证券代码：300660 证券简称：江苏雷利 公告编号：2025-030 江苏雷利电机股份有限公司 第四届董事会第七次会议决议公告 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。 一、董事会会议召开情况 1、江苏雷利电机股份有限公司（以下简称"公司"）第四届董事会第七次会 议于 2025 年 5 月 9 日以电子邮件方式发出通知，并于 2025 年 5 月 12 日在公司 会议室以现场及通讯投票方式召开。 2、本次会议应出席董事 9 名，实际出席董事 9 名。 三、备查文件 江苏雷利电机股份有限公司第四届董事会第七次会议决议 特此公告 江苏雷利电机股份有限公司 董事会 3、本次会议由公司董事长苏建国先生主持，公司监事及高级管理人员列席 了会议。 4、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 二、董事会会议审议情况 1、审议通过了《关于控股子公司鼎智科技拟实施股权激励计划的议案》。 公司控股子公司江苏鼎智智能控制科技股份有限公司（以下简称"鼎智科技"， 证券代码：873593）拟实施 2025 年股权激励计划（以下简称"本激励 ...

Group 1 - The core viewpoint of the news is that Jiangsu Leili and Dingzhi Technology are focusing on product development and market expansion despite facing challenges in revenue and profit growth [1] - Jiangsu Leili is projected to achieve a revenue of 3.519 billion yuan in 2024, representing a year-on-year growth of 14.38%, while its net profit is expected to decline by 7.14% to 294 million yuan [1] - The automotive parts segment of Jiangsu Leili is performing well, with significant revenue growth from new products such as laser radar motors and head-up display motors [1] Group 2 - Dingzhi Technology is expected to generate a revenue of 224 million yuan in 2024, which is a decrease of 20.80% year-on-year, but anticipates substantial growth in revenue and profit in the first quarter of 2025 [1] - Dingzhi Technology's product offerings in the industrial control sector include brushed and brushless hollow cup motors, and the company is establishing a joint venture to focus on low-voltage micro servo controllers [1] - Both companies are mitigating the impact of tariff policy changes through overseas capacity construction and global sales networks, with Jiangsu Leili also advancing its product development in laser radar and electric steering systems [1]

Group 1 - The reducer concept sector increased by 2.85%, ranking third among concept sectors, with 95 stocks rising, including Jingjin Electric and Daye Co., which hit the 20% limit up [1][2] - Notable gainers in the reducer sector included Ningbo Dongli, Henggong Precision, Meihu Co., and Mingyang Technology, which rose by 9.96%, 10.89%, 7.63%, and 7.49% respectively [1][2] - The sector saw a net inflow of 1.666 billion yuan from main funds, with 68 stocks receiving net inflows, and 13 stocks seeing inflows exceeding 50 million yuan [2][3] Group 2 - Jiangsu Leili led the net inflow with 199.89 million yuan, followed by Landai Technology, Meihu Co., and Ningbo Dongli with inflows of 161.26 million yuan, 132.16 million yuan, and 93.41 million yuan respectively [2][3] - The top three stocks by net inflow ratio were Jingjin Electric, Jiangsu Leili, and Ningbo Dongli, with ratios of 29.31%, 19.51%, and 18.58% respectively [3]

