国泰海通证券股份有限公司 关于苏州伟创电气科技股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律法 规的规定，国泰海通证券股份有限公司1（以下简称"保荐人"）作为苏州伟创电 气科技股份有限公司（以下简称"伟创电气"或"公司"）持续督导工作的保荐 人，负责伟创电气持续督导工作，并出具本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 | 保荐人已建立健全并有效执行了持续督导 | | | 体的持续督导工作制定相应的工作计划 | 制度，并制定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | | | | 前，与上市公司或相关当事人签署持续督导协议， | 保荐人已与伟创电气签署协议，明确了双方 | | | 明确双方在持续督导期间的权利义务，并报上海 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 387,126,412.90, representing an increase of 18.16% compared to CNY 327,631,550.08 in the same period last year[4] - The net profit attributable to shareholders was CNY 56,656,643.91, up 5.60% from CNY 53,652,023.63 year-on-year[4] - Basic earnings per share were CNY 0.27, a 3.85% increase from CNY 0.26 in the same period last year[4] - The diluted earnings per share rose by 8.00% to CNY 0.27 from CNY 0.25 year-on-year[4] - Net profit for Q1 2025 was ¥55,796,759.13, representing a 3.9% increase compared to ¥53,716,040.37 in Q1 2024[19] - Earnings per share for Q1 2025 were ¥0.27, slightly up from ¥0.26 in Q1 2024[20] Research and Development - Research and development expenses totaled CNY 49,212,608.15, which is 12.71% of operating revenue, a decrease of 1.22 percentage points from the previous year[5] - Research and development expenses amounted to RMB 49.21 million, accounting for 12.71% of operating revenue[12] - The company employed 632 R&D personnel, representing 34.54% of total staff[12] - As of March 31, 2025, the company held a total of 220 valid patents, including 57 invention patents[12] - Research and development expenses increased to ¥49,212,608.15 in Q1 2025, compared to ¥45,652,214.46 in Q1 2024, reflecting a 12.4% rise[19] Cash Flow - The net cash flow from operating activities was negative at CNY -46,682,578.91, worsening from CNY -21,577,195.67 in the same period last year[4] - In Q1 2025, the cash inflow from operating activities was CNY 324,019,257.57, a 50.3% increase compared to CNY 215,614,112.39 in Q1 2024[21] - Cash outflow from operating activities totaled CNY 370,701,836.48, up 56.2% from CNY 237,191,308.06 in Q1 2024[22] - The company experienced a net decrease in cash and cash equivalents of CNY -22,589,563.92 in Q1 2025, contrasting with an increase of CNY 84,388,700.69 in Q1 2024[22] - The cash and cash equivalents at the end of Q1 2025 were CNY 141,696,089.39, down from CNY 254,452,404.28 at the end of Q1 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,114,661,148.84, an increase of 1.32% from CNY 3,073,967,764.61 at the end of the previous year[5] - Total current assets as of March 31, 2025, were RMB 1,808.01 million, compared to RMB 1,661.48 million at the end of 2024[14] - Total liabilities decreased to ¥933,375,819.45 from ¥959,600,593.22, indicating a reduction of approximately 2.7%[16] - The company's total equity rose to ¥2,181,285,329.39, up from ¥2,114,367,171.39, reflecting a growth of 3.2%[16] Revenue Breakdown - Domestic main business revenue reached RMB 279.83 million, a year-on-year increase of 15.33%[11] - Overseas main business revenue reached RMB 99.20 million, a year-on-year increase of 28.74%[11] - Revenue from variable frequency drive products was RMB 231.92 million, a year-on-year increase of 17.95%[11] - Revenue from servo systems and control systems was RMB 132.91 million, a year-on-year increase of 9.76%[11] Other Financial Metrics - The weighted average return on equity was 2.67%, a decrease of 0.07 percentage points from 2.74% in the previous year[4] - The company reported non-recurring gains and losses totaling CNY 1,597,138.39 for the period[7] - The company reported a credit impairment loss of ¥807,778.62, an improvement from a loss of ¥3,682,782.24 in the previous year[19] - Deferred income tax assets increased to ¥35,979,938.15 from ¥30,753,476.23, marking a growth of 17.3%[15]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

伟创电气公告，2025年第一季度营收为3.87亿元，同比增长18.16%；净利润为5665.66万元，同比增长 5.60%。 ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

Group 1: BOE Technology Group Co., Ltd. (京东方A) - BOE Technology indicated that the prices of mainstream LCD TV panels will rise starting January 2025 and continue until March 2025 [1] - The average operating rate of the LCD industry is expected to rise above 80% starting from November 2024 [1] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [1] - The revenue breakdown for 2024 is projected to be 26% from TV products, 34% from IT products, and 40% from mobile and other products, with OLED business revenue accounting for 27% [1] Group 2: Weichuang Electric (伟创电气) - Weichuang Electric expects a 25.70% year-on-year increase in revenue and a 28.42% increase in net profit for 2024 [2] - The company is focusing on optimizing product structure and performance while enhancing supply chain management and production line construction [2] - Progress has been made in the green intelligent ship manufacturing industry, with certain series of inverters receiving certification from the China Classification Society [2] Group 3: NewEase (新易盛) - NewEase achieved a revenue of 8.647 billion yuan in 2024, representing a year-on-year growth of 179.15%, and a net profit of 2.838 billion yuan, up 312.26% [3] - The first quarter of 2025 saw revenues of 4.052 billion yuan and net profits of 1.573 billion yuan, reflecting growth rates of 264.13% and 384.54% respectively [3] - The increase in profit margins is attributed to sustained industry demand and a higher proportion of high-speed products [3] - The company is expanding its production capacity with the first phase of its Thailand factory operational in the first half of 2023 and the second phase expected to start in early 2025 [3]

