Group 1: Market Expansion and Customer Base - The Thai factory primarily produces cleaning pumps and automotive motor products, which have low shipping costs and tariff barriers, allowing for a global market reach [2] - The company aims to continuously invest in overseas markets to meet international demand and increase customer support ratios [2] Group 2: Profitability and Cost Structure - The ADAS active perception cleaning system has a higher value compared to traditional systems, but initial production volumes are low, impacting overall cost structure [3] - Future gross margin will depend on market scale and production volume, with expectations of stable and competitive margins as production increases [3] Group 3: Strategic Outlook on Mergers and Acquisitions - The company views overseas mergers and acquisitions as a strategic means to expand international markets and enhance competitiveness, while remaining open to suitable opportunities [4] Group 4: Technological Development - ADAS sensor cleaning products utilize various cleaning methods, including liquid, gas, and gas-liquid mixed cleaning, with the latter offering superior cleaning effects but at a higher cost [4] - The company possesses the capability to support all mentioned technological solutions [4] Group 5: Market Trends in Automotive Components - The market for automotive seat motors is expected to grow due to the increasing popularity of electric vehicles and consumer demand for enhanced comfort and functionality [5] - Emerging applications, such as smart cockpits, will drive further growth in this sector [5] Group 6: Product Penetration and Revenue Contribution - The company has expanded its charging door product to other automotive manufacturers, increasing its customer base [6] - The revenue contribution from the self-developed harmonic field motor technology is currently small, but the company plans to adapt this technology to more fields to enhance overall profitability [6]

Group 1: Company Overview - Ningbo Hengshuai Co., Ltd. specializes in cleaning systems, with a significant market share in traditional cleaning services [1][2] - The company is focusing on ADAS cleaning systems, anticipating strong market growth due to advancements in L3+ level autonomous driving technologies [2][3] Group 2: Production Capacity and Developments - The Thai factory project is progressing well, with equipment debugging underway and some clients entering the inspection phase [3] - Upon reaching full production capacity, the Thai project is expected to add 300,000 electric door motors, 1.3 million charging door actuators, 1.3 million hidden door handle actuators, and 300,000 washing pumps [3] Group 3: Technology and Competition - ADAS sensor cleaning technologies include liquid cleaning, gas cleaning, and gas-liquid mixed cleaning, with the latter offering superior cleaning effects but at a higher cost [3] - The company holds a competitive edge due to its early market entry and technological expertise, despite the presence of foreign competitors in a market with low overall penetration [3][4] Group 4: Market Expansion and Future Plans - The company aims to leverage the trends of electrification and intelligence in the automotive industry to expand the application scenarios for its electric motors [4] - Market expansion strategies include focusing on new energy and intelligent driving technologies, deepening engagement with existing customers, and enhancing product quality and cost efficiency through strategic partnerships [4]

Group 1: Business Development and Market Outlook - The humanoid robot industry is expected to bring significant new demand for the motor industry, with the company's self-developed harmonic magnetic field motor technology offering high power density, compact size, and low cost [2] - The company's US factory is in the ramp-up phase for certain designated projects, with smooth overall operations and potential for business expansion, although profitability has not yet been achieved [3] - The Thai factory is currently in the equipment debugging phase, with some clients entering the factory inspection stage, and is expected to contribute to new growth once production lines are fully operational [3] Group 2: Product Competitiveness and Market Position - The company has a strong foundation in cleaning technology, with a proactive layout for the ADAS sensor cleaning system, which has higher intelligence and complexity compared to traditional systems, creating a technical barrier [4] - The traditional cleaning business holds a significant market share but faces competitive pressure, with potential growth in overseas markets and room for expansion in domestic markets [5] Group 3: Product Development and Innovation - The company has a solid technical foundation in the motor field and is actively developing new types of motors, including seat motors and thermal management system motors, with progress reported as smooth [6] - The company's core competitiveness lies in its ability to quickly and reliably develop products in sync with automotive manufacturers and suppliers, ensuring high stability and quality [7] Group 4: Strategic Expansion Plans - The company's motor business expansion strategy includes seizing industry opportunities, optimizing product structure towards integration, and exploring cross-industry applications beyond automotive, such as industrial automation and humanoid robots [7]

