隆盛科技 20250116 摘要 • 隆盛科技股权结构稳定，实际控制人持股约 30%，旗下威远精工、龙胜新 能源及威远中佳分别负责不同业务板块。公司已实现 2023 年股权激励目 标，并预计未来两年也能达成，展现了其业务推进和利润释放的决心。 • 2018 年至 2023 年，隆盛科技收入从 2.3 亿元增至 18 亿元，复合增长率 达 47%；归母净利润从 0.04 亿元增至 1.47 亿元，增长率高达 204%。2023 年前三季度，公司收入和利润增速维持在 40%-60%区间。 • 隆盛科技拥有 EGR 系统、新能源板块和精密零部件三大产品线。EGR 系 统是主业，受益于国 VI 排放标准提升商用车需求，预计 2025 年市场规模 达 50 亿元。马达铁芯业务快速发展，占比接近 44%，直接配套特斯拉、 吉利等。 • 马达铁芯是新能源汽车驱动电机核心部件，预计到 2025 年市场规模将接 近 90 亿元。隆盛科技通过联合电子间接供应蔚来、上汽、奇瑞等整车厂 商，市场前景广阔。 • 隆盛科技在天然气喷射产品领域也有布局，受益于油气价差扩大趋势，通 过博世间接配套潍柴和康明斯发动机，自 2019 年以来获得 ...

总共在2022年的时候已经研发制造了大概有四大系列七十一款规格但是当时因为国内市场说实话工业机器人比较混乱然后当时我们其实是没有下场 到了2023年的时候呢由万地动力来作为控股方成立的那个威寒智能公司这一年呢我们跟两家上市公司一家叫威福高科 一家叫秉治然后从2014年的时候我们就开始验证然后购入这样的设备然后给他们做一些验证的工作其实那时候已经是在设计到人形机器人的关节一部分了所以说我们这个公司是从老早的时候就开始做这一行了并不是说我们是2013年开始才有的未汉 然后呢这几年呢我们其实做了很多的基础工作比如说我们现在开始对标日本HD公司的双曲线齿形这也是国内比较领先的一个齿形设计 然后第二个呢我们通过这一两年的时间跟两家上市公司针对那个行业里面普遍的痛点然后呢不断提升工艺跟手段现在的指标基本上可以达到世界级指标的一个水平了 主要是在一次性上面跟那个上面我们做出了很多的工作比如说设备的那个稳定性工装家具的稳定性然后加工出来的零件我们基本上每一个都有标码然后每一个基本上可做到像车轨迹一样可以追溯然后每一个上面的零部件的尺寸我们现在已经是都能就是说查证到这一年来我们其实经历过很多的客户 不断的提供样机不断的看他们从 ...

隆盛科技在关税摩擦背景下的市场表现如何？ 隆盛科技在关税摩擦背景下，整体波动和调整幅度较大，但近期市场情绪已基 本企稳。从 2023 年的财务数据来看，隆盛科技的总收入为 15 亿元，其中海 外收入仅为 5,000 多万元，占比约为 3-4%。北美大客户的营收占比约为 10%，且增长速度较慢，未来可能进一步下降。因此，隆盛科技后续总体增长 潜力依然较好。 隆盛科技的核心业务有哪些？ 隆盛科技有两个核心业务：电机马达铁芯和 EGR（废气再循环）业务。电机马 达铁芯增速较快，公司产品门类拓展，从单一马达铁芯向半总成方向延伸。去 年（2024 年）11 月成立了隆盛新能源，并于今年 1 月获得定点半总成订单， 这将使电机马达铁芯价值量从 600-800 元提升至 2000 元左右，相当于翻了三 倍。此外，公司与川渝地区合作紧密，在半成品组件领域有较大的增长空间。 EGR 业务主要应用于商用车，今年（2025 年）商用车景气度总体不错。混动 系统方面，隆盛与比亚迪合作紧密，其 EGR 产品在混动系统中有广泛应用前景。 因此，两块主业都表现良好。 隆盛科技的新业务发展情况如何？ 隆盛科技&豪能股份&禾望电气 20250 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-007 无锡隆盛科技股份有限公司 关于回购公司股份的进展公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于2024年11月27日召开第五届 董事会第四次会议，并于2024年12月16日召开2024年第二次临时股东大会，审议通过 了《关于回购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款以 集中竞价方式回购公司已发行的人民币普通股（A股）股票，回购股份将全部予以注 销并减少公司注册资本。本次回购的资金总额不低于人民币10,000万元且不超过人民 币20,000万元（含本数），回购股份价格不超过人民币40元/股，具体回购股份的数 量和金额以回购期限届满时实际回购的股份数量为准。本次回购股份的实施期限为自 股东大会审议通过回购股份方案之日起不超过12个月。具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）披露的《回购报告书》（公告编号：2024-070）等相关公 告。 一、股份回购进展情况 （一）公司回购股份的时间、回购股 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][4]. Core Viewpoints - The company is accelerating its layout in the humanoid robot core transmission system by acquiring a controlling stake in Weihan Intelligent Technology [1][2]. - Weihan Intelligent specializes in precision transmission, with over 70 standard harmonic reducer products, enhancing the company's capabilities in robotics [1][2]. - The integration of government, university, and overseas resources aims to create an industrial ecosystem that combines automotive parts manufacturing with robotics technology [2]. Financial Data and Valuation - The company is projected to achieve significant revenue growth, with total revenue expected to reach 4,157 million yuan in 2025, reflecting a 53% year-on-year increase [3][10]. - The net profit attributable to the parent company is forecasted to be 354 million yuan in 2025, up 58% from the previous year [3][10]. - The company's PE ratio is expected to decrease from 39.1 in 2024 to 24.8 in 2025, indicating improving valuation metrics [10]. Business Outlook - The company is positioned as a leader in EGR and motor core businesses, with