无锡信捷电气股份有限公司 2024 年年度股东会会议资料 二〇二五年五月 1 无锡信捷电气股份有限公司 2024 年年度股东会参会须知 为维护股东的合法权益，保障股东在公司 2024 年年度股东会期间依法行使 权利，确保股东会的正常秩序和议事效率，根据《中华人民共和国公司法》《无 锡信捷电气股份有限公司章程》《无锡信捷电气股份有限公司股东会议事规则》 的有关规定，公司现制定本须知。 一、各股东请按照本次股东会会议通知（详见刊登于上海证券交易所网站 （www.sse.com.cn）的《无锡信捷电气股份有限公司关于召开 2024 年年度股东 会的通知》）中规定的时间和登记方法办理参加会议手续，证明文件不齐或手续 不全的，谢绝参会。 二、本公司设立股东会会务组，具体负责大会有关程序和服务等各项事宜。 三、大会期间，全体参会人员应自觉维护会场秩序，确保大会的正常秩序和 议事效率。进入会场后，请关闭手机或调至静音或震动状态。股东（或股东代表） 参加股东会，应当认真履行其法定义务，不得侵犯其他股东的权益，不得扰乱大 会正常秩序。 四、股东（或股东代表）参加股东会依法享有发言权、质询权、表决权等权 利，股东（或股东代表）要 ...

Group 1 - The A-share market showed positive performance with all three major indices rising, particularly the CSI Robot Index which increased by 2.1% [1] - Notable stocks within the robot sector included Tuosida, which rose over 13%, and Keli'er, which hit the daily limit, alongside other companies like Xinjie Electric and Ruishun Technology also experiencing gains [1] - The Robot ETF (159770) demonstrated strong trading activity, with a rise of 2.11% and a trading volume exceeding 180 million yuan, indicating active market participation [1] Group 2 - The Robot ETF (159770) has seen a net inflow of funds in the previous trading day, with 8 out of the last 10 trading days showing net inflows totaling over 460 million yuan [1] - The ETF has outperformed its benchmark with excess returns of 1.81% and 4.59% over the past year and three years, respectively, ranking first among similar ETF products [1] - The market focus on humanoid robots is increasing, with companies like Yushu Technology reporting strong order growth, indicating a positive outlook for the humanoid robot sector [2] Group 3 - Financial analysts suggest that the market is likely to experience a strong upward trend in the technology growth sector, particularly in AI and consumer services, driven by domestic policy support and trends in AI industries [2] - The potential for a return to AI industry trends and domestic demand expansion is highlighted, with a focus on sectors that are expected to perform well, such as high-dividend stocks and consumer services [2]

Core Viewpoint - The A-share market is experiencing a significant rebound, particularly in the robotics sector, with the Robotics ETF (159213) showing strong performance and a notable increase in component stocks [1][2]. Group 1: Robotics Market Performance - The Robotics ETF (159213) has surged over 2% since its listing, with a trading volume of 534,500 and a turnover rate of 26.43% [1]. - The underlying index of the Robotics ETF has increased by 2.14%, with nearly all component stocks rising, including notable gains from companies like Xinjie Electric and Haimeixing [1]. Group 2: Positive Developments in Robotics - Recent advancements in AI technology, such as the release of DeepSeek-Prover-V2-671B and Alibaba's Qwen3 model, are expected to enhance robotics capabilities [2]. - The successful application of exoskeleton robots in Taishan Scenic Area demonstrates the practical benefits of robotics, including significant physical exertion savings for users [2]. - The eighth Digital China Construction Summit has signed 455 key digital economy projects with a total investment of 228 billion yuan, indicating strong governmental support for robotics and AI [2]. - Industrial robot production in cities like Hangzhou and Ningbo has seen growth rates of 62.7% and 63.2%, respectively, while service robot production in Suzhou has surged by 165% [2]. Group 3: Human-like Robots and Industry Growth - Human-like robots are viewed as a transformative product, with significant investments from leading companies accelerating the industrialization process [3][4]. - The human-like robot industry in China is projected to grow rapidly, reaching a market size of 3.91 billion yuan in 2023, with an annual growth rate of 85.7% [4]. - By 2026, the human-like robot market in China is expected to exceed 20 billion yuan, driven by increasing demand and technological advancements [4]. Group 4: Supply Chain and Component Demand - The demand for components such as precision screws and lightweight materials is anticipated to rise with the proliferation of human-like robots [5]. - The introduction of lightweight materials like PEEK is crucial for enhancing robot performance, with Tesla's Optimus-Gen2 robot demonstrating a weight reduction of 10 kg while improving speed [5]. - The market for planetary roller screws is expected to see significant growth, with projections indicating a potential increase in demand driven by human-like robot production [5][6]. Group 5: Investment Opportunities - The Robotics ETF (159213) provides investors with a comprehensive tool to access various segments of the robotics industry, including upstream hardware, midstream system integration, and downstream applications [7].

