Group 1 - The core viewpoint of the news is the performance and structure of the fund "交银国企改革灵活配置混合A," which has experienced a decline in recent trading days and has a significant portion of its holdings in institutional and individual investors [1][2][3] - As of May 19, the fund's latest net value is 1.76 yuan, with a cumulative decline of 1.08% over the last five trading days [1] - The fund was established in June 2015, with a total size of 1.802 billion yuan and a cumulative return of 104.86% since inception [1] Group 2 - By March 31, 2025, the top ten holdings of the fund accounted for a total of 50.78%, with significant positions in companies such as 顺丰控股 (9.90%), 中国化学 (6.04%), and 首旅酒店 (5.44%) [2] - The current fund manager, 沈楠, has a background in finance and has been managing the fund since June 2015, bringing extensive experience from previous roles in analysis and fund management [1]

Core Insights - The metal soft magnetic powder core is a high-performance soft magnetic material with significant market potential, particularly in the context of the new energy industry, including applications in photovoltaic power generation, electric vehicles, and data centers [1][19]. Industry Overview - Soft magnetic materials are characterized by low coercivity and high permeability, making them suitable for various energy conversion devices. They can be categorized into metal soft magnetic materials, ferrite soft magnetic materials, and other types [3][6]. - The demand for metal soft magnetic powder cores in China was 82,000 tons in 2019, with a market size of 2.72 billion yuan. This is expected to grow to 201,000 tons and approximately 7.52 billion yuan by 2025 [1][19]. Market Dynamics - The global soft magnetic materials market is projected to grow from $51.4 billion in 2019 to $79.4 billion in 2024, with a compound annual growth rate (CAGR) of 9.1% [14]. - The Asia-Pacific region holds the largest market share for soft magnetic materials, accounting for over 50%, followed by North America at around 24% [13]. Key Applications - Metal soft magnetic powder cores are crucial in electric vehicles, where they are used in drive motors, onboard chargers, and DC/DC converters, enhancing efficiency and power density [10][17]. - The increasing production of new energy vehicles in China, which is expected to rise from 340,500 units in 2015 to 12.89 million units by 2024, is driving demand for soft magnetic materials [10]. Industry Structure - The soft magnetic materials industry has a clear supply chain, with upstream raw materials sourced from the steel and chemical industries, midstream production of soft magnetic materials, and downstream applications in power, communication, and consumer electronics [6][9]. - Major companies in the Chinese soft magnetic materials sector include Hengdian Group Dong Magnetic, Tiantong Holdings, and Zhongke Magnetic, among others [24][26]. Future Trends - The industry is moving towards high-performance and high-value-added products, driven by rapid advancements in new energy, electric vehicles, and 5G communication technologies [30]. - The push for green and low-carbon technologies is leading to an increase in the use of high-performance silicon steel and low-loss amorphous alloys in various applications [31]. - Domestic companies are accelerating the localization of key soft magnetic materials, reducing reliance on imports and enhancing the competitiveness of the industry [32].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a total revenue of 1.9 billion yuan in 2024, representing a year-on-year increase of 7.2%. The net profit attributable to the parent company is projected to be 361 million yuan, up 8.7% year-on-year, while the net profit after deducting non-recurring gains and losses is estimated at 344 million yuan, reflecting a 12.6% increase year-on-year [2][4]. Financial Performance Summary - Revenue Breakdown: - The revenue from amorphous alloy strips and related products is expected to be 1.42 billion yuan, a year-on-year increase of 3.8%, with a shipment of 96,000 tons, up 10% year-on-year. This growth is primarily driven by the new production line launched in Q3, contributing an additional 15,000 tons of annual capacity [10]. - Revenue from nanocrystalline products is projected at 305 million yuan, a significant year-on-year increase of 34.7%, with shipments of 7,000 tons, up 36% year-on-year [10]. - Revenue from magnetic powder and related products is expected to be 142 million yuan, remaining stable year-on-year, with shipments of 88,000 tons, up 21% year-on-year [10]. - Profitability Metrics: - The overall gross margin for 2024 is expected to reach 30.58%, a slight increase of 0.09 percentage points year-on-year. The gross margin for Q4 2024 is projected at 30.01%, down 2.00 percentage points year-on-year and 1.79 