证券代码：600580 证券简称：卧龙电驱 卧龙电气驱动集团股份有限公司 投资者关系活动记录表 编号：2024-003 R特定对象调研 £分析师会议 □媒体采访 £业绩说明会 投资者关系活 □新闻发布会 ☑路演活动 动类别 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 万家基金、太平基金、博时基金、宝盈基金、国投瑞银、景顺长城、 及人员姓名 银华基金、华泰资产、浦银安盛、上海甄投资产、东吴基金、诺德基 金、青银理财、涌乐资产、浙商资管、鹞璞实业、西部利得基金、华夏 未来资本、大朴资产、宁银理财、中海基金、涌津投资、贺腾资产、华 安自营、细水投资、博海汇金、招银理财、禅龙资产、新华基金、东兴 基金、天风资管、新华基金、明澄投资、光大永明、朝晖资本、广发基 ...

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：2024-046 关于以集中竞价交易方式回购公司股份的进展公告 2024 年 05 月，公司通过集中竞价交易方式已累计回购股份 76,100 股，占公 司总股本（即 1,311,240,126 股）的比例为 0.01%，成交的最高价格为 15.66 元/股、 最低价格为 15.27 元/股，已支付的资金总额为 1,188,082.00 元（不含交易费用）。 截至 2024 年 05 月 31 日，公司已累计回购股份 4,255,700 股，占公司总股本 （即 1,311,240,126 股）的比例为 0.32%，成交的最高价格为 15.66 元/股、最低价 格为 8.39 元/股，已支付的资金总额为 50,005,227.14 元（不含交易费用）。本次回 购符合相关法律法规的规定及公司回购股份方案的要求。 重要内容提示： | 回购方案首次披露日 | 2024/1/25,由董事长庞欣元先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 万元~10,000 ...

Investment Rating - The report does not specify a clear investment rating for the company. Core Insights - The company is actively expanding its industrial motor layout, with a recovery in demand for daily-use motors. It holds a significant market share in high and low voltage motors, ranking second and fourth globally, respectively [3][4]. - The company has established strategic partnerships with leading industry players, including a collaboration with COMAC to develop an aviation electric power system innovation center [5][10]. - The eVTOL (electric Vertical Take-off and Landing) market is highlighted as a key growth area, with the company positioned to benefit from advancements in electric propulsion systems and supportive government policies [11][41]. Summary by Sections Industrial Motor Sector - The company offers a diverse range of motors, covering a power line from 5W to 85MW, and provides solutions across various sectors including oil and gas, power, mining, and new energy vehicles [4][44]. - The company has a robust product system that includes various types of motors, generators, and industrial automation products [4]. Strategic Collaborations - The company has formed deep collaborations with industry leaders, including a strategic partnership with WanFeng Aowei focusing on electric aviation and lightweight materials [22]. - Ongoing collaborations with major clients such as COMAC and other leading firms in the aviation sector are noted [22]. eVTOL Market Potential - The report estimates the initial selling price of a 600kg eVTOL at approximately 2.4 million yuan, with a BOM cost of around 740,000 yuan, where the electric drive system constitutes 32% of the cost [24]. - The eVTOL market is expected to grow significantly, with projections indicating a potential market space of 24 billion yuan by 2030 [31]. Technological Advancements - The company has established a unique airworthiness laboratory for new energy aircraft, which is the first of its kind in the industry [33]. - The company is recognized for its leadership in the aviation electric drive and control field, having contributed to the development of national standards for electric propulsion systems [33]. Regulatory Environment - The report emphasizes the acceleration of regulatory processes for eVTOL certification, which is crucial for commercialization [41][42]. - Government policies are increasingly supportive of low-altitude economic development, which is expected to drive the eVTOL market forward [41].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company, which is a leader in the motor industry, emphasizing its strategic development across three growth curves [1]. Core Views - The company is focusing on stabilizing its motor business while rapidly advancing in the new energy sector and developing comprehensive system solutions involving motors, frequency converters, upper-level machines, sensors, and more. This strategy is expected to unlock significant market potential in the future [1]. - The projected net profits for the company from 2024 to 2026 are estimated to be 1.102 billion, 1.263 billion, and 1.542 billion yuan, respectively, with corresponding EPS of 0.84, 0.96, and 1.18 yuan, and PE ratios of 17.3, 15.1, and 12.4 times [1]. Financial Performance Summary - The company's revenue for 2023 is reported at 15.567 billion yuan, reflecting a year-on-year growth of 3.8%. The net profit attributable to the parent company is 530 million yuan, down 33.7% year-on-year [30]. - The industrial motor segment achieved revenue of 9.645 billion yuan in 2023, with a growth rate of 10.02% and a gross margin of 29.58%. The daily-use motor segment reported revenue of 3.111 billion yuan, down 3.99% year-on-year, with a gross margin of 16.59% [8]. - The overall profitability of the company showed a slight decline, with sales gross margin and net margin at 25.16% and 3.55%, respectively, reflecting a year-on-year change of +1.45 percentage points and -2.04 percentage points [8]. Market Dynamics - The company is positioned as a leader in the motor industry, with significant advancements in high-voltage drive solutions, new energy vehicle motors, and high-end household motors. The demand for industrial motors is expected to grow due to government initiatives promoting large-scale equipment updates [6]. - The company has also been expanding its overseas market presence, particularly in North America and Europe, which are key markets for electric tools [6]. Future Outlook - The company is expected to benefit from the ongoing development in the low-altitude economy and has made strides in the electric aviation sector, with successful collaborations and product developments [28]. - The report highlights the potential for growth in the new energy sector, particularly through the company's subsidiary, which has been securing multiple overseas orders [31].

