本次年度业绩说明会将通过深圳证券交易所提供的"互动易"平台举行，投资者可以登 录"互动易"网站（https://irm.cninfo.com.cn），进入"云访谈"栏目参与本次年度业绩说明 会。 届时公司董事长何平先生，副董事长、总经理邵国新先生，董事、董事会秘书、副总经 理何思昀女士，财务总监沈妹女士，独立董事娄杭先生及相关工作人员将在网上与投资者进 行沟通（如有特殊情况，参会人员会有调整）。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度网上业绩说明会提前向投 资者公开征集问题。投资者可访问 https://irm.cninfo.com.cn 进入公司 2024 年度网上业绩说 明会页面进行提问。公司将在 2024 年度网上业绩说明会上对投资者关注的问题进行回答。 证券代码：002801 证券简称：微光股份 公告编号：2025-013 杭州微光电子股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证本公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 杭州微光电子股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日披露《2024 ...

证券代码：002801 证券简称：微光股份 杭州微光电子股份有限公司 投资者关系活动记录表 编号：2025002 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | 动类别 | □现场参观 | | | | 其他 电话会议 | | | | 西南证券：邰桂龙、张艺蝶、杨浩、唐静 | | | | 创金合信基金管理有限公司：王鑫、罗水星 | | | | 东方阿尔法基金管理有限公司：周谧 | | | | 广发基金管理有限公司：柴嘉辉、曾质彬 | | | | 国泰基金管理有限公司：谢泓材 | | | | 海富通基金管理有限公司：吕越超 | | | | 华西基金管理有限公司：赵彬凯 | | | | 华夏基金管理有限公司：陈伟彦 | | | | 嘉实基金管理有限公司：延健磊、卓佳亮、武磊 | | | | 上证报：陈琪珏 | | | | 长城基金管理有限公司：余欢 | | | | 中欧基金管理有限公司：钟鸣、伊群勇 | | | | 东北证券：瞿永忠 | | | 参与单位名称 | 甬兴证券：开 ...

截至4月1日收盘，人形机器人概念下跌0.98%，位居概念板块跌幅榜前列，板块内，光启技术、微光股 份、美力科技等跌幅居前，股价上涨的有42只，涨幅居前的有天永智能、华培动力、东港股份等，分别 上涨4.77%、4.22%、3.72%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可控核聚变 | 5.53 | 智谱AI | -1.39 | | CRO概念 | 4.90 | 人形机器人 | -0.98 | | 重组蛋白 | 4.81 | 减速器 | -0.92 | | 细胞免疫治疗 | 4.49 | 中国AI 50 | -0.87 | | 创新药 | 4.44 | 华为盘古 | -0.86 | | 动物疫苗 | 4.09 | 快手概念 | -0.85 | | 仿制药一致性评价 | 4.08 | 云游戏 | -0.84 | | 流感 | 4.02 | 华为欧拉 | -0.82 | | 阿尔茨海默概念 | 3.97 | 算力租赁 | -0.72 | | 肝炎概念 | 3.93 | 国产操作系统 | -0.71 | ...

