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]

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-077 卧龙电气驱动集团股份有限公司 关于办公地址变更的公告 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 15 日 因经营发展需要，卧龙电气驱动集团股份有限公司（以下简称"公司"）于 近日搬迁至新址办公，现将相关变更情况公告如下： | | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 浙江省绍兴市上虞区人民大 | 浙江省绍兴市上虞区曹娥街道复 | | | 道西段 1801 号 | 兴西路 555 号 | 除上述办公地址变更外，投资者联系电话、电子邮箱等信息均保持不变。以 上变更自本公告披露之日起正式启用，敬请广大投资者知悉。若由此给您带来的 不便，敬请谅解。 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。 ...

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：2024-076 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/1/25，由董事长庞欣元提议 | | --- | --- | | 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 | 5,000 万元~10,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 514.82 | | 累计已回购股数占总股本比例 | 0.39% | | 累计已回购金额 | 万元 6,000.54 | | 实际回购价格区间 | 8.39 元/股~15.66 元/股 | 一、 回购股份的基本情况 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"）于 2024 年 01 月 23 日召开九届四次临时 ...

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：2024-006 | --- | --- | --- | --- | |--------------|------------------------|----------------------------------------------------------------|-----------------------------------| | | | | | | | R | 特定对象调研 £分析师会议 | | | 投资者关系活 | □ 媒体采访 | £ 业绩说明会 | | | 动类别 | □ | 新闻发布会 ☑路演活动 | | | | □ 现场参观 | | | | | □ | 其他（请文字说明其他活动内容） | | | | | 浙商基金、德邦基金、长江资管、天风证券、东吴证券、财通证券、兴 | | | | | 业证券、浙商证券、太平养老保险、上海信托、太平洋保险、国泰君安 | | | | | 证券、智晶基金、金鼎资本、弘悦私募、务扬私募、光大证券、熙典私 | | | 参与单位名称 | | 募、兴 ...

Investment Rating - Maintain "Buy" rating [3][6] Core Views - Revenue and gross margin improved quarter-over-quarter in Q2 2024, with Q2 revenue reaching 4.24 billion yuan, up 13% QoQ, and gross margin at 25.97%, up 0.57 percentage points QoQ [1] - Net profit declined 35.09% YoY in H1 2024, mainly due to lower gross margin, increased expenses, and asset impairment losses from Hongxiang shares [1] - The company is well-positioned to benefit from the low-carbon equipment upgrade trend, particularly in industries like petrochemicals, mining, and home appliances, with its high-speed permanent magnet direct drive system improving efficiency by 10%-40% [1] - The company is a leader in the global electric aviation sector, collaborating with major players like COMAC and Geely's Volocopter, and is expected to capitalize on the growth of the low-altitude economy [2] Financial Performance and Forecast - H1 2024 revenue was 7.98 billion yuan, up 2.09% YoY, while net profit attributable to shareholders was 393 million yuan, down 35.09% YoY [1] - Revenue is forecasted to grow to 24.83 billion yuan by 2026, with a CAGR of 16.28% from 2024 to 2026 [5] - Net profit attributable to shareholders is expected to reach 1.37 billion yuan by 2026, with EPS projected to grow from 0.75 yuan in 2024 to 1.05 yuan in 2026 [3][5] - ROE is forecasted to improve from 8.82% in 2024 to 10.11% in 2026 [5] Industry and Market Position - The company is a global leader in industrial motors and is expanding its presence in the electric aviation sector, particularly in eVTOL (electric vertical take-off and landing) applications [3] - The low-carbon equipment upgrade trend, supported by government policies like the 300 billion yuan ultra-long-term special treasury bonds, presents significant growth opportunities for the company [1] - The company's collaboration with major players in the electric aviation sector positions it as a key beneficiary of the growing low-altitude economy [2] Valuation - The current PE ratio is 14x for 2024, expected to decline to 10x by 2026 [3] - The company's valuation is supported by its strong position in the industrial motor market and its growth potential in the electric aviation sector [3]