二、需债权人知晓的相关信息 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-075 卧龙电气驱动集团股份有限公司 关于注销回购股份通知债权人的公告 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。 一、通知债权人的原因 为切实提高股东的投资回报，进一步向投资者传递卧龙电气驱动集团股份有 限公司（以下简称"卧龙电驱"、"公司"）对自身长期内在价值的坚定信心和 高度认可，提升每股收益水平，增强投资者信心，结合公司实际情况，公司拟将 2021 年回购股份用途由"用于股权激励计划"变更为"用于注销并减少公司注册 资本"，即公司拟对回购专用证券账户中 2021 年回购股份方案的 5,668,500 股股 份进行注销并相应减少注册资本。 公司已于 2024 年 08 月 30 日召开九届八次董事会会议，审议通过了《关于 变更公司部分回购股份用途暨注销部分回购股份的议案》，上述事项已经公司 2024 年第二次临时股东大会审议通过，具体内容详见公司分别于 2024 年 08 月 31 日、2024 年 09 月 19 日披露 ...

Investment Rating - Buy (maintained) [1] Core Views - The company's profitability was under pressure in the first half of 2024, but it is expected to benefit from motor replacement policies in the second half of 2024 [1] - The company's high-voltage motor business has strong barriers and stable profitability, and its aviation motor business has a clear competitive advantage [2] - The company is expected to benefit from the equipment replacement cycle in the second half of 2024 [2] Business Expansion - The company is actively developing the renewable energy industry, including wind, solar, hydrogen, and energy storage, while consolidating its position in general industrial fields such as air compressors and water pumps [3] - In the daily motor and drive sector, the company continues to focus on HVAC, washing machines, refrigerators, and small household appliances, and is actively exploring the EC field [3] - The electric transportation sector is steadily developing, with the company expanding into electric ships and electric aviation [3] - The "large-scale equipment renewal and consumer goods replacement" policy is expected to further release market demand [3] Aviation Motor Business - 2024 is expected to be the first year of the low-altitude economy, driven by policy and industry catalysts [4] - The company began developing aviation motor products in 2019 and has established strategic cooperation with WoFei ChangKong and Commercial Aircraft Corporation of China [4] - The company's 70KW high-power aviation motor system passed expert acceptance in 2023, making it the only electric motor system company selected in the "2023 China Low-Altitude Economy Leading Enterprises TOP20" [4] - The company has a first-mover advantage in the flying car motor business and is expected to benefit from the mass production of flying cars [4] Financial Performance - In H1 2024, the company achieved a net profit attributable to the parent company of 393 million yuan, a year-on-year decrease of 35% [2] - In Q2 2024, the net profit attributable to the parent company was 170 million yuan, a year-on-year decrease of 51%, with a provision for impairment of 60 million yuan from Hongxiang Electric [2] - R&D and sales expenses in Q2 2024 totaled 450 million yuan, an increase of 110 million yuan year-on-year, with R&D mainly focused on aviation motors, permanent magnet drives, and bionic robots [2] - The company's net profit forecasts for 2024-2026 have been revised down to 1.02 billion, 1.26 billion, and 1.42 billion yuan, respectively [2] - The current stock price corresponds to a PE ratio of 12.9, 10.5, and 9.3 times for 2024-2026 [2] Financial Ratios - Revenue for 2024E is expected to be 17.236 billion yuan, a year-on-year increase of 10.7% [5] - Net profit attributable to the parent company for 2024E is expected to be 1.021 billion yuan, a year-on-year increase of 92.7% [5] - Gross margin for 2024E is expected to be 24.8%, with a net margin of 6.1% [5] - ROE for 2024E is expected to be 9.1%, with an EPS of 0.78 yuan [5] Stock Performance - Current stock price: 10.08 yuan [6] - Total market capitalization: 13.188 billion yuan [6] - Turnover rate in the past 3 months: 117.12% [6]

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 2024 年第二次临时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，暂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 9 月 18 日召开的 2024 年第二次临时股东大会（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 ...

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 相结 (一) 股东大会召开的时间：2024 年 09 月 18 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： 合的方式表决，符合《公司法》及《公司章程》的规定。 证券代码：600580 证券简称：卧龙电驱 公告编号：2024-074 卧龙电气驱动集团股份有限公司 2024 年第二次临时股东大会决议公告 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 | 824 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 555,267,451 | | 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（%） | 42.79 ...

卧龙电气驱动集团股份有限公司 2024 年第二次临时股东大会会议资料 卧龙电气驱动集团股份有限公司 2024 年第二次临时股东大会 会议资料 1 / 11 （2024 年 09 月 18 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 09 月 05 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，维护其他股东合法权益的义务。 2、为维护股东大会的秩序，保证各股东充分行使发言、质询的权利，各股 东应当在发言前将发言的内容要 ...

