Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown rapid expansion in overseas business and continuous improvement in profitability. The third quarter of 2024 saw a revenue of 3.86 billion yuan, a year-on-year increase of 20.25%, and a net profit of 0.76 billion yuan, up 51.88% year-on-year. The gross margin reached 42.63%, an increase of 5.5 percentage points year-on-year, while the net margin was 18.67%, up 3.3 percentage points year-on-year [1][2] - The company is positioned as a leading player in the domestic industrial control sector, with expectations for steady growth in future performance. Forecasted net profits for 2024-2026 are 273 million yuan, 343 million yuan, and 426 million yuan, respectively, with corresponding P/E ratios of 25.0, 19.9, and 16.1 [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.157 billion yuan, a year-on-year increase of 22.37%, and a net profit of 210 million yuan, up 34.09% year-on-year [1] - The company’s revenue and net profit for Q3 2024 were 386 million yuan and 76 million yuan, respectively, reflecting a year-on-year increase of 20.25% and 51.88% [1] - The company’s gross margin improved to 42.63%, and the net margin was 18.67%, indicating significant profitability enhancement driven by strong overseas demand [1] Revenue and Profit Forecast - The projected revenue for 2024 is 1.69 billion yuan, with a growth rate of 29.52%. The net profit is expected to be 273 million yuan, reflecting a growth rate of 43.31% [2][4] - The company’s earnings per share (EPS) for 2024 is forecasted at 1.29 yuan, with a P/E ratio of 25.0 [2][4] Comparable Company Valuation - The average P/E ratios for comparable companies from 2024 to 2026 are 29.0, 23.5, and 19.1, respectively, indicating that the current valuation of the company is reasonable [1][3]

证券代码：688698 证券简称：伟创电气 公告编号：2024-085 苏州伟创电气科技股份有限公司 关于股东减持股份达到1%的提示性公告 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。 重要内容提示： 本次权益变动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） 控股股东淮安市伟创电气科技有限公司（以下简称淮安伟创）及其一致行动人苏州 金昊诚投资合伙企业（有限合伙）（以下简称金昊诚）、苏州金致诚投资合伙企业 （有限合伙）（以下简称金致诚）履行减持股份计划及持有股份被动稀释所致，不 触及要约收购，不会导致公司控股股东、实际控制人发生变化。 本次权益变动后，淮安伟创及其一致行动人金昊诚、金致诚合计持有的股份 数量由 135,000,000 股降至 132,430,001 股，占公司总股本的比例由 64.21%减少至 62.65%。 公司于 2024 年 11 月 4 日收到股东淮安伟创及其一致行动人金昊诚、金致诚的 《苏州伟创电气科技股份有限公司股东权益变动告知函》，淮安伟创、金昊诚、金 致诚于 2024 年 11 ...

Group 1: Financial Performance - In the first nine months of 2024, the company achieved operating revenue of 115,697.90 million yuan, a year-on-year increase of 22.37% [1] - The net profit attributable to shareholders was 36.40%, with a net profit margin of 18.19%, up 1.59 percentage points from the same period last year [1] - Domestic revenue reached 80,773.08 million yuan, growing by 38.60% year-on-year, while overseas revenue was 31,999.59 million yuan, reflecting a growth of 23.61% [1] Group 2: Business Segmentation - The main business categories include servo systems and control systems, which generated significant revenue [1] - The company’s expenses for the period were 26,230.51 million yuan, accounting for 22.67% of operating revenue, with R&D expenses at 14,087.32 million yuan, representing 12.18% [1] - The growth in expenses was attributed to increased R&D personnel and project investments, higher sales expenses to expand market share, and rising management costs [1] Group 3: Market Outlook and Strategy - The company anticipates stable order growth for the fourth quarter, with ongoing efforts to enhance market expansion and internal management [2] - The second-generation high-voltage frequency converter products are expected to continue leveraging market potential in the first half of 2024 [2] - The company is focusing on developing mid-to-large PLC products and has successfully obtained certification for the ACH200 series, which can be applied in various industrial equipment [2] Group 4: Industry Expansion - The company is actively exploring new sectors, including textiles, mining, machine tools, and efficient energy, while maintaining stable growth in traditional areas [3] - Future plans include expanding into robotics, heavy industry, HVAC, port machinery, and petrochemicals, customizing products based on customer needs [3] - The overseas market growth is primarily driven by existing business increments, with a focus on regions like Asia, Africa, and Latin America [3]

