Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 606 million, net profit attributable to shareholders of 59 million, and net profit excluding non-recurring items of 55 million, representing year-on-year growth of 7.06%, 11.41%, and 8.19% respectively [1] - The sales gross margin was 18.12%, and the net profit margin was 10.03% [1] - Despite fluctuations in downstream customer sales, the company's performance showed resilient growth, with expectations for increased growth driven by new model releases and gradual mass production of motor core subassemblies [1] Group 2: Production and Capacity - In 2024, the company's hybrid EGR capacity utilization rate was 41.18%, while the motor core capacity utilization rate was 69.17% [1] - The development of the company's EGR system and new energy electric drive motor cores is expected to further enhance production capacity, output, and sales [1] Group 3: Strategic Investments - The company is focusing on humanoid robots, particularly in areas such as dexterous hands, harmonic reducers, and drive motor components [2] - In March 2025, the company initiated an investment acquisition of Wuxi Weihan Intelligent Technology Co., which will become a subsidiary, strengthening the company's ecosystem in the humanoid robot sector [2] Group 4: Growth Projections - The company is projected to achieve net profits attributable to shareholders of 345 million, 501 million, and 679 million in 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 27.2, 18.7, and 13.8 [2] - The company is recognized as a leading enterprise in EGR and motor cores, with rapid growth in its main business and active expansion into robotics and aerospace sectors [2]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.9 CNY for 2025, based on a 40x PE valuation [3][6]. Core Insights - The company reported a strong performance in 2024, achieving a revenue of 2.397 billion CNY, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million CNY, up 52.81% year-on-year [1][2]. - The growth in revenue was driven by various business segments, with EGR, new energy, and stamping parts generating revenues of 729 million CNY, 1.034 billion CNY, and 421 million CNY, respectively, reflecting year-on-year growth rates of 30%, 29%, and 43% [2]. - The company has made significant advancements in the humanoid robot sector, focusing on key components such as dexterous hands and harmonic reducers, indicating potential for future growth [3]. Financial Summary - In 2024, the company achieved a gross margin of 17.95%, an increase of 0.16 percentage points year-on-year, and a net margin of 9.57%, up 1.43 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 3.402 billion CNY, 4.456 billion CNY, and 5.596 billion CNY, with corresponding net profits of 306 million CNY, 425 million CNY, and 562 million CNY, indicating a robust growth trajectory [4][12]. - The company’s net asset return is expected to improve from 12.31% in 2024 to 19.20% by 2027, showcasing enhanced profitability [4][12].

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 610 million yuan, showing a quarter-on-quarter increase of 7.1% but a year-on-year decrease of 19.7%. The net profit attributable to shareholders was 60 million yuan, with a quarter-on-quarter increase of 11.4% and a year-on-year decrease of 17.1% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a gross profit margin of 18.1%, which is a decrease of 0.5 percentage points year-on-year but an increase of 1.6 percentage points quarter-on-quarter. The net profit margin remained high at 9.7% [2] - The company’s net profit increased by 11.4% year-on-year, outpacing revenue growth, supported by VAT rebates, increased investment income, and the reversal of accounts receivable impairments [2] - As of the end of Q1 2025, the company had cash reserves of 720 million yuan, indicating strong liquidity for future business expansion and R&D investments [2] Group 2: Business Segments - The hybrid EGR business is showing a clear growth trend, with significant sales increases from key clients such as BYD, Chery, and Geely, which outperformed the overall hybrid passenger vehicle industry growth of 45.0% [1] - The electric motor core business faced challenges, with Tesla's sales in China down by 21.8% year-on-year, and demand from the Wanjie client affected by model cycle changes [1] - The commercial vehicle sector saw a slight decline in heavy truck sales, with a year-on-year decrease of 2.7%, particularly in the natural gas heavy truck segment, which dropped by 6.5% [1] Group 3: Robotics and Technology Development - The company's robotics business is entering an accelerated development phase, with the Lansun robot achieving large-scale application in the electric vehicle motor production line, improving overall efficiency by over 30% [2] - The acquisition of Weihan Intelligent has enabled the company to secure core technology for harmonic reducers, resulting in a product matrix of over 70 standard models [2] - A new generation of Ai De robots, specifically developed for smart logistics scenarios, is also in the process of accelerated mass production [2] Group 4: Profit Forecast - The company is expected to achieve revenues of 3.11 billion yuan, 3.61 billion yuan, and 4.09 billion yuan for the years 2025 to 2027, with net profits of 290 million yuan, 360 million yuan, and 430 million yuan respectively [3]