Group 1: Company Performance Overview - Jiangsu Leili achieved a revenue of 3.519 billion CNY in 2024, a year-on-year increase of 14.38% [1] - Net profit attributable to shareholders was 294 million CNY, a decrease of 7.14% year-on-year, while the net profit excluding non-recurring items was 301 million CNY, an increase of 3.53% [1] - The company proposed a cash dividend of 3.2 CNY per 10 shares (including tax) and a capital reserve conversion of 4 shares for every 10 shares [1] - The total cash dividends distributed in 2024 amounted to 166 million CNY, with a payout ratio of 56.4% [1] Group 2: Segment Revenue Breakdown - Home appliances segment generated 2.159 billion CNY, up 12.75% year-on-year [1] - Automotive parts segment revenue reached 612 million CNY, a significant increase of 30.42% [1] - Industrial control segment reported 419 million CNY, growing by 24.00% [1] - Medical and sports health segments achieved revenues of 240 million CNY, with a modest growth of 2.71% [1] Group 3: Q1 2025 Performance - In Q1 2025, Jiangsu Leili reported a revenue of 908 million CNY, reflecting a year-on-year growth of 25.81% [1] - Net profit attributable to shareholders for Q1 2025 was 93.5971 million CNY, an increase of 28.15% year-on-year [2] Group 4: Dingzhi Technology Performance - Dingzhi Technology's revenue in 2024 was 224 million CNY, down 20.80% year-on-year, with a net profit of 38.7 million CNY, a decline of 52.17% [3] - The company distributed a cash dividend of 2 CNY per 10 shares (including tax) and a capital reserve conversion of 4 shares for every 10 shares, totaling 26.89 million CNY in cash dividends with a payout ratio of 69.5% [3] - In Q1 2025, Dingzhi Technology achieved a revenue of 58.795 million CNY, up 35.76% year-on-year, with a net profit of 12.6505 million CNY, a significant increase of 135.75% [3] Group 5: Future Development and Product Strategy - Jiangsu Leili is focusing on the development of micro-motors and components for new energy vehicles, emphasizing smart driving technology [4] - The company is expanding its product offerings in industrial control and intelligent sectors, aiming for continuous rapid growth in these areas [5] - Dingzhi Technology is enhancing its precision motion control product platform and aims to transition from a component manufacturer to a precision motion control system integrator [6]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 60.19 RMB [8][9]. Core Views - The company reported Q1 revenue of 908 million RMB, a year-on-year increase of 25.81%, and a net profit of 93.6 million RMB, up 28.15% year-on-year, exceeding previous expectations due to reduced expense ratios and increased foreign exchange gains [1]. - The company is optimistic about its expansion into emerging sectors, particularly in smart driving and robotics, which are expected to drive growth and profitability [3]. - The company is actively establishing manufacturing bases in Vietnam, Mexico, and Thailand, contributing to its internationalization efforts and enhancing its competitiveness in the global micro-motor market [4]. Summary by Sections Financial Performance - In Q1, the company's gross margin was 27.18%, with a net margin of 11.11%, reflecting a year-on-year decrease in gross margin but an increase in net margin due to lower expense ratios [2]. - The company forecasts net profits of 401 million RMB, 464 million RMB, and 535 million RMB for 2025-2027, with corresponding EPS of 1.25 RMB, 1.45 RMB, and 1.68 RMB [5][7]. Market Position and Strategy - The company is focusing on high-value products in the electric motor sector, particularly for electric vehicles and humanoid robots, which are expected to enhance its market position [3]. - The establishment of overseas manufacturing bases is part of the company's strategy to capture opportunities in North America and other regions, with overseas revenue expected to grow significantly [4]. Valuation - The report assigns a PE ratio of 48x for 2025, reflecting a premium of 20% over comparable companies, with an adjusted target price of 60.19 RMB [5].

证券代码：300660 证券简称：江苏雷利 公告编号：2025-026 2025 年 4 月 25 日 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。 江苏雷利电机股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 了第四届董事会第六次会议和第四届监事会第五次会议，审议通过了《关于公司 2025 年第一季度报告全文的议案》。 为使广大投资者全面了解公司的经营情况、财务状况等，本公司 2025 年第 一季度报告于 2025 年 4 月 28 日在中国证监会指定的创业板信息披露网站巨潮资 讯网（http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告 董事会 江苏雷利电机股份有限公司 关于 2025 年第一季度报告披露的提示性公告 江苏雷利电机股份有限公司 ...

Financial Performance - The company's revenue for Q1 2025 was ¥907,894,882.70, representing a 25.81% increase compared to ¥721,648,380.42 in the same period last year[5] - Net profit attributable to shareholders was ¥93,597,138.50, up 28.15% from ¥73,038,449.66 year-on-year[5] - The basic earnings per share increased to ¥0.2931, reflecting a growth of 27.21% compared to ¥0.2304 in the previous year[5] - The net profit for the current period was ¥100,911,504.25, representing a 33.4% increase compared to ¥75,251,933.58 from the last period[21] - The net profit attributable to the parent company was ¥93,597,138.50, an increase of 28.2% from ¥73,038,449.66 in the previous period[22] Operating Costs and Cash Flow - The company's operating costs rose by 30.61% due to increased sales, which led to a corresponding rise in costs[11] - Total operating costs amounted to ¥804,657,126.72, up 26.6% from ¥635,510,379.46 in the prior period[21] - Operating cash flow decreased by 31.11% to ¥85,989,320.81 from ¥124,824,238.58 in the same period last year[5] - Cash generated from operating activities was ¥936,859,577.47, compared to ¥800,685,508.55 in the previous period, indicating a growth of 17.0%[24] - The net cash inflow from operating activities was $85,989,320.81, a decrease of 30.9% compared to $124,824,238.58 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,492,814,209.01, a slight increase of 0.81% from ¥6,440,954,009.96 at the end of the previous year[5] - Total current assets amount to 4,451,176,712.80 RMB, a slight decrease from 4,476,354,588.03 RMB at the beginning of the period[18] - Total non-current assets increased to 2,041,637,496.21 RMB from 1,964,599,421.93 RMB[18] - The total liabilities decreased to ¥2,483,990,979.28 from ¥2,543,391,101.68, a reduction of approximately 2.3%[21] - The total equity increased to ¥4,008,823,229.73 from ¥3,897,562,908.28, reflecting a growth of about 2.8%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 40,266[15] - The largest shareholder, Changzhou Leili Investment Group, holds 36.33% of shares, totaling 116,021,740 shares[15] - The second largest shareholder, Baizhuo Development Limited, holds 27.28% of shares, totaling 87,114,575 shares[15] - The company maintains a strong control with the top three shareholders collectively holding 66.12% of the shares[16] Investment Activities - Investment income increased by 50.27% compared to the previous year, attributed to reduced losses from equity investments[11] - Cash flow from investment activities saw a significant decrease of 842.92%, primarily due to increased net purchases of financial products[13] - The net cash outflow from investment activities was -$132,031,296.60, compared to a positive inflow of $17,772,049.61 previously, indicating a significant decline[25] Tax and Other Income - The company reported a 98.66% increase in tax refunds received, mainly due to higher export tax rebates[12] - The company received tax refunds amounting to $58,097,290.02, compared to $29,245,200.25 previously, indicating improved cash flow from tax activities[25] - The other comprehensive income after tax for the current period was ¥7,638,530.21, compared to ¥1,634,271.71 in the previous period, showing a significant increase[22] Employee Compensation - The company paid $170,179,955.81 in employee compensation, an increase from $148,190,512.00 in the previous period[25]

