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 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance [27]. Core Viewpoints - The company has made significant advancements in high-power density motor drive design for aviation, showcasing its first 100kW variable configuration distributed electric power system in collaboration with COMAC, achieving a power density of 8.5kW/kg, surpassing similar products from competitors [3]. - The micro-specialty motor segment is expected to see stable growth due to improved demand in the air conditioning, washing machine, and refrigerator markets, with a projected market growth rate of over 5% from 2024 to 2026 [4]. - The company is well-positioned to benefit from the rapid development of the low-altitude economy in China, with government support and a projected market size of 505.95 billion yuan in 2023, growing at 33.8% year-on-year [24][47]. Company Main Business and Shareholding Structure - The company has expanded its product range through a series of acquisitions since 2002, including notable purchases of ATB in 2011 and GE's small industrial motor business in 2018, enhancing its capabilities in electric drive systems and industrial motors [7][8]. Revenue Structure and Profit Sources - The company's revenue has shown a stable increase, with total revenue rising from 6.89 billion yuan in 2014 to 15.57 billion yuan in 2023, reflecting a compound annual growth rate of approximately 9.5% [14]. - The main business segments include electric motors and controls, with a notable shift in revenue contribution from electric motor control to solar and energy storage solutions since 2021 [15]. Low-altitude Economy Development - The report highlights the government's proactive measures to support the low-altitude economy, with nearly 50 policies introduced since Q4 2023, including funding initiatives for the industry [23]. - The company is actively involved in setting airworthiness standards for electric aviation propulsion systems, which will help establish barriers to entry in the market [26]. Industrial Motor Market Demand - The industrial motor market is expected to grow steadily, with a projected annual growth rate of 4.3% from 2024 to 2026, supported by the company's increasing market share and improving profit margins [50]. Micro-specialty Motor Demand - The global demand for micro-specialty motors is anticipated to expand, with the company maintaining a stable market share and a gross margin of approximately 16% from 2024 to 2026 [4][50].

Group 1: Company Growth Strategies - The company implements a "One-Two-Three Development Strategy" focusing on stable growth in the motor industry, rapid development in the new energy sector, and full-scale development of system solutions [4][5] - The first growth curve involves stable development of electric motors and related products, while the second focuses on new energy businesses such as photovoltaics, wind power, and electric transportation [4] - The third growth curve emphasizes system solutions integrating motors, frequency converters, and sensors to meet customer needs and adapt to industry developments [4] Group 2: Robotics and Automation - The company has developed a range of industry-leading digital servo drive products widely used in industrial robots, AGVs, and CNC machine tools [4] - Key components for humanoid robots, such as high-performance joint modules and servo drives, have been developed to promote the industrialization of bionic robots [4] - The company’s subsidiary, Hill Company, is a leading industrial robot system integrator, providing automated production lines to major automotive manufacturers [4] Group 3: Energy Efficiency and Carbon Reduction - The company offers comprehensive energy-saving services, including energy assessments, retrofitting, and lifecycle management [5] - The transition from gas turbine systems to electric drive systems can improve overall system efficiency by 10% to 40%, with electric motor efficiency ranging from 93% to 97% [5] - The company actively responds to national strategies for carbon reduction, showcasing its commitment to sustainable development and technological innovation [5][6] Group 4: Electric Aviation Developments - The company established an electric aviation R&D center in 2019, focusing on advanced motor and drive products for urban air transport and emergency rescue [6] - Breakthroughs in lightweight systems, dynamic sealing, and electromagnetic compatibility have been achieved, along with the establishment of a joint laboratory with the Civil Aviation Science and Technology Research Institute [6] Group 5: Market Opportunities and Policy Support - The company is positioned to benefit from a new round of large-scale equipment updates and consumer product replacements, as outlined in recent government policies [6][7] - The 2024 version of energy efficiency standards includes 43 types of energy-consuming products relevant to the company and its downstream clients, enabling tailored energy-saving solutions [7] - The company anticipates significant market opportunities driven by policy support for energy efficiency and carbon reduction initiatives [7]

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]