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 | | ...

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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has secured a second low-altitude customer, enhancing its core Tier 1 position in the eVTOL market. This partnership with Yiwit Aviation aims to develop high-performance integrated motor and control systems for the ET9 eVTOL, which is expected to complete certification by 2027 [4][5] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 71 million, 142 million, and 281 million yuan respectively, with corresponding EPS of 0.28, 0.55, and 1.10 yuan. The current stock price corresponds to PE ratios of 87, 43, and 22 times for the respective years [4][8] - The company’s strong R&D capabilities, led by experts in electrical engineering, position it favorably in the eVTOL industry, with its "integrated chip" products offering significant advantages in power density and weight [6] Financial Summary and Valuation Indicators - The company reported a revenue of 2,006 million yuan in 2022, with a projected increase to 3,786 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 30.4% [8] - The gross margin is expected to improve from 16.2% in 2022 to 22.8% in 2026, while the net profit margin is projected to rise from 1.2% to 7.4% over the same period [8] - The return on equity (ROE) is anticipated to increase from 1.4% in 2022 to 14.3% in 2026, indicating improved profitability and efficiency [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leader in the low-altitude electric drive sector and is expanding into eVTOL (electric Vertical Take-Off and Landing) aircraft manufacturing through a joint venture with EHang Intelligent, investing 6 million yuan for a 60% stake [3][4] - The eVTOL business is expected to significantly enhance the company's supply value, with a strong order backlog and industry certifications creating high entry barriers [4] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 71 million yuan, 142 million yuan, and 281 million yuan respectively, with corresponding EPS of 0.28 yuan, 0.55 yuan, and 1.10 yuan, indicating a substantial growth trajectory [3][4] Financial Summary - The company's total revenue for 2022 was 2,006 million yuan, with a projected increase to 2,904 million yuan in 2025 and 3,786 million yuan in 2026, reflecting a year-on-year growth of 21.8% and 30.4% respectively [7] - The net profit for 2022 was 25 million yuan, expected to rise to 171 million yuan in 2025 and 340 million yuan in 2026, with a significant year-on-year growth of 100.8% and 98.0% respectively [7] - The gross margin is projected to improve from 16.2% in 2022 to 22.8% in 2026, while the net margin is expected to increase from 1.2% to 7.4% over the same period [7] Market Position and Competitive Advantage - The company has established a strong R&D capability, with key personnel being electrical experts, and has developed integrated chip products that are highly compatible with eVTOL applications, offering over 30% power improvement compared to competitors [5] - Long-term partnerships with major automotive clients such as Geely, Xiaopeng, and Changan are expected to bolster the company's position as a core Tier 1 supplier in the eVTOL sector [5]

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：2025-002 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 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 1、珠海英搏尔电气股份有限公司（以下简称"公司"）第四届董事会第五 次会议通知于 2025 年 1 月 7 日通过专人送达、电话和电子邮件等形式送达至各 位董事，通知中包括会议的相关材料，同时列明了会议的召开时间、内容和方式。 2、本次董事会于 2025 年 1 月 8 日在珠海市高新区唐家湾镇科技六路 6 号 公司会议室召开，以现场与通讯相结合的方式进行表决。 3、本次董事会应参加表决董事 9 名，实际参加表决董事 9 名。 4、本次董事会由董事长姜桂宾先生主持，公司部分监事和高级管理人员列 席了本次董事会。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律法规和《公司章程》的有关规定。 二、董事会会议审议情况 表公司签署本项目的相关文件，及负责项目的具体实施。 本次 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [16][68]. Core Insights - The company is a leader in the new energy power system sector, benefiting from the growth of the electric vehicle market, with revenue increasing from 421 million yuan in 2020 to 1.963 billion yuan in 2023. The company is also actively engaging in new industries such as low-altitude economy and electric engineering machinery, aiming to create new growth curves [5][9]. - The company has a strong R&D capability and innovative "integrated chip" solutions that offer advantages in lightweight, high efficiency, and low cost. It is expected to achieve net profits of 71 million, 142 million, and 281 million yuan from 2024 to 2026, with corresponding EPS of 0.28, 0.55, and 1.10 yuan, leading to PE ratios of 89, 44, and 22 times respectively [5][9]. Summary by Sections Market Position and Growth Potential - The company has significant room for market share growth in the new energy passenger vehicle sector, with market shares of 4%, 1.5%, and 6.5% in electric control, electric drive, and OBC respectively in 2023. The company is targeting the B and C class passenger vehicle markets through strategic partnerships and high-standard production capacity [6][9]. - The penetration rates in special vehicles and engineering machinery are low, indicating substantial potential for electrification. Collaborations with major players like Hangcha Group and Bosch are expected to enhance market access and recognition among international clients [6][9]. Technological Advancements - The company is positioned to benefit from the growing demand for eVTOL systems, where the electric drive system constitutes a significant cost component, potentially contributing 145 billion yuan to the electric drive and power system market by 2030. The strategic partnership with EHang positions the company as a core Tier 1 supplier in this emerging market [17][9]. - The company has developed advanced technologies such as flat wire and oil-cooled motors, which improve efficiency and power density compared to traditional systems. The integration of silicon carbide technology is also a key trend in the industry, enhancing performance and reducing energy loss [26][30]. Financial Projections - The company is projected to achieve revenues of 2.385 billion, 2.904 billion, and 3.786 billion yuan from 2024 to 2026, with a year-on-year growth rate of 21.5%, 21.8%, and 30.4% respectively. The gross margin is expected to improve from 16.9% in 2024 to 22.8% in 2026 [12][9]. - The report highlights the company's strong financial performance, with a net profit of 82 million yuan in 2023, reflecting a year-on-year growth of 234.3% [12][9].

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：2024-099 珠海英搏尔电气股份有限公司 关于变更持续督导保荐代表人的公告 珠海英搏尔电气股份有限公司（以下简称"公司"）于近日收到保荐机构东 北证券股份有限公司（以下简称"东北证券"）出具的《关于变更珠海英搏尔电 气股份有限公司持续督导保荐代表人的通知》，东北证券作为公司 2022 年向特 定对象发行股票、2024 年向不特定对象发行可转换公司债券的保荐机构，指定 徐德志先生和朱晨先生为公司持续督导保荐代表人。其中，向特定对象发行股票 的法定持续督导期限至 2024 年 12 月 31 日，向不特定对象发行可转换公司债券 的法定持续督导期限至 2026 年 12 月 31 日。 由于徐德志先生、朱晨先生工作变动，不再继续担任公司持续督导期间的保 荐代表人，为保障督导工作的连续性，东北证券决定委派王丹丹女士、杭立俊先 生（简历详见附件）接替徐德志先生、朱晨先生的工作，继续履行持续督导职责。 1 专注创造奇迹 执着成就梦想 附件： 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。 ...