| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 关于为全资子公司、孙公司提供担保的进展公告 本公司董事会及全体董事保证本公司公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●被担保人名称：铜陵精迅特种漆包线有限责任公司（以下简称"铜陵精迅"）、 铜陵顶科线材有限公司（以下简称"铜陵顶科"）、广东精达漆包线有限公司（以 下简称"广东精达"）、天津精达漆包线有限公司（以下简称"天津精达"）、铜 陵精达漆包线有限公司(以下简称"铜陵精达")、铜陵精达新技术开发有限公司（以 下简称"精达新技术"）。 ●担保金额：截至 2025 年 5 月 27 日，公司累计对外担保额度为人民币 333,642 万元，占公司最近一期净资产（经审计）588,974 万元的 56.65%，公司没有逾期的 对外担保。 ●本次担保是否有反担保：无 ●无逾期对外担保情况 一、担保情况概述 为满足业务发展及 ...

Group 1 - The mobile payment sector saw an increase of 2.41%, ranking 9th among concept sectors, with 74 stocks rising, including Xingchen Technology which hit a 20% limit up [1] - Notable gainers in the mobile payment sector included Yunnei Power, which rose by 10.03%, and Runxin Technology, which increased by 13.16% [3][4] - The sector experienced a net inflow of 428 million yuan from main funds, with 27 stocks receiving net inflows, and Yunnei Power leading with a net inflow of 214 million yuan [2][3] Group 2 - The top three stocks in terms of net inflow ratio were Yuanwanggu (66.30%), Yunnei Power (66.24%), and Xiangyou Technology (43.89%) [3] - The overall market saw various concept sectors with significant fluctuations, including Controlled Nuclear Fusion up by 5.14% and E-sports up by 3.30%, while some sectors like Generic Drug Consistency Evaluation and Innovative Drugs faced declines [2] - The mobile payment sector's performance was supported by strong trading volumes, with stocks like Xingchen Technology and Runxin Technology showing high turnover rates of 11.86% and 15.54% respectively [3][4]

铜陵精达特种电磁线股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕2302 号 联合资信评估股份有限公司通过对铜陵精达特种电磁线股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持铜陵精达特种电磁线股份有限公司主体长期信用等级为 AA，维 持"精达转债"信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年四月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受铜陵精达特种电磁线股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委托关系外，联合资信、评级人员 ...

