北交所公司深度报告 品牌文化为核加速驶入海外，布局能源摩托车创新突围全球赛道 ——北交所公司深度报告 2025 年 09 月 26 日 投资评级：增持（维持） | 日期 | 2025/9/24 | | --- | --- | | 当前股价(元) | 38.03 | | 一年最高最低(元) | 58.00/16.21 | | 总市值(亿元) | 21.33 | | 流通市值(亿元) | 10.48 | | 总股本(亿股) | 0.56 | | 流通股本(亿股) | 0.28 | | 近 3 个月换手率(%) | 353.9 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 公司概览：自主创新驱动成长，华洋赛车加速出海新征程 华洋赛车作为拥有 20 年自主研发生产经验的专业动力运动装备制造商，已建立 起以两轮越野摩托车和全地形车为核心的产品体系，形成了稳定的国际化业务格 局。公司近两年保持 90%左右的外销占比，同时实现国内各省份全覆盖。2024 实现营收 5.3 亿元同比+10.06%，主要原因为俄罗斯客户收入同比增长；归母净 利润5,614.3 ...

Group 1 - The core viewpoint of the articles is that Guangdong Vanward New Electric Co., Ltd. is transitioning from a global leader in gas appliances to a comprehensive solution provider for heating and hot water, aiming to become a world-class new energy technology company [1][2] - Vanward has launched a new "1211" industrial strategy, which includes upgrading its main business from gas appliances to a multi-energy layout for heating and hot water, and strengthening its core areas in kitchen and bathroom appliances [1] - The company aims to enhance its research and manufacturing capabilities in heat pump technology, while also establishing a new development base in industrial technology to provide efficient and intelligent solutions for global industrial clients [1] Group 2 - Vanward has achieved "manufacturing going abroad" through production bases in Thailand and Egypt, and is leveraging cross-border e-commerce to strategically enter overseas markets [2] - The company plans to promote "capital going abroad" to systematically build an overseas capital platform, with product-driven development remaining a core focus [2] - Vanward has announced a series of aerospace technology products developed in deep collaboration with the China Aerospace Aerodynamics Research Institute, including innovative technologies such as a new generation of aerospace-grade atomization exhaust technology [2]

此次亮相的T18环卫车属于第三代产品，集比亚迪商用车前沿技术大成。车辆搭载环卫定制纯电动底 盘、刀片电池、高效电机和智能电控系统，针对频繁启停工况做了优化，整车能耗最高降低15%。截至 目前，比亚迪已在北京投运超过3000台环卫车。 （文章来源：深圳商报） 【深圳商报讯】（记者刘育銮）长安街上，23台比亚迪T18纯电动环卫车以"高效、低噪、零排放"的卓 越表现，完成正式受阅方阵前的路面环卫保障任务，以"绿色方阵"彰显中国智造，向世界展现中国新能 源科技的硬实力与绿色担当。 这是比亚迪第三次承担国家级阅兵盛典环卫保障重任。从2015年"九三阅兵"、2019年庆祝新中国成立70 周年庆典，到今年的抗战胜利80周年纪念活动，十年间三次国家级盛会的"检阅"，不仅是对比亚迪商用 车品牌的信赖，也是对技术和品质的认可。 ...

Core Viewpoint - Guangdong Vanward New Electric Co., Ltd. aims to become a global leader in comprehensive solutions for heating and hot water, transitioning towards a world-class new energy technology company, as stated by Chairman Lu Yucai [1] Group 1: Strategic Vision and Goals - The company is committed to focusing on the heating and hot water sector, with a strategic vision to integrate and lead in this field while transforming into an energy management company [1] - Vanward has introduced a new "1211" industrial strategy, which signifies an upgrade from the previous "121" strategy, outlining a clear path for implementation [2][3] Group 2: Industrial Strategy Components - The "1211" strategy consists of "one body" (upgrading the main business from gas appliances to a multi-energy layout for heating and hot water), "two wings" (strengthening kitchen and bathroom appliances while developing water purification), "one engine" (enhancing research and manufacturing capabilities for heat pumps), and "one base" (adding industrial technology as a new development base) [3] - The core of this strategic upgrade is to transition from a global gas appliance leader to a comprehensive solution provider for heating and hot water [3] Group 3: Internationalization and Operational Upgrades - Internationalization is viewed as a key future direction for Vanward, with a significant upgrade to its strategic operational system to support global operations [4] - The new operational framework includes a "four-wheel drive" system to facilitate the implementation of its globalization strategy, incorporating product-driven, efficiency growth, digital upgrades, and global operations [4] Group 4: Product Innovations - The company has launched a series of innovative products in collaboration with the China Aerospace Aerodynamics Research Institute, focusing on heating and hot water solutions [5] - New products include advanced gas water heaters and heat pumps that address long-standing industry technical challenges, showcasing Vanward's commitment to innovation and performance enhancement [5]

Investment Rating - The investment rating for Huayang Racing is maintained at "Outperform" [3][5] Core Insights - In H1 2025, Huayang Racing achieved total revenue of 430 million yuan, representing a year-on-year increase of 66.05%, and a net profit attributable to the parent company of 37 million yuan, up 15.79% year-on-year. The gross margin slightly decreased to 19.93% [5] - The company benefits from the acquisition of Chongqing Junchi, which has led to increased orders and revenue growth in the motorcycle segment, with H1 2025 motorcycle revenue reaching 309 million yuan, a 62.66% increase year-on-year [5] - The internationalization strategy is accelerating, with overseas revenue in H1 2025 reaching 408 million yuan, a 69.55% increase year-on-year, driven by expanding markets in North America, Europe, South America, and Oceania [5][8] Financial Summary and Valuation Metrics - For the fiscal years 2023A to 2027E, the projected revenue growth rates are 13.0%, 10.1%, 41.1%, 28.3%, and 14.0% respectively, with net profit growth rates of -22.4%, 9.4%, 34.0%, 26.1%, and 13.1% [7][10] - The estimated earnings per share (EPS) for 2025E is 1.34 yuan, with corresponding price-to-earnings (P/E) ratios of 26.8, 21.3, and 18.8 for the years 2025E, 2026E, and 2027E respectively [5][7] - The company’s total market capitalization is 2.018 billion yuan, with a circulating market value of 999.2 million yuan [3]

