关于成都豪能科技股份有限公司 股票交易异常波动问询函的回复 成都豪能科技股份有限公司： 公司发来的《关于成都豪能科技股份有限公司股票交易异常波动问询函》已 收悉，经自查，现就相关事项回复如下： 本人作为豪能股份的控股股东、实际控制人，截至本回复签署之日，不存在 影响公司股票交易价格异常波动的重大事项，也不存在应披露而未披露的重大信 息，包括但不限于重大资产重组、股份发行、重大交易类事项、业务重组、股份 回购等重大事项。 特此回复。 2025 年 1 月 9 日 （本页无正文，为《关于成都豪能科技股份有限公司股票交易异常波动问询函的 （以下无正文） 回复》之签字页） 控股股东及共同实际控制人签字： 向朝东 向星星 向朝明 ...

| 证券代码：603809 | 证券简称：豪能股份 公告编号：2025-001 | | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | 成都豪能科技股份有限公司 股票交易异常波动公告 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： 成都豪能科技股份有限公司（以下简称"公司"）股票交易连续 2 个交易 日内日收盘价格涨幅偏离值累计超过 20%，属于股票交易异常波动情形。 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，公司 不存在应披露而未披露的重大信息。 敬请广大投资者理性投资，审慎决策，注意投资风险。 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 1 月 8 日和 1 月 9 日连续 2 个交易日内日收盘价格 涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司及子公司目前日常经营情况正常，外部环境未发生重大变 化。 （二）重大事项情 ...

Company and Industry Summary Company Overview - The company is involved in the manufacturing of various types of gear systems, including synchronizers and reducers, with applications in electric vehicles and robotics [1][3]. Key Points and Arguments - The market perception of the company is primarily focused on synchronizers, which are used in three-wheeled and four-wheeled vehicles. However, the company has significant growth potential in the electric vehicle and robotics sectors [1]. - Reducers are categorized into two types: parallel shaft reducers and coaxial reducers, with the latter being a planetary reducer. The working principle involves the motor connecting to the sun gear, which transmits power through planetary gears to achieve reduction [2]. - The company is investing in the development of planetary detectors and precision detectors for automotive and industrial applications, indicating a strategic focus on technological upgrades and replacements [3]. - The market shows a high interest in wave detectors and RV detectors, with the former being cost-effective and the latter having a more complex structure but offering higher speed ratios [4]. - Cost is a critical factor for humanoid robots, and the company’s products are noted for their strong impact resistance, making them suitable for various applications [5]. - The planetary detector market is saturated, with many manufacturers. The company's competitive edge lies in its processing precision, which affects noise and vibration performance [6]. - The longevity of products is linked to heat treatment and strength, which the company has a strong foundation in due to its extensive experience [7]. - The company has shown a consistent growth trajectory, likened to a rocket's stages, with traditional synchronizer business being a leading segment both domestically and globally [8]. - The differential gear business has expanded significantly in recent years, gaining traction with new energy and independent brands, indicating a strong order flow and revenue growth potential [9]. - The differential gear is essential for torque distribution in vehicles, especially during turns or slippery conditions, highlighting its importance in the overall vehicle system [10]. - The company has established strong manufacturing processes and customer relationships, which enhance its research and development capabilities [11]. - The operational cycle of the company is crucial for long-term investors, with expectations of improved return on equity (ROE) and asset growth rates in the coming years [12][13]. - The company is currently experiencing robust capacity expansion, with expectations of revenue growth leading to improved gross margins [14]. - Long-term investment in the company is viewed positively, with expectations of an upward trend in operating margins and overall profitability [15][16]. Additional Important Insights - The company’s ability to adapt its automotive manufacturing capabilities to the robotics sector is seen as a significant advantage [12]. - The management team emphasizes ongoing communication and engagement with stakeholders, reflecting a commitment to transparency and collaboration [17].

（一）交易的原因和基本情况 因四川航天神坤科技有限公司（以下简称"标的公司"或"航天神坤"）经营业 绩未达预期、大股东四川航天工业集团有限公司也已挂牌转让其持有的航天神坤 46.2943%股权，考虑到航天神坤未来发展具有不确定性，为优化公司资产，提升公 司的核心竞争力，2024 年 12 月 27 日，成都豪能科技股份有限公司（以下简称"公 司"或"甲方"）与江苏斯普瑞科技有限公司（以下简称"江苏斯普瑞"或"乙方"） 签订了《成都豪能科技股份有限公司与江苏斯普瑞科技有限公司关于四川航天神坤 科技有限公司 34%股权之转让协议》（以下简称"《股权转让协议》"），以 953.70 万 元的股权转让对价出售公司持有的航天神坤 34%股权。 | 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 转债 | | 成都豪能科技股份有限公司 关于出售四川航天神坤科技有限公司 34%股权的公告 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 ...

