国泰海通证券股份有限公司 二、募集资金投资项目的基本情况 一、募集资金基本情况 发行名称 2022 年度向特定对象发行 A 股股票 募集资金总额 78,854.98 万元 募集资金净额 77,368.68 万元 募集资金到账时间 2023 年 9 月 15 日 根据公司《2022 年度向特定对象发行 A 股股票募集说明书（注册稿）》及 《苏州伟创电气科技股份有限公司关于调整募集资金投资项目拟投入募集资金 金额的公告》（公告编号：2023-053），公司扣除发行费用后的募集资金投资项目 情况如下： 2025 年 5 月 15 日，公司召开了第二届董事会第三十六次会议、第二届监事 会第二十九次会议，审议通过了《关于部分募投项目新增实施主体和实施地点、 调整内部投资结构并向实施主体增资以实施募投项目暨开立募集资金专户的议 案》，同意公司"数字化生产基地建设项目"新增全资子公司常州伟创电气有限公 司为募投项目实施主体，相应增加常州钟楼经济开发区为募投项目实施地点，调 整内部投资结构并向实施主体增资以实施募投项目暨开立募集资金专户。具体内 容详见公司于 2025 年 5 月 16 日在上海证券交易所网站（www.sse ...

证券代码：688698 证券简称：伟创电气 公告编号：2026-007 苏州伟创电气科技股份有限公司 关于部分募投项目结项并将节余募集资金永久补充 流动资金的公告 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： 本次结项的募投项目名称：苏州伟创电气科技股份有限公司（以下简称 公司）2022 年度向特定对象发行 A 股股票募投项目中的"数字化生产基地建设 项目"（以下简称募投项目）。 本次节余金额为 4,812.23 万元，下一步使用安排：拟将上述募投项目结 项后的节余募集资金 4,812.23 万元（实际金额以资金转出当日专户余额为准）永 久补充流动资金，用于公司日常生产经营。 一、募集资金基本情况 | 发行名称 | 2022 | 年度向特定对象发行 | | | A 股股票 | | --- | --- | --- | --- | --- | --- | | 募集资金总额 | | 78,854.98 | | 万元 | | | 募集资金净额 | | 77,368.68 | | 万元 | | | 募集资金到账时间 | ...

| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,305 | 1,640 | 1,946 | 2,441 | 3,033 | | (+/-)% | 44.0% | 25.7% | 18.7% | 25.4% | 24.2% | | 净利润(归母) | 191 | 245 | 268 | 334 | 426 | | (+/-)% | 36.4% | 28.4% | 9.2% | 24.6% | 27.8% | | 每股净收益(元) | 0.89 | 1.14 | 1.25 | 1.56 | 1.99 | | 净资产收益率(%) | 9.9% | 11.7% | 11.5% | 12.7% | 14.2% | | 市盈率(现价&最新股本摊薄) | 74.81 | 58.25 | 53.33 | 42.79 | 33.47 | 股票研究 /[Table_Date] 2026.03.23 公 研 一核两新战略和全球化布局初显成效 ...