Core Viewpoint - Wanhe Electric aims to transform into a global leader in comprehensive heating and hot water solutions, focusing on innovation and globalization as key drivers for its strategic upgrade [1][8]. Group 1: Strategic Vision - The company announced its strategic vision to focus on the heating and hot water sector, aspiring to become a world-class new energy technology company [1]. - Wanhe Electric's president introduced the new "1211" industrial strategy, which builds upon the previous "121" strategy, emphasizing product-driven growth, efficiency enhancement, and digital intelligence upgrades [2][5]. Group 2: Industrial Strategy - The "1211" strategy includes a new industrial ecosystem characterized by "one body, two wings, one engine, and one base," indicating a shift from gas appliances to a multi-energy approach in heating and hot water [5]. - The two wings focus on strengthening kitchen and living appliances while developing the water purification industry to connect kitchen and bathroom spaces [5]. Group 3: Global Operations - A new strategic pillar, "global operations," has been added to the existing three pillars, highlighting the company's commitment to internationalization as a key growth path [6]. - Wanhe Electric has already established manufacturing bases in Thailand and Egypt, and is leveraging cross-border e-commerce to enhance its brand presence in developed markets [7]. Group 4: Operational Management - The company introduced VBS 2.0, an upgraded operational management system that includes strategic management, growth, and ESG frameworks, aimed at supporting both organic and inorganic growth [7]. - The focus has shifted from single product sales to ecosystem competition, with an emphasis on creating a multi-scenario, full-process ecological service platform centered around heating and hot water systems [7]. Group 5: Technological Collaboration - Wanhe Electric has partnered with the China Aerospace Aerodynamics Research Institute to develop new products that incorporate aerospace technology, enhancing energy efficiency, comfort, and safety [8]. - The launch of the "1211" industrial strategy marks a significant evolution in the company's product technology and ecological layout, reinforcing its commitment to high-end and global manufacturing [8].

Core Insights - The "14th Five-Year Plan" period is marked by significant achievements in high-quality energy development in China [1] - China holds over 40% of global new energy patents, showcasing its leadership in energy technology innovation [1] - Breakthroughs in solar conversion efficiency and offshore wind turbine capacity have set new world records [1] - The scale of new energy storage has reached the largest in the world within a few years [1] - New business models and industries, such as smart microgrids and virtual power plants, are rapidly developing [1] - The integration of the energy industry with sectors like manufacturing and transportation is accelerating [1] - Emerging fields and new tracks are continuously appearing, becoming important sources of new productive forces [1]

Core Viewpoint - 瑞浦兰钧能源在2025年上半年实现了显著的收入和毛利增长，尽管仍然面临亏损，但亏损幅度大幅减少，显示出财务表现的改善 [2][3] Financial Performance - 2025年上半年，公司实现收入人民币94.91亿元，同比增长24.9% [3] - 毛利达到人民币8.29亿元，同比大幅增长177.8% [3] - 期内亏损为人民币6270.4万元，较去年同期的人民币6.58亿元显著减少90.5% [2][3] - 每股亏损为人民币0.03元，同比减少84.2% [3] Industry Context - 全球新能源汽车市场在"双碳"目标的推动下持续强劲增长，2025年上半年全球新能源汽车销量约为910万辆，同比增长28% [2] - 中国市场新能源汽车产销量分别达到696.8万辆和693.7万辆，同比分别增长41.4%和40.3% [2] Company Overview - 瑞浦兰钧能源主要从事动力电池和储能电池的设计、研发、生产及销售，产品广泛应用于新能源汽车领域 [4] - 主要产品包括磷酸铁锂材料及电芯、三元材料及电芯等 [4] Technological Advancements - 公司在技术研发方面持续投入，推出了高能量密度、高功率特性和长寿命的问顶54Ah电芯，成为行业标杆产品 [5] - 在混合动力电池、纯电动电池等领域取得显著进展，巩固了在新能源科技领域的领先地位 [5] International Expansion - 公司积极拓展国际市场，在北美、欧洲、东南亚等地区设立子公司，并与全球领先的储能和新能源车企建立深度合作关系 [5] - 计划在东南亚、欧洲和南美洲建立生产基地，以增强全球品牌影响力并分散地缘政治风险 [5] - 印尼电池制造基地的第一期规划产能为年产8GWh动力电池及储能电池及系统 [5]

Company Overview - Sentong Interchange (Dalat Banner) New Energy Technology Co., Ltd. was recently established with a registered capital of 1 million yuan [1] - The legal representative of the company is Zhao Ningxiao [1] - The company is fully owned by Sentong Interchange (Ordos) New Energy Technology Co., Ltd., which is jointly held by Guoneng Interchange E-commerce Co., Ltd. and Sentong Co., Ltd. (stock code: 603098) [1] Business Scope - The company's business scope includes power generation, transmission, and distribution services [1] - It also engages in the manufacturing of photovoltaic equipment and components, as well as electronic specialized equipment [1] - The company is involved in solar power technology services, sales of photovoltaic equipment and components, and various technical services [2]