Core Viewpoint - The Chinese brushless DC motor industry is experiencing rapid expansion, driven by the growth of the renewable energy sector, the popularity of electric vehicles, and the surge in demand for smart home appliances. The market is projected to reach approximately 81.535 billion yuan in 2024, with increasing applications in electric vehicles, smart manufacturing, and household appliances [1][19]. Industry Overview - Brushless DC motors utilize electronic controllers instead of traditional mechanical brushes, offering higher efficiency, longer lifespan, and lower maintenance needs compared to brushed motors. They are widely used in applications requiring high efficiency and precise control, such as electric tools, vehicles, and drones [3][4]. Market Dynamics - The market for brushless DC motors is expanding due to technological innovations and significant improvements in manufacturing capabilities. The application boundaries are broadening, penetrating various sectors including electric vehicle drive systems, smart home appliances, and industrial automation equipment [1][19]. Key Market Data - The projected market size for the Chinese brushless DC motor industry in 2024 is approximately 81.535 billion yuan. The demand for high-performance and efficient motors in the electric vehicle sector is expected to grow, alongside the increasing consumer preference for energy-saving and efficient products in the home appliance sector [1][19]. Policy Support - The Chinese government has implemented several policies to promote the development of the brushless DC motor industry, focusing on energy efficiency improvements and technological innovation. Initiatives include the promotion of high-efficiency equipment and the encouragement of performance optimization in motor production [8][9]. Competitive Landscape - The industry features a diverse competitive landscape with both leading companies and specialized firms. Major players like Dayang Motor and Jiangsu Leili leverage comprehensive product lines and innovative solutions to maintain competitive advantages. Companies are increasingly focusing on technology innovation and application expansion to enhance their market positions [22][25][27]. Future Trends - The brushless DC motor industry is expected to continue evolving towards high performance and smart technology integration. The adoption of new materials and intelligent technologies will enhance motor efficiency and power density, while expanding applications in emerging markets such as renewable energy and industrial automation [30][31][32].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and specialized equipment sectors [5]. Core Insights - The global nuclear fusion industry is accelerating, with significant advancements expected in the coming years, particularly with the BEST project set to demonstrate fusion energy generation [17][21]. - Over 70% of surveyed fusion companies believe that commercial applications of fusion energy can be achieved between 2031 and 2040, indicating a positive outlook for the industry [2][25]. - The Tokamak technology is considered the most mature among various fusion technology paths and is expected to lead the commercialization of fusion energy [18][34]. Summary by Sections Industry Overview - The nuclear fusion industry is experiencing robust growth, driven by policy support and technological advancements. Countries like the US, China, Europe, and Japan have established detailed strategic plans for fusion development [17][21]. - The BEST project in China is expected to be completed by 2027 and will be the first to demonstrate fusion energy generation, marking a significant milestone for China's fusion energy development [29][30]. Market Potential - The market for Tokamak devices is projected to exceed 90 billion yuan, with high-value components such as magnetic coils, first wall components, and vacuum parts being key beneficiaries [19][4]. - As of April 2025, there are 80 Tokamak devices globally, with 57 operational and 23 under construction, indicating a growing demand for fusion experimental reactors [19][4]. Technological Advancements - The Tokamak device operates by creating a closed helical magnetic field to confine high-temperature plasma, which is essential for achieving fusion reactions. The EAST device in China has already achieved a plasma confinement time of 403 seconds [18][34]. - The report highlights that advancements in high-temperature superconductors will enhance plasma stability and contribute to the commercialization of Tokamak technology [18][34]. Future Outlook - The report emphasizes that the nuclear fusion sector is on a path to commercialization, with ongoing projects and technological innovations paving the way for practical applications of fusion energy [20][21]. - The anticipated completion of the ITER project by 2025 will further solidify the foundation for future fusion energy developments [21][22].

可控核聚变——未来发电能源的优选 可控核聚变性能优异、核心指标 Q 值持续提升、产业化资本加速，是未来发电能源的优选。可控核聚变发电的模 式兼具高能量密度、原料易得、布置灵活、安全环保等优点，相较于其他主流发电方式优势显著；从核聚变的商 业化落地来看，Q 值的大小决定了商业化落地的进程，近年来 Q 值不断提升、已经大于 1，实现能量的盈亏平衡； 目前国内多个核聚变 Q 值目标持续提升，商业化落地进程有望持续推进。此外，国际资本也处于加速阶段，根据 《核聚变 2024 行业报告》，多数核聚变公司预计核聚变商业发电在 2031-2035 年实现，2024 年行业累计融资金 额已经超过 71 亿美元，同比 23 年增加 9 亿美元。 25 年可控核聚变产业技术突破+招标加速，"十五五"期间板块进入密集资本开支期 产业链核心价值量主要在中游设备，磁体环节价值量最大 可控核聚变反应堆的设备主要包括磁体、偏滤器、第一壁、真空室等；参考国际最大的核聚变项目 ITER 项目的 成本构成来看，磁体、真空室、供电环节、制冷环节成本占比分别为 28%、8%、8%、5%；其中磁体为核聚变产业 链价值量最大环节，高温超导磁体有望贡献更 ...

Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

Group 1 - The A-share copper cable sector is experiencing active trading, with notable stocks such as Wolong Nuclear Materials hitting the daily limit up, while Changfei Optical Fiber and Shenyu Co. have increased by over 6% [1] - Other companies in the sector, including Baosheng Co., Xinke Materials, Dingtong Technology, Ruikeda, and Jingda Co., are also seeing upward movement in their stock prices [1]

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 因利润分配调整"精达转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110074 | 精达转债 | 可转债转股复牌 | | | 2025/5/13 | 2025/5/14 | 一、本次转股价格调整依据 2025 年 4 月 16 日，公司召开 2024 年年度股东大会，审议通过了《2024 年年 度利润分配预案》，决定以公司权益分派股权登记日总股本为基数，每 10 股派发 现金红利 0.5 元（含税），不转增股本，不送红股。 重要内容提示： ●"精达转债"修正前转股价格：3.40 元/股 ●证 ...