Group 1 - The A-share market indices experienced an overall increase, with the robotics concept remaining active, particularly the robotics index ETF (159526) rising by 1.83% [1] - Notable stocks in the robotics sector included Xinjie Electric, which rose over 7%, and Tianzhun Technology and Haimeixing, both increasing by over 6% [1] - The introduction of exoskeleton robots in various scenic spots has gained popularity among tourists, showcasing the potential of this technology [1] Group 2 - The exoskeleton robots utilize advanced technologies such as artificial intelligence, sensing, ergonomics, power, and electronics, with multiple A-share listed companies contributing to the industry chain [1] - Experts indicate that the market potential for exoskeleton robots is significant, with applications expanding in medical rehabilitation, military, industrial, and transportation sectors [1] - The application of lightweight materials, such as carbon fiber, in exoskeleton robots is crucial for enhancing movement efficiency, flexibility, and endurance, making it a key technological direction for future iterations [2] Group 3 - The current joint structure of humanoid robots is not fully developed, indicating substantial room for improvement in the future [2] - The diverse functional demands of humanoid robots suggest that specific performance requirements will guide motor design, highlighting the importance of new material development in this process [2]

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

Core Viewpoint - The company reported a revenue increase of 13.5% year-on-year for 2024, reaching 1.71 billion yuan, with a net profit growth of 14.8% to 229 million yuan, indicating strong financial performance despite rising expenses [1] Financial Performance - 2024 revenue: 1.71 billion yuan, up 13.5% year-on-year [1] - 2024 net profit: 229 million yuan, up 14.8% year-on-year [1] - 2024 net profit excluding non-recurring items: 203 million yuan, up 25.8% year-on-year [1] - Q1 2025 revenue: 390 million yuan, up 14.3% year-on-year [1] - Q1 2025 net profit: 46 million yuan, up 3.5% year-on-year [1] - Q1 2025 net profit excluding non-recurring items: 40 million yuan, up 8.2% year-on-year [1] Strategic Initiatives - The company is advancing its major client strategy, with a focus on expanding its marketing network, leading to an increase in period expense ratios [2] - 2024 comprehensive gross margin: 37.7%, up 1.91 percentage points year-on-year, driven by higher gross margin PLC contributions [2] - Sales expense ratio for 2024: 11.4%, up 2.05 percentage points year-on-year [2] - Management expense ratio for 2024: 4.78%, up 0.19 percentage points year-on-year [2] - R&D expense ratio for 2024: 9.81%, up 0.05 percentage points year-on-year [2] - The company has initiated projects with over 80 S-level clients across emerging industries such as new energy vehicles, semiconductors, and smart logistics [2] Market Position and Product Development - The company achieved a 9.5% market share in the domestic small PLC market, with revenue growth of 21% to 648 million yuan in 2024 [3] - The domestic small PLC market size for 2024 is projected at 6.81 billion yuan, down 7.6% year-on-year [3] - The company is developing a large PLC product, expected to launch in 2025 [3] - The drive business generated 806 million yuan in revenue in 2024, with a gross margin of 24.5% [4] - The company is actively developing components for humanoid robots and plans to launch new high-performance servo drive systems [4] Investment Outlook - Revenue forecasts for 2025-2027 have been adjusted to 2.13 billion yuan, 2.64 billion yuan, and 3.21 billion yuan respectively [5] - Net profit forecasts for 2025-2027 have been adjusted to 288 million yuan, 361 million yuan, and 437 million yuan respectively [5] - The target price is adjusted to 71.7 yuan based on a 35 times PE ratio for 2025, maintaining a "strong buy" rating [5]