percentage points quarter-on-quarter [10]. - The gross margin for amorphous alloy strips and related products is expected to be 35.68%, up 1.48 percentage points year-on-year [10]. - Expense Management: - The total expense ratio for 2024 is projected to be 9.92%, a decrease of 0.09 percentage points year-on-year. The sales expense ratio is expected to be 2.37%, down 0.60 percentage points year-on-year [10]. - Financial Health: - The company's asset-liability ratio at the end of 2024 is expected to be 20.26%, an increase of 2.01 percentage points year-on-year [10]. Future Outlook - The company is anticipated to maintain a strong growth trajectory due to the gradual ramp-up of amorphous transformers and the promising application space for amorphous motors. The net profit attributable to the parent company is projected to reach 420 million yuan in 2025, corresponding to a price-to-earnings (PE) ratio of approximately 27 times [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that revenue has slightly decreased due to the impact of the Spring Festival, and it anticipates a trend towards the industrialization of amorphous motors [5] - The company is expected to benefit from the ongoing demand for amorphous materials overseas, with a significant customer base in India and South Korea, and it has become the largest supplier of amorphous alloy strips in the industry with an annual design capacity of 105,000 tons [7] - The demand for nanocrystalline materials and soft magnetic powder cores is expected to grow, driven by the upgrading of magnetic material performance requirements and the resonance with emerging industries such as new energy vehicles [7] Financial Performance and Forecast - In Q1 2025, the company achieved revenue of 421 million yuan, a year-on-year decrease of 4.9% and a quarter-on-quarter decrease of 17.8%. The net profit attributable to the parent company was 79 million yuan, a year-on-year increase of 4.3% [7] - The report projects the company's net profit attributable to the parent company for 2025-2027 to be 410 million, 475 million, and 555 million yuan respectively, with year-on-year growth rates of 13.4%, 16.0%, and 16.9% [7][8] - The company's earnings per share (EPS) are forecasted to be 3.41 yuan in 2025, 3.96 yuan in 2026, and 4.63 yuan in 2027 [6][8] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 29, 25, and 21 for the years 2025, 2026, and 2027 respectively [7][9] - The report indicates that the company is expected to maintain a gross margin of approximately 30.7% in 2025, with a net margin of around 19.26% [9]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 420 million yuan in Q1 2025, a decrease of 4.9% year-on-year, while the net profit attributable to the parent company was 80 million yuan, an increase of 4.3% year-on-year. The net profit excluding non-recurring items was also 80 million yuan, reflecting a year-on-year increase of 13.0% [2][4]. Summary by Sections Revenue Performance - The decline in revenue is primarily attributed to a decrease in the shipment volume of amorphous products, likely due to delivery scheduling issues [9]. Profitability - The gross margin for Q1 2025 was 29.97%, a slight decrease of 0.28 percentage points year-on-year. This is mainly due to the reduced shipment volume of amorphous products and minor changes in product mix, with overall changes being limited [9]. Expense Management - The total expense ratio for Q1 2025 was 9.77%, down by 0.87 percentage points year-on-year. All expense ratios showed a decline, indicating effective cost control. The sales expense ratio was 1.98%, down by 0.27 percentage points; the management expense ratio was 2.26%, down by 0.21 percentage points; the R&D expense ratio was 6.03%, down by 0.06 percentage points; and the financial expense ratio was -0.49%, down by 0.32 percentage points [9]. Inventory and Liabilities - As of the end of Q1 2025, the company's inventory reached 185 million yuan, an increase of 11.6% year-on-year and a significant increase of 46.9% compared to the previous quarter. This increase in inventory may correspond to a slight decline in revenue [9]. - The contract liabilities at the end of Q1 2025 were 18 million yuan, up 19.4% year-on-year and up 238.4% compared to the previous quarter. Accounts receivable stood at 746 million yuan, an increase of 5.4% year-on-year and 7.5% quarter-on-quarter [9]. Future Outlook - The company is expected to continue expanding its production capacity, with the penetration rate of distribution amorphous products likely to increase. The amorphous transformer is anticipated to see gradual volume growth, and the future application space for amorphous motors appears promising. The company is projected to achieve a net profit of 420 million yuan in 2025, corresponding to a PE ratio of approximately 27 times [9].