strong growth in its existing operations and new ventures in robotics and commercial aerospace [3]. - The natural gas nozzle business is anticipated to benefit from the increase in demand for natural gas heavy trucks, contributing to revenue growth in 2025 and 2026 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The strategic investment in Weihan Intelligent aims to expand the company's footprint in humanoid robotics, positioning it to leverage its expertise in automotive components for robotics applications [4][6] - Weihan Intelligent specializes in precision harmonic reducers and integrated joint actuators, with over 70 standard harmonic reducer products, showcasing significant technical advantages [6] - The investment is expected to accelerate the company's layout in the core transmission system of humanoid robots, creating a technological ecosystem that integrates core components and application scenarios [6] Financial Performance Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 237 million, 327 million, and 406 million yuan respectively, indicating a growth trajectory [7] - Revenue forecasts for 2024, 2025, and 2026 are 2,662 million, 3,337 million, and 4,013 million yuan, with growth rates of 45.7%, 25.3%, and 20.3% respectively [8] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 37.0, 26.8, and 21.6, which are below the average P/E ratios of comparable companies [7][9] Market Position and Competitive Advantage - The company is positioned to meet the dual demands of mainstream automotive manufacturers in smart manufacturing and robotics development, creating a mutually beneficial collaboration model [6] - The investment in Weihan Intelligent is expected to facilitate entry into the supply chain for humanoid robots, leveraging existing relationships with major clients like Tesla, Xiaomi, and BYD [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The strategic investment in Weihan Intelligent aims to expand the company's footprint in humanoid robotics, positioning it to leverage its expertise in automotive components for robotics applications [4][6] - Weihan Intelligent specializes in precision harmonic reducers and integrated joint actuators, with over 70 standard harmonic reducer products, showcasing significant technical advantages [6] - The investment is expected to accelerate the company's layout in the core transmission system of humanoid robots, creating a technological ecosystem that integrates core components and application scenarios [6][7] Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 237 million, 327 million, and 406 million yuan respectively, with corresponding P/E ratios of 37.0, 26.8, and 21.6 [7][8] - Revenue is expected to grow from 2,662 million yuan in 2024 to 4,013 million yuan in 2026, reflecting a growth rate of 45.7% and 20.3% respectively [8][11] - The company’s return on equity (ROE) is projected to increase from 12.2% in 2024 to 15.5% in 2026 [8][12] Market Position - The company is positioned as a key supplier for major automotive manufacturers like Tesla, Xiaomi, and BYD, which may facilitate its entry into the humanoid robot supply chain [6][7] - The harmonic reducer accounts for approximately 35% of the total cost of humanoid