一、《决定书》主要内容 卧龙电气驱动集团股份有限公司、庞欣元、黎明、戴芩： 经查，卧龙电气驱动集团股份有限公司（以下简称公司）存在以下问题: 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-073 卧龙电气驱动集团股份有限公司 关于收到中国证券监督管理委员会浙江监管局 行政监管措施决定书的公告 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。 卧龙电气驱动集团股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会浙江监管局（以下简称"浙江证监局"）下发的行政监管措施决 定书《关于对卧龙电气驱动集团股份有限公司及相关人员采取出具警示函措施的 决定》（〔2024〕192 号）（以下简称"《决定书》"），现将主要内容公告如 下： 2024 年 4 月 3 日，红相股份有限公司（以下简称红相股份）收到中国证券 监督管理委员会厦门监管局下发的《行政处罚决定书》及《市场禁入决定书》 (〔2024〕1 号)，认定卧龙电气银川变压器有限公司（以下简称银川卧龙）2017 年度至 2019 年度存在未完成重组协议承诺 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company's revenue for H1 2024 slightly increased to 7.978 billion yuan, a year-on-year growth of 2.09%, while the net profit attributable to shareholders decreased by 35.09% to 393 million yuan [6][7]. - The decline in profit is attributed to fluctuations in exchange gains and losses, as well as asset impairment losses [7][8]. - The company is actively participating in the low-altitude economy sector and has been involved in setting industry standards [8]. Financial Summary - H1 2024 revenue: 7.978 billion yuan, up 2.09% year-on-year; Q2 2024 revenue: 4.237 billion yuan, up 6.49% year-on-year [6][7]. - H1 2024 net profit: 393 million yuan, down 35.09% year-on-year; Q2 2024 net profit: 170 million yuan, down 51.01% year-on-year [6][7]. - The company's gross margin for H1 2024 was 25.70%, a slight decrease of 0.48 percentage points year-on-year [7][8]. - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 917 million, 1.095 billion, and 1.180 billion yuan respectively [8].

[Table_Main] 公司研究|工业|资本货物 证券研究报告 卧龙电驱(600580)公司点评报告 2024 年 09 月 05 日 [Table_Title] 产品多领域布局，卡位低空经济赛道 ——卧龙电驱（600580.SH）2024 半年报点评 [Table_Summary] 事件：公司发布 2024 年半年报。 点评： 营收微增净利下滑，期间费用率上升 2024H1 公司实现营收 79.78 亿元，同比+2.09%；归母净利润 3.93 亿元， 同比-35.09%；扣非后归母净利润 3.48 亿元，同比-31.85%。2024H1 毛利 率 25.70%，同比-0.48pct；期间费用率 19.28%，同比+1.99pct，其中销售 费 用 率 、 管 理 费 用 率 、 研 发 费 用 率 和 财 务 费 用 率 分 别 为 5.49%/8.03%/4.29%/1.47%，同比+0.70/+0.12/+0.54/+0.62pct。销售费用 率上升主要系职工薪酬、差旅费增加；管理费用率上升主要系折旧摊销费 用增长；研发费用率上升主要系材料费用、职工薪酬增多。 电机产品多领域布局，全面优化行业赛道 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.4 CNY, indicating an expected upside of over 20% in the next six months [3][11]. Core Views - The company reported a revenue of 7.978 billion CNY in the first half of 2024, a year-on-year increase of 2.09%, while the net profit attributable to shareholders was 393 million CNY, down 35.09% year-on-year [1]. - The decline in profitability is attributed to asset impairment losses of 70 million CNY, primarily from long-term equity investments [1]. - The company is actively expanding into renewable energy sectors and has seen growth in various traditional industries, including oil and gas, chemicals, and steel [1]. - The low-altitude economy is highlighted as a significant growth driver, with government policies supporting the development of low-altitude flight infrastructure [1]. Financial Performance Summary - Revenue for 2023 is projected at 15.567 billion CNY, with a growth rate of 9% [2]. - The net profit for 2023 is estimated at 530 million CNY, reflecting a decline of 34% year-on-year [2]. - The company expects a recovery in net profit with projections of 911 million CNY in 2024, 1.19 billion CNY in 2025, and 1.409 billion CNY in 2026, indicating growth rates of 72%, 31%, and 18% respectively [2][5]. - The earnings per share (EPS) is forecasted to be 0.70 CNY in 2024, increasing to 1.08 CNY by 2026 [2][9]. Business Segment Development - The industrial motor and drive segment is expanding into renewable energy, with stable growth in oil and gas production and recovery in the steel industry [1]. - The consumer electrical motor segment is focusing on the home appliance market, with significant growth in production and exports [1]. - The electric transportation segment is capitalizing on the growth of the new energy vehicle industry and is exploring opportunities in electric shipping and aviation [1]. Market Outlook - The report emphasizes the potential of the low-altitude economy, with local policies aiming to establish numerous low-altitude flight facilities by 2025 [1]. - The company is positioned as a leader in the eVTOL (electric Vertical Take-Off and Landing) market, collaborating with key industry players to enhance its market presence [1].

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：2024-071 | 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 | 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： 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董事会会议， ...