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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 4 月 25 日（星期五）13:00-15:30 证券代码：688190 证券简称：云路股份 公告编号：2025-024 青岛云路先进材料技术股份有限公司 关于参加中国航空发动机集团有限公司所属上市公司 2024 年度业绩说明会的公告 会议召开地点：网络会议地点为上海证券交易所上证路演中心（网址： http: //roadshow.sseinfo.com/）；现场会议地点为四川省成都海湾酒店（四川 省成都市高新区天府大道南段 255 号远大购物广场） 会议召开方式：本次业绩说明会将采用网络文字互动与现场相结合的方 式举行。 青岛云路先进材料技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《青岛云路先进材料 技术股份有限公司 2024 年年度报告》。为方便广大投资者更全面、深入地了解中 国航空发动机集团有限公司所属上市公司，充分展示公司的经营业绩、发展 ...

Summary of Conference Call Industry Overview - The focus of the conference call is on the flying electric motor industry, which is characterized as a disruptive innovation with wide-ranging applications across various sectors, including electric vehicles (EVs), home appliances, drones, and humanoid robots [1][2][3]. Key Points and Arguments - The flying electric motor is seen as a material-level disruptive innovation, with significant potential for application in the EV sector and beyond [1]. - The performance of the new electric motors is expected to achieve a 50 km increase in range and an energy conversion efficiency of 98.6% [2]. - The market for materials related to these motors is projected to be substantial, with estimates suggesting a potential market size of 20 billion for materials and 40 billion for electric motors [3]. - The flying electric motor can enhance energy and mechanical conversion efficiency by 2-3%, leading to a 9-15% increase in EV range, as well as reductions in weight and noise [3][5]. - The long-term market potential for flying electric motors is estimated to reach 300 billion, with specific materials contributing around 60 billion [3]. Industry Dynamics - The flying electric motor industry is divided into three segments: flying electric materials, stator cores, and electric motors, with the automotive market being the primary application area [9]. - The penetration rate of flying electric transformers in the domestic market has increased to nearly 20%, indicating rapid growth in this segment [10]. - Major players in the flying electric materials market include Yunlu, Hitachi Metals, and Antai Technology, which collectively hold about 70% of the global market share [10][11]. Competitive Landscape - Yunlu is highlighted as a leading domestic player with significant production capacity and a strong market position, expected to generate substantial profits in the coming years [17]. - Antai Technology is recognized for its long-standing research capabilities and partnerships with major automotive manufacturers, making it a noteworthy player in the industry [19]. - The conference emphasized the importance of technological advancements and cost reductions in driving the adoption of flying electric motors across various applications [18]. Emerging Applications - The flying electric motor is anticipated to play a crucial role in the development of humanoid robots and EVs, addressing current limitations in power density and operational efficiency [20]. - The potential for these motors to revolutionize the robotics industry is acknowledged, particularly in enhancing the operational capabilities of humanoid robots [20]. Market Potential - The overall market for flying electric motors is projected to reach trillions, driven by applications in EVs, industrial motors, and emerging technologies like humanoid robots [15][21]. - The call concluded with a strong recommendation for investors to consider the significant growth opportunities presented by the flying electric motor industry, which is still in its early stages [21].