证券代码：300660 证券简称：江苏雷利 公告编号：2025-029 江苏雷利电机股份有限公司 第四届监事会第五次会议决议公告 本公司及监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。 一、监事会会议召开情况 1、江苏雷利电机股份有限公司（以下简称"公司"）第四届监事会第五次会 议于 2025 年 4 月 22 日以电子邮件方式发出通知，并于 2025 年 4 月 25 日在公司 会议室以现场及通讯投票方式召开。 2、本次会议应出席监事 3 名，实际出席监事 3 名。 3、本次会议由监事会主席蒋国彪先生主持，公司董事会秘书、证券事务代 表列席了会议。 4、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 二、监事会会议审议情况 1、审议通过了《关于公司 2025 年第一季度报告全文的议案》。 监事会 20 2 5 年 4 月 2 5 日 经审议，监事会认为：《2025 年第一季度报告全文》的内容符合法律、行政 法规、中国证券监督管理委员会和深圳证券交易所的相关规定，报告内容真实、 准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 ...

江苏雷利电机股份有限公司 第四届董事会第六次会议决议公告 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。 一、董事会会议召开情况 1、江苏雷利电机股份有限公司（以下简称"公司"）第四届董事会第六次会 议于 2025 年 4 月 22 日以电子邮件方式发出通知，并于 2025 年 4 月 25 日在公司 会议室以现场及通讯投票方式召开。 2、本次会议应出席董事 9 名，实际出席董事 9 名。 证券代码：300660 证券简称：江苏雷利 公告编号：2025-028 4、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 二、董事会会议审议情况 1、审议通过了《关于公司 2025 年第一季度报告全文的议案》。 经审议，董事们一致认为：《2025 年第一季度报告全文》的内容符合法律、 行政法规、中国证券监督管理委员会和深圳证券交易所的相关规定，报告内容真 实、准确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 董事会 《2025 年第一季度报告全文》详见 2025 年 4 月 28 日巨潮资讯网 （www.cninfo.com.cn） ...

证券研究报告 江苏雷利 (300660 CH) 收入稳增，汽零与工控板块增速较快 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 23 日│中国内地 | 新能源及动力系统 | 公司公布 24 年报业绩：收入 35.19 亿元，同比+14.38%；归母净利润 2.94 亿元，同比-7.14%；扣非归母净利润 3.01 亿元，同比+3.53%。其中 Q4 收 入 10.44 亿元，同比/环比+25.70%/+22.30%；扣非归母净利润 6411.47 万 元，同比/环比+166.07%/-3.86%。24年归母净利润低于我们此前预测的 3.34 亿元，主要系毛利率下降、汇率波动造成损益。公司积极依托主业发展优势 丰富产品矩阵，看好新品放量为公司成长持续注入活力。维持增持评级。 24 年收入稳健增长，短期因素扰动下归母净利润小幅下滑 24 年公司收入同比稳健增长，其中家电/汽零/工控/医疗及运动健康板块收 入分别同比+12.75%/30.42%/24.00%/2.71%，汽零与工控板块增速较快主 要受益于新品量产。24 年归母净利同比下 ...