卧龙控股集团有限公司 合并资产负债表 2025年3月31日 (除特别注明外,金额单位均为人民币元) | | 2025年3月31日 | 2024年12月31日 | | --- | --- | --- | | 货网贷金 | 4, 610, 526, 145. 21 | 4, 636, 624, 926. 05 | | 紅各付金 | | | | 拆出资金 | | | | 交易性金融资产 | 176, 312, 705. 97 | 184, 293, 174. 41 | | 衍生金融资产 | | | | 应收票据 | 239, 688, 569. 26 | 241, 913, 316. 62 | | 应收账款 | 6, 975, 412, 566. 77 | 6, 493, 343, 444. 25 | | 应收款项融资 | 544, 214, 297. 52 | 613, 521, 773. 72 | | 预付款项 | 1, 087, 365, 465. 23 | 908, 284, 223. 38 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-045 卧龙电气驱动集团股份有限公司 关于为控股股东提供担保暨签订反担保合同 的进展公告 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。 重要内容提示： 被担保人名称：卧龙控股集团有限公司（以下简称："卧龙控股"）， 为公司关联法人 本次拟担保金额：1.9 亿元，合计已实际为其提供的担保余额：7.7 亿元 （含本次） 本次担保是否有反担保：是 （一）被担保人基本信息 企业名称：卧龙控股集团有限公司 对外担保逾期的累计数量：无 一、担保情况概述 （一）担保基本情况 2025 年 05 月 27 日，卧龙电气驱动集团股份有限公司（以下简称"卧龙电 驱"或"公司"）与中国进出口银行浙江省分行（以下简称"进出口行浙江省分 行"）签订《保证合同》，约定公司为控股股东卧龙控股在进出口行浙江省分行 办理的融资业务进行担保，担保额度合计不超过 1.9 亿元。 （二）内部决策程序 公司于 2025 年 04 月 24 日召开九届十四次董事会会议，审议通过了《关于 为控股股东提供 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.72 yuan per share [7][12]. Core Views - The company has shown steady revenue growth, achieving 16.247 billion yuan in revenue for 2024, a year-on-year increase of 4.37%, and a net profit of 793 million yuan, up 49.63% year-on-year [1]. - The company emphasizes research and development, with R&D expenditure of 805 million yuan in 2024, accounting for 3.95% of revenue, leading to breakthroughs in key technologies in emerging fields [2]. - The company is actively expanding its presence in the embodied intelligence sector, developing key components for humanoid robots and forming strategic partnerships with leading robotics firms [3]. Financial Performance - In Q1 2025, the company reported revenue of 4.039 billion yuan, a 7.95% increase year-on-year, and a net profit of 268 million yuan, up 20.45% year-on-year [1]. - The company forecasts revenues of 17.449 billion yuan, 18.890 billion yuan, and 20.393 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.001 billion yuan, 1.130 billion yuan, and 1.156 billion yuan [4][6]. - The projected EPS for 2025, 2026, and 2027 is 0.64 yuan, 0.72 yuan, and 0.74 yuan respectively, with PE ratios of 39, 35, and 34 times [4][6]. Strategic Initiatives - The company has established a robust overseas management system and completed personnel configurations for its three major overseas headquarters, enhancing its global operational capabilities [2]. - The company is focusing on the development of humanoid robots and has signed a strategic investment agreement with a robotics innovation company to advance technology and flexible manufacturing solutions [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.72 yuan per share [7][12]. Core Insights - The company achieved steady revenue growth, with 2024 revenue reaching 16.247 billion yuan, a year-on-year increase of 4.37%. The net profit attributable to shareholders was 793 million yuan, up 49.63% year-on-year [1][4]. - The company places a strong emphasis on R&D, with 805 million yuan spent in 2024, accounting for 3.95% of revenue. This investment has led to breakthroughs in key technologies across several strategic emerging fields [2]. - The company is actively expanding its presence in the embodied intelligence sector, developing key components for humanoid robots and forming strategic partnerships with leading robotics firms [3]. Financial Performance - In Q1 2025, the company reported revenue of 4.039 billion yuan, a year-on-year increase of 7.95%, and a net profit of 268 million yuan, up 20.45% year-on-year [1]. - The projected revenue for 2025-2027 is expected to be 17.449 billion yuan, 18.890 billion yuan, and 20.393 billion yuan, respectively, with net profits of 1.001 billion yuan, 1.130 billion yuan, and 1.156 billion yuan [4][6]. - The company's gross margin and net margin for 2024 were 24.05% and 5.12%, respectively, with a slight decrease in gross margin compared to the previous year [1][10]. Strategic Initiatives - The company has established a robust overseas management system and completed personnel configurations for its three major overseas headquarters, enhancing its global operational capabilities [2]. - Recent strategic investments in humanoid robotics firms indicate a commitment to advancing embodied intelligence technologies and flexible manufacturing solutions [3].