Core Viewpoint - The company reported a strong performance in 2024, with revenue and net profit showing significant year-on-year growth, indicating robust operational health and market expansion efforts. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.41 billion yuan, up 11.1% year-on-year, and a net profit attributable to shareholders of 220 million yuan, up 82.2% year-on-year [1] - The fourth quarter of 2024 saw revenue reach 390 million yuan, a 24.4% increase year-on-year, with a net profit of -10 million yuan, marking a reduction in losses by 87 million yuan [1] - The company’s gross profit margin for 2024 was 32.3%, a decrease of 1.4 percentage points, while the net profit margin improved to 15.7%, an increase of 6.6 percentage points [2] Group 2: Market Expansion - The company focused on deepening its domestic market presence while expanding internationally, achieving overseas revenue of 770 million yuan, a 15.2% increase year-on-year, which accounted for 54.8% of total revenue [1] - Domestic revenue reached 640 million yuan, up 6.5% year-on-year, representing 45.2% of total revenue [1] Group 3: Business Segments - The refrigeration motor and fan segment generated revenue of 1.26 billion yuan, a 10.6% increase year-on-year, making up 89.2% of total revenue, with notable growth in external rotor fans and cold cabinet motors [3] - The servo motor segment achieved revenue of 110 million yuan, a 19.0% increase year-on-year, accounting for 7.6% of total revenue [3] Group 4: Product Development - The company is actively advancing the development and industrialization of high-efficiency, energy-saving, and intelligent new products, with successful launches in various applications including heat pumps and industrial automation [3] - Multiple new products have been developed and are expected to benefit from the growth in the humanoid robotics industry [3] Group 5: Future Outlook - The company forecasts net profits of 360 million yuan, 410 million yuan, and 480 million yuan for 2025 to 2027, with a projected compound annual growth rate of 29% [3] - A target price of 54.95 yuan has been set based on a 35X target PE for 2025, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.95 CNY over the next six months, while the current price is 40.35 CNY [1]. Core Insights - The company's performance in 2024 met expectations, with a record high revenue in Q4 2024. The total revenue for 2024 was 1.409 billion CNY, representing an 11.1% year-on-year increase, while the net profit attributable to the parent company was 220.57 million CNY, up 82.2% year-on-year [7][11]. - The company is expanding its international market presence, achieving 770 million CNY in overseas revenue, a 15.2% increase year-on-year, which now accounts for 54.8% of total revenue [7]. - The company’s gross margin for 2024 was 32.3%, a decrease of 1.4 percentage points year-on-year, primarily due to rising raw material costs and increased market competition [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 1,409.06 million CNY, net profit of 220.57 million CNY - 2025E: Revenue of 1,612.24 million CNY, net profit of 361.37 million CNY - 2026E: Revenue of 1,804.69 million CNY, net profit of 413.85 million CNY - 2027E: Revenue of 2,023.87 million CNY, net profit of 476.17 million CNY - The net profit growth rates for 2025-2027 are projected at 63.83%, 14.52%, and 15.06% respectively [2][9][13]. - **Earnings Per Share (EPS)**: - 2024A: 0.96 CNY - 2025E: 1.57 CNY - 2026E: 1.80 CNY - 2027E: 2.07 CNY [2]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected to decrease from 42 in 2024 to 19 in 2027, indicating improving valuation as earnings grow [2][11]. Business Segment Performance - **Refrigeration Motors and Fans**: - Revenue of 1.257 billion CNY in 2024, with a growth rate of 10.64% [9]. - **Servo Motors**: - Revenue of 107.54 million CNY in 2024, with a growth rate of 18.96% [9]. - **Other Businesses**: - Revenue of 44.25 million CNY in 2024, with a growth rate of 7.35% [9]. Market Position and Competitive Analysis - The company is positioned as a leading micro-motor enterprise in the cold chain sector, with significant growth potential in servo motors and other new products. The average PE ratio of comparable companies in the industry is around 36-30 for 2025-2026 [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to recover growth in 2024, with a projected revenue of 1.409 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 220 million yuan, reflecting an 82.16% year-on-year increase [1]. - The company has shown resilience in both domestic and international sales, achieving a 15.2% increase in overseas revenue, which now accounts for 54.8% of total revenue [5]. - The servo motor segment has seen significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 18.97% [5]. - The company is committed to innovation, having developed several new products and increased its R&D investment to 57.36 million yuan, approximately 4.07% of revenue [5]. - The global trend towards energy efficiency is expected to benefit the company's ECM and servo motors, aligning with international standards for energy-efficient motors [5]. Financial Performance - The company reported total revenue of 1.409 billion yuan for 2024, with a projected growth rate of 11% for the following years [6]. - The net profit is expected to grow from 221 million yuan in 2024 to 336 million yuan in 2025, with corresponding PE ratios of 40.4 and 26.6 [6][9]. - The company's return on equity (ROE) is projected to improve from 14.0% in 2024 to 18.8% in 2025 [9]. Product Development and Market Position - The company has successfully launched various new products, including high-efficiency electric motors and servo motors, which are expected to contribute to future revenue growth [5]. - The company has established a research institute focused on intelligent and efficient fans, enhancing its competitive position in the market [5]. Future Outlook - The company is projected to achieve revenues of 1.614 billion yuan in 2025, with a net profit of 336 million yuan, indicating a strong growth trajectory [6]. - The report anticipates continued demand for energy-efficient products, driven by both domestic policies and international market trends [5].