向特定对象发行股票之持续督导保荐总结报告书 隆盛科技持续督导项目 保荐总结报告书 招商证券股份有限公司关于 无锡隆盛科技股份有限公司 隆盛科技持续督导项目 保荐总结报告书 | 保荐结构名称 | 招商证券股份有限公司 | | --- | --- | | 保荐机构编码 | Z27174000 | 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为无锡 隆盛科技股份有限公司（以下简称"隆盛科技"、"公司"）2021 年度向特定 对象发行股票的保荐机构，负责本次发行股票后的持续督导工作，持续督导期间 自隆盛科技本次发行的股票上市之日起至 2024 年 12 月 31 日（以下简称"持续 督导期"）。 招商证券根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板 股票上市规则》等法规、规范性文件相关要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总 ...

招商证券股份有限公司 关于无锡隆盛科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：隆盛科技 | | --- | --- | | 保荐代表人姓名：王靖韬 | 联系电话：0755-82943666 | | 保荐代表人姓名：梁石 | 联系电话：0755-82943666 | 一、保荐工作概述 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原 因及解决措施 | | --- | --- | --- | | 1、控股股东、实际控制人关于股份减持的承诺 | 是 | 不适用 | | 2、控股股东、实际控制人关于同业竞争、关联交 易、资金占用方面的承诺 | 是 | 不适用 | | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | ...

