Dividend Distribution - The company plans to distribute a cash dividend of 2 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[4] - The cash dividend amount accounts for 100% of the total profit distribution, with no shares being issued as bonus shares or capital reserve conversion[185] - The company plans to distribute a cash dividend of RMB 2 per 10 shares (including tax), totaling RMB 45,392,455.60, which represents 20.23% of the net profit attributable to the parent company for the fiscal year 2024[187] Financial Performance - The company's operating revenue for 2024 reached ¥2,397,327,061.91, representing a 31.21% increase compared to ¥1,827,024,616.21 in 2023[19] - Net profit attributable to shareholders for 2024 was ¥224,362,778.99, a 52.81% increase from ¥146,824,660.02 in 2023[19] - The total assets at the end of 2024 amounted to ¥3,999,757,536.93, up 13.93% from ¥3,510,807,083.59 at the end of 2023[19] - The company achieved total revenue of 239,732.71 million yuan in 2024, representing a year-on-year growth of 31.21%[74] - Net profit attributable to shareholders reached 22,436.28 million yuan, with a year-on-year increase of 52.81%[74] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements related to strategic planning and future initiatives[4] - The report includes a section on potential risks and countermeasures that the company may face in its management operations[4] - The company faces risks from macroeconomic fluctuations that could impact demand in the automotive sector, necessitating close monitoring of economic trends[133] Governance and Compliance - The financial report confirms that all board members attended the meeting to review the annual report, ensuring accountability for the report's accuracy[4] - The company has a governance structure that ensures compliance with laws and protects shareholder rights, including independent directors and a supervisory board[141] - The company’s governance structure complies with legal and regulatory requirements, with no significant discrepancies noted[144] - The company has established a value management system and is focused on enhancing its valuation through strategic initiatives[139] Research and Development - The company focuses on technology innovation, with its subsidiaries recognized as national high-tech enterprises and plans to establish a research platform by December 2024[68] - The company is committed to continuous innovation in digital technologies, including smart manufacturing and digital twins, to strengthen its core competitiveness[132] - The company reported a total of 1,050 employees at the end of the reporting period, with 323 in the parent company and 727 in major subsidiaries[178] Market Expansion and Product Development - The company has a focus on developing new technologies and products, particularly in the automotive and energy sectors[12] - The company plans to expand its product offerings in the aerospace and low-altitude economy sectors, as well as humanoid robotics[30] - The company is actively exploring new technologies in humanoid robots, low-altitude aircraft, and hydrogen energy, aiming to transition from "manufacturing" to "creation"[43] Employee Relations and Incentives - The company has implemented a stock incentive plan, with discussions on granting restricted stocks to incentivize employees[176] - The company has established a comprehensive salary and performance evaluation system, regularly updating performance indicators to align with departmental work[180] - The company has accepted nearly 200 interns from universities over the past three years, enhancing its talent cultivation system[181] Strategic Partnerships and Acquisitions - The company is actively pursuing mergers and acquisitions to enhance its core business capabilities in the automotive parts sector[30] - The company plans to invest in and acquire Wuxi Weihan Intelligent Technology Co., Ltd. by March 2025, enhancing its capabilities in humanoid robots and hydrogen energy[58] - The company has established strategic partnerships in the aerospace sector, supplying precision components for satellite energy and control modules[84] Production and Sales Performance - The production capacity for new energy vehicle motor components is 3,430,000 units, with a production of 2,372,500 units and sales of 2,256,100 units, generating revenue of approximately ¥1.03 billion[63] - The company reported a 28.30% increase in EGR component production, reaching 383.36 million units, and a 31.80% increase in sales, totaling 311.71 million units compared to the previous year[61] - In 2024, the production and sales of new energy vehicles (NEVs) reached 12.888 million and 12.866 million units, respectively, with year-on-year growth of 34.4% and 35.5%, marking the entry into the 10 million unit era[36] Financial Management - The company’s financial expenses increased by 47.66% to 32,106,093.43 due to the capitalization of interest from fixed asset loans[97] - The company has established a strong supply chain management system, allowing for rapid response to customer demands and enhancing operational efficiency[65] - The company has not engaged in any securities or derivative investments during the reporting period[114][115] Leadership and Management Changes - The company reported a change in its board and supervisory committee on September 5, 2024, with several members being newly elected or leaving their positions[154] - The company’s leadership includes experienced professionals with backgrounds in engineering and management from notable firms[155][156] - The company aims to enhance its market position through strategic leadership changes and experienced management[155][156]

Summary of Longsheng Technology Conference Call Company Overview - Longsheng Technology has a stable shareholding structure with the actual controller holding approximately 30% of the shares. Subsidiaries include Weiyuan Precision, Longsheng New Energy, and Weiyuan Zhongjia, each responsible for different business segments. The company has achieved its 2023 equity incentive goals and expects to meet similar targets in the next two years, demonstrating its commitment to business advancement and profit release [2][3][11]. Financial Performance - From 2018 to 2023, Longsheng Technology's revenue increased from 230 million to 1.8 billion, with a compound annual growth rate (CAGR) of 47%. The net profit attributable to shareholders rose from 4 million to 147 million, reflecting a growth rate of 204%. In the first three quarters of 2023, the company's revenue and profit growth rates remained in the range of 40% to 60% [2][4]. Product Lines - Longsheng Technology has three main product lines: EGR systems, new energy sector, and precision components. The EGR system is the core business, benefiting from the implementation of National VI emission standards, which is expected to drive demand for commercial vehicles. The motor core business is rapidly developing, accounting for nearly 44% of total revenue, directly supplying companies like Tesla and Geely [2][6][8]. Market Outlook - The EGR system market is projected to reach 5 billion by 2025, driven by increased usage in diesel vehicles due to stricter emission standards. Major clients include BYD and Geely [7]. The motor core business, essential for electric vehicle drive motors, is expected to approach a market size of 9 billion by 2025, with significant partnerships with various automakers [8]. New Energy and Natural Gas Injection Products - Longsheng Technology is actively expanding into the new energy sector through its motor core business and has also made significant strides in natural gas injection products, which benefit from the widening price gap between oil and gas. The company has been working with Bosch to supply components for Weichai and Cummins engines since 2019, which is expected to contribute to new growth [5][10]. Future Development Directions - The company plans to continue focusing on traditional EGR systems while actively exploring the new energy sector through its motor core business. Additionally, it is making significant investments in natural gas injection products to meet diverse energy demands. Longsheng Technology is also increasing its client base, including partnerships with companies like Huawei Digital Energy, indicating substantial growth potential in the coming years [11][12]. New Business Initiatives - Longsheng Technology has begun to explore new growth avenues, including low-altitude and robotics sectors. Collaborations with Northwest Polytechnical University and the Chinese Academy of Sciences are underway to develop low-altitude commercial fixed-wing aircraft and collaborative robots, respectively [5][13][15]. Market Potential for Robotics - The humanoid robot market is projected to see sales reach 250,000 units by 2030, with a potential market size of 35 billion [17]. Financial Forecast - Revenue growth for EGR products is expected to be around 40% from 2024 to 2026. The motor core business is projected to grow at rates of 70%, 30%, and 20% for clients like Fudi Power, Tesla, and Geely, respectively. Overall, the company's revenue growth is anticipated to be 30% and 24% for 2025 and 2026, respectively [18][19].

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 ...

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]