公司报告 | 公司点评 儒竞科技（301525） 证券研究报告 欧洲热泵去库接近尾声，汽车领域预计继续高增 风险提示：行业政策风险、行业需求下滑风险、行业竞争加剧风险、新业 务进展不及预期风险。 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,613.69 | 1,544.55 | 1,590.89 | 2,068.15 | 2,688.60 | | 增长率(%) | 25.06 | (4.28) | 3.00 | 30.00 | 30.00 | | EBITDA(百万元) | 334.65 | 357.62 | 209.38 | 311.79 | 427.22 | | 归属母公司净利润(百万元) | 211.33 | 216.38 | 186.20 | 277.73 | 382.03 | | 增长率(%) | 58.03 | 2.39 | (13.95) | 49.16 | 37.55 | | EPS(元/股) | 2.24 | 2.29 | 1.9 ...

德国补贴落地+欧洲热泵去库接近尾声，热泵业务有望恢复正增长 投资建议 我们认为，伴随后续欧洲热泵去库结束、汽车热管理控制器等产品营收继续高增、以及工业领域新品开 始放量，公司业绩长期向上趋势不变。预计24-26 年公司收入分别为15.9/20.7/26.9 亿元（24-25 年前值 29.7/40.3 亿元），考虑到公司24 年营收受欧洲热泵去库影响有所下滑，下调公司盈利预测，预计24-26 年公司归母净利润分别为1.86/2.78/3.82 亿元（24-25年前值5.10/7.16 亿元），对应PE 为33X/22X/16X， 维持"买入"评级。 风险提示：行业政策风险、行业需求下滑风险、行业竞争加剧风险、新业务进展不及预期风险。 公司新能源汽车热管理领域拥有新能源汽车电动压缩机变频驱动器、新能源汽车 PTC 电加热控制器及 多合一控制器等多款核心产品，在技术水平、产品性能和市场份额等方面建立了一定优势。公司凭借多 年的战略投入、技术积累和市场开拓，已经搭建起完善的技术平台和产品平台，该领域内产品已取得国 内外众多主流整车厂的认可，2025 年预计保持高增。 工业领域产品具有多项优点，2025 年新品有望贡 ...

公司报告 | 公司点评 儒竞科技（301525） 证券研究报告 欧洲热泵去库接近尾声，汽车领域预计继续高增 德国补贴落地+欧洲热泵去库接近尾声，热泵业务有望恢复正增长 公司新能源汽车热管理领域拥有新能源汽车电动压缩机变频驱动器、新能 源汽车 PTC 电加热控制器及多合一控制器等多款核心产品，在技术水平、 产品性能和市场份额等方面建立了一定优势。公司凭借多年的战略投入、 技术积累和市场开拓，已经搭建起完善的技术平台和产品平台，该领域内 产品已取得国内外众多主流整车厂的认可，2025 年预计保持高增。 工业领域产品具有多项优点，2025 年新品有望贡献增量营收 公司在自动化领域伺服驱动及控制系统领域已经积累多项较为成熟的核心 技术，具有控制模式齐全、控制精度准确，指令方式高效、通信功能全面、 定位精度较高、控制性能较强等优点。目前公司业务产品在工业机器人、 电子制造、物流、包装机械、印刷、锂电新能源等细分行业已实现批量销 售，正进一步加大研发、拓展细分市场，2025 年工业领域新品预计贡献新 增量。 投资建议 我们认为，伴随后续欧洲热泵去库结束、汽车热管理控制器等产品营收继 续高增、以及工业领域新品开始放量，公司 ...

证券时报e公司讯，儒竞科技(301525)11月20日晚间公告，公司拟使用超募资金和自有资金投资建设泰 国生产基地建设项目，项目第一期计划总投资金额2.26亿元（或等值外币）。 项目将通过新建泰国HVAC/R领域变频驱动器及系统控制器生产基地，提高公司对海外客户的服务能力 及国际化运营能力。 ...