Group 1 - The core viewpoint of the news is that Wei Chuang Electric is experiencing significant growth in revenue and net profit for 2024, with projected increases of 25.70% and 28.42% respectively [1] - The company is actively optimizing its product structure and performance, enhancing supply chain management, and increasing R&D investment [1] - There is a notable trend of domestic industrial control products replacing foreign products, as companies seek to reduce costs and improve supply chain security [1] Group 2 - Wei Chuang Electric has made progress in the green intelligent ship manufacturing industry, with its C800 and C310-Pro series inverters receiving certification from the China Classification Society [1] - The company is implementing a strategy for its PLC products focused on "efficient collaboration and complete categories," and is developing medium and large PLCs [1] - Digital energy products include high-voltage energy storage inverters, off-grid inverters, and lithium-ion batteries, indicating a diversification of the product line [1] Group 3 - The company is self-developing key components for robots, expanding application scenarios, and integrating new technologies with visual inspection [1] - Wei Chuang Electric is executing a globalization strategy, analyzing market demand, and improving its product certification system to provide customized solutions across various scenarios [1]

Group 1 - Kepler Robotics, a humanoid robot startup, recently completed a Pre-A round of financing with investors including Zhang Keyao Kun Fund, Weichuang Electric, and Keli Sensor [1] - The Zhang Keyao Kun Fund, initiated by Zhangjiang Ke Investment, has a first-phase scale of 1.05 billion yuan and has previously invested in other humanoid robot companies [1] - Kepler Robotics was founded in August 2023 and has not yet achieved significant financing performance compared to leading humanoid robot companies [1] Group 2 - The founder of Kepler, Yang Hua, is also the founder of Xiaomi's ecological chain enterprise, while co-founder and CEO Hu Debo has experience working at ZTE and Huawei [2] - Kepler launched the "Pioneer K1" humanoid robot in November 2023, which was iterated to "Pioneer K2" in October of the previous year [2] - The "Pioneer K2" features an 11-degree-of-freedom dexterous hand, a single-hand load capacity of 15 kilograms, and 25 flexible touch sensors per finger, with a price of $30,000 for the basic version [2]

苏州伟创电气科技股份有限公司 2024年年度股东大会会议资料 证券代码：688698 证券简称：伟创电气 苏州伟创电气科技股份有限公司 2024年年度股东大会会议资料 苏州伟创电气科技股份有限公司 2024年年度股东大会会议资料 苏州伟创电气科技股份有限公司 2024年年度股东大会会议资料目录 | 2024 | 年年度股东大会会议须知 1 | | --- | --- | | 2024 | 年年度股东大会会议议程 4 | | 2024 | 年年度股东大会会议议案 7 | | 议案一：《关于<公司 2024 | 年度董事会工作报告>的议案》 7 | | 议案二：《关于<公司 2024 | 年度独立董事述职报告>的议案》 16 | | 议案三：《关于<公司 2024 | 年度监事会工作报告>的议案》 17 | | 议案四：《关于公司 2024 | 年年度报告及摘要的议案》 23 | | 议案五：《关于公司 2024 | 年度利润分配方案的议案》 24 | | 议案六：《关于公司 2024 | 年度财务决算报告的议案》 26 | | 议案七：《关于公司 2025 | 年年度财务预算报告的议案》 34 | | 议案八： ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company achieved a revenue of 1.64 billion yuan in 2024, representing a year-on-year growth of 25.7%, and a net profit attributable to shareholders of 245 million yuan, up 28.42% year-on-year [2][5]. - The company is experiencing significant growth in its overseas business, with international revenue reaching 456 million yuan, a 45.23% increase year-on-year [2][9]. - The company is actively expanding its product offerings in the robotics sector, providing complete actuator solutions for humanoid robots, which include various advanced components [2][9]. Financial Performance - The company’s total revenue is projected to grow to 2.08 billion yuan in 2025, 2.51 billion yuan in 2026, and 2.96 billion yuan in 2027, with respective growth rates of 26.8%, 20.5%, and 18.3% [5][10]. - The net profit attributable to shareholders is expected to reach 318 million yuan in 2025, 399 million yuan in 2026, and 478 million yuan in 2027, with growth rates of 29.9%, 25.4%, and 19.6% respectively [5][10]. - The earnings per share (EPS) is forecasted to be 1.51 yuan in 2025, 1.89 yuan in 2026, and 2.26 yuan in 2027 [5][10]. Business Segments - The company’s inverter segment generated revenue of 1.035 billion yuan in 2024, growing by 27.18% year-on-year, supported by a comprehensive product strategy [2][9]. - The servo systems and control systems segment achieved revenue of 495 million yuan, reflecting a year-on-year increase of 17.09% [2][9]. - The PLC (Programmable Logic Controller) segment is expanding into the mid-to-high-end market while maintaining a strong presence in the small PLC market [2][9]. Market Position - The company is enhancing its international market presence through strategic global expansion, actively participating in international exhibitions and optimizing its export product structure [2][9]. - The company’s total market capitalization is approximately 9.68 billion yuan, with a current share price of 45.80 yuan and a target price of 60.4 yuan [5][10].