Summary of Conference Call Company Overview - The conference call discusses the performance of a company in the electric motor industry, specifically focusing on its third-quarter results for 2024. The company reported a revenue of 12.194 billion, a year-on-year increase of 1% [1]. Key Financial Metrics - For the first three quarters of 2024, the company's revenue was 12.194 billion, with a single third-quarter revenue of 4.216 billion, reflecting a year-on-year decrease of 0.8% [1]. - The gross profit for the first three quarters was 638 million, down 31% from 924 million in the previous year [1]. - The adjusted gross profit for the third quarter was 245 million, a year-on-year decrease of 23% but a quarter-on-quarter increase of 44% [2]. - Operating cash flow for the first three quarters was 829 million, down 8.3% year-on-year, while the third-quarter cash flow was 474 million, showing a quarter-on-quarter increase [3]. Cost and Expense Analysis - The three-item expense ratio for the first three quarters was 17.35%, up 1.03% year-on-year, while the third-quarter ratio was 16.48%, down 1.79% [2]. - The sales expense ratio for the first three quarters was 5.31%, while the management expense ratio was 7.88% [3]. Market and Industry Insights - The company is experiencing pressure on gross margins due to product structure changes and rising raw material costs, particularly in the consumer electronics sector [2]. - The company anticipates a positive impact from government policies aimed at stimulating the economy, particularly in the consumer goods sector [10]. - The company is focusing on expanding its presence in the electric vehicle (EV) market, particularly in commercial vehicles and high-efficiency technologies [6]. Future Outlook - The company expects to benefit from government funding for equipment upgrades and digital transformation projects, which are anticipated to create demand for electric motors [11]. - There is a positive outlook for the consumer electronics segment, driven by policies encouraging the replacement of old appliances [25]. - The company is also exploring opportunities in the electric aviation sector, with significant partnerships and projects underway [7]. Risks and Challenges - The company faces challenges from macroeconomic conditions affecting the industrial electric motor sector, particularly in domestic markets [5]. - There is uncertainty regarding the impact of potential changes in government policies and economic conditions on future performance [12]. Additional Insights - The company is actively pursuing international markets, with a focus on increasing its market share in North America and Asia-Pacific regions [15]. - The company is committed to ongoing research and development, particularly in advanced technologies such as electric aviation and energy storage [22]. Conclusion - The company is navigating a challenging macroeconomic environment while positioning itself for future growth through strategic investments and market expansion efforts. The focus on innovation and adaptation to market demands will be crucial for sustaining performance in the coming quarters.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.32 CNY [1][11]. Core Views - The company achieved a revenue of 12.19 billion CNY in the first three quarters, reflecting a year-on-year increase of 1.06%, while the net profit attributable to shareholders decreased by 30.92% to 640 million CNY [2]. - The report highlights the stabilization and recovery of performance due to the improvement in impairment expectations, particularly after the company ceased to exert significant influence over Hongxiang Co., leading to a change in accounting treatment for its equity stake [2]. - The company is advancing in various business segments, including renewable energy and consumer electronics, benefiting from government policies and market trends [2]. - The low-altitude economy is identified as a key growth driver, with the company positioned as a leader in the eVTOL market, collaborating with major aviation research institutions [2]. Financial Summary - The company reported a gross margin of 25.46% and a net margin of 5.56% for the first three quarters, with a slight decline in both metrics compared to the previous year [2]. - Revenue and profit forecasts for 2024-2026 are projected at 8.9 billion CNY, 11.7 billion CNY, and 13.7 billion CNY respectively, with a target price based on a 25x PE ratio for 2025 [2][3]. - The financial data indicates a revenue growth rate of 8% for 2024, with a significant expected increase in net profit of 69% [3][6]. Business Segments - The industrial motor and drive segment is expanding into renewable energy sectors, while the consumer electronics segment is benefiting from government incentives for energy-efficient appliances [2]. - The report notes a positive trend in the production and export of major household appliances, indicating a robust market for the company's products [2]. Valuation Metrics - The report provides a valuation overview, indicating a projected EPS of 0.68 CNY for 2024, with a P/E ratio of 23.7 [3][6]. - The company's asset-liability ratio stands at 56.77%, reflecting a stable financial position [1][6].

