Group 1: Company Growth Drivers - The main growth driver for the company's traditional cleaning business is the acquisition of new customers, as the domestic market share is already established and unlikely to change significantly in the short term [2] - The company plans to gradually deploy a production capacity of 250,000 sets per year for the gas-liquid mixed active cleaning system based on the progress of mass production [2] - In the electric motor sector, the company has accumulated a good reputation and market share in the automotive four-door and two-cover areas, with ongoing expansion of new electric motor products expected to create additional market space [3] Group 2: Market Competition Landscape - The small motor market is tightly packed, making it difficult for too many competitors to enter, resulting in a less competitive environment [4] - High technical barriers in small motor technology development pose significant challenges for component manufacturers, shaping the competitive landscape [4] - The narrow market scenarios targeted by small motors lack sufficient attractiveness to draw in numerous competitors [4] Group 3: Robotics and ADAS Developments - The company is focusing on humanoid robot opportunities and has engaged with overseas clients, creating samples based on its technical solutions [5] - Plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robots are underway [5] - The ADAS active perception cleaning system is positioned as a key growth driver, with existing projects secured with clients like Waymo and Meituan [6] Group 4: New Energy Business and Revenue Contribution - The company is actively integrating existing technologies with the new energy vehicle sector, with projected revenue from new energy vehicle components reaching 280.82 million yuan in 2024, accounting for 29.54% of the main business revenue [6] - The electric motor sector continues to expand due to rising electrification demands and significant opportunities for domestic replacements [6] Group 5: Challenges and Opportunities in the Electric Motor Industry - The electric motor market is expanding with increasing demand for electric vehicles, presenting both challenges and opportunities [6] - The rise of new markets, such as robotics, is seen as a future growth area for the electric motor industry [6] - The company aims to continuously develop new products and expand into new markets and customers to enhance its technological advantages and core competitiveness [6]

Core Viewpoint - The company Hengshuai Co., Ltd. (300969) has shown a positive stock performance with a closing price of 60.24 yuan, reflecting a 3.9% increase as of May 12, 2025 [1] Group 1: Stock Performance - As of May 12, 2025, Hengshuai Co., Ltd. reported a closing price of 60.24 yuan, which is an increase of 3.9% [1] - The trading volume on that day was 17,100 shares, with a total transaction amount of 102 million yuan [1] - The turnover rate for the stock was recorded at 5.65% [1] Group 2: Shareholder Information - As of May 9, 2025, the total number of shareholders for Hengshuai Co., Ltd. was 9,138 accounts, including credit accounts [3][4][5] Group 3: Fund Flow Information - On May 12, 2025, the net inflow of main funds into Hengshuai Co., Ltd. was 3.5153 million yuan, accounting for 3.46% of the total transaction amount [6][7] - Retail investors experienced a net outflow of 3.3% of the total transaction amount, while speculative funds saw a net outflow of 0.16% [7]

Core Viewpoints - The traditional cleaning segment remains under pressure, and the motor segment has experienced a decline due to sporadic factors [2] - The company has seen an increase in expense ratios, leading to fluctuations in profitability [2] Financial Performance - In Q1 2025, the company achieved revenue of approximately 203 million, a year-on-year decrease of about 16.04% [1] - The net profit attributable to the parent company was approximately 42 million, a year-on-year decrease of about 35.48% [1] - The gross margin for Q1 2025 was approximately 32.22%, down by about 4.57 percentage points year-on-year [2] - The net profit margin was approximately 20.61%, down by about 6.21 percentage points year-on-year [2] - The total expense ratio was approximately 11.33%, an increase of about 3.48 percentage points year-on-year [2] Business Development - The company has entered the production ramp-up phase for the drum motor products developed in collaboration with Germany's Lenze [3] - New production bases in Thailand and the United States have been completed, strengthening the global production layout [3] - The company has secured batch projects for active perception cleaning systems from clients such as Waymo and Meituan [3] - The company plans to configure a production capacity of 250,000 sets per year for gas-liquid mixed cleaning systems [3] - The matching of harmonic magnetic field motor technology with the customized needs of humanoid robots is expected to open new growth avenues for the company [3] Investment Outlook - The company is expected to see revenue growth from new product applications and project rollouts, with projected revenues of approximately 1.1 billion, 1.27 billion, and 1.47 billion for 2025 to 2027, representing year-on-year growth of approximately 14.7%, 15.2%, and 15.8% respectively [4] - The net profit attributable to the parent company is projected to be approximately 230 million, 270 million, and 320 million for 2025 to 2027, with year-on-year growth of approximately 8.6%, 17.4%, and 17.8% respectively [4] - As of May 6, 2025, the stock price corresponds to a PE ratio of approximately 27.5, 23.5, and 19.9 for 2025 to 2027 [4] Rating - The company maintains a "Buy" rating [5]