| 证券代码：603809 | 证券简称：豪能股份 公告编号：2024-094 | | --- | --- | | 转债代码：113690 | 转债简称：豪 24 转债 | 成都豪能科技股份有限公司 关于全资子公司签署投资协议的公告 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： 1、本项目的投资和建设是以竞买目标土地使用权为前提，土地使用权能否竞得、 最终取得时间及成交价格均存在不确定性。 2、本项目投资资金为自筹资金，所涉及投资总额为计划投资规模，可能根据后 续资金筹集、项目进展、备案审批等具体情况进行调整，存在实际投资金额与投资 计划产生差异的风险。 3、本项目是基于公司航空航天业务发展需求，但投资规模较大、建设周期较长， 可能面临宏观经济、行业政策、市场变化等影响，存在无法实现预期收益的风险。 一、 对外投资概述 （一）对外投资的基本情况 为满足成都豪能科技股份有限公司（以下简称"公司"）航空航天业务未来发展 需求，公司全资子公司成都昊轶强航空设备制造有限公司（以下简称"昊轶强"或 "乙方"）于 202 ...

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2024-092 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 转债 | | （二）审议通过《关于全资子公司签署<投资协议书>的议案》 成都豪能科技股份有限公司 第六届董事会第九次（临时）会议决议公告 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 成都豪能科技股份有限公司（以下简称"公司"）第六届董事会第九次（临时） 会议于 2024 年 12 月 27 日以现场结合通讯表决的方式在公司会议室召开。会议通 知于 2024 年 12 月 26 日以短信及电子邮件的方式向全体董事发出。会议应出席董 事 9 名，实际出席董事 9 名。会议由董事长向星星女士主持，公司全体高级管理人 员列席了本次会议。会议的召开符合《中华人民共和国公司法》和《公司章程》的 规定。 二、董事会会议审议情况 （一）审议通过《关于出售四川航天神坤科技有限公司 34%股权的议案》 同意公司出售四川航天神坤科技有限公司 3 ...

Summary of Conference Call Notes Company and Industry - The discussion revolves around the company "Haoneng" and its involvement in the planetary gearbox sector, particularly in the context of humanoid robots and new energy vehicles [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18]. Core Points and Arguments 1. **Planetary Gearbox Advantages**: - Planetary gearboxes have a clear cost advantage compared to other gearbox types, such as parallel axis and RV gearboxes, due to their rigid connection and strong impact resistance [1][2][4][10]. - The weight of planetary gearboxes is relatively high, and while their reduction ratio may not be as large, they are being optimized for better performance [1][2][10]. 2. **Market Trends**: - The market is increasingly focusing on the structural aspects and new technologies of gearboxes, with a notable shift towards coaxial gearboxes, which are expected to see rapid adoption in the next two to three years [3][4][6]. - The penetration rate of planetary gearboxes is currently high, and the industry is moving towards a more technology-driven approach to meet market demands [4][6][18]. 3. **Growth Potential**: - The humanoid robot sector is a significant growth area, with planetary gearboxes being a critical component. The value contribution of linear actuators and gearboxes in humanoid robots is substantial, indicating strong future demand [13][15][18]. - Haoneng is positioned to benefit from the increasing demand for planetary gearboxes in new energy vehicles, with expectations of substantial market growth if cost reduction and penetration rates improve [9][10][18]. 4. **Operational Efficiency**: - The company is currently experiencing low asset turnover rates, but there is optimism regarding future performance as project orders are robust and expected to drive revenue growth [5][6][16][17]. - The operational cycle is viewed positively, with expectations for both gross margin and return on equity (ROE) to improve as the company capitalizes on its project backlog [6][16][17]. 5. **Investment Considerations**: - Long-term investors are particularly focused on the company's operational cycle, including capacity expansion, gross margin trends, and the ability to meet rising industry demand [14][15][16]. - The company is compared to past capital expansion phases of similar firms, suggesting that it is in a critical growth phase with potential for significant returns [5][6][14]. Other Important but Possibly Overlooked Content - The company is actively working on optimizing its gearbox designs to enhance performance and reduce weight, which are critical factors for applications in humanoid robots and new energy vehicles [10][11][12]. - The discussion highlights the importance of understanding the operational cycle and market dynamics, which are crucial for assessing the company's future performance and investment potential [16][17][18].