伟创电气首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 庞钧文(分析师) | 021-38674703 | pangjunwen@gtht.com | S0880517120001 | | 孙炫浩(分析师) | 0755-23976014 | sunxuanhao@gtht.com | S0880525080006 | 本报告导读： 公 研 一核两新战略和全球化布局初显成效 伟创电气(688698) 公司坚定推进一核两新战略，加大全球化布局，新业务和海外拓展保持高增速。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,305 | 1,640 | 1,946 | 2,441 | 3,033 | ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and power equipment sectors [6] Core Insights - The humanoid robot motor industry is experiencing rapid development driven by technological iterations and industrialization, with motors expected to benefit significantly from the mass production of humanoid robots [1][3] - The global market for humanoid robot motors is projected to reach 91.76 billion yuan by 2030, with a compound annual growth rate (CAGR) of 119.9% from 2026 to 2030 [3][13] - The report emphasizes that domestic motor companies are on par with international counterparts in terms of R&D capabilities and technological strength, with a focus on the advantages of domestic firms in responsiveness and cost control [4][16] Summary by Sections Humanoid Robot Motors - The humanoid robot motor market is expected to grow significantly, with annual production projected to increase from 238,000 units in 2026 to 11.765 million units by 2030 [3][13] - Key motor types for humanoid robots include: 1. **Frame-less Torque Motors**: Currently the mainstream choice for joint drives due to their compact size and high torque output [14][44] 2. **Axial Flux Motors**: Suitable for high torque density applications, particularly in large rotational joints [14][48] 3. **Harmonic Field Motors**: Utilize magnetic field modulation for enhanced performance [53][56] 4. **Hollow Cup Motors**: Feature a design that eliminates the iron core, resulting in reduced weight and size [58] 5. **Brushless Slotless Motors**: Offer cost advantages with simpler structures [14] 6. **Micro Frame-less Motors**: Highly integrated designs for compact applications [14] Market Dynamics - The report highlights a divergence in technology routes for joint motors and dexterous hand motors, each with distinct advantages [2] - The global humanoid robot motor market is expected to reach 39.2 billion yuan in 2026, growing to 91.76 billion yuan by 2030 [3][13] - The report argues that the barriers to mass production for humanoid robot motors are high, favoring leading companies with strong R&D and supply chain capabilities [4][15] Investment Recommendations - The report recommends focusing on companies with comprehensive product matrices and deep industry collaborations, including: - **Weichuang Electric**: Complete product matrix in humanoid robot motors [5] - **Leisai Intelligent**: High precision control technology for industrial applications [5] - **Huichuan Technology**: Leading in industrial automation [5] - **Xinjie Electric**: Strategic partnerships in frame-less motor technology [5] - Other notable companies include Mingzhi Electric and Zhaowei Electromechanical, along with domestic firms like Buke Co., Dechang Electric Holdings, and others [5]

Investment Rating - The report maintains a "Positive" outlook for the mechanical equipment industry, indicating a relative strength of over 5% compared to the market benchmark index [5]. Core Insights - The axial flux motor exhibits significant performance advantages and is expected to see broader applications in the robotics sector, potentially driving revenue growth for related manufacturers [2][3]. - Axial flux motors are characterized by a compact design, high torque density, and high energy efficiency, making them suitable for robotic joints [3][8]. - The report highlights the potential for axial flux motors to enhance the performance of humanoid robots, particularly in joint applications that require explosive output to handle complex challenges [8]. Summary by Sections Axial Flux Motor Advantages - Axial flux motors have a unique disc structure that allows for a more compact design and higher torque/power density compared to radial flux motors. They can reduce weight by 50% and size by 50% while achieving efficiency rates above 90% [8][13]. - The report notes that the axial flux motor is on the verge of large-scale application, with ongoing improvements in heat dissipation and cost reduction expected as the industry continues to innovate [8]. Market Potential and Applications - The global production of axial flux permanent magnet motors is projected to reach approximately 320,000 units in 2024, with an average price of around $3,400 per unit. The report indicates that these motors are already being utilized in high-end applications such as supercars and eVTOL aircraft [8]. - Domestic manufacturers, such as Hub Power and others, are positioned to benefit from the growing demand for axial flux motors, particularly in scenarios requiring heavy load capacities [8].

