正弦电气分析师会议 调研日期：2025年08月27日 调研行业：电机 参与调研的机构：参与公司2025年半年度业绩说明会投资者等 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : / 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CA ...

Core Insights - The company reported its 2025 H1 financial results, showing revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.132 billion, 122 million, and 110 million yuan respectively, with year-on-year growth of 8.59%, 31.79%, and 25.96% [1] - In Q2 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 629 million, 57 million, and 51 million yuan respectively, reflecting year-on-year growth of 8.76%, 45.25%, and 38.74% [1] Revenue Breakdown - By industry, the company's 2025 H1 revenue from white goods, motors, photovoltaics, and other sectors was 409 million, 111 million, 549 million, and 64 million yuan, with year-on-year changes of -9.20%, +16.95%, +14.74%, and +222.06% respectively [1] - By product, revenue from compressors and small appliance components, optical communication and sensor components, motors for food waste disposers, electric vehicles, and clean water pumps, solar photovoltaic components, and other businesses was 392 million, 17 million, 111 million, 549 million, and 64 million yuan, with year-on-year changes of -9.89%, +10.95%, +16.95%, +14.74%, and +222.06% respectively [1] - By region, domestic and overseas revenue for 2025 H1 was 1.1 billion and 32 million yuan, with year-on-year changes of +9.97% and -24.20% respectively [1] Gross Margin Analysis - The company's gross margin for 2025 H1 was 17.36%, a decrease of 0.29 percentage points year-on-year, while Q2 2025 gross margin was 14.99%, down 0.42 percentage points year-on-year [2] - By industry, the gross margins for white goods, motors, and photovoltaics were 35.10%, 10.78%, and 5.92%, with year-on-year increases of 1.80, 1.73, and 1.03 percentage points respectively [2] - By product, the gross margins for compressors and small appliance components, motors for food waste disposers, electric vehicles, and clean water pumps, and solar photovoltaic components were 36.67%, 10.78%, and 5.92%, with year-on-year increases of 2.29, 1.73, and 1.03 percentage points respectively [2] - By region, the gross margins for domestic and overseas operations were 16.30% and 53.89%, with year-on-year changes of -0.13 and +7.20 percentage points respectively [2] Expense Ratios - The company's expense ratios for sales, management, R&D, and financial expenses for 2025 H1 were 0.58%, 2.90%, 2.22%, and 0.56%, with year-on-year changes of -0.33, -1.39, -0.56, and -0.11 percentage points respectively [3] Profitability Metrics - The net profit margin attributable to shareholders for 2025 H1 was 10.75%, an increase of 1.89 percentage points year-on-year, while Q2 2025 net profit margin was 9.12%, up 2.29 percentage points year-on-year [4] - The company is expected to achieve net profits attributable to shareholders of 240 million, 280 million, and 320 million yuan for 2025-2027, with corresponding PE ratios of 21.1, 18.1, and 15.4 times [4]

证券之星消息，8月27日电机板块较上一交易日下跌2.28%，华瑞股份领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。电机板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603350 | 安乃达 | 41.61 | 0.92% | 4.59万 | 1.92亿 | | 002249 | 大洋电机 | 8.27 | -0.72% | 196.46万 | 16.73亿 | | 600580 | 卧龙电驱 | 33.23 | -0.92% | 218.38万 | 74.73 Z | | 603320 | 迪贝电气 | 20.27 | -1.27% | 8.80万 | 1.84亿 | | 003021 | 兆威机电 | 121.69 | -1.43% | 9.32万 | 11.64亿 | | 603344 | 星德胜 | 26.50 | -1.52% | 4.09万 | 1.10亿 | | 618809 | 神力股份 | 12. ...