报告期内，公司市场拓展与业务升级并举，推动全球化布局，实现境外销售收入7.72亿元，同比增长 15.21%，营收占比达到54.82%。多年以来，公司与共建"一带一路"国家和地区业务往来频繁，发生业 务往来的国家和地区有三十多个，报告期内，公司对共建"一带一路"国家和地区的出口收入占整个出口 收入比例为59.54%。 瞄准新能源、机器人等新兴领域 伺服电机快速增长 年报显示，2024年，公司继续围绕绿色低碳、智能制造，因地制宜发展新质生产力，加快高效节能、智 能新产品开发和产业化进程，丰富产品系列及品种，拓展产品在热泵、储能、工业自动化、机器人等领 域的应用。 主要产品板块中，制冷电机及风机业务实现营业收入12.57亿元，同比增长10.64%。具体产品看，冷柜 电机作为公司传统优势产品，依然保持较强竞争力，实现营收3.23亿元，同比增长2.54%。外转子风机 保持快速增长，营收7.06亿元，同比增长18.8%。ECM电机控制电磁辐射和抗干扰能力显著，并在高效 节能领域表现突出，适用于工业自动化、医疗设备等对电磁环境敏感的领域。报告期内，公司ECM电 机毛利率达到42.43%，同比增加2.1个百分点，高于公司整体 ...

Core Insights - Microglow Co., Ltd. (002801.SZ) released its 2024 annual report on March 28, 2025, indicating that as of March 27, 2025, 11 institutional investors held a total of 27.1622 million A-shares, accounting for 11.83% of the total share capital [1][2] Institutional Holdings - The top ten institutional investors include Hangzhou Microglow Investment Partnership, Industrial and Commercial Bank of China - Qianhai Kaiyuan New Economy Flexible Allocation Mixed Securities Investment Fund, and China Construction Bank - Qianhai Kaiyuan Public Utilities Industry Stock Fund, among others [1] - The combined holding ratio of the top ten institutional investors decreased by 0.58 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Guoshou Anbao Smart Life Stock A, reduced its holdings compared to the previous quarter, while two new public funds, Chunhou Xinrui A and Mingya Zhongzheng 1000 Index Enhanced A, were disclosed [1] Social Security Fund - One social security fund, the National Social Security Fund 114 Portfolio, was not disclosed in the current period compared to the previous quarter [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.52% compared to the previous period [2]

投资要点 战略新兴布局："人形机器人+深海科技"电机 1）2024 年公司开发了4 款无框力矩电机、3 款空心杯电机，其中无框力矩电机经浙江省鉴定为国内领 先水平，2025 年公司将持续推进机器人关节模组研发。 微光股份：全球冷链电机龙头，"人形机器人+深海科技"电机打开空间 1）公司主要产品为冷链电机（冷柜电机、外转子风机、ECM 电机）、伺服电机，其中冷链电机市占率 全球前三，被工信部认定为制造业单项冠军示范企业；2）公司伺服电机持续高增，ECM 电机营收增速 转正。公司伺服电机近5 年CAGR 达94%，24H1 同比增长53%。 冷链电机主业：全球冷链扩容趋势明确，利好公司冷链产能放量 行业：1）国内：总量扩容，2023 年中国食品冷链流通率仍低于发达国家水平，其中果蔬、肉类、水产 品的产地冷链流通率较发达国家仍分别低67pct、2pct、15pct；结构升级，关注高标冷库建设需求+即时 零售前置仓模式催化的冷藏车需求。预计2025 年仍有约14 个国家骨干冷链物流基地需求。2）海外：国 际冷链需求持续修复。2024 年中国冰箱冷柜出口规模破7500 万台，同比提高20%。 公司：1）全球龙头地位、客 ...

证券代码：002801 证券简称：微光股份 公告编号：2025-011 杭州微光电子股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证本公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 杭州微光电子股份有限公司（以下简称"公司"或"本公司"）第六届董事 会第三次会议决定于 2025 年 4 月 21 日以现场及网络投票相结合的方式召开 2024 年度股东大会，本次股东大会的相关事项通知如下： 一、召开会议的基本情况 规、部门规章、规范性文件和公司章程的规定。 （1）现场会议召开时间：2025 年 4 月 21 日（星期一）下午 15:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 4 月 21 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交 易所互联网投票系统投票的具体时间为：2025 年 4 月 21 日 9:15-15:00。 （1）现场投票：股东出席现场股东大会或书面委托代理人出席现场会议参 加表决，该股东代理人不必是公司股东； （2）网络投票：公司将通过深圳证券交易所 ...