Core Viewpoint - Hengshuai Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) for its application to issue convertible bonds to unspecified investors [1] Group 1 - The company announced on February 10 that it has obtained the CSRC's approval for the registration of its convertible bond issuance [1]

证券代码：300969 证券简称：恒帅股份 公告编号：2025-001 宁波恒帅股份有限公司 关于向不特定对象发行可转换公司债券获得中国证券监督 一、同意公司向不特定对象发行可转换公司债券的注册申请。 二、公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报 告深圳证券交易所并按有关规定处理。 宁波恒帅股份有限公司（以下简称"公司"）于近日收到中国证券监督管理 委员会出具的《关于同意宁波恒帅股份有限公司向不特定对象发行可转换公司债 券注册的批复》（证监许可〔2025〕224 号）（以下简称"批复"），批复文件主要 内容如下： 公司董事会将根据上述文件和相关法律法规的要求及公司股东大会的 授权，在规定的期限内办理本次向不特定对象发行可转换公司债券的相关事 宜，并及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 宁波恒帅股份有限公司董事会 2025 年 2 月 10 日 管理委员会同意注册批复的公告 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 ...

Group 1 - The core point of the article is that Hengshuai Co., Ltd. reported a decrease in the number of shareholders, indicating a potential consolidation of ownership [1] - As of January 31, the number of shareholders was 6,478, a decrease of 495 from the previous period, representing a 7.10% decline [1] - The closing price of Hengshuai Co., Ltd. was 104.80 yuan, reflecting an increase of 8.09%, with a cumulative increase of 13.84% since the concentration of shares began [1] Group 2 - The stock experienced four days of increases and three days of decreases during the reporting period [1]

Investment Rating - The report assigns a "Buy" rating for Hengshuai Co., Ltd. (300969) [1] Core Insights - Hengshuai Co., Ltd. is a leading player in the automotive micro-motor sector, continuously expanding its product categories and application scenarios, particularly in the context of increasing consumer demand for automotive intelligence and comfort [3] - The company has established a strong market position through its collaboration with major clients and is actively developing new products to meet the evolving needs of the automotive industry [3] - The forecasted net profit for the years 2024 to 2026 is expected to be 229 million, 279 million, and 343 million CNY respectively, with corresponding EPS of 2.86, 3.49, and 4.29 CNY [3] Summary by Sections 1. Automotive Micro-Motor Leader - Hengshuai Co., Ltd. has been focused on automotive micro-motor technology for over 20 years, with traditional products including trunk and side door motors, fan motors, and motorcycle ABS motors [9] - The company is expanding its product offerings to include new applications such as charging door actuators and invisible door handle drive mechanisms, which are gaining traction in the market [9][10] - The revenue from trunk and side door motors has increased significantly, from 16 million CNY in 2018 to 210 million CNY in 2023, with the revenue share rising from 5% to 23% [3][10] 2. Micro-Motor: Aligning with Smart and Configurable Upgrades - The automotive micro-motor market is experiencing a rise in usage, with the average number of micro-motors per vehicle increasing due to enhanced consumer expectations for comfort and intelligence [30] - The company is developing a "1+N" product layout to cater to the growing demand for smart automotive features, including seat motors and thermal management-related motors [30][31] - The global automotive micro-motor market is projected to grow from 16.2 billion USD in 2023 to 19.9 billion USD by 2030, with a CAGR of 3% [38] 3. Cleaning Systems: Accelerating L3+ Autonomous Driving - Hengshuai Co., Ltd. is recognized as a hidden champion in the cleaning pump sector, supplying products to major global automotive manufacturers [3] - The company is expanding its cleaning system applications to include new products for L3+ autonomous driving, which is expected to increase the value per vehicle significantly [3][10] - The establishment of factories in Thailand and the USA is aimed at enhancing overseas market penetration and optimizing product structure [3][10] 4. Investment Recommendations - The report anticipates that the company will achieve net profits of 229 million CNY, 279 million CNY, and 343 million CNY from 2024 to 2026, with corresponding PE ratios of 33X, 27X, and 22X based on the closing price as of January 23, 2025 [3][12]

