宁波波导股份有限公司2025年度业绩预告及监管工作函回复公告详解

宁波波导股份有限公司2025年度业绩预告监管工作函回复公告详细解读

一、2025年度业绩预告核心要点

营业收入大幅增长：公司预计2025年实现营业收入47,069.03万元，同比增长30.53%。主营业务包括手机及配件、车载模组、智能设备和模块加工，合计占总收入92.75%。手机及配件收入同比增长29.91%，车载模组增长75.57%，智能设备增长106.82%，模块加工增长22.87%。
收入结构变化：车载模组和智能设备业务占比大幅提升，车载模组占比上升至31.75%，智能设备提升至16.70%。境内收入占比上升至79.76%。
毛利率提升：综合毛利率为15.89%，较去年上升2.72个百分点。手机及配件毛利率提升至6.32%，智能设备毛利率提升至15.09%。但车载模组和模块加工毛利率略有下降，分别为19.42%和21.24%。
主要客户情况：各业务前五大客户均为行业内有实力企业，无经营异常，销售金额与经营规模匹配。手机及配件业务新增客户“波翼（深圳）智能电子有限公司”，车载模组业务新增客户2、3、5，智能设备业务新增重庆市巴南区木洞镇人民政府等。
主要供应商情况：前五大供应商经营正常，采购金额与经营规模匹配。部分新供应商因业务增长进入前五。
收入确认政策：2025年未发生变更，收入按“某一时点”确认，依据销售合同、验收单、报关单等。
营业收入扣除：合计扣除2,606.63万元，主要为材料销售、租赁收入及后勤服务收入，不具备主营业务实质。公司已按监管规定逐项核实扣除，无遗漏。

二、净利润及资产减值情况

归母净利润预计：600万元至800万元，同比增长35.53%。扣非后归母净利润预计为-650万元至-450万元，虽为负值，但较去年大幅改善。
利润变动原因：收入增长带动利润增长，但销售、管理、研发费用同步大幅提升（销售费用增长90.72%、研发费用增长53.38%），财务费用下降，投资收益减少，导致净利润增幅低于收入增幅。
资产减值：本期计提坏账损失90.18万元、存货跌价损失576.49万元，较上年减值金额有所减少，符合会计准则，无其他重大资产减值计提。

三、对股东及投资者的影响与关注点

业绩增长显著，收入结构优化：主营业务收入大幅增长，尤其是车载模组和智能设备业务，显示公司业务转型与市场拓展成效显著。
毛利率整体提升：毛利率上升有利于盈利能力改善，尤其手机及配件毛利率提升至行业可比水平。
费用增长需关注：销售、管理、研发费用大幅提升，若未来无法有效控制成本，或将影响利润释放。
资产减值风险降低：本期资产减值计提较去年减少，显示公司资产质量有所改善。
净利润改善但扣非后仍为负：净利润增长显著，但扣非后归母净利润仍为负，需持续关注公司主营业务盈利能力。
营业收入扣除项目透明：扣除项目明确且合理，无异常或虚假收入，符合监管要求，有利于公司财务透明度。
新客户、新供应商快速增长：部分新客户、新供应商进入前五，表明公司市场开拓能力增强，但需关注新客户、新供应商的持续合作稳定性。
会计师意见：会计师认为公司收入、毛利率变动合理，业务结构稳定，客户和供应商变动合理，收入确认政策未变，资产减值计提正常。

四、潜在影响与投资建议

公司主营业务收入与盈利能力均明显改善，市场前景看好，尤其智能设备与车载模组业务快速增长或带来估值提升。
费用增长及扣非后净利润为负需持续观察，若后续盈利能力进一步提升，将有望推动公司股价上涨。
营业收入扣除透明、资产减值风险降低，提升财务规范与透明度，有助于增强投资者信心。
建议投资者密切关注公司后续年报披露及审计结果，关注新业务和新客户持续性及费用管控情况，适时调整投资决策。