Core Viewpoint - The report summarizes the continuous sponsorship and supervision of Qingdao Yunlu Advanced Materials Technology Co., Ltd. by Guotai Junan Securities Co., Ltd. following its initial public offering (IPO) on the Sci-Tech Innovation Board, highlighting the company's compliance with regulations and the status of its fundraising projects [1][2]. Group 1: Company Overview - The issuer, Qingdao Yunlu Advanced Materials Technology Co., Ltd., has a registered capital of RMB 120 million and was listed on November 26, 2021, with a stock code of 688190 [1][3]. - The actual controller of the company is China Aviation Engine Group Co., Ltd. [1]. Group 2: Sponsorship and Supervision - Guotai Junan Securities has committed to ensuring compliance with laws and regulations during the continuous supervision phase, which lasts until December 31, 2024 [1][2]. - The main responsibilities of the sponsor include overseeing corporate governance, ensuring compliance with internal control systems, and monitoring the use of raised funds [3][4]. Group 3: Fundraising and Project Status - The company raised a net amount of RMB 1,291.58 million from the IPO, with the funds allocated to various projects [1]. - There have been delays in some fundraising projects, specifically the "High-Performance Ultra-Thin Nano-Crystal Strip Material and Its Device Industrialization Project," which has been postponed to June 2025 [4][5]. Group 4: Compliance and Reporting - The company has adhered to information disclosure requirements and has cooperated with the sponsor during the due diligence and continuous supervision phases [6][7]. - The sponsor has reviewed the company's fundraising usage and confirmed compliance with relevant regulations, ensuring no misappropriation of funds [8]. Group 5: Remaining Funds - As of December 31, 2024, the company has a remaining balance of RMB 596.44 million in raised funds, which will continue to be monitored by the sponsor [8].

国泰君安证券股份有限公司 关于青岛云路先进材料技术股份有限公司 首次公开发行股票并在科创板上市持续督导保荐总结报告书 经中国证券监督管理委员会《关于同意青岛云路先进材料技术股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]3302 号）核准，公司 2021 年 11 月 于上海证券交易所向社会公众公开发行人民币普通股(A 股)3,000 万股，发行价为 46.63 元/股，募集资金总额为人民币 139,890.00 万元，扣除承销及保荐费用人民币 9,238.02 万元，余额为人民币 130,651.98 万元，另外扣除中介机构费和其他发行费 用人民币 1,493.52 万元，实际募集资金净额为人民币 129,158.46 万元。本次发行证 券已于 2021 年 11 月 26 日在上海证券交易所科创板上市。国泰君安证券股份有限 公司（以下简称"保荐机构"或"国泰君安"）担任其持续督导保荐机构，持续督 导期间为 2021 年 11 月 26 日至 2024 年 12 月 31 日。 2024 年 12 月 31 日，持续督导期已届满，国泰君安根据《证券发行上市保荐 业务管理办法》《上海证券交易所 ...

Core Viewpoint - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.24%, with a net profit attributable to shareholders of 361 million yuan, up 8.73% year-on-year [2] Group 1: Financial Performance - The company reported a revenue of 512 million yuan in Q4 2024, reflecting a year-on-year growth of 9.16% and a quarter-on-quarter increase of 7.22% [2] - The company's gross profit margin for 2024 was 30.58%, an increase of 0.08 percentage points year-on-year, with the gross margin for non-crystalline products reaching 35.68%, the highest since its listing [4] - The company’s net profit for 2024 was 361 million yuan, with a non-recurring net profit of 344 million yuan, marking a year-on-year increase of 12.59% [2] Group 2: Product Performance - Revenue from non-crystalline alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a year-on-year increase of 3.80% in revenue and 10.27% in sales volume, while the sales price decreased by 5.87% [3] - Revenue from nano-crystal products reached 305 million yuan, up 34.71% year-on-year, with sales volume increasing by 35.87% to 6,900 tons, while the sales price decreased by 0.85% [3] - Revenue from magnetic powder products was 142 million yuan, a slight decrease of 0.51% year-on-year, with sales volume increasing by 20.71% to 8,800 tons, and the sales price decreased by 17.58% [3] Group 3: Cost and Expenses - The company’s expense ratio for 2024 was 9.92%, the second-lowest level since 2018, with R&D expense ratio at 5.99%, management expense ratio at 1.92%, sales expense ratio at 2.37%, and financial expense ratio at -0.35% [5] Group 4: Capacity and Market Expansion - The company’s non-crystalline production capacity reached 105,000 tons in 2024, with plans to expand to 120,000 tons by 2027 [6] - The company is actively expanding its overseas market, with overseas revenue of 566 million yuan, a year-on-year decrease of 13.13%, while the overseas gross margin was 35.63%, an increase of 1.55 percentage points [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - The company achieved a revenue of 1.9 billion yuan in 2024, representing a year-on-year growth of 7.24%, with a net profit of 361 million yuan, up 8.73% year-on-year [1][4]. - The gross margin for 2024 was reported at 30.58%, a slight increase of 0.08 percentage points year-on-year, with the highest gross margin for the amorphous alloy products reaching 35.68% [2][12]. - The company is expanding its production capacity for amorphous materials, reaching 105,000 tons in 2024, with plans to increase to 120,000 tons by 2027 [2][3]. Revenue and Profitability - The company's revenue from amorphous alloy products was 1.42 billion yuan, with a sales volume of 96,200 tons, reflecting a 3.80% increase in revenue year-on-year [1][4]. - The net profit forecast for 2025-2026 is set at 465 million yuan and 535 million yuan, respectively, with an additional forecast for 2027 at 613 million yuan [3][4]. Market Expansion - The company is actively pursuing overseas market expansion, with international sales contributing 566 million yuan, although this represents a decline of 13.13% year-on-year [3][4]. - The company has established a strong presence in markets such as India and South Korea, indicating potential for future growth in these regions [3]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 3.01 yuan, with a price-to-earnings (P/E) ratio of 33 [4][12]. - The return on equity (ROE) for 2024 is estimated at 14.41%, with a gradual increase expected in subsequent years [4][12].