关于对卧龙电气驱动集团股份有限公司 股票交易异常波动的问询函回复 卧龙电气驱动集团股份有限公司: 本公司 卧龙控股集团有限公司 已于 2024年 11月 01 日收到 贵公司发来的《卧龙电气驱动集团股份有限公司股票交易异常波动的 问询函》,经认真自查,现回复如下: 本公司为卧龙电气驱动集团股份有限公司(以下简称"卧龙电驱") 的控股股东,截止目前,除了在指定媒体上已公开披露的信息外,不 存在影响卧龙电驱股票交易异常波动的重大事项,不存在其他应披露 而未披露的重大信息,包括但不限于筹划涉及上市公司的重大资产重 组、股份发行、收购、债务重组、业务重组、资产剥离、资产注入、 股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等 对卧龙电驱股票交易价格产生较大影响的重大事项。 特此回函! (此页无正文,为《关于对卧龙电气驱动集团股份有限公司股票交易 异常波动的问询函回复》之签章页 ) 卧龙电气驱动集团股份有限公司: 本人已于 2024年 11月 01 日收到贵公司发来的《卧龙电气驱动 集团股份有限公司股票交易异常波动的问询函》,经本人认真自查, 现回复如下: 本人为卧龙电气驱动集团股份有限公司(以下简称"卧龙 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-081 卧龙电气驱动集团股份有限公司 股票交易异常波动公告 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。 （一）生产经营情况 经公司自查，公司目前生产经营活动一切正常，市场环境、行业政策没有发 生重大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人函证核实：截至本公告披露日， 除了在指定媒体上已公开披露的信息外，不存在影响公司股票交易价格异常波动 的重大事宜；不存在其他涉及本公司应披露而未披露的重大信息，包括但不限于 重大资产重组、发行股份、上市公司收购、债务重组、业务重组、资产剥离、资 产注入、股份回购、股权激励、破产重组、重大业务合作、引进战略投资者等重 大事项。 卧龙电气驱动集团股份有限公司（以下简称"公司"或"本公司"）股 票于 2024 年 10 月 30 日、10 月 31 日、11 月 01 日连续三个交易日内日收盘价格 涨幅偏离值累计超过 20%。根据《上海证券交 ...

Investment Rating - Buy-A rating with a 6-month target price of 18.25 RMB, representing a 25x dynamic P/E ratio for 2024 [4][6][22] Core Views - Domestic large-scale equipment updates and North American manufacturing reshoring support steady growth in industrial motors [12] - Home appliance replacement policies boost demand for upstream motors, with a turning point in daily-use motor revenue [12] - Strong growth in new energy vehicle (NEV) production and sales, with the automotive motor business expected to grow significantly, with estimated contract amounts totaling 8.637 billion RMB from 2020-2031 [12] - Low-altitude economy policy inflection point reached, with aviation motors as a high-value segment expected to bring new growth [12] Industrial Motors - The company is a global leader in motor manufacturing, ranking second in high-voltage motors and third in low-voltage motors globally [13] - Industrial motors account for 61.96% of revenue, with domestic demand driven by large-scale equipment updates and overseas demand supported by US manufacturing reshoring [13][14] - Domestic equipment updates aim for a 25% increase in investment by 2027, with accelerated replacement of high-efficiency motors [14] - US manufacturing reshoring drives upstream demand, with US factory construction investment reaching 238.262 billion USD in August 2024, up 18.32% YoY [15][35] Daily-Use Motors - Home appliance replacement policies drive demand, with major appliance sales reaching 130 million units in Jan-Sep 2024, up 3.49% YoY [19] - Average prices of major appliances rebounded to 1,628.15 RMB/unit in Sep 2024, up 56.75% from the Feb low [19] - The company has long-term partnerships with leading home appliance brands, benefiting from the industry recovery [19] New Energy Vehicle (NEV) Motors - NEV sales in China reached 8.32 million units in Jan-Sep 2024, up 32.53% YoY, with exports reaching 1.6765 million units, up 33.45% YoY [20] - Motors are a core component of NEVs, accounting for 7% of vehicle value, with raw material price declines improving profitability [20] - The company has formed a joint venture with ZF, a global leader, with estimated contract amounts totaling 8.637 billion RMB from 2020-2031 [20] Low-Altitude Economy - Low-altitude economy policies have reached an inflection point, with a projected trillion RMB market by 2030 [21] - Electric propulsion is a key technology for low-altitude aircraft, with the company having developed products across small, medium, and large categories [21] - The company has partnered with COMAC and other leading firms, establishing a competitive advantage in aviation motor systems [21] Financial Performance - Revenue for 2024 is projected at 18.012 billion RMB, up 15.71% YoY, with net profit of 1.102 billion RMB, up 107.96% YoY [13] - Revenue for 2024-2026 is forecasted at 16.8, 18.71, and 20.94 billion RMB, with net profit of 0.96, 1.13, and 1.38 billion RMB, respectively [22] - Industrial motors contributed 9.645 billion RMB in revenue in 2023, up 10.03% YoY, with a gross margin of 29.58% [96]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a slight increase in non-recurring net profit in Q3 2024, benefiting from equipment updates in the short term, while the long-term focus is on the electric aviation sector [3][4] - Revenue for the first three quarters of 2024 reached 12.194 billion yuan, a year-on-year increase of 1.06%, while net profit attributable to shareholders decreased by 30.92% to 638 million yuan [1][2] - The company is expected to benefit from the implementation of equipment update policies starting in Q4 2024, which will drive demand for industrial and daily-use motors [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 4.216 billion yuan, a year-on-year decline of 0.85%, while net profit attributable to shareholders was 245 million yuan, down 23.03% [1][2] - The gross margin decreased by 0.48 percentage points to 25.00% due to rising raw material prices [2] - The company maintained good cost control, with total expense ratios for sales, management, R&D, and financial expenses at 4.96%, 7.58%, 3.93%, and 1.33%, respectively [2] Future Outlook - The company has strategic partnerships, such as with Shanghai Jiaotong University, to advance research in electric aviation propulsion systems, indicating a strong position in the low-altitude economy sector [3] - Profit forecasts for 2024-2026 are maintained at 917 million, 1.095 billion, and 1.180 billion yuan, respectively, with corresponding P/E ratios of 19, 16, and 15 [4]

证券代码：600580 证券简称：卧龙电驱 公告编号：2024-080 卧龙电气驱动集团股份有限公司 2024 年 05 月 20 日，公司 2023 年年度股东大会审议通过了《关于公司 2023 年度利润分配预案的议案》，公司 2023 年年度拟以实施权益分派股权登记日登记 的总股本扣除公司股份回购专户中股份数量后的股份总数为基数进行利润分配， 每股派发现金红利 0.10 元现金（含税），不进行资本公积金转增股本或送股。根据 《回购报告书》：若公司在回购期内发生资本公积金转增股本、派发股票或现金红 利、股票拆细、缩股、配股或发行股本等事宜，自股价除权除息之日起，相应调 整回购价格上限。 公司本次以集中竞价交易方式回购股份价格上限由不超过人民币 16.92 元/股 调整为不超过人民币 16.82 元/股（含），调整后的回购价格上限于 2024 年 07 月 15 日生效。具体内容详见公司于 2024 年 07 月 09 日在上海证券交易所网站 （www.sse.com.cn）披露的《卧龙电驱关于 2023 年年度权益分派实施后调整回购 股份价格上限的公告》（公告编号：临 2024-057）。 二、 回购股份的 ...

二、监事会会议审议情况 本公司监事会及全体监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。 一、监事会会议召开情况 卧龙电气驱动集团股份有限公司（以下简称"公司"或"卧龙电驱"）九届 七次监事会会议于 2024 年 10 月 29 日在浙江省绍兴市上虞区曹娥街道复兴西路 555 号公司会议室以现场表决方式召开。本次会议的会议通知和材料已于 2024 年 10 月 24 日分别以专人送达、电子邮件或传真等方式发出。会议由监事会主席 赵建良主持，会议应到监事 3 人，实到监事 3 人。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-079 卧龙电气驱动集团股份有限公司 九届七次监事会决议公告 特此公告。 卧龙电气驱动集团股份有限公司 监事会 2024 年 10 月 31 日 （一）审议通过《2024 年第三季度报告》 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见刊登于《中国证券报》、《上海证券 ...