Group 1: Business Development and Technology - The company plans to leverage its self-developed harmonic magnetic field motor technology, which features high power density, compact size, and low cost, to meet the emerging demand in the humanoid robot sector [2] - The ADAS active perception cleaning system is positioned for future growth, with some clients already moving to the designated phase after road tests, indicating a promising market outlook in advanced autonomous driving [3] Group 2: Financial Instruments and Progress - The company's convertible bond project is progressing as planned but has not yet received the registration approval from the China Securities Regulatory Commission [3] - The revenue growth from the tailgate motor segment is driven by increased penetration rates among major clients and the expansion of new varieties and customers [3] Group 3: Manufacturing and Operations - The Thai factory is currently undergoing successful equipment debugging, with some clients entering the factory inspection phase, and production is expected to ramp up gradually after the New Year [3] - The company has established technical reserves in thermal management systems, with mass production of cooling manifold products for North American new energy customers already underway [3]

Group 1: Technology and Product Development - The company has developed harmonic magnetic field motor technology, which reduces motor size while maintaining the same output power, leading to significant material cost savings [2][3] - The harmonic magnetic field motor technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive fields [3] - The company plans to leverage its harmonic magnetic field motor technology to provide differentiated solutions for humanoid robots, which are expected to drive significant new demand in the motor industry [4] Group 2: Market Strategy and Risk Management - The company actively monitors overseas market tariff policies and economic changes, implementing proactive measures to mitigate potential trade risks [5] - It has established production bases in the USA and Thailand to address potential tariff risks and enhance product competitiveness [5] - The company aims to optimize capacity layout and development strategies based on external environmental changes to minimize business impacts [5] Group 3: Customer Base and Product Offerings - The Thailand factory primarily produces cleaning pumps and automotive motor products, which have low shipping costs and tariff barriers, allowing for a global market reach [6] - The company has a strong and broad customer base and plans to continue investing in overseas markets to meet international demand and increase customer support ratios [6] Group 4: Advanced Systems and Future Prospects - The active perception cleaning system represents a forward-looking layout in the cleaning system sector, with significant improvements in intelligence and complexity compared to traditional products [7] - The company’s products are being adapted for commercial applications in L3+ level autonomous driving, with ongoing collaborations with clients like Waymo and Meituan [8] - The company maintains a technological advantage through years of innovation and aims to enhance collaborative R&D capabilities with clients [8]

特别提示： 证券代码：300969 证券简称：恒帅股份 公告编号：2024-069 宁波恒帅股份有限公司 2024 年第二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。 1、本次股东大会未出现否决议案的情形。 2、本次股东大会以现场表决与网络投票相结合的方式召开。 3、为了尊重中小投资者利益，提高中小投资者对公司股东大会决议重大事 项的参与度，本次股东大会审议影响中小投资者利益的重大事项时对中小投资者 的表决单独计票(中小投资者是指除以下股东之外的公司其他股东：(1)单独或者 合计持有公司 5%以上股份的股东；(2)持有公司股份的公司董事、监事、高级管 理人员)。 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"）2024 年第二次临时股东大会采 取现场投票、网络投票相结合的方式召开，现场会议于 2024 年 12 月 26 日下午 14:30 在浙江省宁波市江北区通宁路 399 号公司会议室召开，本次股东大会由公 司董事会召集，由董事长许宁宁先生主持。通过深圳证券交易所交易系统进行投 票的具体时间为：2024 年 12 ...