公 司 研 究 | --- | --- | |---------------------|---------------------------| | | | | | | | 殷晟路（分析师） | 李林容（联系人） | | yinshenglu@kysec.cn | lilinrong@kysec.cn | | S0790522080001 | 证书编号： S0790122080001 | 2024 年低空经济元年，公司航空电机卡位飞行汽车 ि点证券 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2023-06 2023-10 2024-02 2024-06 卧龙电驱 沪深300 政策端鼓励低能耗电机，公司有望受益设备替代周期 | --- | --- | --- | --- | --- | --- | |-----------------------|--------|--------|--------|--------|--------| | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 14,998 | 15 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-048 卧龙电气驱动集团股份有限公司 关于支付业绩补偿款的公告 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。 重要内容提示： 卧龙电气驱动集团股份有限公司（以下简称"公司"、"卧龙电驱"） 于 2024 年 06 月 19 日向红相股份有限公司（以下简称"红相股份"）足额支付 了业绩补偿款合计 18,605.34 万元。公司已在 2023 年年度报告中对相关金额进行 了计提，此次支付业绩补偿款不会影响公司当期利润。 一、背景概述 （一）出售控股子公司股权相关交易情况 公司、席立功、何东武、吴国敏与红相股份就卧龙电气银川变压器有限公司 （以下简称"银川变压器"、"标的公司"）100%股权转让事宜签订《厦门红相 电力设备股份有限公司与卧龙电气集团股份有限公司、席立功、何东武、吴国敏 发行股份及支付现金购买资产协议》（以下简称"《发行股份及支付现金购买资 产协议》"）。该《发行股份及支付现金购买资产协议》已经公司六届二十五次 临时董事会、六届二十七次临时董事会及 ...

本次电话会议服务于中台证券正式签约客户 经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 大家早上好我是中泰电信的朱博瑞然后今天跟大家更新一下就是就是汇报一下卧龙电区的这个情况那么公司它也是全球头部的就是电机制造厂商1984年成立最早是做微型电机 然后在2022年上市那么上市之后是通过了很多次的国内跟国外的这个收购然后不断去扩大他的电机产品的种类和市场份额然后在2020年那么也是跟财富合资开始发力新能源汽车的电机 2022年开始是组建了包括光伏储能至亲相关的这个新能源的公司那么开始在新能源领域来进行布局这个是公司过去20年主要的一些收购的事件 那么收购的公司涉及到的产品包括像电力变压器包括这个中这个中压电机高压电机主要是用于工业领域然后也包括大型的防爆电机也包括用于家电的这个微型电机等等 目前公司的产品种类分为四大类那么工业电机里主要包括低压电机跟高压电机那么像低压电机它比较普遍的应用在水泵风机 ...

法律意见书 二〇二四年六月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于 卧龙电气驱动集团股份有限公司 2021 年股票期权与限制性股票激励计划 回购注销实施相关事项 之 上海君澜律师事务所 关于卧龙电气驱动集团股份有限公司 2021 年股票期权与限制性股票激励计划 回购注销实施相关事项之 法律意见书 致：卧龙电气驱动集团股份有限公司 上海君澜律师事务所（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"或"卧龙电驱"）的委托，根据《上市公司股权激励管理办法》 （以下简称"《管理办法》"）《卧龙电气驱动集团股份有限公司 2021 年股票期权与 限制性股票激励计划》（以下简称"《激励计划》"或"本次激励计划"）的规定， 就卧龙电驱本次激励计划首次授予第三期及预留授予第二期解除限售条件未成就暨回 购注销部分限制性股票实施的相关事项（以下简称"本次回购注销实施"）出具本法 律意见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书 出具日以前已经发生 ...

卧龙电驱(600580.SH)/电力 设备 证券研究报告/公司深度报告 2024 年 6 月 5 日 投资逻辑 卧龙电驱在航空高功率密度电机驱动设计方面布局多项关键技术。包括：宽禁带器件应 用、高热流密度散热、电磁兼容与滤波、高可靠门极驱动、电子化功率回路、高集成度 传感器、易扩展高速控制等。2024 年 5 月，卧龙电驱与中国商飞联合研制的国内第一台 百千瓦级可变构型分布式电动力系统作为"315 科创体系建设工程"重大举措和创新成 果进行展出。该套航空电动力系统具有高可靠、高性能等特点，凭借达 8.5kW/kg 功率密 度的核心技术指标，优于市面上的美国 JOBY 公司同类产品，达到国际领先水平。 微特电机：参考上文，公司微特电机主要应用于空调、洗衣机、冰箱、小家电等领域， 2023 年中国空调、洗衣机、冰箱的产量同比增速均有较明显改善，2023 年全球小家电需 求增速也同比转正，我们预计随着下游需求提升，公司微特电机出货有望实现稳定正增 长。参考普华有策对未来几年微特电机全球市场规模的预测，我们预计 2024-2026 年中 国微特电机市场规模同比增速维持在 5%以上，公司的市占率基本维持稳定。参考过去 ...

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]