Core Viewpoint - Wolong Electric Drive is developing a consumer-grade intelligent exoskeleton robot that integrates motion assistance, injury prevention, and health monitoring, currently in internal testing [1] Group 1 - The exoskeleton robot solution targets diverse needs of outdoor sports enthusiasts, outdoor workers, tourists, elderly individuals, and patients with hip joint injuries [1]

Group 1 - The legal opinion letter confirms that the procedures for convening and holding the shareholders' meeting of Wolong Electric Drive Group Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [2][10] - The meeting was scheduled for May 19, 2025, and the actual time, location, and agenda were consistent with the prior notice [3][4] - A total of 1,950 participants attended the meeting, representing 464,507,026 shares, which is 35.8009% of the total voting shares [5][6] Group 2 - The voting process was conducted in accordance with the legal requirements, and the results were verified by the lawyers present [6][10] - The resolutions passed at the meeting received significant support, with votes in favor reaching up to 540,765,502 shares, representing a majority of the voting shares [6][9] - The participation of minority investors was notably high, with 99.2517% voting in favor of certain resolutions [7][9]

(一)股东大会召开的时间：2025 年 05 月 19 日 (二)股东大会召开的地点：浙江省绍兴市上虞区曹娥街道复兴西路 555 号公司会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：600580 证券简称：卧龙电驱 公告编号：2025-044 卧龙电气驱动集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,950 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 541,612,102 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.7436 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，公司董事长庞欣元因公务未能现场出席本次股东大 会，该现场会议由半数以上董事共同推举的董事黎明先生 ...

杭州市西湖区学院路 77 号黄龙万科中心 A 座 16 楼 邮编：310012 电话：（86-571）2689-8188 传真：（86-571）2689-8189 北京君合（杭州）律师事务所 关于卧龙电气驱动集团股份有限公司 1. 《公司章程》； 2. 公司 2025 年 4 月 26 日刊登于《中国证券报》《上海证券报》及上海证券交易 所网站（www.sse.com.cn）的《卧龙电气驱动集团股份有限公司九届十四次董事会决议公 告》； 3. 公司 2025 年 4 月 26 日刊登于《中国证券报》《上海证券报》及上海证券交易 所网站（www.sse.com.cn）的《卧龙电气驱动集团股份有限公司关于召开 2024 年年度股 东大会的通知》； 4. 公司本次股东大会股权登记日的股东名册； 5. 出席现场会议的股东的到会登记记录及凭证资料； | 北京总部 电话: (86-10) 8519-1300 | | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 电话: (86-20) 2805-9088 | 深圳分所 电话: (86-755) 2587-0765 | | | --- | --- ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company achieved a revenue of 16.247 billion yuan in 2024, representing a year-on-year growth of 4.4%, and a net profit attributable to shareholders of 0.793 billion yuan, which is a significant increase of 49.6% year-on-year [1] - In Q1 2025, the company reported a revenue of 4.039 billion yuan, up 7.9% year-on-year, and a net profit of 0.268 billion yuan, reflecting a year-on-year growth of 20.4% [1] - The company is positioned to benefit from the low-altitude economy and robotics sectors, leveraging its core competencies in electric motors and drives [8] Financial Performance Summary - For 2024, the company’s gross margin was 24.0% and net margin was 5.1%, with a slight decrease in gross margin compared to the previous year [8] - The company’s revenue projections for 2025-2027 are 17.253 billion yuan, 18.606 billion yuan, and 19.963 billion yuan, respectively, with growth rates of 6.19%, 7.84%, and 7.29% [2][10] - The net profit attributable to shareholders is expected to grow from 1.037 billion yuan in 2025 to 1.434 billion yuan in 2027, with growth rates of 30.79% and 16.68% [2][11] Business Segments Overview - The industrial motor and drive segment is projected to generate revenue of 9.519 billion yuan in 2025, with a growth rate of 5.00% [10] - The daily-use motor segment is expected to see revenue growth of 26.5% in 2024, stabilizing at 5.00% growth from 2025 onwards [10] - The electric transportation segment is forecasted to recover with a revenue increase of 16.4% in 2025 [10] International Expansion and Strategic Initiatives - The company has completed its international layout with three overseas headquarters, enhancing its global operational capabilities [8] - Collaborations with major players in the low-altitude economy and robotics sectors are underway, positioning the company for future growth [8]

Group 1 - The company has established a forward-looking layout in the motor industry, focusing on electric motor and drive technology while expanding into robotics and low-altitude fields [1] - The company has a global strategy and has acquired several century-old brands, with a revenue exposure to the US market expected to be only around 2% due to recent tariff policies [1] - The company has developed a strong system solution capability in the industrial sector, with a rich reserve of downstream customer resources and has completed core component reserves [1] Group 2 - The company has implemented a "3+1" strategy to capitalize on the low-altitude economy, collaborating with leading firms and expecting a surge in orders by 2027 [2] - The company is benefiting from the recovery in the industrial motor and daily-use motor demand, with steady growth in its new energy vehicle business [2] - Revenue projections for the company are set at 180 billion, 202 billion, and 230 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.1 billion, 10.0 billion, and 10.3 billion yuan [2]