免责声明

本文仅为信息解读，不构成投资建议。投资者需结合自身风险承受能力，审慎决策。公司2025年度业绩数据未经审计，最终数据以年报及审计报告为准。本文不对投资结果承担责任。

Ningbo Bird Co., Ltd. 2025 Earnings Forecast Regulatory Letter – Detailed Investor Report (English)

1. Key Highlights from the 2025 Earnings Forecast

Significant Revenue Growth: The company expects to achieve operating revenue of RMB 470.69 million in 2025, up 30.53% year-on-year. Main businesses include mobile phones & accessories, automotive modules, smart devices, and module processing, accounting for 92.75% of total revenue. Mobile phones & accessories up 29.91%, automotive modules up 75.57%, smart devices up 106.82%, module processing up 22.87%.
Revenue Structure Changes: Automotive modules and smart devices segment share increased sharply (31.75% and 16.70% respectively). Domestic revenue share rose to 79.76%.
Gross Margin Improvement: Overall gross margin reached 15.89%, up 2.72 percentage points. Mobile phones & accessories margin rose to 6.32%, smart devices to 15.09%. Automotive modules and module processing margins slightly declined to 19.42% and 21.24%.
Major Customer Profile: In all business segments, top five customers are industry-strong, no abnormal operation, sales scale matches customer size. New customers include “Boyi (Shenzhen) Smart Electronics Co., Ltd.” for mobile phones, new customers 2, 3, 5 for automotive modules, and Chongqing Banan District Mudong Town Government for smart devices.
Major Supplier Profile: Top five suppliers are stable, purchase amounts match scale. Some new suppliers entered the top five due to business growth.
Revenue Recognition Policy: No change in 2025; revenue recognized at “a point in time” based on sales contracts, acceptance sheets, customs documents.
Revenue Deduction: Total deduction RMB 26.07 million, mainly materials sales, leasing, logistics services, not main business. Deduction fully compliant with regulations, no omissions.

2. Net Profit and Asset Impairment Details

Parent Net Profit Estimate: RMB 6-8 million, up 35.53% year-on-year. Non-recurring net profit is still negative (-6.5 to -4.5 million), but improved significantly.
Profit Change Reason: Revenue growth led to profit increase, but sales, admin, and R&D expenses surged (sales up 90.72%, R&D up 53.38%), financial expenses dropped, investment income fell, so net profit growth lagged revenue growth.
Asset Impairment: Bad debt loss RMB 0.9 million, inventory write-down RMB 5.76 million, both lower than last year, compliant with accounting standards, no other major impairment.

3. Investor & Shareholder Key Points

Significant business growth & structural optimization: Strong growth in main businesses, especially automotive modules and smart devices, indicating successful business transformation.
Gross margin improvement: Enhanced profitability, especially mobile phone segment reaching industry peer levels.
Expense growth requires attention: Rapid rise in sales, admin, and R&D expenses. If not controlled, may impact future profits.
Reduced impairment risk: Asset impairment decreased, improving asset quality.
Net profit improved, but non-recurring profit still negative: Ongoing need to monitor core business profitability.
Transparent revenue deduction: Deduction items clearly disclosed, compliant, no fake or abnormal revenue.
New customers/suppliers growth: Entry of new customers and suppliers shows market expansion, but their stability needs monitoring.
Auditor opinion: Auditors find revenue/gross margin changes reasonable, business structure stable, client/supplier changes reasonable, revenue recognition unchanged, asset impairment normal.

4. Potential Impact & Investment Advice

The company’s main business revenue and profitability have significantly improved. Fast growth in smart devices and automotive modules may drive future valuation higher.
Expense growth and negative non-recurring profit require ongoing attention; further profit improvement could drive share price up.
Transparent financials and reduced impairment risk could boost investor confidence.
Investors should closely monitor subsequent annual report disclosures and audit results, watch for sustainability of new business and clients, and cost control, and adjust investment decisions as appropriate.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own risk tolerance. The 2025 financials are unaudited; final data depends on the official annual report and audit. The writer does not accept liability for investment outcomes.