Financial Performance - The company's revenue for Q1 2025 was CNY 605,783,627.37, representing a 7.06% increase compared to CNY 565,815,996.15 in the same period last year[5] - Net profit attributable to shareholders was CNY 58,668,946.25, up 11.41% from CNY 52,661,551.03 year-on-year[5] - The basic earnings per share increased to CNY 0.2540, reflecting an 11.45% rise from CNY 0.2279 in the previous year[5] - Total operating revenue for the current period reached ¥605,783,627.37, an increase of 7.3% compared to ¥565,815,996.15 in the previous period[22] - Net profit for the current period was ¥60,774,844.71, representing a growth of 14.5% from ¥53,151,365.17 in the previous period[23] - The company's operating profit increased to ¥68,932,219.22, compared to ¥60,339,814.03, marking a rise of 14.0%[23] - The total comprehensive income for the period was CNY 60,774,844.71, compared to CNY 53,106,757.04 in the previous period, representing an increase of approximately 14.1%[24] - The net income attributable to the parent company was CNY 58,668,946.25, up from CNY 52,634,786.15, indicating a growth of about 11.4%[24] - Basic and diluted earnings per share increased to CNY 0.2540 from CNY 0.2279, reflecting a rise of approximately 11.5%[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,078,265,011.11, a 1.96% increase from CNY 3,999,757,536.93 at the end of the previous year[5] - Total liabilities increased to ¥2,049,835,457.65 from ¥1,998,770,842.10, reflecting a rise of 2.6%[20] - The company's equity attributable to shareholders rose to ¥1,953,070,824.01, compared to ¥1,927,733,863.84, an increase of 1.3%[20] Cash Flow - The net cash flow from operating activities was negative at CNY -42,888.05, a significant decline of 100.06% compared to CNY 75,735,686.42 in the same period last year[5] - Cash inflows from operating activities totaled CNY 497,287,867.76, compared to CNY 438,653,834.22 in the previous period, marking an increase of about 13.3%[27] - Cash outflows from operating activities were CNY 497,330,755.81, up from CNY 362,918,147.80, resulting in a net cash flow from operating activities of CNY -42,888.05, a significant decline from CNY 75,735,686.42[27] - The net increase in cash and cash equivalents for the period was CNY 66,168,452.11, contrasting with a decrease of CNY 102,095,717.26 in the previous period[27] - The ending balance of cash and cash equivalents was CNY 340,113,524.02, compared to CNY 227,235,790.41 at the end of the previous period, representing an increase of approximately 49.6%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,690, with the largest shareholder holding 21.26% of the shares[10] - The company has repurchased a total of 1,028,100 shares, representing 0.45% of the total share capital, with a total expenditure of ¥33,329,277[16] - The company’s major shareholders include Ni Maosheng and Ni Ming, who are related, with significant holdings of 12,279,253 and 4,692,543 shares respectively[14] - The company’s stock repurchase program had a maximum transaction price of ¥39.36 per share and a minimum of ¥27.15 per share, reflecting a strategic approach to enhance shareholder value[16] Tax and Other Income - The company reported a 46.40% increase in taxes and surcharges, amounting to CNY 255.02, due to higher revenue[9] - The company recorded a 66.56% increase in other income, amounting to CNY 880.67, attributed to increased VAT deductions[9] - The company reported a significant increase in tax expenses, which rose to ¥14,393,498.20 from ¥12,794,315.81, reflecting an increase of 12.5%[20] Investment and Expenses - Investment income surged by 935.86% to CNY 279.39, compared to CNY 26.97 in the previous year, driven by increased dividend income from financial products[9] - Research and development expenses were ¥21,726,520.04, up from ¥19,080,186.81, indicating an increase of 13.9%[23] - Total operating costs amounted to ¥553,788,696.59, up from ¥510,899,937.05, reflecting a rise of 8.4%[22] Other Financial Metrics - The company's accounts receivable decreased to ¥800,422,129.13 from ¥834,661,800.01, indicating a reduction of about 4.1%[18] - The company’s accounts receivable notes decreased significantly from ¥20,352,619.24 to ¥10,300,155.68, a decline of approximately 49.3%[18] - The company’s total restricted shares at the end of the period were 51,877,938, down from 58,329,814, indicating a reduction in locked shares[15] - The company’s trading financial assets increased slightly to ¥336,209,400.31 from ¥332,155,703.87, showing a marginal growth of about 1.6%[18] - The company experienced a 372.22% increase in prepayments, totaling CNY 8,092.90, indicating a rise in material purchases[9]

Group 1 - The core point of the article is that Longsheng Technology (300680) reported a revenue of 606 million yuan in the first quarter of 2025, reflecting a year-on-year growth of 7.06% [1] - The net profit for the same period was 58.6689 million yuan, which represents a year-on-year increase of 11.41% [1]

无锡隆盛科技股份有限公司 2025 年第一季度报告披露的提示性公告 证券代码：300680 证券简称：隆盛科技 公告编号：2025-023 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。 董事会 2025年4月26日 无锡隆盛科技股份有限公司《2025 年第一季度报告》已于 2025 年 4 月 26 日在巨 潮资讯网(www.cninfo.com.cn)上披露，敬请投资者注意查阅。 特此公告。 无锡隆盛科技股份有限公司 ...

Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, a 29.88% increase year-on-year [5] - The company is gradually improving its layout in the humanoid robot sector, with its second-generation humanoid robot capable of precise positioning and dual-arm collaborative operations [5][6] Financial Summary - For 2024 Q4, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3] - The company's net profit margin for 2024 Q4 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Market Data - The current stock price is 36.43 yuan, with a market capitalization of approximately 8.416 billion yuan [3] - The stock has a 52-week price range of 13.31 to 49.50 yuan, indicating significant volatility [3] Growth Potential - The company is expected to benefit from the launch of new products in 2025, including the AITO M8 and Xiaomi YU7, which are anticipated to drive growth in its motor core business [5] - Longsheng Technology's humanoid robot development is supported by its acquisition of key components, enhancing its competitive edge in the robotics market [5][6]