Summary of Conference Call Records Companies and Industries Involved - **隆盛科技 (Longsheng Technology)** - **禾望电气 (Hewei Electric)** - **豪能股份 (Haoneng Co., Ltd.)** Key Points and Arguments 隆盛科技 (Longsheng Technology) - The motor core business is extending to semi-assembly, with potential value increase to 2000 RMB, benefiting from the new energy vehicle market and cooperation in the Sichuan-Chongqing region, indicating significant growth potential [2] - EGR (Exhaust Gas Recirculation) business benefits from the commercial vehicle market's favorable conditions and close collaboration with BYD in hybrid systems, presenting a broad market outlook [2] - Actively expanding into robotics by acquiring Weina Intelligent, focusing on harmonic reducers and dexterous hands, with potential breakthroughs in humanoid robotics [2] - In 2023, total revenue was 1.5 billion RMB, with overseas revenue around 50 million RMB, accounting for approximately 3-4%, indicating good overall growth potential despite tariff friction [3][11] - Core businesses include motor core and EGR, with the motor core's value expected to triple from 600-800 RMB to around 2000 RMB due to new semi-assembly orders [4] - New business developments in robotics, including harmonic reducers and dexterous hands, show promising growth prospects [5] - Current valuation is around 20 times earnings, with potential earnings forecasted to reach 330-351 million RMB, indicating a good investment opportunity [7][12] 禾望电气 (Hewei Electric) - Overseas revenue accounts for about 7-8%, with no exposure to the U.S. market, minimizing the impact of tariff friction [2][6] - Main businesses include wind-solar energy storage and industrial transmission, with significant revenue growth to 560 million RMB, driven by domestic market trends and local replacements [6] - Valuation is close to 20 times earnings, with strong growth in both wind-solar storage and industrial transmission sectors [13] 豪能股份 (Haoneng Co., Ltd.) - Holds a competitive advantage in the industrial brain sector with super-large power frequency control technology, applicable in metallurgy and steel rolling industries [2][8] - Data center power business is viewed as a strong bullish option, with potential for significant stock price reaction if product or client developments occur [9] - Overseas revenue is approximately 260 million RMB, primarily from the European market, accounting for about 10% of total revenue, with no risk exposure to the U.S. market [10] - Planetary reducer business shows great potential in new energy vehicles and humanoid robotics, with a current valuation of around 20 times earnings, indicating high relative value [14] Other Important but Possibly Overlooked Content - The industrial transmission sector is largely dominated by foreign enterprises, presenting opportunities for domestic companies like Hewei Electric to capture market share through local replacements [6] - The potential for the data center power business to act as a significant growth driver for Haoneng Co., Ltd. if future developments are favorable [9]

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]

中国资产午后走强。 5日，A股午后在金融板块的带动下发力拉升，上证50指数涨0.77%，北证50指数大涨近3%；港股走势强劲，恒生指数涨近3%，恒生科技指数大涨超4%。个 股方面，同程旅行涨超10%，小米集团、华虹半导体、京东健康涨超7%，京东集团、腾讯控股涨约3%。 具体来看，沪指午后在金融板块的带动下发力上攻，深证成指、创业板指翻红，北证50指数表现强势。截至收盘，沪指涨0.53%报3341.96点，深证成指涨 0.28%报10709.46点，创业板指涨0.01%报2190.36点，上证50指数涨0.77%，北证50指数涨2.82%，沪深北三市合计成交15459亿元，较昨日增加659亿元。 银行、保险、券商板块集体上扬，成都银行涨超3%，中信银行、招商银行等涨超2%；工程机械板块大幅拉升，山东矿机、柳工、山推股份等涨停；6G概念 爆发，本川智能、三维通信、兴森科技等涨停；人形机器人概念热度不减，一博科技、隆盛科技续创新高，捷昌驱动、兆威机电、智微智能等斩获两连板； 算力概念走高，元道通信、拓维信息、纵横通信等涨停，并行科技大涨超17%。 金融板块拉升 银行板块盘中发力拉升，截至收盘，成都银行涨超3%，中信 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is positioned as a leader in the EGR (Exhaust Gas Recirculation) market, benefiting from the trends of electrification and hybridization, with significant growth potential in its second growth curve through EGR and motor core businesses. Additionally, the company is strategically expanding into the fields of robotics and commercial aerospace, creating a third growth curve [6][8] Summary by Sections EGR Leadership and Growth - The company has transitioned from focusing solely on EGR systems for commercial vehicles to expanding into precision component processing through acquisitions, leveraging its public listing for financing to enhance production capacity for core products like motor cores. The company anticipates a net profit of 210-240 million yuan in 2024, representing a year-on-year increase of 43.03%-63.46% [6][8] - The company has established itself as a leading EGR supplier, benefiting from the increasing sales of new energy vehicles, particularly plug-in hybrid models, and is well-positioned to capture significant market share as EGR systems become mainstream under stricter emissions regulations [6][8] Electric and Hybridization Benefits - The company is expected to benefit from the growing demand for EGR systems in both passenger and commercial vehicles, with the EGR market projected to reach 3.22 billion yuan by 2027, growing at a CAGR of 15.6% from 2024 to 2027. The passenger vehicle segment is expected to grow at a CAGR of 20.2% during the same period [43][44] - The company has a strong customer base, including major players like BYD and SAIC, and is set to gain from the upcoming surge in plug-in hybrid and extended-range vehicle models [48][49] Motor Core Business Expansion - The motor core business is expected to see substantial growth driven by the increasing penetration of new energy vehicles and the dual-motor trend in plug-in and pure electric vehicles. The market for motor cores is projected to reach 11.33 billion yuan by 2027, with a CAGR of 26.2% from 2024 to 2027 [55][56] - The company has successfully expanded its production capacity for motor cores through two rounds of fundraising, with a total capacity expected to reach 4.32 million sets upon full production [58][59] Strategic Layout in Robotics and Aerospace - The company is advancing its capabilities in humanoid robotics, with mass production expected to commence in 2025, focusing on the development of dexterous hand technology, which is critical for the functionality of humanoid robots [6][8] - In the commercial aerospace sector, the company is actively participating in projects that are expected to contribute to the rapid growth of the industry, with the Chinese commercial aerospace market projected to reach 6 trillion yuan by 2028 [6][8]