300969 证券简称：恒帅股份 公告编号：2024-060 宁波恒帅股份有限公司 第二届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 宁波恒帅股份有限公司（以下简称"公司"）第二届董事会第十九次会议于 2024 年 10 月 29 日在公司会议室以现场的方式召开。会议通知于 2024 年 10 月 24 日以电子邮件与电话相结合的方式发出。本次会议由公司董事长许宁宁先生 召集并主持，会议应到董事 5 名，实到董事 5 名，本次会议召集和召开程序及参 会人员符合《公司法》及《公司章程》的规定，表决所形成决议合法、有效。公 司监事、高级管理人员列席了会议。 二、董事会会议审议情况 宁波恒帅股份有限公司董事会 2024 年 10 月 30 日 1、审议通过了《关于 2024 年第三季度报告的议案》 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《2024 年第三季度报告》。 本项议案已经公司董事会审计委员会审议通过。 表决结果：5 票同意，0 票反对，0 票弃权。 三、 ...