Investment Rating - The report gives a "Buy" rating for the company, with a target price implying a 35% upside potential [110] Core Views - The company is a global leader in motor manufacturing, with a strong presence in industrial, household, and electric vehicle motors [106] - It has a first-mover advantage in the emerging low-altitude economy sector, particularly in electric vertical take-off and landing (eVTOL) motor systems [107] - The company's revenue is expected to grow at a CAGR of 10.3% from 2024 to 2026, driven by industrial motor upgrades and new energy vehicle demand [110] Business Segments Industrial Motors - The company holds a 11.5% global market share in high-voltage motors and 7.5% in low-voltage motors, ranking first and fourth respectively [2] - Industrial motor revenue is projected to grow from 10.53 billion yuan in 2024 to 12.54 billion yuan in 2026, with stable gross margins around 30% [118] Household Motors - Household motor revenue declined 4% in 2023 to 3.11 billion yuan, but is expected to recover with 15% growth in 2024 [76] - The business covers motors for air conditioners, washing machines, vacuum cleaners, and kitchen appliances [14] Electric Transportation - The electric vehicle motor business grew at a 21% CAGR from 2021-2023, reaching 972 million yuan in 2023 [84] - Key customers include ZF, Geely, and XPeng through joint ventures and direct supply agreements [82] New Energy - The company is expanding into solar, wind, energy storage, and hydrogen energy sectors [13] - It provides integrated energy storage solutions for utility-scale, commercial, and residential applications [14] Market Opportunities Low-Altitude Economy - The low-altitude economy, including drones and eVTOLs, is projected to reach a trillion-yuan market by 2030 [86] - The company has developed small, medium, and large power aviation motor systems and is collaborating with major aircraft manufacturers [107] Energy Efficiency Upgrades - Government policies are driving motor efficiency upgrades, with targets to increase high-efficiency motor penetration to 70% by 2025 [46] - The company is well-positioned to benefit from equipment replacement cycles and energy-saving motor demand [70] Financial Performance - Revenue grew from 5.73 billion yuan in 2013 to 15.57 billion yuan in 2023, a 10.5% CAGR [36] - Gross margin remained stable at 25.2% in 2023, with operating expenses at 18.3% of revenue [38] - Net profit declined 33.7% in 2023 due to one-time losses, but is expected to rebound with 105.3% growth in 2024 [18] Strategic Initiatives - The company is transitioning from a product supplier to a system solution provider, focusing on motor + inverter + sensor integrated solutions [128] - It has established a global R&D system with three levels of innovation centers [40] - Through acquisitions, the company has built a portfolio of well-known motor brands across different industries [132]

证券代码：600580 证券简称：卧龙电驱 公告编号：2024-044 卧龙电气驱动集团股份有限公司 2023 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 | 36 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 563,307,167 | | 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份 | | | 总数的比例（%） | 43.2875 | (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，董事长庞欣元先生主持，采取现场投票和网络投票 (一) 股东大会召开的时间：2024 年 05 月 20 日 (二) 股东大会召开的地点：浙江省绍兴市上虞区人民大道西段 1801 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： 相结合的方式表决，符合《公司法》及《公司章程》的 ...

