证券代码：688667 证券简称：菱电电控 公告编号：2025-070 武汉菱电汽车电控系统股份有限公司 关于 2021 年限制性股票激励计划首次授予部分 第四个归属期、预留授予部分第三个归属期 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 480,926股。 本次股票上市流通总数为480,926股。 本次股票上市流通日期为2025 年 12 月 31 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，武汉菱电汽车电控系统股份有限公司（以下简 称"公司"）收到了中国证券登记结算有限责任公司上海分公司出具的《证券变 更登记证明》，公司于 2025 年 12 月 23 日完成了 2021 年限制性股票激励计划（以 下简称"2021 年激励计划"）首次授予部分第四个归属期、预留授予部分第三个 归属期及 2023 年限制性股票激励计划（以下简称"2023 年激励计划"）首次授予 部分第二个归属期、预留授予部分第一个归属期的归属股份登记工作。现将有关 情况公告如下： 一、已履行的决策程序及相关信息披露 1、2021 年激励计划已履行的决策程序及相关 ...

Core Insights - The transition from L2 to L3 represents a critical leap from driver assistance to autonomous driving, with responsibility potentially shared among drivers, manufacturers, and autonomous system suppliers [2] Investment Summary - The first L3-level vehicles have been approved for road use, marking a significant milestone in China's autonomous driving industry, transitioning from laboratory testing to legitimate road applications [3] - The approval establishes a clear safety baseline by allowing conditional and limited scenarios for testing, promoting innovation while ensuring safety [3] - The high reliability and safety redundancy requirements of L3 systems will drive technological upgrades across the entire supply chain, including perception hardware, computing platforms, and software algorithms [3] Future Outlook - Pilot programs are expected to expand from current highway and congested scenarios to more complex urban roads, with legal and technical standards evolving based on pilot experiences to support broader adoption [3] - The high costs associated with vehicles equipped with advanced autonomous driving features need to decrease through technological advancements and economies of scale for widespread consumer adoption [3][4] Investment Strategy and Focus - The automotive sector should focus on undervalued leading manufacturers and component suppliers benefiting from performance improvements, particularly in the fields of new energy and intelligent vehicles [5] - Recommended companies include early movers in the new energy sector such as BYD, Changan Automobile, Geely, and Li Auto; stable low-valuation component leaders like Huayu Automotive and Fuyao Glass; and key players in electrification and intelligence like Desay SV, Ruikeda, and Kobot [5] - The strategy also highlights opportunities arising from domestic substitution due to the "domestic circulation" initiative, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of interest [5] Key Focus Companies - The investment focus for the week includes BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [6]

Core Insights - November automotive sales reached 3.429 million units, a year-on-year increase of 3.4%. Cumulative sales from January to November totaled 31.127 million units, reflecting an 11.4% year-on-year growth [1][2] - The comprehensive inventory coefficient for automotive dealers in November was 1.6, up 41.4% year-on-year and 34.2% month-on-month. The inventory warning index stood at 55.6%, an increase of 3.8 percentage points year-on-year and 3 percentage points month-on-month [2] Sales Performance - In November, the sales of new energy vehicles (NEVs) reached 1.823 million units, marking a 20.6% year-on-year increase, with a penetration rate of 53.2%. From January to November, NEV sales totaled 14.78 million units, up 31.2% year-on-year, with a penetration rate of 47.5% [2] Investment Strategy - The automotive sector should focus on undervalued leading companies in vehicle manufacturing and parts due to performance improvements. Key areas of interest include: - Domestic car manufacturers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable performance low-valuation leading parts manufacturers like Huayu Automotive and Fuyao Glass [3] - Core players in the electrification and intelligentization sectors, including Desay SV, Ruikeda, Kobot, and Bertley [3] - Opportunities arising from domestic circulation and local replacements, such as Lingdian Electric Control, Sanhua Intelligent Control, Xingyu Co., and Shangsheng Electronics [3] - Strong vehicle manufacturers driving demand for core components, including Top Group, Wencan Co., and Xusheng Group [3] Market Overview - The automotive sector experienced a weekly change of 0.16%, ranking 9th among 31 sectors. The automotive industry outperformed the CSI 300 index during the week [5] - The weekly performance of major indices was as follows: Shanghai Composite Index -0.34%, CSI 300 -0.08%, Shenzhen Component Index 0.84%, and ChiNext Index 2.74% [5] - In sub-sectors, the weekly performance was: automotive services -5.23%, automotive parts 0.11%, passenger vehicles 0.23%, commercial vehicles 0.25%, and motorcycles and others 1.70% [5] Top Performing Stocks - The top five performing stocks in the automotive sector for the week were: Chaojie Co., Huamao Technology, Yueling Co., Huapei Power, and Zhenghe Industrial [6] Underperforming Stocks - The bottom five performing stocks in the automotive sector for the week were: Xiamen Xinda, Rongtai Co., Longji Machinery, Kailong High-Tech, and Disengli [7]

证券日报网讯 12月15日，菱电电控（维权）在互动平台回答投资者提问时表示，截至11月28日，公司 股东人数为4390户。 （文章来源：证券日报） （文章来源：证券日报） 证券日报网讯 12月15日，菱电电控（维权）在互动平台回答投资者提问时表示，截至11月28日，公司 股东人数为4390户。 ...

Group 1 - The company views research and development (R&D) as the cornerstone of its survival [2] - A decrease in R&D expenses is attributed to improved R&D efficiency and a reduction in stock incentive costs, which will not affect the company's technology iteration and updates [2]

Group 1 - The core viewpoint of the article highlights that the company's revenue changes are influenced by the sales volume of downstream customer vehicle models [1] - The company has been continuously improving research and development efficiency since the beginning of the year [1] - The company has strengthened cost management and enhanced performance assessments across various business segments, leading to a significant increase in profits [1]

Group 1 - The core viewpoint of the article highlights that Linde Electric Control has a diverse client base, including major domestic commercial vehicle, passenger vehicle, and engine manufacturers in China [1] Group 2 - The main clients of the company include Beiqi Foton, Li Auto, Changan, Dong'an Power, Leap Motor, Xinyuan, Seres, and GAC [1]

证券日报网12月15日讯菱电电控在12月12日回答调研者提问时表示，公司今年未实施新的股权激励，公 司今年对以前年度授予的满足行权条件的股权激励进行权，对公司利润不存在重大影响。 ...

Core Viewpoint - The company has maintained a development strategy focused on "customer passenger vehicle adaptation and product electrification" since its listing [1] Group 1: Company Strategy - The company supplies EMS products to various automotive manufacturers, including Li Auto, Leap Motor, and GAC, for their hybrid models [1] - The company is actively promoting the application of electrified products such as VCU, MCU/GCU, and GECU across more vehicle models [1]

证券日报网12月15日讯菱电电控在12月12日回答调研者提问时表示，公司收购奥易克斯正在履行必要的 审批程序中。 ...