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。 ...

财联社11月14日讯（记者 陆婷婷） 英搏尔(300681.SZ) 今日公告，拟1260万美元参与亿航智能 （Nasdaq: EH）定向增发。亿航智能方面表示，英搏尔的战略投资基于其近期宣布的与亿航智能达成的 长期战略合作与和技术开发合作，旨在共同开发适用于亿航智能电动垂直起降（"eVTOL"）航空器系列 的高性能电驱动系统。 据悉，英搏尔创新的"集成芯"技术将有助于进一步优化亿航智能eVTOL的电机解决方案，从而实现轻量 化、高功率、强散热性的一体集成设计，并且适用于亿航智能多种eVTOL产品。 英搏尔今日晚间公告显示，公司与亿航智能签署股份认购协议，拟使用自有资金1260万美元获配亿航智 能私募配售定向增发股份。本次认购已办理完毕相关境外直接投资（ODI）审批程序并向外管局办理完 毕相关外汇程序。公司同意在交割后的180天内不对外出售协议下所购买的亿航智能股份。 英搏尔表示，本次认购是在保证日常经营资金使用需求和现金管理资金安全的前提下实施的，不会影响 公司主营业务发展。公司通过参与亿航智能定增，双方将进一步建立全面、深入的战略合作伙伴关系。 值得关注的是，亿航智能今日宣布获得总额为2200多万美元的战略 ...

证券时报e公司讯，英搏尔(300681)11月14日晚间公告，公司于近日与EHang Holdings Limited（亿航智 能控股有限公司）（简称"EHang"）签署股份认购协议，公司拟使用自有资金出资1260万美元获配 EHang私募配售定向增发股份。 ...

重要内容提示： 1、认购种类：EHang 定向增发股份。 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：2024-098 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 关于签署股份认购协议暨参与认购 EHang 定向增发的公告 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。 2、认购金额：12,600,000 美元。 3、特别风险提示：公司本次认购可能面临的风险，包括但不限于公司与 EHang 的战略协同未达预期的风险、股票价格波动风险、汇率波动风险、流动性 风险、城市空中交通的低空经济行业及政策变动风险、EHang 的经营风险等。敬 请广大投资者理性投资，注意投资风险。 珠海英搏尔电气股份有限公司（以下简称"公司"）于近日与 EHang Holdings Limited（亿航智能控股有限公司）（以下简称"EHang"）签署股份 认购协议，公司拟使用自有资金出资 12,600,000 美元获配 EHang 私募配售定向 增发股份（以下简称"本次认购"）。截至本公告披露日，本次认购已就购买总 价办理完毕 ...