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 2023 年年度股东大会之法律意见书 致：卧龙电气驱动集团股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受卧龙电气驱动集团股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委员会《上市 公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等中华人民共和 国（以下简称"中国"，为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区 和台湾地区）现行有效的法律、行政法规、规章和规范性文件和《卧龙电气驱动集团股 份有限公司公司章程》（以下简称"《公司章程》"）的有关规定，指派律师出席了公司于 2024 年 5 月 20 日召开的 2023 年年度股东大会（以下简称"本次股东大会"），并就本次 股东大会相关事项出具本法律意见书。 为出具本法律 ...

7 主管会计工作负责。 | | 利润表 | | 会工02表(股) | | --- | --- | --- | --- | | 编制单位:浙江卧龙 | | 2024年3月 | 单位:元 | | | 行次 | 本月合计 | 本年累计 | | 营业收入 | 1 | 282,730.32 | 4,880,960.39 | | 减:营业成本 | 2 | 45.593.69 | 3,936,652,68 | | 营业税金及时加 | 3 | 13.856.49 | 22,140.04 | | 销售费用 | 4 | 1,808,462.35 | 6,182,412.97 | | 管理费用 | 5 | 747.722.09 | 3,215,381.38 | | 研发费用 | 6 | 1,680,110.35 | 3,239,065.05 | | 财务费用 | 7 | -16.770.76 | -45,743.83 | | 其中:利息费用 | 8 | 4.308.71 | 13.035.56 | | 利息收入 | 9 | 24,245.83 | 66.904.77 | | 加:其他收益 | 10 | | | | 投资收益(投资损 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-043 卧龙电气驱动集团股份有限公司 关于为子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：浙江卧龙储能系统有限公司（以下简称"卧龙储能"） 本次拟担保金额：5,200 万元，合计已实际为其提供的担保余额：5,200 万 元（含本次） 一、担保情况概述 （一）担保基本情况 2024 年 05 月 15 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"）与中国工商银行股份有限公司上虞支行（以下简称"工商银行 上虞支行"）签订《最高额保证合同》，约定公司为卧龙储能在工商银行上虞支 行办理的融资业务等进行担保，担保额度合计不超过 5,200 万元。 （二）内部决策程序 公司于 2023 年 04 月 27 日召开八届二十五次董事会会议，审议通过了《关 于 2023 年度为子公司申请银行授信及为综合授信额度内贷款提供担保的议案》， 公司为子公司卧龙储能提供担保总额不超过 15,000 万元人民币 ...

卧龙电气驱动集团股份有限公司 2023 年年度股东大会会议资料 卧龙电气驱动集团股份有限公司 2023 年年度股东大会 会议资料 1 / 33 卧龙电气驱动集团股份有限公司 2023 年年度股东大会会议资料 卧龙电气驱动集团股份有限公司 2023 年年度股东大会会议规则特别提示 （2024 年 05 月 20 日） 为了维护全体股东的合法权益，确保本次股东大会公开、公正、合法有效， 保证会议顺利进行，卧龙电气驱动集团股份有限公司（简称"本公司"或"公司"） 股东大会秘书处根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股东大会规则》和本公司《章程》、《股东大会议事规则》为依据，对本次 股东大会的会议规则提示如下： 一、参加本次股东大会的股东为截至 2024 年 05 月 09 日下午收市后在中国 证券登记结算有限公司上海分公司登记在册的本公司股东。 二、出席会议的股东或其授权代表需携带本人有效身份证件、授权委托书和 有关的证明材料并经本次股东大会秘书处登记备案。 三、股东的发言、质询权 1、参加会议的股东及持有合法授权手续的授权代表依法享有发言、质询的 权利，并相应承担维护大会正常秩序，维 ...