证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-053 卧龙电气驱动集团股份有限公司 关于上海证券交易所对公司 2023 年年度报告信息披 露监管工作函的回复公告 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。 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"）于近 日收到上海证券交易所上市公司管理一部的《关于卧龙电气驱动集团股份有限公 司 2023 年年度报告的信息披露监管工作函》（上证公函【2024】0638 号）（以 下简称"监管工作函"）。公司及年审会计师已对监管工作函中需要公司说明的 事项进行了逐项核实，现回复说明如下： 一、关于长期股权投资。年报及相关公告显示，2023 年第四季度，公司对 持有的红相股份有限公司（以下简称红相股份）股份计提资产减值损失 2.11 亿 元，确认应付红相股份业绩补偿款形成投资亏损 1.86 亿元，上述事项对公司当 期利润影响较大。关注到，前期红相股份以发行股份及支付现金方式购买公司持 有的银川变压器公司股权，并约定银川变压器公司 2017-2019 年业 ...

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。 二、董事会会议审议情况 （一）审议通过《关于前期差错更正及追溯调整的议案》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-050 卧龙电气驱动集团股份有限公司 九届七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 七次临时董事会会议于 2024 年 06 月 25 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 06 月 24 日分别以专人送达、电子邮件或传真等方式 发出。本次会议为紧急会议，经全体董事一致同意豁免会议通知期限要求，与会 的各位董事已知悉与所议事项相关的必要信息。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 ...

关于卧龙电气驱动集团股份有限公司 审核报告 前期差错更正专项说明的 | 索引 | 页码 | | --- | --- | | 专项审核报告 | 1-2 | | 前期差错更正专项说明 | 1-2 | 关于卧龙电气驱动集团股份有限公司 前期差错更正专项说明的审核报告 XYZH/2024SZAA6B0253 卧龙电气驱动集团股份有限公司 卧龙电气驱动集团股份有限公司全体股东： 我们接受委托，审核了后附的卧龙电气驱动集团股份有限公司(以下简称"卧龙电 驱")管理层编制的《卧龙电气驱动集团股份有限公司前期差错更正专项说明》（以下 简称"专项说明"）。 一、 管理层的责任 我们相信，我们的审核工作为发表审核意见提供了合理的基础。 三、 审核结论 我们认为，卧龙电驱编制的专项说明已按照《企业会计准则第28号—会计政策、会 计估计变更和差错更正》及中国证券监督管理委员会《公开发行证券的公司信息披露编 制规则第19号—财务信息的更正及相关披露》等相关规定编制，如实反映了前期差错的 更正情况。 1 专项说明（续） XYZH/2024SZAA6B0253 卧龙电气驱动集团股份有限公司 四、分发和使用的限制 本审核报告仅供卧龙电驱披露 ...