证券代码：688698 证券简称：伟创电气 公告编号：2026-006 苏州伟创电气科技股份有限公司 2026年3月4日 1 关于自愿披露子公司通过高新技术企业认定的公告 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、准确性和完整性依法承担法律责任。 近日，苏州伟创电气科技股份有限公司（以下简称公司）控股子公司深圳伟 创数字能源科技有限公司（以下简称伟创数能）、深圳市灵适智慧能源有限公司 （灵适智慧）收到深圳市工业和信息化局、深圳市财政局、国家税务总局深圳市 税务局联合颁发的《高新技术企业证书》，控股子公司常州基腾电气有限公司（以 下简称常州基腾）收到江苏省科学技术厅、江苏省财政厅、国家税务总局江苏省 税务局联合颁发的《高新技术企业证书》，具体信息如下： | 序号 | 公司名称 | 证书编号 | 发证日期 | 有效期 | | --- | --- | --- | --- | --- | | 1 | 伟创数能 | GR202544200290 | 2025年12月25日 | 三年 | | 2 | 灵适智慧 | GR202544202733 | 2025年12 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 met market expectations, with total revenue reaching 1.946 billion yuan, a year-on-year increase of 18.66%, and net profit attributable to shareholders of 268.36 million yuan, up 9.52% year-on-year [8] - The company is actively pursuing its "One Core, Two New" strategy, focusing on industrial automation and green energy, while also expanding its presence in the robotics sector [8] - The domestic market is recovering faster, with a projected revenue growth of 10-20% year-on-year for 2025, while overseas revenue is also expected to grow by 10-20% [8] - The company is enhancing its robotics layout and aims to become a supplier of joint modules and dexterous hand solutions, leveraging its core servo and closed-loop control technology [8] Financial Summary - Total revenue projections for the company are as follows: 1.640 billion yuan in 2024, 1.946 billion yuan in 2025, 2.346 billion yuan in 2026, and 2.827 billion yuan in 2027, with corresponding year-on-year growth rates of 25.70%, 18.66%, 20.54%, and 20.53% respectively [9] - Net profit attributable to shareholders is forecasted to be 245 million yuan in 2024, 268 million yuan in 2025, 336 million yuan in 2026, and 411 million yuan in 2027, with growth rates of 28.42%, 9.52%, 25.31%, and 22.34% respectively [9] - The latest diluted EPS is projected to be 1.14 yuan in 2024, 1.25 yuan in 2025, 1.57 yuan in 2026, and 1.92 yuan in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 met market expectations, with total revenue of 1.946 billion yuan, a year-on-year increase of 18.66%, and a net profit attributable to shareholders of 268.36 million yuan, up 9.52% year-on-year [8] - The company is actively pursuing its "One Core, Two New" strategy, focusing on industrial automation and green energy, while also expanding its presence in the robotics sector [8] - The domestic market is recovering faster, with a projected revenue growth of 10-20% year-on-year for 2025, while overseas revenue is also expected to grow by 10-20% [8] - The company is enhancing its robotics layout and aims to become a supplier of joint modules and dexterous hand solutions, leveraging its core servo and closed-loop control technology [8] Financial Summary - Total revenue projections for the company are as follows: 1.640 billion yuan in 2024, 1.946 billion yuan in 2025, 2.346 billion yuan in 2026, and 2.827 billion yuan in 2027, with corresponding year-on-year growth rates of 25.70%, 18.66%, 20.54%, and 20.53% respectively [9] - Net profit attributable to shareholders is forecasted to be 245 million yuan in 2024, 268 million yuan in 2025, 336 million yuan in 2026, and 411 million yuan in 2027, with growth rates of 28.42%, 9.52%, 25.31%, and 22.34% respectively [9] - The latest diluted EPS is projected to be 1.14 yuan in 2024, 1.25 yuan in 2025, 1.57 yuan in 2026, and 1.92 yuan in 2027 [9]

Investment Rating - The report emphasizes a positive outlook on sectors such as green hydrogen, wind power, lithium batteries, and space photovoltaic technology, indicating strong investment opportunities in these areas [2][3][6]. Core Insights - The upcoming Two Sessions are expected to focus on "green hydrogen and methanol" as key components of carbon reduction strategies, with potential policy support driving demand [6][11]. - The geopolitical situation in Iran is likely to push up methanol prices, enhancing the competitiveness of green methanol as a substitute in various industries [11][12]. - The report highlights significant investment opportunities in core equipment and materials related to space photovoltaic technology, driven by collaborations between major tech companies [2][6][8]. Summary by Relevant Sections Hydrogen and Fuel Cells - The hydrogen industry is at a pivotal moment, with strategic importance elevated due to upcoming policies and geopolitical factors affecting methanol supply [3][11]. - The report suggests that green methanol producers will benefit from high premium returns due to supply shortages, with a projected demand increase for green methanol in shipping and chemical sectors [11][12]. Wind Power - Wind turbine bidding prices remain high, indicating a stable market, with recommendations to focus on the wind turbine segment for profit potential [3][13]. - The UK government has publicly released a memorandum on clean energy cooperation with China, which may catalyze opportunities in offshore wind exports [13][18]. Lithium Batteries - The lithium battery supply chain is showing signs of recovery, with significant month-on-month increases in production across various segments [19][20]. - The suspension of lithium concentrate exports from Zimbabwe is expected to tighten supply and elevate market prices, creating investment opportunities in battery materials [20][21]. Space Photovoltaics - The report notes a rebound in space photovoltaic stocks, driven by significant partnerships and upcoming launches, suggesting a bullish outlook for related companies [2][6][8]. - Key recommendations include focusing on companies involved in core equipment and materials for space and ground applications [8][9]. Investment Recommendations - The report provides a detailed list of recommended companies across various sectors, including wind power, solar energy, energy storage, and hydrogen, emphasizing their potential for growth and profitability [34][35][36].