格隆汇11月14日丨云意电气(300304.SZ)在互动平台表示，公司目前已间接为鸿蒙智行部分车型供应水 泵控制器、空调热管理控制器等相关产品。该业务当前占公司总体收入比重相对较小，敬请投资者注意 投资风险。未来，公司将持续拓展相关产品的供应场景与需求规模，积极把握汽车电子行业发展机遇， 稳步推进业务布局与发展。 ...

Core Viewpoint - The company is actively collaborating with Nidec on automotive steering motor busbars, although this business currently represents a small portion of overall revenue [2] Group 1: Collaboration with Nidec - The company's subsidiary, Jiangsu Yuntai Precision Technology Co., Ltd., has initiated business cooperation with Nidec [2] - The collaboration focuses on automotive steering motor busbars and related products [2] - This segment currently contributes a minor share to the company's total revenue [2] Group 2: Strategic Focus on Robotics - The company is accelerating its strategic layout in the robotics sector [2] - It aims to focus on core industry demands and actively seek high-quality development opportunities [2]

Core Viewpoint - Yunyi Electric (300304) emphasizes its commitment to ensuring all investors receive equal access to company information by disclosing shareholder information in regular reports [1] Company Information - On November 6, Yunyi Electric responded to investor inquiries on an interactive platform, stating that it will disclose shareholder information at specific points in time in its periodic reports [1]

Core Viewpoint - The company, Yunyi Electric, announced the completion of a stock repurchase, transferring 4,000,000 shares to its employee stock ownership plan at a price of 4.68 yuan per share [1]. Group 1 - The stock transfer was confirmed by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, on October 31, 2025 [1]. - The shares were transferred on October 30, 2025, through a non-trading transfer method [1].

证券代码：300304 证券简称：云意电气 公告编号：2025-064 江苏云意电气股份有限公司 关于第二期员工持股计划预留部分非交易过户完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏云意电气股份有限公司（以下简称"公司"）于 2025 年 1 月 8 日召开第 五届董事会第十六次会议、第五届监事会第十四次会议，并于 2025 年 1 月 24 日召开 2025 年第一次临时股东大会，审议通过了《关于<江苏云意电气股份有限 公司第二期员工持股计划（草案）>及其摘要的议案》、《关于<江苏云意电气股 份有限公司第二期员工持股计划管理办法>的议案》等议案。具体内容详见公司 于中国证监会指定创业板信息披露网站巨潮资讯网发布的相关公告。 公司于 2025 年 9 月 26 日召开第六届董事会第三次会议，审议通过了《关于 第二期员工持股计划预留份额分配的议案》，根据《关于上市公司实施员工持股 计划试点的指导意见》、《深圳证券交易所上市公司自律监管指引第 2 号—创业板 上市公司规范运作》等相关规定，现将公司第二期员工持股计划（以下简称"本 员工持股计划" ...

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Core Viewpoint - Yunyi Electric is a leading supplier of automotive intelligent core electronic products in China, with strong product competitiveness and multiple core technologies [1] Group 1: Business Performance - In Q3 2025, Yunyi Electric reported revenue of 1.666 billion yuan, ranking 21st among 36 companies in the industry, while the industry leader, Yujing Electronics, had revenue of 45.844 billion yuan [2] - The net profit for the same period was 384 million yuan, placing the company 9th in the industry, with the top performer, Yujing Electronics, reporting a net profit of 1.363 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yunyi Electric's debt-to-asset ratio was 22.14%, slightly down from 22.15% year-on-year, significantly lower than the industry average of 44.11%, indicating strong solvency [3] - The gross profit margin for the same period was 34.15%, up from 32.54% year-on-year, exceeding the industry average of 19.46%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.79% to 35,800, while the average number of circulating A-shares held per shareholder increased by 24.67% to 23,900 [5] - Among the top ten circulating shareholders, the second-largest is the Fortune Tianyi Value Mixed Fund, holding 18.2707 million shares, an increase of 4.2376 million shares from the previous period [5] Group 4: Future Outlook - CITIC Securities projects that the company's net profit attributable to shareholders will be 470 million yuan in 2025 and 604 million yuan in 2026, maintaining a "buy" rating [6] - The company has formed a joint venture with Chen Zhi Group to develop intelligent driving domain control products, which is expected to enhance revenue and profit flexibility [6] - The company is poised to capture significant market share in the nitrogen oxide sensor pre-installation market, leveraging its core technology and partnerships with leading domestic and international firms [6]