Financial Performance - The operating revenue for Q3 2023 was CNY 4,252,466,364.90, representing a 4.77% increase compared to CNY 4,058,773,003.68 in the same period last year[4]. - The net profit attributable to shareholders was CNY 318,815,372.07, an increase of 11.82% from CNY 285,100,672.05 year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 218,040,631.43, a decrease of 17.67% compared to CNY 264,822,496.73 in the previous year[4]. - The basic earnings per share for the period was CNY 0.2444, up 11.34% from CNY 0.2195 in the same quarter last year[4]. - The diluted earnings per share was CNY 0.2446, reflecting an increase of 11.79% from CNY 0.2188 year-on-year[4]. - Operating profit for the third quarter of 2023 was ¥1,124,851,374.16, up from ¥967,603,831.54 in the same quarter of 2022, reflecting a growth of approximately 16.2%[32]. - The company reported a net profit of CNY 152,706,665.91 for the first three quarters of 2023, compared to CNY 119,656,695.06 in 2022, representing a growth of 27.63%[53]. - The total comprehensive income for the first three quarters of 2023 was CNY 1,040,378,909.38, up from CNY 903,512,326.76 in the same period last year, reflecting an increase of 15.16%[53]. - The basic earnings per share for the first three quarters of 2023 was CNY 0.7089, compared to CNY 0.6034 in 2022, marking an increase of 17.53%[53]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 25,506,523,612.80, an increase of 8.69% from CNY 23,445,635,135.20 at the end of the previous year[4]. - The equity attributable to shareholders was CNY 9,817,539,044.27, up 9.20% from CNY 8,990,156,637.35 at the end of the previous year[4]. - The company's total liabilities amounted to ¥14,373,706,657.44 as of September 30, 2023, compared to ¥13,324,817,875.02 at the end of 2022, indicating an increase of about 7.9%[30]. - Long-term borrowings increased to ¥3,787,559,013.29 as of September 30, 2023, compared to ¥2,839,080,006.06 at the end of 2022, indicating a rise of about 33.4%[30]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 904,596,502.01, an increase of 28.64% compared to CNY 703,188,256.01 in the same period last year[4]. - The cash inflow from operating activities for the first three quarters of 2023 was CNY 11,010,890,767.48, an increase of 12.76% compared to CNY 9,763,142,025.46 in the same period of 2022[51]. - The cash and cash equivalents at the end of the period increased to CNY 2,684,385,164.05 from CNY 2,255,758,845.27, a rise of 18.93%[51]. - The total cash outflow from investment activities was CNY 894,815,269.61, compared to CNY 723,486,333.43 in the same period last year, indicating an increase of 23.66%[51]. - The net cash flow from financing activities was CNY -37,784,526.47, an improvement from CNY -44,833,412.43 in the previous year[51]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 71,068[24]. - The largest shareholder, Zhejiang Wolong Shunyu Investment Co., Ltd., holds 422,798,480 shares, accounting for 32.24% of total shares[24]. Current Assets - As of September 30, 2023, the company's cash and cash equivalents amount to RMB 2,881,684,925.54, an increase from RMB 2,305,038,965.91 at the end of 2022, representing a growth of approximately 25%[27]. - Accounts receivable increased to RMB 5,049,594,319.75 from RMB 4,478,300,544.04, reflecting a growth of about 12.8% year-over-year[27]. - Inventory as of September 30, 2023, stands at RMB 3,528,651,829.23, up from RMB 3,267,698,088.41, indicating an increase of approximately 8%[27]. - The total current assets have risen to RMB 13,979,078,487.51 from RMB 12,550,992,187.42, marking an increase of about 11.4%[27]. Investments and R&D - The company’s long-term equity investments decreased to RMB 877,696,381.15 from RMB 1,189,898,658.20, a decline of approximately 26.2%[27]. - Research and development expenses for the first three quarters of 2023 were ¥411,581,602.08, compared to ¥386,432,522.31 in the same period of 2022, reflecting an increase of approximately 6.5%[32]. Future Outlook - The company has not disclosed any new product or technology developments during the reporting period[28]. - There are no significant mergers or acquisitions reported in the latest financial results[28]. - The company has not provided specific future guidance or market expansion strategies in the conference call[28].