Summary of Xinjie Electric's Conference Call Company Overview - **Company**: Xinjie Electric - **Industry**: Automation and Robotics Key Financial Performance - **2024 Financials**: - Net profit increased by 25.80% year-on-year - Direct sales revenue grew by 25.2% to 253 million CNY - Overseas revenue surged nearly 40% to 41.9 million CNY - Total revenue reached 1.7 billion CNY, a 13.50% increase year-on-year - Net profit attributable to shareholders was 229 million CNY, up 14.84% [2][3] - **Q1 2025 Performance**: - Revenue rose by 14.25% to 388 million CNY - Net profit increased by 3.46% to 46 million CNY [2][3] Business Segment Performance - **PLC Segment**: - 2024 revenue of 648 million CNY, up 21.09% with a gross margin of 56.25% - Q1 2025 revenue of 14 million CNY, up 4.39% [3][7] - **Drive Systems**: - 2024 revenue of 806 million CNY, up 10.57% with a gross margin of 24.46% - Q1 2025 revenue of 19 million CNY, up 25.65% [3][7] - **Human-Machine Interface**: - 2024 revenue of 195 million CNY, up 9.5% with a gross margin of 32.18% - Q1 2025 revenue of 44 million CNY, up 6.45% [3][7] - **Intelligent Equipment (Robots)**: - 2024 revenue of 40 million CNY with a gross margin of 34.36% - Q1 2025 revenue of 11 million CNY, up 9.5% [3][7] Strategic Initiatives - **Market Strategy**: - Differentiated strategy in the PLC market focusing on small and medium PLCs, with plans to launch large PLCs in H2 2025 [2][9] - Targeting industries such as oil, chemicals, and high-end manufacturing sectors like new energy and semiconductors [2][6] - **Customer Development**: - Established a strategic customer marketing service team to enhance product competitiveness and brand influence [2][6] - Aiming to double sales from S-level customers from 200 million CNY in 2024 to 400 million CNY in 2025 [4][18] - **Cost Control**: - Implementing measures to optimize production processes and control raw material costs to improve gross margins [2][8][12] Innovation and R&D - **Robotics Development**: - Early entry into humanoid robotics with components like hollow cup motors and frameless torque motors [4][14] - Collaboration with research institutions to accelerate humanoid robotics business [4][15] - **Product Development**: - DS6 series servo products expected to launch in H2 2025, with a 20% efficiency improvement and a 5-10% cost reduction [24][30] - **Technical Expertise**: - Strong capabilities in key components for humanoid robots, including motors and servo systems [21][22] Market Expansion - **Overseas Business**: - Revenue from overseas operations reached 42 million CNY in 2024, with a focus on Southeast Asia, India, and the Middle East [16] - Plans to increase sales network and establish technical service centers in high-demand regions [16] Future Outlook - **Growth Projections**: - Targeting a revenue growth rate of 20-25% for 2025, with a focus on large customer strategies [25] - **Cost Management**: - Aiming to stabilize or reduce sales expense ratios through efficiency improvements [19] - **Market Confidence**: - Positive outlook on humanoid robotics market expansion, with ongoing customer engagement and strategic partnerships [30] This summary encapsulates the key points from Xinjie Electric's conference call, highlighting financial performance, strategic initiatives, innovation, market expansion, and future outlook.

