Investment Rating - The industry rating is optimistic, indicating a positive outlook for the eVTOL sector in the coming months [53]. Core Insights - The eVTOL industry is rapidly developing due to intensive low-altitude policies and has significant future potential, particularly in the electric motor segment [8][26]. - eVTOL systems offer advantages in safety, environmental sustainability, and efficiency compared to traditional transportation methods [16][17][18]. - The market for eVTOL electric motors is projected to reach a substantial value, with a significant portion of the costs attributed to the power and energy systems [29][26]. Summary by Sections 1. Rapid Development of the eVTOL Industry - The eVTOL industry is experiencing swift growth driven by supportive government policies and technological advancements [8]. - The value contribution of eVTOL motors is high, indicating a large potential market space in the future [26]. 2. Diverse eVTOL Configurations and Power Solutions - eVTOL designs vary widely, with different manufacturers adopting unique propulsion systems, leading to diverse performance characteristics [30]. - The core barriers include high power density requirements for eVTOL motors and lengthy product development cycles [30][43]. 3. Technological Trends - The acceleration of power density improvements in eVTOL motors is driving advancements in materials and manufacturing processes [43]. - Innovations in high-performance magnetic and conductive materials are essential for enhancing motor efficiency and performance [44][45]. 4. Market Potential - The mid-term market potential for eVTOL motors is estimated at 107.9 billion yuan from 2025 to 2030, with power systems and energy systems accounting for 50% of costs [29]. - The operational costs of eVTOL are expected to drop significantly, potentially reaching one-fifth of helicopter costs, enhancing their competitiveness [23][24]. 5. Key Players and Configurations - Various eVTOL configurations include multi-rotor, lift and cruise, tilt-rotor, and tilt-duct types, each with distinct advantages and applications [30][31]. - The report highlights specific models and their respective configurations, showcasing the diversity in design and functionality [35][37].

事件： 公司与亿航智能深度合作，将打开新一轮增长空间：公司与亿航智能在eVTOL相关领域已签署了相关 战略技术合作协议，并参与了相关私募股权定向增发；并与亿航智能合资成立相关子公司，深入参与 eVTOL总装前各工序、零部件的生产、亿航智能云浮工厂及其他生产基地的工艺优化和技术改造。亿 航智能eVTOL相关产能今明两年预计将会快速爆发，公司作为A股唯一相关合作公司，业绩将伴随 eVTOL制造业爆发而深度受益。 盈利预期：我们预计公司2024-2026 年净利润分别为0.81 亿、1.21 亿、2.21 亿元，YOY 分别为-1.4%、 +48.7%、+83.2%；EPS 分别为0.32 元、0.47元、0.87 元，当前股价对应A 股2024-2026 年P/E 为 115/74/42 倍，考虑到公司有望受益于亿航智能商业化推荐，维持"买进"建议。 3月28日，合肥合翼航空（合肥国资委和亿航智能合资成立）、广东亿航通航于同日拿到全球首张民用 无人驾驶载人航空器运营合格证，代表着亿航智能EH-216S成为全球首个"四证齐全"的eVTOL，商业化 进程全球领先。公司作为与亿航智能深度合作的相关企业有望充分受益，维持 ...

基于新能源汽车的电机与eVTOL电机之间有技术共通之处，英搏尔继与亿航智能、亿维特等合作后， 本次与高域合作，进一步完善了公司在低空经济细分赛道的场景布局，覆盖了载人、载物、飞行汽车等 三大应用场景，进一步增强公司在低空场景赛道竞争力。 自去年以来，英搏尔与亿航智能通过签署战略合作协议、股权投资深度绑定、共同设立合资公司等方 式，致力于低空经济领域中eVTOL产品动力系统的研发及产业化，实现"载人时代"的先发与卡位。凑巧 的是，今日亿航智能获批OC，成为全球首家"四证集齐"eVTOL企业，进一步助力载人无人驾驶eVTOL 航空器从试点走向商业化。英搏尔作为A股相关合作公司，业绩将有望深度受益。 作为新能源汽车电驱、电源系统头部企业，英搏尔（300681.SZ）正紧抓低空经济发展契机。4月8日， 英搏尔发布公告称，与广东高域科技有限公司（下称"高域"）签署了关于"低空经济 立体出行"的战略 合作协议。根据协议内容，双方将围绕实现电机、控制器等部件的高度集成等方面开展战略合作。 在与亿维特技术合作方面，英搏尔主要与其联合开发适用于其 ET9 eVTOL航空器系列产品的高性能一 体化电机电控产品。亿维特自主研制的电 ...