编号： 2024-006 证券代码：301525 证券简称：儒竞科技 上海儒竞科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □特定对象 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2024-052 上海儒竞科技股份有限公司董事会 上海儒竞科技股份有限公司（以下简称"公司"）《2024 年第三季度报告》 已于 2024 年 10 月 28 日在巨潮资讯网（www.cninfo.com.cn）上披露。 为了更好地与广大投资者进行交流，使投资者能够进一步了解公司 2024 年 第三季度报告及经营情况，公司定于 2024 年 11 月 13 日（星期三）下午 15:00-16:30 参加上海上市公司协会、上证所信息网络有限公司举办的"2024 年上海辖区上 市公司三季报集体业绩说明会"。本次业绩说明会将采取网络文字互动的形式举 办，投资者可登陆上证路演中心平台（http://roadshow.sseinfo.com/）参与本次业 绩说明会。 参加本次业绩说明会的人员有：公司董事长、总经理雷淮刚先生，董事会秘 书、财务总监厉昊超女士，独立董事朱军生先生。最终参会人员将根据实际情况 确定。 为充分尊重投资者、提升交流的针对性，现就公司业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议，投资者可于 2024 年 11 月 12 日 ...

证券研究报告·公司点评报告·通用设备 儒竞科技（301525） 2024 年三季报点评：业绩符合预期，热泵库 存或已见底 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1614 | 1545 | 1490 | 1860 | 2308 | | 同比（ % ） | 25.06 | (4.28) | (3.55) | 24.87 | 24.07 | | 归母净利润（百万元） | 211.33 | 216.38 | 215.23 | 283.92 | 355.31 | | 同比（ % ） | 58.03 | 2.39 | (0.53) | 31.91 | 25.14 | | EPS- 最新摊薄（元 / 股） | 2.24 | 2.2 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2024-051 上海儒竞科技股份有限公司 2024 年第三季度权益分派实施公告 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。 上海儒竞科技股份有限公司（以下简称"公司"）2024 年第三季度权益分派 方案已获 2024 年 10 月 25 日召开的第二届董事会第五次会议和第二届监事会第 五次会议审议通过，本次权益分派方案实施在公司 2023 年年度股东大会授权范 围内，无需再次提交股东大会审议。现将权益分派事宜公告如下： 一、审议通过利润分配方案情况 1、公司于 2024 年 5 月 30 日召开 2023 年年度股东大会，审议通过了《关于 2024 年中期分红安排的议案》，授权董事会根据股东大会决议在符合利润分配 的条件下制定具体的中期分红方案，结合未分配利润与当期业绩进行分红，派发 现金红利总金额不超过相应期间归属于上市公司股东净利润的 30%。中期分红 的前提条件为：（1）公司在当期盈利、累计未分配利润为正；（2）公司现金流 可以满足正常经营和持续发展的要求。 2、公司于 2024 年 10 月 ...

F熄证券 机械设备/通用设备 公 司 研 究 儒竞科技（301525.SZ） 2024 年 10 月 28 日 欧州库存降至低位，热泵控制器有望持续回暖 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/25 | | 当前股价 ( 元 ) | 58.32 | | 一年最高最低 ( 元 ) | 102.83/41.00 | | 总市值 ( 亿元 ) | 55.00 | | 流通市值 ( 亿元 ) | 28.81 | | 总股本 ( 亿股 ) | 0.94 | | 流通股本 ( 亿股 ) | 0.49 | | 近 3 个月换手率 (%) | 163.01 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 儒竞科技 沪深300 数据来源：聚源 相关研究报告 《儒竞科技深度 2：欧洲热泵去库或告 一段落，数据中心风机变频控制器打 开商用空调增量—公司深度报告》 -2024.9.6 《热泵库存或已见底，新能源车热管 ...