| --- | --- | --- | |----------|-----------------------------------------|-----------------------------------------| | | 董事会秘书 | 证券事务代表 | | 姓名 | 吴剑波 | 李赛凤 | | 联系地址 | 浙江省绍兴市上虞区人民大道 西段 1801 号 | 浙江省绍兴市上虞区人民大道 西段 1801 号 | | 电话 | 0575-82176628 | 0575-82176629 | | 传真 | 0575-82176636 | 0575-82176636 | | 电子信箱 | wolong600580@wolong.com | lisaifeng@wolong.com | | --- | |-------------------------------------| | | | 四、 信息披露及备置地点变更情况简介 | | 公司选定的信息披露报纸名称 | | 登载半年度报告的网站地址 | | 公司半年度报告备置地点 | | 报告期内变更情况查询索引 | 六、 其他有关资料 2023 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Insights - The company, established in 1984, specializes in motor and control systems, achieving a global leading position in various sectors such as high-voltage drive solutions and electric motors for new energy vehicles. It is expected to benefit from dual policy incentives in 2024, including equipment replacement and the emergence of flying cars [6][12]. - The projected net profits for 2024-2026 are estimated at 1.142 billion, 1.334 billion, and 1.544 billion yuan, respectively, with corresponding P/E ratios of 15.3, 13.1, and 11.3 times [6][8]. Summary by Sections Company Overview - The company has a comprehensive product line in the motor industry, with a focus on high-efficiency and energy-saving designs. It operates 39 manufacturing plants and 4 R&D centers globally [18][39]. Financial Performance - The company's revenue has shown steady growth, increasing from 5.14 billion yuan in 2004 to 14.998 billion yuan in 2022, with a CAGR of approximately 20.6%. In 2023, revenue reached 15.567 billion yuan, a year-on-year increase of 3.8% [43][46]. - The net profit for 2023 was 530 million yuan, down 33.7% year-on-year, primarily due to investment losses [8][29]. Industrial Motor Business - The company is expected to benefit from the upcoming equipment replacement cycle in 2024, with its products leading the industry in energy efficiency. Recent government policies encourage the replacement of energy-consuming equipment [4][34]. - The industrial motor segment has shown stable growth, with revenue from this sector increasing from 50.29 billion yuan in 2016 to 96.45 billion yuan in 2023 [46][72]. Aviation Motor Sector - The year 2024 is anticipated to be a pivotal year for the low-altitude economy, with the company positioned to capitalize on the flying car market. It has established strategic partnerships and has been involved in setting aviation motor standards [13][76]. - The company is recognized as a leading enterprise in the low-altitude economy, having developed a high-power aviation electric propulsion system that has passed expert evaluation [63][81]. Future Growth Drivers - The company is expanding its EV motor and energy storage business, which is expected to become a new growth engine. It has secured substantial orders in the new energy vehicle sector, totaling approximately 8.64 billion yuan [22][83].

Investment Rating - The report provides a positive outlook for the company, indicating that 2024 is expected to be a pivotal year for the low-altitude economy, with the company positioned to benefit from the flying car market [2][43]. Core Insights - The company is focusing on the motor industry, leveraging both organic growth and acquisitions to diversify its business [31]. - The company has established a strong foothold in the aviation motor sector, having begun its layout in 2019 and forming strategic partnerships with key players in the industry [27][50]. - The government is promoting energy-efficient motors, which is expected to create a significant replacement cycle for equipment in 2024 [5][19]. Financial Summary - The company's revenue is projected to grow from 15,567 million in 2023 to 21,426 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 11.4% [6]. - The net profit attributable to the parent company is expected to rebound significantly from 530 million in 2023 to 1,544 million by 2026, with a notable year-on-year growth of 115.5% in 2024 [6]. - The gross margin is anticipated to remain stable, with a slight increase from 25.2% in 2023 to 25.5% in 2026 [6]. Business Growth and Market Position - The company has a diversified product range with applications across various industries, including petrochemicals, mining, and power generation [12][17]. - The industrial motor segment has shown steady growth, with revenue increasing from 50.29 billion in 2016 to 96.45 billion in 2023, indicating a strong market presence [17][70]. - The company is well-positioned to benefit from the increasing demand for energy-efficient motors, with a focus on high-efficiency products that meet government standards [68]. Strategic Partnerships and Innovations - The company has formed strategic alliances with major players like ZF Friedrichshafen to enhance its capabilities in the electric vehicle motor sector [54][82]. - The company is actively involved in the development of advanced electric propulsion systems for aviation, collaborating with organizations like COMAC [27][79]. - The report highlights the company's commitment to innovation, with ongoing research and development aimed at improving motor efficiency and reducing energy consumption [40][68].

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 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to Zhongtai Securities, focusing on its recent client signing activities [1] Core Points and Arguments - Zhongtai Securities has officially signed new clients, indicating a positive growth trajectory in client acquisition [1] Other Important but Possibly Overlooked Content - The call highlights the strategic importance of expanding the client base for Zhongtai Securities, which may enhance its market position and revenue streams [1]

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 ...