专注创造奇迹 执着成就梦想 证券代码：300681 证券简称：英搏尔 公告编号：2025-007 债券代码：123249 债券简称：英搏转债 珠海英搏尔电气股份有限公司 关于签署战略合作协议的公告 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、本协议由双方签字并盖章之日起生效。本协议属于双方合作意愿和基本 原则的框架性约定，后续合作的具体实施进度和具体金额将以另行签订的合同、 协议为准，具体实施内容和进展尚存在不确定性。敬请广大投资者注意投资风险。 2、本协议为框架协议，对公司 2025 年度经营业绩的影响需视协议各方后续 具体合作协议的签订和实施情况而定，预计对公司本年度的收入及利润无重大 影响。 一、协议签署概述 2025 年 4 月 8 日，珠海英搏尔电气股份有限公司（以下简称"英搏尔"或 "公司"）与广东高域科技有限公司（以下简称"高域"）签署了《高域和英搏 尔关于"低空经济 立体出行"的战略合作协议》（以下简称"本协议"或"协 议"），双方的合作，能够通过实现电机、控制器等部件的高度集成，为有效提 升高域的飞行汽车动力系统性能提供解 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5]. Core Insights - The company has successfully obtained the OC certification for eVTOL, positioning itself as a leader in the commercialization of this technology [6]. - The partnership with EHang Intelligent is expected to open new growth opportunities, as the company is deeply involved in the eVTOL manufacturing process [6]. - The traditional business is benefiting from the growth in the new energy vehicle (NEV) market, with a significant increase in revenue driven by demand from major automotive manufacturers [6]. - The company reported a revenue of 1.607 billion RMB for the first three quarters of 2024, reflecting a year-on-year increase of 27.51% [6]. - Future profit expectations are optimistic, with projected net profits of 0.81 billion, 1.21 billion, and 2.21 billion RMB for 2024, 2025, and 2026 respectively [6][8]. Company Overview - The company operates in the automotive industry, with a focus on new energy vehicles, accounting for 86.54% of its product mix [3]. - As of March 28, 2025, the company's A-share price was 34.79 RMB, with a market capitalization of 6.136 billion RMB [2]. - The company has a total of 255.83 million shares issued, with major shareholder Jiang Guibin holding 28.69% [2]. Financial Performance - The company achieved a compound annual growth rate (CAGR) of 67% in revenue from 2020 to 2023, driven by the increasing demand for new energy vehicles [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.32 RMB, 0.47 RMB, and 0.87 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 115, 74, and 42 [8]. - The net profit for 2023 is projected at 82.36 million RMB, a significant increase from the previous year [8].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [5][9]. Core Insights - The company has successfully obtained the OC certification for eVTOL, positioning itself as a leader in the global commercialization of this technology [6]. - The partnership with EHang Intelligent is expected to open new growth opportunities, as the company is deeply involved in the eVTOL manufacturing process [6]. - The traditional business is benefiting from the growth in the new energy vehicle (NEV) market, with a significant increase in revenue driven by demand from major automotive manufacturers [6]. - The company reported a revenue of 1.607 billion RMB for the first three quarters of 2024, reflecting a year-on-year growth of 27.51% [6]. - Future profit expectations are optimistic, with projected net profits of 0.81 billion, 1.21 billion, and 2.21 billion RMB for 2024, 2025, and 2026 respectively [6][8]. Company Overview - The company operates in the automotive industry, with a focus on new energy vehicles [2]. - As of March 28, 2025, the stock price was 34.79 RMB, with a market capitalization of 61.36 billion RMB [2]. - The company has a total of 255.83 million shares issued, with 176.38 million shares in A-shares [2]. Financial Performance - The company achieved a compound annual growth rate (CAGR) of 67% in revenue from 2020 to 2023, driven by the expansion of the NEV market [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.32 RMB, 0.47 RMB, and 0.87 RMB respectively [8]. - The company’s net profit for 2023 is projected to be 82.36 million RMB, a significant increase from the previous year [8].