Key Points Company and Industry Overview - **Industry**: Mechanical transmission, specifically synchronizers, with expansion into planetary gearboxes and active布局 in new energy vehicles and humanoid robots. - **Company Status**: Leading global position in synchronizers, transitioning from capital expenditure peak, and improving profitability. - **Core Business**: Mechanical transmission, particularly synchronizers, with expansion into planetary gearboxes and active布局 in new energy vehicles and humanoid robots. Core Views and Arguments - **Global Leadership in Synchronizers**: Company has achieved global leadership in synchronizers, providing a strong foundation for expansion. - **Profitability Growth**: Exceeded capital expenditure peak, leading to increased capacity utilization and profitability. Gross margin has turned positive in the first half of 2024. - **Competitive Strength**: Strong competitiveness, starting from the automotive industry and expanding into aerospace, with a focus on intelligent manufacturing and humanoid robots. - **Product Advantages**: Cost and shock resistance advantages in planetary gearboxes for humanoid robot applications. - **Growth Drivers**: Category expansion (synchronizers to planetary gearboxes) and application space expansion (from fuel vehicles to new energy vehicles and humanoid robots). - **New Energy Vehicle Growth**: Differentiator business has driven the company into the new energy vehicle customer system, achieving rapid growth in the short term. - **Market Potential**: Planetary gearboxes have broad application prospects in performance vehicles and robots, making it an important growth path for the company. Other Important Points - **Capital Expansion Stage**: Currently in a strong capital expansion phase, with a high proportion of fixed asset depreciation to revenue, which will gradually decline as capacity is released. - **Operational Efficiency**: Fixed asset turnover rate is an important indicator of operational efficiency, reflecting improved operations after capacity expansion. - **Future Gross Margin and Profitability**: With increased fixed assets and capacity release, revenue is expected to grow rapidly, leading to an increase in gross margin. - **Valuation**: The current valuation of approximately 18 times is considered low relative to the 33% profit growth expected. The company's solid fundamentals and clear growth logic make it a positive outlook and a key recommendation for the research department.

因重庆豪能传动技术有限公司（以下简称"重庆豪能"）授信事宜，成都豪能科 技股份有限公司（以下简称"公司"） 与中国建设银行股份有限公司重庆璧山支行 签订了《本金最高额保证合同》，为重庆豪能提供本金不超过人民币 55,500.00 万元 的连带责任担保。 具体担保情况如下： | 证券代码：603809 | 证券简称：豪能股份 公告编号：2024-091 | | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | 成都豪能科技股份有限公司 关于 2024 年度对外担保计划的进展公告 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、担保情况概述 （一）担保基本情况 二、被担保人基本情况 与本公司关系：公司的全资子公司 注册资本：17,000 万元 被担保人名称及是否为上市公司关联人：重庆豪能传动技术有限公司。本 次担保为对全资子公司提供的担保，不属于关联担保。 本次担保金额及已实际为其提供的担保余额：本次担保金额为 55,500.00 万 元。公司已实际为其提供的担保余额为 60 ...

Investment Rating - Buy (Maintained) [5][6] Core Viewpoints - The company is a leader in the mechanical transmission industry, with expectations that its humanoid robot business will exceed market expectations [2] - The company has strong potential in both the new energy vehicle (NEV) and robotics sectors, particularly in planetary gear reducers, which are expected to see high penetration rates and a market size reaching billions [3] - The company has passed its peak capital expenditure period and is expected to enter a rapid growth phase in revenue and profits, driving improvements in gross margin and ROE [3] Business Expansion and Growth - The company is expanding its planetary gear reducer business, leveraging its technological advantages and strong customer base in the NEV sector [3] - In 2024, the company invested 1 billion yuan in the first phase of its intelligent manufacturing core components project, focusing on NEV planetary gear reducers and high-precision industrial planetary gear reducers, with plans for further expansion in robotics-related fields [3] - The company's differential business is growing rapidly, with revenue reaching 272 million yuan in 2023, a 124.5% year-on-year increase, and gross margins turning positive in the first half of 2024 [3] Financial Performance and Projections - The company's gross margin and ROE in 2023 were 31.06% and 8.35%, respectively, both at historical lows, but are expected to improve as capacity utilization increases and economies of scale are realized [3] - Revenue for 2024-2026 is projected to be 2.409 billion yuan, 3.034 billion yuan, and 3.716 billion yuan, with year-on-year growth rates of 23.8%, 25.9%, and 22.5%, respectively [5] - Net profit attributable to shareholders for 2024-2026 is expected to be 314 million yuan, 405 million yuan, and 508 million yuan, with year-on-year growth rates of 72.4%, 29.2%, and 25.4%, respectively [5] - EPS for 2024-2026 is projected to be 0.49 yuan, 0.63 yuan, and 0.79 yuan, with corresponding P/E ratios of 24.43x, 18.90x, and 15.07x [5] Key Metrics and Catalysts - Key indicators to monitor include the company's progress in securing orders for humanoid robot reducers, revenue growth, gross margin, ROE, and fixed asset turnover [4] - Potential catalysts include faster-than-expected industrialization of humanoid robots, securing more orders for humanoid robot reducers, and exceeding expectations in revenue growth, gross margin, and ROE [4] Financial Summary - The company's revenue in 2023 was 1.946 billion yuan, with a year-on-year growth rate of 32.2% [10] - Net profit attributable to shareholders in 2023 was 182 million yuan, a year-on-year decrease of 13.9% [10] - ROE in 2023 was 8.4%, with projections for 2024-2026 at 12.4%, 13.4%, and 14.5%, respectively [10]