Core Viewpoint - The A-share market is entering a peak period for the disclosure of mid-year performance reports, with all reports expected to be completed by August 29. The market's focus on performance has significantly increased recently [2][5]. Group 1: Performance Overview - As of August 26, 3,233 listed companies have disclosed their mid-year performance reports, achieving a disclosure rate of 60.85% [2]. - The net profit growth rates for the first half of 2025 for all A-shares, non-financial A-shares, and the main board are 9.85%, 6.74%, and 9.23% respectively, indicating sustained economic vitality in the second quarter [7][11]. - The second quarter performance growth is primarily concentrated in cyclical industries, brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. Group 2: Industry Insights - The industries with high growth in Q2 include cyclical sectors (steel, non-ferrous metals, building materials), brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. - Other sectors showing performance potential include TMT (Technology, Media, and Telecommunications), consumer goods, and manufacturing [11][12]. - The current low-priced high-performing sectors are mainly in consumer goods, as well as certain cyclical and manufacturing sectors, including agriculture, new consumption (beverages, personal care products), and medical services [12].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002249 | 大洋电机 | 8.33 | 1.71% | 160.08万 | 13.37亿 | | 300626 | 本瑞股份 | 11.83 | 1.02% | 4.66万 | 5502.15万 | | 301502 | 华阳智能 | 60.30 | 0.92% | 1.67万 | 1.00亿 | | 603320 | 迪贝电气 | 20.53 | 0.88% | ﻛ 6.30万 | 1.30亿 | | 603988 | 中电电机 | 24.14 | 0.71% | 6.27万 | 1.51亿 | | 002823 | 凯中精密 | 17.28 | 0.47% | 22.07万 | 3.82亿 | | 002576 | 通达动力 | 19.10 | 0.32% | 11.67万 | 2.23亿 | | 002892 | 科力尔 | 15.28 | 0.26% | 32.75万 | 4.97亿 | | 603819 | 神力股份 | 4 12. ...

Group 1 - The stock price of Koliar reached 15.24 yuan as of August 25, 2025, an increase of 1.60% from the previous trading day [1] - The trading volume on that day was 326,543 hands, with a transaction amount of 498 million yuan [1] - Koliar's main business includes the research, production, and sales of micro-special motors, which are widely used in home appliances, office automation, and medical devices [1] Group 2 - For the first half of 2025, Koliar reported operating revenue of 907 million yuan, representing a year-on-year growth of 13.91% [1] - The net profit attributable to shareholders of the listed company was 29.1764 million yuan, showing a year-on-year increase of 23.31% [1] - On August 25, the net outflow of main funds was 49.7441 million yuan, with a cumulative net outflow of 136 million yuan over the past five days [1]

1．中共中央办公厅、国务院办公厅发布关于推进绿色低碳转型加强全国碳市场建设的意见，主要目标 是：到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市 场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳 排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市 场，形成减排效果明显、规则体系健全、价格水平合理的碳定价机制。 重要的消息有哪些 8月26日（周二）申购提示 新股方面，三协电机申购代码920100，发行价8.83元/股，申购上限85.5万股。 投资有风险，申购需谨慎。 2．8月25日，上海发布楼市新政，包括对外环外符合条件将不限购房套数、成年单身人士视同家庭、房 贷利率层面不再区分首套和二套房、提高绿色建筑公积金贷款额度、公积金落实"又提又贷"、优化房产 税征收等。 3．国务院新闻办公室将于2025年8月26日（周二）上午10时举行"高质量完成'十四五'规划"系列主题新 闻发布会，请国家发展改革委党组成员、国家能源局局长王宏志介绍"十四五"时期能源高质量发展成 就，并答记者问。 5．国家新 ...