Summary of Yunyi Electric's Conference Call Industry and Company Overview - **Company**: Yunyi Electric - **Industry**: Automotive Electronics - **Projected Profit**: Expected to achieve a profit of 470 million yuan in 2025, with 60% from growth businesses and an overall growth rate of around 20% in net profit [2][3][8] Core Points and Arguments - **Business Segmentation**: - 60% of profits are expected from growth businesses with an average growth rate of 40% [2][4] - Traditional core business contributes 40% of profits, remaining stable [2][3] - **Vertical Integration**: - The company has developed core capabilities in chip design, control algorithms, precision injection molding, and die-casting, enabling expansion into new products like wiper systems and nitrogen-oxygen sensors [2][5][6] - **Wiper Systems**: - Transitioned from low-cost products to wiper systems priced around 200 yuan for passenger and commercial vehicles [2][6] - Expected mass production of commercial vehicle systems in the second half of 2025, with significant growth in passenger vehicle systems anticipated in the following years [2][6] - **Nitrogen-Oxygen Sensors**: - Self-branded products priced at approximately 400 yuan, utilizing self-manufactured ceramic chips for cost control [2][7] - Anticipated to supply leading domestic OE companies and secure European orders compliant with Euro 7 standards, with explosive growth expected by 2028 [2][7] - **Joint Venture with Changan**: - Established a joint venture with Changan's major shareholder, Chengzhi Group, to supply electronic components, which is expected to yield higher prices and market share [2][8] - Initial small-scale supply has begun, with significant revenue growth projected for 2026 and substantial profit increases in subsequent years [2][8] Additional Important Insights - **Market Position**: - Yunyi Electric is recognized as a leading domestic supplier in niche markets, particularly in wiper systems and nitrogen-oxygen sensors [2][3][6] - **Valuation Metrics**: - The expected profit for the main business in 2026 is projected to be between 550 million to 600 million yuan, with a valuation multiple of less than 20 times [3][8] - Considering the growth potential from the Changan partnership, a valuation of over 30 times is suggested, indicating a current market cap of approximately 10 billion yuan with a high safety margin [3][8] - **Emerging Growth Areas**: - The company is also involved in new energy connectors, charging guns, power semiconductors, and motor control, which, while smaller in scale, are experiencing rapid growth [2][9] - Potential future growth from robotics-related concepts, although not yet significant, is noted as a possible new growth point [2][9]

Core Insights - The company reported a revenue of 568 million yuan in Q3 2025, representing a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 110 million yuan, up 13.39% year-on-year [1][2] - The actual controller and chairman, Fu Hongling, plans to increase her stake in the company by 10 to 20 million yuan, reflecting confidence in the company's future development and long-term investment value [3] - The partnership with Chenzhi Group is progressing well, focusing on intelligent driving domain controllers, which significantly enhances the per-vehicle value [1][4] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.666 billion yuan, a year-on-year increase of 7.05%, and a net profit of 331 million yuan, up 7.80% year-on-year [2] - The gross margin for Q3 2025 was 35.59%, an increase of 3.81 percentage points year-on-year, while the net margin was 24.01%, up 4.45 percentage points year-on-year [2] - The company reported a net cash flow from operating activities of 245 million yuan [2] Strategic Developments - The joint venture with Chenzhi Group will focus on intelligent driving domain controllers, with a registered capital of 402 million yuan, where the company holds a 30% stake [4] - The per-vehicle value for intelligent power controllers is expected to increase significantly, with potential sales and profit growth from the joint venture [4] - The company is well-positioned to capture a significant share of the expanding nitrogen oxide sensor market under the Euro 7 standards, which is anticipated to grow substantially [5][6] Growth Areas - The company is experiencing rapid growth in its windshield wiper systems, high-voltage connectors for electric vehicles, micro motor controllers, and power semiconductor devices [6][7] - The company has secured over 20 projects for intelligent wiper systems, with major clients including BYD and Changan Automobile, indicating a strong growth trajectory [7] - The company is also focusing on robotics, leveraging its core technologies in injection molding, motor control, and sensors to drive innovation in this emerging field [8]

Core Viewpoint - Yunyi Electric (300304.SZ) reported a revenue of 1.688 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 7.05% [1] - The net profit attributable to shareholders of the listed company reached 331 million yuan, marking a year-on-year increase of 7.80% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 308 million yuan, showing a year-on-year growth of 10.10% [1] - Basic earnings per share stood at 0.38 yuan [1]