Group 1: Financial Performance - The company's Q1 2025 revenue was 24,158.93 million CNY, a decrease of 16.04% compared to 20,283.21 million CNY in the previous year [2] - The net profit attributable to shareholders for Q1 2025 was 4,180.08 million CNY, down 35.48% from 6,478.89 million CNY in the previous year [2] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024, indicating a relatively stable performance despite the decrease [3] Group 2: Business Segments and Growth Potential - The traditional cleaning business remains under pressure, with no significant recovery observed in Q1 2025 [2] - The company is focusing on expanding its cleaning system business, particularly in overseas markets, which present significant growth opportunities [4] - The ADAS active perception cleaning system is expected to provide substantial market value growth compared to traditional cleaning systems [4] Group 3: Robotics and Motor Products - The company is actively engaging with overseas clients in the humanoid robot sector and plans to accelerate domestic customer expansion [5] - The development of seat motors, including adjustment and massage functions, is progressing well, driven by consumer demand for comfort and quality [6] - The tailgate motor segment has seen rapid growth, with revenue primarily driven by increased penetration among major clients and the acquisition of new customers [6] Group 4: Future Development Plans - The company aims to deepen its focus on vehicle motors and cleaning systems, with plans to expand into new motor categories and fluid products [6] - There is a strategic emphasis on developing high-torque brushless motors and various electric motors for automotive applications, laying a solid technical foundation for future growth [6]

| 投资要点 | | --- | 营收方面，公司2025Q1实现营业收入2.03亿元，同比下降16.04%，环比下降21.44%。公司2025 年一季度营收同比下滑预计主要系清洗系统业务受合资车企客户销量下滑拖累。毛利率方面， 公司2025Q1单季度综合毛利率为32.22%，同比下降4.57个百分点，环比微降0.28个百分点。公 司2025年一季度毛利率同比有所下降，预计主要系对客户降价所致。期间费用方面，公司 2025Q1期间费用率为11.53%，同比提升3.63个百分点，环比提升1.37个百分点；其中，销售/管 理/研发/财务费用率分别为1.37%/7.63%/3.67%/-1.14%，同比分别+0.01/+2.50/+0.83/+0.29个百分 点。归母净利润方面，公司2025Q1实现归母净利润0.42亿元，同比下降35.48%，环比下降 16.71%；对应归母净利率20.61%，同比下降6.21个百分点，环比提升1.17个百分点。 公司在技术研发、成本控制、客户覆盖、产品拓展和产能布局等方面拥有核心竞争力： 技术研发： 公司在产品自主同步研发；产品试验；模具开发设计；智能化全自动产线自主研 发、设计及 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-034 宁波恒帅股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 其中，中小投资者出席情况如下：通过现场和网络投票的股东 106 人，代表 公司有表决权的股份数为 868,666 股，占公司有表决权股份总数的 1.0858%。 公司全体董事、全体监事出席了本次股东大会，公司部分高级管理人员列席 了本次股东大会。上海国瓴律师事务所委派阮芳洋、许玲玉律师见证了本次会议 并出具了法律意见书。本次会议的召集、召开和表决程序符合法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 二、议案审议和表决情况 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 宁波恒帅股份有限公司（以下简称"公司"）2025 年第一次临时股东大会采 取现场投票、网络投票相结合的方式召开，现场会议于 2025 年 5 月 6 日下午 15:00 在浙江省宁波市江北区通宁路 399 号公司会议室召 ...