Financial Performance - Revenue for the third quarter was RMB 353.28 million, a decrease of 15.52% year-over-year[2] - Net profit attributable to shareholders was RMB 55.27 million, down 34.49% compared to the same period last year[2] - Total revenue for the period was 1,011,516,879.41 RMB, a decrease from 1,203,043,660.58 RMB in the same period last year[16] - Net profit attributable to the parent company's shareholders was 148,787,758.93 RMB, down from 200,273,837.59 RMB in the previous year[17] - Basic earnings per share (EPS) for the period was 1.58 RMB, compared to 2.73 RMB in the same period last year[17] - Total operating costs were 880,801,981.04 RMB, a decrease from 976,469,671.84 RMB in the previous year[16] - The company's weighted average return on equity (ROE) was 1.76%, a decrease of 3.53 percentage points year-over-year[2] R&D and Investments - R&D expenses increased by 42.17% to RMB 85.54 million, mainly due to increased salaries and bonuses for R&D personnel[6] - The company's investment in new energy vehicle electronics and intelligent manufacturing industrial base led to an 85.03% increase in construction in progress, reaching RMB 233.57 million[5] - Construction in progress increased from 126,230,990.48 yuan to 233,570,474.30 yuan[13] Government Subsidies and Tax Policies - Government subsidies increased by 161.24% to RMB 14.40 million, driven by additional subsidies and VAT deduction policies[6] Cash Flow and Financing - Cash flow from financing activities decreased by 102.86% to RMB -58.53 million, primarily due to cash dividend payments following the IPO in the previous period[8] - The company's cash and cash equivalents decreased by 106.29% to RMB -129.03 million, mainly due to the IPO fundraising in the previous period[8] - Sales of goods and services received cash of 979.63 million yuan, a decrease from 1.13 billion yuan in the previous period[19] - Total cash inflow from operating activities was 1.01 billion yuan, down from 1.16 billion yuan in the previous period[19] - Cash outflow from operating activities was 963.07 million yuan, a decrease from 1.10 billion yuan in the previous period[19] - Net cash flow from operating activities was 44.02 million yuan, down from 61.95 million yuan in the previous period[19] - Cash inflow from investment activities was 10.75 billion yuan, primarily from the recovery of investments[19] - Cash outflow from investment activities was 10.86 billion yuan, mainly due to investment payments[20] - Net cash flow from investment activities was -114.46 million yuan, compared to -62.13 million yuan in the previous period[20] - Net cash flow from financing activities was -58.53 million yuan, a significant decrease from 2.05 billion yuan in the previous period[20] - Net increase in cash and cash equivalents was -129.03 million yuan, compared to 2.05 billion yuan in the previous period[20] - Ending cash and cash equivalents balance was 2.31 billion yuan, down from 2.50 billion yuan at the beginning of the period[20] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 3.90 billion, a decrease of 1.30% compared to the end of the previous year[2] - Total assets decreased from 3,951,469,491.15 yuan to 3,900,085,504.02 yuan compared to the beginning of the period[14] - Current assets decreased from 3,596,323,384.82 yuan to 3,444,604,116.05 yuan[13] - Accounts receivable increased from 405,191,984.28 yuan to 461,992,398.05 yuan[13] - Inventory decreased from 349,045,926.68 yuan to 298,701,474.24 yuan[13] - Total liabilities decreased from 894,123,622.81 yuan to 736,394,110.87 yuan[14] - Short-term borrowings decreased from 381,943,707.21 yuan to 247,862,373.32 yuan[14] - Accounts payable decreased from 404,390,845.46 yuan to 386,606,615.46 yuan[14] - Share capital remained unchanged at 94,311,768.00 yuan[14] - Total equity attributable to the parent company's shareholders was 3,163,691,393.15 RMB, up from 3,057,345,868.34 RMB in the previous year[15] - Total liabilities and equity were 3,900,085,504.02 RMB, a slight decrease from 3,951,469,491.15 RMB in the previous year[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 10,405[9] - Lei Huaigang holds 17.27% of the shares, totaling 16,287,850 shares[9] - Liao Yuan holds 13.44% of the shares, totaling 12,672,643 shares[9] - Guan Hongfei holds 9.19% of the shares, totaling 8,665,621 shares[9] - Zhao Jiasheng holds 5.68% of the shares, totaling 5,352,798 shares[9] - Shanghai Baositang Enterprise Management Partnership holds 2.29% of the shares, totaling 2,160,400 shares[9] - Qiu Hailing holds 2.26% of the shares, totaling 2,132,231 shares[9] - Dong Zhigang holds 2.21% of the shares, totaling 2,084,794 shares[9] - Haitong Innovation Securities Investment Co., Ltd. holds 2.01% of the shares, totaling 1,897,111 shares[9] - Shanghai Baoshitang Enterprise Management Partnership holds 1.76% of the shares, totaling 1,660,586 shares[9] Minority Shareholder Interest - Minority shareholder interest decreased by 100% to RMB 0, as the company completed the acquisition of remaining minority shares in Shanghai Rujing Electric Control Technology Co., Ltd.[7] Other Financial Metrics - Interest income for the period was 17,431,297.27 RMB, up from 11,318,283.76 RMB in the previous year[16] - Credit impairment loss was -420,865.88 RMB, compared to -331,826.15 RMB in the previous year[17] - Asset impairment loss was -1,194,213.85 RMB, compared to 3,152,663.13 RMB in the previous year[17] - Other comprehensive income for the period was -1,938.52 RMB[15]