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 向特定对象发行 A 股股票并在创业板上市之 保荐总结报告书 东北证券股份有限公司（以下简称"保荐人"或"东北证券"）系珠海英搏 尔电气股份有限公司（以下简称"英搏尔""公司"或"发行人"）向特定对象发 行 A 股股票并在创业板上市的保荐人，持续督导期至 2024 年 12 月 31 日。截至 本保荐总结报告书出具之日，英搏尔向特定对象发行 A 股股票并在创业板上市 的持续督导期已经届满。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》《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》等相关规定，现出具保荐总结报告书，具体如下： | 名称 | 珠海英搏尔电气股份有限公司 | | --- | --- | | 证券代码 | 300681.SZ | | 注册资本 | 万元 25,232.2708 | | 注册地址 | 珠海市高新区唐家湾镇科技六路 6 号 1 栋 | | 办公地址 | 珠海市高新区唐家湾镇科技六路 6 号 1 栋 | | 法定代表人 | 姜桂宾 | | 董事会秘书 | 邓柳明 | | 联系电话 | 0756- ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company is focusing on improving profitability through quality enhancement and efficiency optimization, with new business ventures opening up growth opportunities [1] - The financial performance shows a revenue increase of 23.8% year-on-year for 2024, with a projected revenue of 3,098 million for 2025, reflecting a growth rate of 27.5% [5][6] - The company has made significant advancements in its electric vehicle (EV) business, with a revenue contribution of 20.68 billion from this segment in 2024, marking a 30.15% increase [6] - Strategic partnerships in low-altitude economy and robotics are expected to diversify revenue streams and enhance market competitiveness [6] Financial Data and Profitability Forecast - Total revenue projections for the company are as follows: - 2024: 2,430 million - 2025: 3,098 million - 2026: 3,856 million - 2027: 4,644 million - The net profit forecast shows a recovery with expected figures of: - 2024: 71 million - 2025: 111 million - 2026: 186 million - 2027: 246 million - The gross margin is projected to improve from 14.9% in 2024 to 17.4% by 2027 [5][7]

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

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：2025-024 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 关于英搏转债开始转股的提示性公告 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： 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 据中国证券监督管理委员会"证监许可[2024]1235 号"文同意注册的批复， 珠海英搏尔电气股份有限公司（以下简称"公司"）向不特定对象发行 8,171,597 张可转换公司债券，每张面值为人民币 100 元，募集资金总额人民币 817,159,700.00 元，扣除各项发行费用后的实际募集资金净额为 804,682,475.51 元。 上述募集资金已全部到账，立信会计师事务所（特殊普通合伙）已于 2024 年 10 月 30 日对公司上述募集资金到位情况进行了验证，并出具了《珠海英搏尔 电气股份有限公司验证报告》（信会师报字【2024】第 ZB11215 号）。公司已对 募集资金进行了专户存储，并与保荐人东北证券股份有限公司、专户银行签订了 ...

基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为168.38亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果思源三年持有期混合A （018329），近一年收益录得12.44%。 附调研内容：说明：本次会议就行业和公司的基本情况进行介绍，并与投资者进行了关于公司 2024 年 度业绩以及 2025 年第一季度业绩相关问题的沟通交流，在此将会上的问答环节做如下记录。Q & A■ Q：公司在低空领域布局的整体的思路和战略。公司在年报中提到的 eVTOL 电机产品相较于市面上现 有电机有哪些区别和优势？■ A：公司将低空领域打造为第二增长曲线，把握低空领域的机遇，利用公 司在新能源汽车领域的集成化产品力和技术优势来开拓这一新的行业领域。公司为 eVTOL 提供的电 机、电控产品是基于公司"集成芯"技术和原有的扁线油冷、碳化硅技术，采用双绕组结合双电控工艺结 构的方案。其主要优势包括：密闭系统，IP67 等级，雨天、大雾天气系统运行安全可靠；高功率密 度、高转矩密度，体积小重量轻，提升整机续航；扁线系统槽满率高，工艺及制造一致性好；定转子及 工艺结构整体性好 ...

公司研究 证券研究报 告 英搏尔（300681）2024 年报及 2025 年一季报点评 推荐（维持） 剔除股权激励费用后 24 年业绩实现增长，持续看 好公司作为低空经济供应链核心标的的长期潜力 当前价：33.16 元 ❖ 低空经济实现重大突破，公司为低空供应链核心标的。 1）亿航、亿维特到高域，印证公司在低空领域的竞争力与市场认可。2024 年，公司在 eVTOL 领域，与亿航智能签署战略合作协议和技术开发协议，并 达成与亿维特、高域等合作。从进度看，年报介绍：为亿航智能开发的新机 型的电推进系统已完成样机交付；同时，为亿航智能 EH216-S 机型建设了专 用的电推进系统产线，并实现了样机交付。与亿维特以及高域的样机开发进 展顺利。 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 2）展望 2 ...