Summary of the Conference Call for Yingboer Company Overview - Yingboer has been focusing on the new energy vehicle (NEV) sector since 2021, achieving significant progress in power drive systems despite facing intense competition in 2023, leading to fluctuating performance. The company has transitioned from control systems to integrated power solutions, accumulating valuable experience in various fields [3][4]. Key Points Industry and Market Trends - The NEV industry is expected to grow rapidly, with the domestic electric drive and power management system market projected to reach 172.6 billion yuan by 2027, and the global market estimated at over 340 billion yuan. The trend is shifting towards integration and outsourcing [4][14]. - The eVTOL (Electric Vertical Take-Off and Landing) market shows significant potential, with policy support driving rapid industry growth. Yingboer, leveraging its technological advantages and partnerships, is well-positioned in this sector, with expected shipments of around 2,500 units by 2030 [4][19][27]. Company Developments - Yingboer is strategically adjusting its focus towards commercial vehicles and emerging applications like robotics, while also establishing partnerships with key players in the low-altitude economy, such as Yikehang and Yibeite [4][6][7]. - The company has made substantial progress in its eVita business, collaborating with Costa and Yiding to expand production capabilities and secure market qualifications [4][9]. Financial Performance - Since 2019, Yingboer has benefited from the NEV industry's growth, with rapid revenue increases. However, in 2023, adjustments were necessary due to changes in major customer models, particularly affecting profitability [10]. - The company’s revenue is expected to reach approximately 1.4 billion yuan by 2030, with net profits projected to grow steadily from 82 million yuan in 2024 to 194 million yuan in 2026 [27]. Product Categories - Yingboer's product offerings include integrated drive assembly products, power assemblies, electric control systems, and electric drive products for engineering machinery. The electric drive segment has become the company's largest revenue source [11]. Competitive Position - Since entering the NEV market in 2013, Yingboer has expanded its client base, now collaborating with major automotive manufacturers. The revenue share from the top five customers has been increasing [12]. Technological Advantages - The company possesses significant technological advantages, including innovations in single-tube parallel layered busbars and distributed capacitors, which enhance integration and reduce size and weight [25]. Future Outlook - The eVTOL market is characterized by high single-unit value, with the powertrain accounting for 20% to 40% of the total value, depending on the complexity of the design. Yingboer is expected to benefit from the growing demand in this sector [21][24]. Emerging Applications - Beyond NEVs and eVTOL, Yingboer is exploring opportunities in robotics and other high-performance applications, aligning with its technological capabilities [7]. Additional Insights - The electric forklift market is experiencing rapid growth, with a domestic penetration rate of 68% as of 2023, indicating strong demand in the engineering machinery sector [16]. - The company’s management team, with a strong technical background, is focused on fostering a culture of innovation and has implemented equity incentive plans to motivate employees [13]. This comprehensive overview highlights Yingboer's strategic positioning, market opportunities, and financial outlook within the rapidly evolving NEV and eVTOL industries.

专注创造奇迹 执着成就梦想 证券代码：300681 证券简称：英搏尔 公告编号：2025-006 债券代码：123249 债券简称：英搏转债 珠海英搏尔电气股份有限公司 关于控股子公司完成工商注册登记的公告 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。 一、概述 珠海英搏尔电气股份有限公司（以下简称"公司"）于 2025 年 1 月 8 日召开 的第四届董事会第五次会议，审议通过了《关于设立控股子公司的议案》，公司 和亿航智能设备（广州）有限公司（以下简称"亿航智能"）拟共同设立合资公 司，通过彼此资本、技术、管理、资源、品牌优势互补，围绕 eVTOL 产品生产制 造以及上游零部件产业链展开深入合作事宜，负责亿航智能 eVTOL 总装前各工 序、零部件的生产、亿航智能云浮工厂及其他生产基地的工艺优化和技术改造。 具体内容详见公司于 2025 年 1 月 8 日在巨潮资讯网（www.cninfo.com.cn） 刊载的《第四届董事会第五次会议决议公告》（公告编号：2025-002）和《关于 设立控股子公司的公告》（公告编号：2025-003）。 二、注册登记情 ...

东北证券股份有限公司 关于珠海英搏尔电气股份有限公司 2024年度持续督导定期现场检查报告 东北证券股份有限公司 2025 年 2 月 14 日 机器设备根据厂房建设进度及产能规划逐渐购置投入，主要原因系机器设备大多为定制产品、设备 厂商生产周期较长、安装调试等流程耗时较长、主要生产设备投入需要向客户报备，以及公司根据 产能释放规划逐步购置机器设备，以提高资金和固定资产的利用效率。 保荐机构将持续关注募集资金使用情况和募投项目实施进度，并督促公司管理层积极推进募投项目 的实施，合理规范运用募集资金；未来阶段公司如存在拟调整募集资金投资计划等情况，需及时通 知保荐机构并严格履行相应决策程序和信息披露义务。 （本页无正文，为《东北证券股份有限公司关于珠海英搏尔电气股份有限公司2024年 度持续督导定期现场检查报告》之签章页） 保荐代表人： 王丹丹 杭立俊 | 保荐人名称：东北证券股份有限公司 被保荐公司简称：英搏尔 | | | | --- | --- | --- | | 保荐代表人姓名：王丹丹 | 联系电话：010-63210752 | | | 保荐代表人姓名：杭立俊 联系电话：010-63210752 | | ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 欢迎介入金门财经电话会议系统请输入参会密码您已成功加入会议 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 请稍后Thanks for your participation.The meeting is ready to start.Please remain on the line.感谢大家参加本次会议会议即将开始请稍后Thanks for your participation. 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 The ...