robots, highlighting the strategic importance of this investment [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The strategic investment in Weihan Intelligent aims to expand the company's footprint in humanoid robotics, positioning it to tap into the core transmission system market for humanoid robots [4][6] - Weihan Intelligent specializes in precision harmonic reducers and integrated joint actuators, with over 70 standard harmonic reducer products, showcasing significant technical advantages [6] - The investment is expected to create a technological ecosystem for humanoid robots, leveraging the company's experience in automotive components to enhance robotic transmission development [6][7] Financial Summary - Current price: 37.99 CNY - Market capitalization: 8,776.61 million CNY - Estimated net profits for 2024-2026 are projected to be 237 million, 327 million, and 406 million CNY respectively, with corresponding P/E ratios of 37.0, 26.8, and 21.6 [3][8][7] - Revenue growth rates are forecasted at 45.7%, 25.3%, and 20.3% for 2024, 2025, and 2026 respectively [8][11]

Investment Rating - The investment rating for Longsheng Technology is maintained as "Buy" [3] Core Views - Longsheng Technology has made a strategic investment in Weihan Intelligent, which will become a controlling subsidiary, enhancing its capabilities in the robotics sector [7] - The investment aims to leverage Weihan's precision manufacturing technology to accelerate the development of core transmission systems for humanoid robots, creating a closed-loop innovation model [7] - The company plans to integrate government, academic, and overseas resources to build an industrial ecosystem that combines precision manufacturing of automotive parts with robotics technology [7] Financial Summary - Revenue projections for Longsheng Technology are as follows: - 2024: 26.61 billion, YOY growth of 45.6% - 2025: 33.47 billion, YOY growth of 25.8% - 2026: 40.67 billion, YOY growth of 21.5% [7] - Net profit forecasts are: - 2024: 2.38 billion, YOY growth of 61.9% - 2025: 3.15 billion, YOY growth of 32.6% - 2026: 3.98 billion, YOY growth of 26.2% [7] - Earnings per share (EPS) estimates are: - 2024: 1.03 yuan - 2025: 1.36 yuan - 2026: 1.72 yuan [7] - The price-to-earnings (P/E) ratios are projected to be: - 2024: 36.92 - 2025: 27.85 - 2026: 22.07 [7] Strategic Developments - The investment in Weihan Intelligent is based on its expertise in precision harmonic reducers and integrated joint actuators, which aligns with Longsheng's strategy to enhance its robotics capabilities [7] - The company aims to create a dual empowerment model that meets the needs of mainstream automotive manufacturers in smart manufacturing and robotics development [7]

根据《上市公司股份回购规定》《深圳证券交易所上市公司自律监管指引第9号 ——回购股份》等相关规定，公司应当在回购期间每个月的前三个交易日公告截至上 月末的回购进展情况。现将公司截至上月末的回购进展情况公告如下： 截至2025年2月28日，公司通过股份回购专用证券账户以集中竞价交易方式累计 回购公司股份992,100股，占公司目前总股本0.43%，回购股份的最高成交价为39.36 元/股，最低成交价为27.15元/股，支付总金额为31,964,911元(不含交易费用)。本 次回购符合公司回购股份方案及相关法律法规的要求。 证券代码：300680 证券简称：隆盛科技 公告编号：2025-006 无锡隆盛科技股份有限公司 关于回购公司股份的进展公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于2024年11月27日召开第五届 董事会第四次会议，并于2024年12月16日召开2024年第二次临时股东大会，审议通过 了《关于回购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款以 集中竞价方式回购公司已发行的人 ...