证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 02 日 | 基本数据 | | 2025 | | 年 04 | | | 日 | 月 02 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 100.35 | | | | | | | 年 内 最 高 最 低 | / | | 131.50/58.18 | | | 一 | | | | （元） | | | | | ...

证券代码：688190 证券简称：云路股份 公告编号：2025-023 青岛云路先进材料技术股份有限公司 关于 5%以上股东减持股份暨权益变动触及 1%整数倍 的提示性公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 公司于近日收到信息披露义务人郭克云出具的《关于权益变动比例触及 1% 整数倍的告知函》，现就相关权益变动情况公告如下： 一、本次权益变动的基本情况 （一）信息披露义务人基本情况及权益变动情况 | | 姓名 | 郭克云 | | --- | --- | --- | | 信息披露 | | | | 义务人基 | 住所 | 山东省青岛市城阳区****** | | 本信息 | | | | | 权益变动时间 | 2025 年 3 月 7 日至 2025 年 3 月 31 日 | 1 | 权益 | 变动方式 | | 变动日期 | | | | 股份类型 | | 减持数量 （股） | 变动比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is experiencing steady growth in its main business of amorphous products, with revenue of 1.42 billion yuan in 2024, accounting for 74.7% of total revenue, driven by domestic grid equipment upgrades and overseas market expansion [2] - The nano-crystal product segment generated revenue of 305 million yuan, representing a year-on-year growth of 34.71%, although it faced margin pressure due to rising raw material costs [2] - Future growth potential is highlighted in emerging fields such as AI and smart home applications, which are expected to drive demand for high-frequency soft magnetic materials [3] Business Performance Summary - The company is positioned as a global leader in amorphous materials, benefiting from ongoing investments in the power grid and the high demand in the renewable energy sector [4] - Revenue is projected to grow from 1.9 billion yuan in 2024 to 2.635 billion yuan in 2027, with a compound annual growth rate of 17.45% [6] - Net profit is expected to increase from 361 million yuan in 2024 to 518 million yuan in 2027, reflecting a growth rate of 12.75% [6] - Earnings per share (EPS) are forecasted to rise from 3.01 yuan in 2024 to 4.31 yuan in 2027 [6] Financial Highlights - The company reported a gross margin of 30.38% in 2024, maintaining stability in profitability [11] - Research and development expenses increased by 19.17% to 114 million yuan, indicating a commitment to innovation [11] - The company has consistently maintained a cash dividend payout ratio exceeding 30%, demonstrating strong shareholder returns [11]

证券代码：688190 证券简称：云路股份 公告编号：2025-021 青岛云路先进材料技术股份有限公司 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 4 月 18 日 14 点 30 分 召开地点：公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 18 日 至 2025 年 4 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年4月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间段，即 9:15 ...