卧龙电气驱动集团股份有限公司 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-078 九届九次临时董事会决议公告 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。 一、董事会会议召开情况 卧龙电气驱动集团股份有限公司（以下简称"公司"或"卧龙电驱"）九届 九次临时董事会会议于 2024 年 10 月 29 日以通讯表决方式召开。本次会议的会 议通知和材料已于 2024 年 10 月 24 日分别以专人送达、电子邮件或传真等方式 发出。公司现有董事 9 人，参会董事 9 人。公司监事会成员、高级管理人员列席 了会议。 特此公告。 卧龙电气驱动集团股份有限公司 董事会 2024 年 10 月 31 日 二、董事会会议审议情况 （一）审议通过《2024 年第三季度报告》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司第九届董事会审计委员会 2024 年第六次会议审议通过。 具体内容详见刊登于《中国证券报》《上海证券报》和上海证券交易所网站 （http://www.sse.com.cn）的《卧龙 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 15.3-16.1 RMB, representing a 17%-23% premium over the current price [1][3] Core Views - The company is a global leader in the motor industry with a diversified product portfolio, including industrial motors, household motors, and new energy vehicle motors [1][10] - The company has a strong market position, ranking first in China's motor market with a 6.2% market share in 2023 [1][10] - The company is actively expanding into new energy sectors, including distributed photovoltaics and energy storage, with energy storage revenue reaching 485 million RMB in 2023 [1][10] Business Segments Industrial Motors - The industrial motor segment achieved revenue of 9.645 billion RMB in 2023, a 10% YoY increase, with sales volume reaching 34.02 million kW [25] - The segment's gross margin improved to 29.58% in 2023, up 1.17 percentage points YoY, with unit gross profit increasing to 84 RMB/kW [25] - The company benefits from global economic recovery, industrial development, and new customer acquisitions in the Americas [25] Household Motors - The household motor segment generated 3.111 billion RMB in revenue in 2023, a 4% YoY decline, with sales volume of 56.83 million units [25] - The segment's gross margin improved slightly to 16.59% in 2023, with unit gross profit remaining stable at 9 RMB/unit [25] - The company is expected to benefit from overseas home appliance restocking demand and domestic replacement policies [25] New Energy Vehicle Motors - The new energy vehicle motor segment achieved revenue of 972 million RMB in 2023, with sales volume of 10.54 million kW [26] - The segment's gross margin was 16.22% in 2023, with unit gross profit of 15 RMB/kW [26] - The company has secured new customer orders in the new energy vehicle market and is actively developing electric aviation motors [26] Energy Storage and Photovoltaics - The company's energy storage business achieved revenue of 485 million RMB in 2023, with a gross margin of 17.44% [28] - The photovoltaic business generated 306 million RMB in revenue in 2023, with a gross margin of 45.15% [28] - The company has 62 operational distributed photovoltaic projects with a cumulative installed capacity of over 310MW as of H1 2023 [1] Industry Outlook - The global industrial motor market is expected to grow from 212.9 billion USD in 2024 to 281.7 billion USD by 2029, with a CAGR of 4.8% [43] - China's industrial motor market size was over 58.3 billion RMB in 2023, with high-voltage motors accounting for 14.2 billion RMB and low-voltage motors for 44.1 billion RMB [44] - Government policies promoting energy efficiency and equipment upgrades are expected to drive steady growth in the industrial motor market [44] Competitive Landscape - The global industrial motor market is led by companies such as ABB, Siemens, Nidec, and the report's subject company [48] - In China, the top 5 companies account for 70.8% of the high-voltage motor market and 25.0% of the low-voltage motor market, with the report's subject company ranking first in both segments [48]