Investment Rating - The report maintains a "Recommend" rating for Weichai Electric (688698 SH) [1][3] Core Views - Weichai Electric's Q3 2024 performance exceeded expectations, with steady growth across all business segments [1] - The company achieved significant cost structure optimization and gross margin improvement [1] - Weichai Electric is expanding into the intelligent robotics sector, which is expected to enhance its product portfolio and competitiveness [1] Financial Performance Revenue and Profit - Q3 2024 revenue reached 386 million yuan, a 20 25% YoY increase but a 12 96% QoQ decline [1] - Net profit attributable to shareholders in Q3 2024 was 76 million yuan, up 51 88% YoY but down 5 74% QoQ [1] - For the first three quarters of 2024, revenue totaled 1 157 billion yuan, a 22 37% YoY increase, with net profit attributable to shareholders at 210 million yuan, up 34 09% YoY [1] Business Segments - General frequency converters: Revenue of 301 million yuan, down 3 13% YoY [1] - Industry-specific frequency converters: Revenue of 449 million yuan, up 51 69% YoY [1] - Servo systems and control systems: Revenue of 369 million yuan, up 21 62% YoY [1] Cost Structure and Profitability - Gross margin for the first three quarters of 2024 was 40 53%, up 2 57 percentage points YoY [1] - Net margin for the same period was 17 66%, up 1 33 percentage points YoY [1] - Q3 2024 gross margin reached 42 63%, up 5 52 percentage points YoY and 3 61 percentage points QoQ [1] R&D and Innovation - R&D expenses for the first three quarters of 2024 were 141 million yuan, a 36 20% YoY increase [1] - The company has 615 R&D personnel, accounting for 35 39% of total employees [1] - In Q3 2024, the company obtained 11 new patents, bringing the total number of valid patents to 222 (including 54 invention patents) [1] Future Outlook - Revenue is projected to reach 1 795 billion yuan in 2024, 2 444 billion yuan in 2025, and 3 280 billion yuan in 2026 [1][2] - Net profit attributable to shareholders is expected to be 255 million yuan in 2024, 344 million yuan in 2025, and 459 million yuan in 2026 [1][2] - The company's PE ratio is forecasted to be 27X in 2024, 20X in 2025, and 15X in 2026 [1][2] Industry and Market Position - Weichai Electric is strengthening its position in the industrial automation sector through product diversification and technological innovation [1] - The company's expansion into intelligent robotics is expected to create new growth opportunities in the automation and AI sectors [1]

Investment Rating - Buy (Maintained) [1] Core Views - 24Q3 revenue increased by 20% YoY, net profit attributable to shareholders increased by 52% YoY, exceeding market expectations [2] - Overseas non-Russian growth continues to exceed expectations, with profitability further improving [1] - Overseas revenue in 24Q1-3 reached 320 million yuan, up 38.6% YoY, with non-Russian regions (Turkey, Morocco, North Africa) expected to double in 24Q3 [3] - Core downstream performance is strong, with market share steadily increasing and significant operational alpha [4] - Profitability is expected to improve further, with gross margin rising to 40.5% in 24Q1-3 and 42.6% in 24Q3, driven by higher-margin overseas business and increased self-sufficiency in servo encoders and motors [2] Financial Performance - 24Q1-3 revenue: 1.16 billion yuan, up 22.4% YoY; net profit attributable to shareholders: 210 million yuan, up 34.1% YoY [2] - 24Q3 revenue: 390 million yuan, up 20.3% YoY; net profit attributable to shareholders: 80 million yuan, up 51.9% YoY [2] - 24Q1-3 gross margin: 40.5%, up 2.6 pct YoY; 24Q3 gross margin: 42.6%, up 5.5 pct YoY [2] - 24Q1-3 operating expense ratio: 22.68%, up 2.58 pct YoY; 24Q3 operating expense ratio: 24.51%, up 3.96 pct YoY [2] Overseas Market Performance - Overseas revenue in 24Q1-3: 320 million yuan, up 38.6% YoY, with non-Russian regions expected to double in 24Q3 [3] - Russian demand declined again, accounting for less than 10% of overseas revenue in 24Q3 [3] - Full-year overseas revenue is expected to increase by over 40% YoY, driven by energy crises and drought conditions in non-Russian regions [3] Core Downstream and Market Share - Core downstream sectors (textile, machine tools) outperformed the company's average growth rate, benefiting from terminal export demand [4] - 24Q1-3 inverter/servo industry sales declined by 7.7%/5.1% YoY, while the company's inverter/servo revenue increased by 24%/22% YoY [4] - Domestic inverter/servo revenue in 24Q1-3 increased by 5%/22% YoY, with market share steadily rising [4] - Long-term growth potential in new markets and businesses such as 3C, shipbuilding, ports, and medical sectors [4] Profit Forecast and Valuation - 2024-2026 net profit attributable to shareholders forecast adjusted to 279/337/405 million yuan, up 46%/21%/20% YoY [4] - 2024-2026 EPS forecast: 1.32/1.59/1.92 yuan per share [1] - 2024-2026 P/E ratio: 25x/20x/17x [4] Financial Data - Closing price: 32.36 yuan [7] - Market capitalization: 6.84 billion yuan [7] - P/B ratio: 3.28x [7] - Net asset per share: 9.87 yuan [8] - Debt-to-asset ratio: 27.33% [8]