扬子晚报网8月25日讯(记者范晓林)今天是周一，上周五科森科技（603626）6连板，园林股份（605303）5连板，御银股份（002177）、世茂能源 （605028）4连板，成飞集成（002190）、汇嘉时代（603101）3连板。市场全天震荡走高，沪指站上3800点，科创50涨超8%创3年多新高。沪深两市全天 成交额2.55万亿，较上个交易日放量1227亿。板块方面，半导体、CPO、证券、算力等板块涨幅居前。8月22日，2025中国算力大会开幕。随着DeepSeek- V3.1发布，算力芯片全线爆发，算力硬件端人气也同步展开强修复，生益电子、生益科技（600183）、新易盛（300502）等光模块、PCB核心大票续创历 史新高，后续行情值得关注。 A.利好精选 科创新源：上半年净利润同比增长521% | 新股名称 华新精科 | | 申购日期 2025-08-25 | | --- | --- | --- | | 申购代码 732370 | | 上市地点 上海证券交易所 | | 发行价格 18.6 | | 所属板块 电机III | | 市盈率（倍） | 21.68 | | | 行业市盈率(倍) | 21.8 ...

Core Viewpoint - Wolong Electric Drive has transformed from a small factory in Zhejiang into a global leader in the electric motor industry, showcasing a story of innovation, growth, and legacy [1][3][6] Group 1: Company Background - Founded in 1984 by Chen Jiancheng and five partners with an initial capital of 50,000 yuan, Wolong Electric Drive started as a micro motor factory [1] - The company became the first privately-owned electric motor enterprise to be listed on the Shanghai Stock Exchange in 2002 [1] Group 2: Business Segments - Wolong Electric Drive operates three main business segments: HVAC motors, industrial motors, and explosion-proof motors, with the explosion-proof motor segment being particularly prominent [3] - The company ranks first in the global explosion-proof electric drive system solutions market with a market share of approximately 4.5% as of 2024 [3] Group 3: Leadership and Strategy - Under the leadership of the new generation, including Chen Jiancheng's daughter, Chen Yanni, the company is actively seeking new growth opportunities [3] - The company has engaged in strategic divestitures and investments in emerging sectors such as robotics and low-altitude economy, enhancing its market position [3][4] Group 4: Global Presence - Wolong Electric Drive has established a global footprint with 45 production bases, 14 of which are located overseas, contributing to its competitive edge [4] - The company enjoys high customer loyalty, with an average cooperation duration exceeding 21 years [4] Group 5: Future Prospects - The company has submitted an application for listing on the Hong Kong Stock Exchange, aiming for an "A+H" dual-platform strategy to enhance financing and market presence [6] - Wolong Electric Drive exemplifies the entrepreneurial spirit of Zhejiang merchants, transitioning from a small factory to a global powerhouse under the leadership of a dynamic family team [6]

Core Insights - Jiangte Electric (002176) reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating a challenging financial environment [1] Financial Performance - Total revenue reached 975 million yuan, a year-on-year increase of 35.85% [1] - Net profit attributable to shareholders was -114 million yuan, a year-on-year decrease of 78.24% [1] - Gross margin stood at 4.3%, up 1.71% year-on-year, while net margin was -11.88%, down 27.84% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 127 million yuan, accounting for 13.07% of revenue, a decrease of 9.04% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents decreased by 33.0% due to reduced cash inflow and increased payments [10] - Interest-bearing liabilities increased by 4.59% to 1.517 billion yuan [1] - The company’s cash flow from operating activities showed a significant decline, impacting overall liquidity [10] Operational Insights - The increase in revenue was primarily driven by higher production and sales volumes of lithium salt products [5] - Operating costs also rose by 35.75%, reflecting the increased sales volume of lithium salt products [6] - Financial expenses surged by 247.19%, attributed to increased interest expenses and decreased interest income [7] Investment Activity - The net cash flow from investment activities decreased by 53.76%, mainly due to the maturity of large time deposits in the previous year [9] - The net cash flow from financing activities dropped by 118.2%, indicating a reduction in bank borrowings [10] Fund Holdings - The largest fund holding Jiangte Electric is the Guotai Zhongzheng Machine Tool ETF, with a current scale of 390 million yuan and a recent net value increase of 2.49% [11]