英搏尔 2025042320250416 摘要 • 英博尔 2024 年营收 24.3 亿元，同比增长 23.77%，电源总成出货 90.28 万台，增长 85.08%，受益于定点车型销售增长和战略落地。 2025 年一季度营收 5.46 亿元，同比增长 15.19%，扣非净利润增长 42.24%，业绩表现亮眼。 • 公司核心产品包括电源系统、驱动系统、电机、电控等，具备功率密度高、 体积小、重量轻、成本优势明显等特征，广泛应用于乘用车、商用车、非 道路车辆及 EVOTO 关节模组等领域。 • 公司拥有珠海和山东两大生产基地，具备年产百万台套产品生产能力，并 在珠海、上海、北京、深圳设有研发中心，构建了先进智能制造能力和完 整高效供应链体系。 • 公司迭代更新至基于 800 伏高压架构第三代高功率密度电源总成产品，并 推出 6.6 千瓦全国产器件车载二合一产品及 20~50 千瓦乘用车控制器， 实现自主可控和产业安全。 • 公司凭借在乘用车领域积累的优势，开拓低空领域作为第二增长曲线， Evolis 电机应用扁线油冷及碳化硅技术，采用双绕组、双电控工艺，提升 航空领域安全性和可靠性。 Q&A 公司在低空领域的 ...

Core Insights - The company, Yingboer (300681.SZ), is focusing on the low-altitude economy as a second growth curve, leveraging its expertise in the electric vehicle sector to explore new opportunities in this field [3][4] - The management outlined a development plan for 2025, which includes mass delivery of motors and controllers for eVTOLs, establishing a joint venture for intelligent production of eVTOL components, and expanding partnerships with leading clients in the low-altitude economy [3] - The company is committed to full localization of its supply chain, aligning with national macro strategies to ensure a reliable and secure industrial chain for its customers [4] Group 1 - The company has engaged with numerous institutions, including Kaiyuan Securities and Changjiang Securities, to discuss its strategic direction and growth opportunities [1] - Management emphasized the integration of their "integrated chip" technology and existing cooling and silicon carbide technologies in developing eVTOL products [3] - The company aims to achieve certification for its VT35 motor and controller by following its development schedule [3] Group 2 - The full localization strategy is a response to future industry competition and aims to build a robust supply chain for customer support [4] - Yingboer has become one of the first domestic companies to possess a fully localized vehicle power supply product and a complete localized supply chain system [4] - The company is actively pursuing strategic partnerships to enhance its product offerings in the flying car segment [3]

Group 1: Company Overview - Company Name: Zhuhai Yingboer Electric Co., Ltd. [1] - Stock Code: 300681 [1] - Stock Abbreviation: Yingboer [1] Group 2: Investor Relations Activity - Activity Type: Performance briefing and roadshow [2] - Date of Activity: April 23, 2025 [2] - Location: Online [2] Group 3: Participants - Key Personnel: - Liang Xiaotian, Director, Vice General Manager, and CFO [2] - Xu Huidong, Securities Affairs Representative [2] - Participating Institutions: - Guotai Junan Securities, Zhongtai Securities, CITIC Securities, and others [2] Group 4: Purpose of Activity - Objective: Communication with institutional investors and industry analysts [2]

机构调研纪要 | 会议目的 | 2025 年 4 月 23 | 日行业分析师及机构投资者交流纪要 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 参加人 | 交流机构 | 开源证券 | 长江证券 | 西南证券 | 华创证券 | | | | | 东北证券 | 华西证券 | 申万宏源 | 东吴证券 | | | | | 国投证券 | 中信证券 | 华福证券 | 国信证券 | | | | | 上海证券 | 太平洋证券 | 长城证券 | 方正证券 | | | | | 广发证券 | 中泰证券 | 中信建投证券 | 招商证券 | | | | | 国元证券 | 信达证券 | 红塔证券 | 华安证券 | | | | | 中银基金 | 中天汇富基金 | 银华基金 | 泉果基金 | | | | | 华夏未来资本 | 圆石投资 | 玖鹏资产 | | 耕霁(上海)投资 | | | | IGWT Investment 合道资产 姜桂宾 | 董事长 | | 从容投资 | 三登投资 | | | | 贺文涛 | 董事、总经理 | | | | | | 英搏尔 | 梁小天 | 董事、 ...