Core Insights - The company reported a revenue of 1.708 billion yuan for 2024, representing a year-on-year growth of 13.5% [2] - The net profit attributable to shareholders was 229 million yuan, up 14.8% year-on-year, while the net profit after deducting non-recurring items reached 203 million yuan, marking a 25.8% increase [2] - The company plans to distribute a cash dividend of 8.7 yuan per 10 shares (including tax) to all shareholders [2] Business Performance - The overall gross margin improved by 2.15 percentage points to 37.72% [2] - The programmable logic controller (PLC) segment generated sales of 648 million yuan, a growth of 21.09%, with a gross margin of 56.25% [2] - The drive systems segment achieved sales of 806 million yuan, up 10.57%, with a gross margin of 24.46% [2] - The human-machine interface segment reported sales of 195 million yuan, a 9.50% increase, with a gross margin of 32.18% [2] - The smart devices (robots) segment generated sales of 41 million yuan, with a gross margin of 34.36% [2] Strategic Initiatives - The company is committed to a major customer strategy, focusing on sectors such as robotics, smart mining, logistics, healthcare, semiconductors, energy storage, photovoltaics, and new energy vehicles [3] - Direct sales revenue reached 254 million yuan, growing by 25.76%, while overseas revenue was 41.9 million yuan, up 39.63% [3] - The company is actively participating in domestic and international industry exhibitions to expand its overseas marketing channels [3] Research and Development - The company increased its R&D expenditure to 168 million yuan, accounting for 9.81% of its revenue [4] - It continues to enhance product performance and expand its product series in core areas such as PLCs, servo systems, human-machine interfaces, and smart devices [4] - The company has developed over 280 independent intellectual property rights and participated in the formulation of four national and industry standards [4] Future Outlook - The company aims to maintain technology innovation as its core driving force, deepen its focus on smart manufacturing and high-end equipment, and promote digital transformation [5] - It plans to expand its international market presence and enhance its overall competitiveness and brand influence [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to enter a harvest period for its major client strategy, with significant growth anticipated from its robotics segment [1] - Revenue for 2024 is projected to be 1.708 billion yuan, a year-on-year increase of 13.5%, while net profit is expected to reach 228.55 million yuan, up 14.84% year-on-year [1] - The company is focusing on enhancing its market share in PLC products, with a reported market share of 9.5% for small PLCs, and is expected to continue growing in this area [1] - The company is also investing in humanoid robotics, aiming to create a second growth engine through the development of related technologies and products [1] Financial Projections - Total revenue is forecasted to grow from 1.505 billion yuan in 2023 to 2.834 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.79% [1] - The net profit is projected to increase from 199.02 million yuan in 2023 to 438.80 million yuan in 2027, indicating a strong growth trajectory [1] - The earnings per share (EPS) is expected to rise from 1.42 yuan in 2023 to 3.12 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 36.32 to 16.47 over the same period [1]

Core Insights - The company reported a revenue of 1.71 billion yuan for 2024, representing a year-on-year increase of 13.5%, and a net profit attributable to shareholders of 230 million yuan, up 14.8%, marking the end of a three-year decline in performance [1] - In Q1 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 14.3%, with a net profit of 50 million yuan, up 3.5% [1] Revenue Breakdown - Domestic revenue reached 1.667 billion yuan, a year-on-year increase of 13%, accounting for 98% of total revenue, while overseas revenue was 40 million yuan, up 40%, making up 2% of total revenue [1] - By product line, PLC products generated 650 million yuan in revenue, up 21%; drive systems (mainly servo systems) brought in 810 million yuan, up 11%; human-machine interface revenue was 200 million yuan, up 10%; and industrial robots and smart devices generated 40 million yuan, up 2% [1] Profitability Metrics - The company's overall gross margin for 2024 was 37.7%, an increase of 2.2 percentage points year-on-year, with improvements in gross margins across all product lines [1] - The net profit margin for 2024 was 13.4%, up 0.2 percentage points, ending a three-year decline [2] Cost Structure - The company's expense ratio for 2024 was 25.8%, an increase of 2.6 percentage points year-on-year, primarily due to a rise in sales expense ratio [2] - In Q1 2025, the gross margin was 38.1%, down 0.9 percentage points year-on-year, with the expense ratio increasing by 2.3 percentage points [2] Technological Development - The company has a strong foundation in industrial robotics technology, with a focus on humanoid robotics, including the development of components like hollow cup motors and frame-less torque motors [3] - The company is investing in related technologies such as high-performance optical encoders and control systems for robots, and has invested in Changchun Rongde Optical Co., Ltd., which specializes in encoders and sensors [3] Earnings Forecast - The earnings forecast for 2025-2026 has been adjusted, with expected revenues of 2.11 billion yuan and 2.63 billion yuan, and net profits of 290 million yuan and 370 million yuan respectively [4] - For 2027, the company is projected to achieve a revenue of 3.24 billion yuan and a net profit of 470 million yuan, with an EPS of 3.33 yuan [4]