上海国瓴律师事务所 关于 宁波恒帅股份有限公司 2025 年第一次临时股东大会的 法律意见 上海国瓴律師事務所 SHANGHAIGUOLINGLAWFIRM 上海市徐汇区衡山路 598 号 电话：021-33883626 传真：021-34127367 网址：www.guolinglaw.com 2025 年第一次临时股东大会见证的法律意见 上海国瓴律师事务所 关于 宁波恒帅股份有限公司 2025 年第一次临时股东大会见证的 法律意见 国瓴 2025002-6 号 致：宁波恒帅股份有限公司 2025 年第一次临时股东大会见证的法律意见 1.本次股东大会的召集程序； 2.本次股东大会的召开程序； 3.出席本次股东大会人员及会议召集人资格； 4.本次股东大会的表决方式、表决程序及表决结果； 上海国瓴律师事务所（以下简称"本所"）受宁波恒帅股份有限公司（以下 简称"公司"）委托，指派阮芳洋律师、许玲玉律师（以下合称"本所律师"） 出席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"），对本次 股东大会召开的合法性进行见证并出具本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company is experiencing short-term pressure on its performance in Q1 2025, with revenue and net profit declining year-on-year. However, the long-term growth potential as a leader in micro-motors remains promising [1][3][9] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 203 million yuan, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44% [8] - The net profit attributable to the parent company for Q1 2025 was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [8] - The gross margin for Q1 2025 was 32.22%, a decline of 4.57 percentage points year-on-year [8] - The company forecasts total revenue of 1,139.54 million yuan for 2025, with a year-on-year growth of 18.42% [1][10] Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [3] - It has a leading technological advantage in product development, automated production lines, and a platform strategy for cost control [3] - The company has established deep partnerships with major automotive manufacturers, enhancing its customer base [3] Capacity Expansion - The company is actively advancing the construction of factories in Thailand and the United States, which will improve its efficiency in serving global customers and expand its overseas market share [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 203 million yuan in Q1 2025, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44%. The net profit attributable to the parent company was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [1] - The slowdown in growth for early 2024 and 2025 is primarily due to the contraction in joint venture fluid business revenues, with traditional segments facing growth pressure amid intensified cost competition in the automotive industry [2] - The company's proactive sensing cleaning system has shown promising market potential, especially in the high-level autonomous driving sector, with expectations for increased penetration rates in the future [2] - The actual controller of the company has voluntarily committed to not reducing their shareholding for six months, reflecting confidence in the company's long-term development [3] Financial Projections - The company is expected to achieve revenues of 1.074 billion yuan, 1.239 billion yuan, and 1.408 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 235 million yuan, 267 million yuan, and 307 million yuan for the same years [4][6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.94 yuan, 3.33 yuan, and 3.84 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.27, 23.15, and 20.10 [4][6]

证券之星消息，根据市场公开信息及4月29日披露的机构调研信息，诺安基金近期对14家上市公司进行了调研，相关名单如下： 1）华大基因 （诺安基金参与公司业绩说明会&电话交流会） 调研纪要：华大基因在基因检测行业面临需求下降、操作复杂、价格高等问题，通过推动高通量测序全流程自动化和发布GeneT大模型提高效 率。公司在生育健康、肿瘤防控、传染性疾病防控等领域加大投入，拓展业务。Genalive中标9.5亿元外送检测订单，收入确认按样本数量，海外 业务持续扩展。毛利率下降因市场竞争加剧和医保控费，未来将通过优化产品和降本增效改善毛利率。AI提高了解读效率，降低了数据库建设和 分析成本。华大基因在肠癌、肝癌、宫颈癌等早筛产品上已有布局，多个产品获得国际认证。通过线上线下融合，华大基因将实现用户沉淀和持 续健康管理服务。133111i系统已发布，提供个性化健康管理方案，覆盖多种慢性病。 2）南山智尚 （诺安基金管理有限公司参与公司业绩解读会） 调研纪要：南山智尚一季度实现营业收入3.6亿元，净利润3,730万元，同比增长12.84%。公司出口业务占比25.49%，对等关税影响较小。新材料 业务成为业绩增长核心引擎，超高 ...