Summary of the Conference Call on Amorphous Motor Industry Industry Overview - **Emerging Field**: The amorphous motor industry is at a critical point of industrialization, nearing mass production [1] - **Material Revolution**: Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [1] - **Application Scenarios**: Short-term focus on electric drive systems for new energy vehicles (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [1] Industry Progress - **Increased Attention**: The third Amorphous Motor Conference saw a rise in participants, including secondary market investors (from 1 last year to 4-5 this year), major manufacturers (GAC, BYD, NIO), silicon steel companies (concerned about replacement risks), and motor manufacturers (Bosch, Nidec, Wolong Electric) [2] - **Manufacturer Updates**: GAC Aion has implemented amorphous motors in the Haobo HL model (dual electric drive version) since May, showing a 40-60% reduction in iron loss under CLTC conditions, a 2% increase in energy efficiency, and an additional 50 km in range (saving 6-7 kWh, initial installation cost reduced by 2400-2800 yuan) [2] - **Market Penetration**: Plans to expand to A0 to C-class models with an expected penetration rate of 20-30% [2] Technical Breakthroughs and Challenges - **Performance Advantages**: Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications, leading to significant efficiency improvements [4] - **Processing Bottlenecks**: The brittle nature of amorphous strips results in lower stamping yields (currently below that of silicon steel), but the industry remains optimistic about yield improvements with scale [4] Economic Analysis and Comparisons - **Cost Efficiency**: Each vehicle can save 2400-2800 yuan in initial installation costs (reduced battery usage), with ongoing reductions in energy consumption, making cost efficiency superior to silicon carbide replacing IGBT (amorphous reducing costs vs. silicon carbide increasing costs) [5] - **Replacement Potential**: With a 30% penetration rate in domestic amorphous transformers, the mid-term penetration rate in new energy vehicles is projected at 30% (9 million vehicles), with a single vehicle value of 1000 yuan, corresponding to a 9 billion yuan market [5] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Core Advantages**: Leading global producer of amorphous strips with nearly 50% market share in transformers, excellent cost control (gross/net profit margins at 20%) [5] - **Capacity Expansion**: Steady capacity expansion with a projected revenue of 450 million yuan in 2024 (up 25% year-on-year), current PE ratio around 25 times [5] - **Long-term Potential**: With a 30% penetration rate in the domestic new energy vehicle market, corresponding annual revenue could reach 9 billion yuan, assuming a 10% net profit margin leading to a profit of 900 million yuan, with Yunlu's market share at 50% resulting in a profit of 450 million yuan [5] 2. **Antai Technology** - **Industry Position**: One of the traditional three giants in amorphous strip production (alongside Yunlu and Hitachi Metals), focusing on technological breakthroughs and expansion into automotive clients [5] Market Size and Horizontal Expansion - **New Energy Vehicles**: Current demand for approximately 100,000 motors (with expected shipments of nearly 10,000 units in 2024), indicating a potential explosive growth in the industry [6] - **Horizontal Applications**: Potential applications in humanoid robots (e.g., Tesla's Optimus using amorphous axial flux motors for high power density scenarios), aircraft (eVTOLs sensitive to energy efficiency), and significant replacement potential in home appliances and industrial motors in the future [7]

Summary of Conference Call Notes Industry Overview - The conference focuses on the emerging field of **amorphous motors**, which is nearing the industrialization threshold and approaching mass production [3] - Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [3] - Short-term applications are concentrated on **new energy vehicle (NEV) electric drive systems** (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [3] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Industry Positioning and Prospects**: The amorphous motor sector is at a critical juncture, with significant attention from various stakeholders including secondary market investors and major manufacturers [3] - **Industry Progress**: - Increased participation in the third Amorphous Motor Conference, with attendance rising from 1 to 4-5 secondary market investors [3] - Major manufacturers like GAC, BYD, and NIO are actively involved, with GAC Aion already implementing amorphous motors in their HL model, achieving a 40-60% reduction in iron loss and a 2% increase in energy efficiency, leading to an additional 50 km range [3] - **Technical Breakthroughs and Challenges**: - Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications [3] - Current processing bottlenecks due to the brittle nature of amorphous strips, but optimism exists for