【私募调研记录】正圆投资调研正弦电气

Group 1 - The core viewpoint of the news highlights that Zhengxian Electric achieved a revenue of 96.8962 million yuan in Q1 2025, representing a year-on-year growth of 17.41%, and a net profit increase of 13.32%, driven by new industry client expansion and synergies from the acquisition of Tenghe Motor [1] - The gross margin and net margin remained stable year-on-year due to effective cost control and product structure optimization [1] - The company's controller products have a small market share, primarily used in packaging machinery and hardware processing, serving a diverse range of clients from small to large enterprises [1] Group 2 - Zhengxian Electric's overseas business is concentrated in Southeast Asia, South Asia, the Middle East, Africa, and the CIS, with minimal impact from foreign exchange fluctuations [1] - The main control chips and IGBTs have achieved a high level of domestic production, ensuring supply chain security and controllability [1] - Tenghe Motor focuses on servo motors, which will deeply integrate with Zhengxian Electric's business in the future, enhancing the capability of servo system solutions [1]