证券研究报告 资料来源：wind，信达证券研发中心预测 ; 股价为 2024 年 10 月 31 日收盘价 [Table_Introduction] 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 伟创电气 (688698.SH) 投资评级 上次评级 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B座 邮编：100031 [Table_Title] 毛利率亮眼，海外业务持续扩张 [Table_ReportDate] 2024 年 11 月 1 日 [Table_S 事件：公司ummar202y]4Q1-Q3 实现营业收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high gross margin in Q3, with promising prospects for overseas business [1][2] - Revenue for the first three quarters of 2024 reached 1.16 billion yuan, a year-on-year increase of 22.4%, while net profit attributable to shareholders was 210 million yuan, up 34.1% [1] - The company is expected to see continued revenue growth, with projected revenues of 1.65 billion yuan, 2.03 billion yuan, and 2.51 billion yuan for 2024-2026, respectively [4] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 390 million yuan, a 20.3% increase year-on-year, and a net profit of 80 million yuan, up 51.9% [1] - The gross margin for the first three quarters of 2024 was 40.5%, an increase of 2.6 percentage points year-on-year, while the net profit margin was 17.7%, up 1.3 percentage points [2] - The company’s R&D expense ratio increased to 12.2% in the first three quarters of 2024, reflecting a commitment to enhancing technological advantages [4] Product and Market Analysis - The company saw significant growth in specialized machinery revenue, which increased by 51.7% year-on-year to 450 million yuan, while general-purpose inverters revenue decreased by 3.1% to 300 million yuan [3] - Domestic revenue grew by 17.1% to 810 million yuan, while overseas revenue surged by 38.6% to 320 million yuan, increasing the overseas revenue share to 27.6% [3] Strategic Initiatives - The company is focusing on optimizing product design and cost structure to enhance efficiency and reduce costs [2] - Collaborations with partners like Keda Li and Shanghai Mengli are aimed at accelerating the expansion of the robotics business [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 42.8 CNY, compared to the current price of 32.00 CNY [1]. Core Insights - The company achieved a revenue of 1.157 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 22.37%. The net profit attributable to the parent company was 210 million CNY, up 34.09% year-on-year, with a gross margin of 40.53% and a net margin of 17.66% [1]. - In Q3 2024, the company reported a revenue of 386 million CNY, a 20.25% increase year-on-year, and a net profit of 76 million CNY, which is a 51.88% increase year-on-year. The gross margin reached 42.63%, marking a recent high [1]. - The company continues to invest in R&D, with a total expenditure of 141 million CNY in the first three quarters of 2024, reflecting a 36.20% increase year-on-year [1]. - The company is expanding its overseas business, with a 38.60% year-on-year growth in overseas revenue, while domestic revenue grew by 17.09% [1]. - A new joint venture, Shenzhen Weidali Innovation Technology Co., Ltd., has been established in collaboration with partners to enhance capabilities in the robotics sector [1]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 1.718 billion CNY, 2.213 billion CNY, and 2.788 billion CNY, respectively, with year-on-year growth rates of 31.7%, 28.8%, and 26.0% [2]. - The net profit attributable to the parent company is expected to be 268 million CNY in 2024, 362 million CNY in 2025, and 490 million CNY in 2026, with growth rates of 40.5%, 35.1%, and 35.4% respectively [2]. - Earnings per share (EPS) are projected to be 1.27 CNY in 2024, 1.71 CNY in 2025, and 2.32 CNY in 2026 [2].

证券代码：688698 证券简称：伟创电气 公告编号：2024-084 苏州伟创电气科技股份有限公司 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间应当在每个月的前 3 个交易日内 公告截至上月末的回购进展情况，现将公司本次回购方案实施进展情况公告如下： 截至 2024 年 10 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 693,197 股，占公司总股本的比例约为 0.3279%，回购成 交的最高价为 23.10 元/股，最低价为 20.00 元/股，支付的资金总额为人民币 14,511,869.60 元（不含印花税、交易佣金等交易费用）。 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： | 回购方案首次披露日 | 2024/7/24 | | --- | --- | | 回购方案实施期限 | 2024/7/24 ~ 2025/7/23 | | 预计回购金额 | 2,000 万元 ...

华福证券 � �� 伟创电气（688698.SH） 业绩超预期，出海持续兑现，机器人两端卡位 投资要点： 公司前三季度实现营收 11.6 亿元（同比+22.37%），归母净利 润 2.1 亿元（同比+34.09%），扣非归母净利润 2.1 亿元（同比 +36.40%）。单季度来看，公司 Q3 实现营收 3.9 亿元（同比 +20.25%），归母净利润 0.8 亿元（同比+51.88%），扣非归母净利 润 0.7 亿元（同比+48.18%）。分产品收入：通用变频器/行业专机 /伺服及控制系统 Q1-Q3 分别为 3.0 亿元/4.5 亿元/3.7 亿元，同比 变动分别为-3%/+52%/+22%。Q3 分别为 1.0 亿元/1.5 亿元/1.1 亿 元，同比变动分别为+7%/+41%/+12%。 Q3 毛利率为 42.63%，是历史单季最高水平。毛利率同比增 长 5.52pct，环比增长 3.62pct。前三季度毛利率 40.53%，同比增 长 2.57pct，主要原因系①海外结构性提升：上半年度海外收入占 比提升至 28%左右，巩固亚非拉市场，前三季度专机销售同比高 增，后续将持续开拓欧美市场。②制造端优化： ...