无锡隆盛科技股份有限公司 证券代码：300680 证券简称：隆盛科技 公告编号：2025-026 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、股东大会届次：2024年年度股东大会。 2、会议召开的日期、时间： （1）现场会议召开时间：2025年5月12日（周一）14:30； （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5月12日上午 9:15-9:25，上午9:30-11:30，下午13:00-15:00； 3、现场会议地点：江苏省无锡市新吴区珠江路99号本公司A407会议室。 4、会议召开的方式：本次股东大会采取现场投票与网络投票相结合的方式。 5、股东大会召集人：公司董事会。 6、现场会议的主持人：董事长倪铭先生。 （二）会议出席情况 1、股东出席的总体情况： 公司截至股权登记日有表决权的股份总数为226,962,278股（已扣 ...

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

证券代码：300680 证券简称：隆盛科技 公告编号：2025-025 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 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 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant revenue increase of 31.21% year-on-year for 2024, reaching 2.397 billion yuan, with a net profit growth of 52.81% to 224 million yuan [1] - In Q1 2025, the company achieved a revenue of 606 million yuan, reflecting a year-on-year growth of 7.06%, and a net profit of 59 million yuan, up 11.41% year-on-year [2] - The company is expanding its robotics business, focusing on advanced technologies such as dexterous hands and harmonic reducers, and has established a subsidiary to enhance its capabilities in humanoid robotics [3] Financial Summary - The company forecasts revenues of 3.44 billion yuan, 4.41 billion yuan, and 5.47 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.4%, 28.3%, and 23.9% [4] - Expected net profits for the same years are projected at 331 million yuan, 435 million yuan, and 530 million yuan, with growth rates of 47.5%, 31.5%, and 21.9% [4][9] - The company's earnings per share (EPS) is expected to increase from 0.97 yuan in 2024 to 2.29 yuan in 2027 [11]

Core Viewpoint - The company reported a 1Q25 performance with revenue growth of 7% year-on-year, driven by the sales performance of core customers, despite a 20% decline compared to the previous quarter [1] Financial Performance - 1Q25 revenue reached 610 million yuan, with a net profit attributable to shareholders of 58.67 million yuan, and a non-recurring net profit of 55.34 million yuan, reflecting an 8% year-on-year increase [1] - The gross margin for 1Q25 was 18.1%, showing a slight decrease of 0.5 percentage points quarter-on-quarter but an increase of 1.6 percentage points year-on-year [2] - The net profit margin improved to 9.7%, with a quarter-on-quarter increase of 0.4 percentage points and a year-on-year increase of 0.3 percentage points [2] Business Trends - The company’s revenue growth in 1Q25 was supported by the increase in sales of EGR products and injection systems, which benefited from the growth in hybrid vehicle sales and natural gas heavy truck registrations [1] - The new energy passenger vehicle sales increased by 42.8% year-on-year, with pure electric vehicle sales up by 39% and plug-in hybrid vehicle sales up by 64% [1] Strategic Initiatives - The company is expanding into low-altitude economy and humanoid robotics, with a focus on precision machining components for aerospace and drones, and has established strategic partnerships with several aerospace companies [3] - A subsidiary was formed to focus on humanoid robotics, and the company has showcased its first industrial-grade humanoid robot, which utilizes self-developed servo drive technology [3] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the current stock price corresponding to P/E ratios of 31.2 and 25.4 for 2025 and 2026, respectively [4] - The target price is maintained at 45.57 yuan, indicating a potential upside of 12.1% from the current stock price [4]

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 ...