improved yield rates with scale [3] - **Economic Viability and Comparisons**: - Cost savings of 2400-2800 yuan per vehicle due to reduced battery usage, with a projected market size of 9 billion yuan based on a 30% penetration rate in NEVs [3] - Yunlu holds a nearly 50% market share in the transformer sector, with strong cost control reflected in gross and net margins of 20% [3] - Expected revenue of 450 million yuan in 2024, representing a 25% year-on-year increase, with a current PE ratio of approximately 25 [3] - **Long-term Potential**: - With a 30% penetration rate in the domestic NEV market, potential annual revenue could reach 9 billion yuan, translating to a profit of 450 million yuan if Yunlu captures 50% market share [3] 2. **Antai Technology** - Recognized as one of the traditional leaders in amorphous strip production, focusing on technological breakthroughs and expanding automotive client base [3] Market Size and Horizontal Expansion - Current demand for electric motors in the NEV sector is approximately **100,000 units**, with expected shipments of nearly **10,000 units** in 2024, indicating a potential demand explosion [5] - **Horizontal Applications**: - Humanoid robots, such as Tesla's Optimus, utilize amorphous axial flux motors for high power density scenarios [5] - eVTOL aircraft, which are sensitive to energy efficiency, represent a potential new market [5] - Home appliances and industrial motors have significant future replacement potential [5] - **Short-term Challenges**: Yield improvement progress, validation cycles from major manufacturers, and technological competition from silicon steel manufacturers [5] - **Long-term Trends**: The acceleration of "energy efficiency competition" in the NEV sector is expected to drive technological iterations, with amorphous materials likely to penetrate all motor applications, smoothly replacing silicon steel sheets [5] Risks and Outlook - The amorphous motor industry is on the brink of an explosion, with technological breakthroughs and endorsements from major manufacturers catalyzing the industrialization process [4] - Yunlu Co., Ltd. is identified as the top pick, with industry validation and volume growth being key tracking points, and a long-term potential for market capitalization to double or more [4]

证券代码：688190 证券简称：云路股份 公告编号：2025-028 青岛云路先进材料技术股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号（名称：全景财经），或下载全景路 演 APP 参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。 届时公司董事长兼总经理李晓雨先生，财务总监兼董事会秘书石岩女士，独立董 事王春芳先生（如有特殊情况，参会人员可能进行调整）将以在线交流形式就公 司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关注 的问题与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 青岛云路先进材料技术股份有限公司 2025 年 5 月 7 日 1 为进一步加强与投资者的互动交流，构建和谐投资者关系，青岛云路先进材 料技术股份有限公司（以下简称"公司"） ...

Core Viewpoint - Yunlu Co., Ltd. (688190) reported a decline in total operating revenue for Q1 2025, while net profit showed a slight increase, indicating mixed financial performance [2][4]. Financial Performance - Total operating revenue for Q1 2025 was 421.06 million yuan, a decrease of 4.87% year-on-year [2][4]. - Net profit attributable to shareholders was 78.91 million yuan, an increase of 4.34% year-on-year [2][4]. - Deducted non-recurring profit and loss net profit was 77.45 million yuan, up 13.05% year-on-year [2][4]. - Basic earnings per share were 0.66 yuan, compared to 0.63 yuan in the same period last year [2][4]. - The weighted average return on equity was 3.10%, down 0.16 percentage points year-on-year [21]. Cash Flow and Assets - Net cash flow from operating activities was -116.89 million yuan, a decrease of 130 million yuan year-on-year [25]. - Total assets at the end of Q1 2025 were approximately 3.25 billion yuan, an increase from the previous year [4][33]. - Significant changes in assets included a 69.82% decrease in other non-current assets and an 88.22% increase in receivables financing [33][36]. Shareholder Structure - As of the end of Q1 2025, the top ten shareholders included a new shareholder, Ruizhong Life Insurance Co., Ltd., replacing a previous fund [43][44]. - The largest shareholder, China Aviation Power Asset Management Co., Ltd., held 28.5% of the shares, unchanged from the previous period [44]. Valuation Metrics - As of April 29, 2025, the price-to-earnings (P/E) ratio was approximately 30.06 times, the price-to-book (P/B) ratio was about 4.24 times, and the price-to-sales (P/S) ratio was around 5.83 times [4].

证券代码：688190 证券简称：云路股份 公告编号：2025-027 青岛云路先进材料技术股份有限公司 第三届监事会第三次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、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。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届监事会第 三次会议于 2025 年 4 月 29 日上午 11 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主持。本 次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 一、审议通过《关于公司 2025 年第一季度报告的议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规 及《公司章程》等内部规章制度的规定，公允地反映了公司 2025 年第一季度的 财务状况和经营成果等事项，信息真实、准确、完整，不存在任何虚假记载、误 导性陈述或重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 具 ...