证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 公司电机主业 2024 年受行业影响略有承压。2024 年，公司电机 业务收入39.01亿元，同比-13.77%，毛利率17.94%，同比-6.11pcts， 2024 年中小型电机行业企业面临需求与订单不足，材料价格波动且 高位运行、产品销售价格不涨与下降等困难，行业企业竞争加剧。 核电业务 2024 ...

证券代码：002576 证券简称：通达动力 江苏通达动力科技股份有限公司 投资者关系活动记录表 编号：2025-001 2、强化创新能力建设。紧跟市场需求，加强研发与创新，推 动技术创新与主营业务融合。 3、持续推进降本增效。强化预算管理，动态监控预算执行， 优化资源配置，严格控制成本费用，提升运营效率，合理管控成 本。 4、以技术引领市场。加强研发队伍建设，通过对产业结构的 优化和转型来不断提升科研和工艺创新能力，提升公司核心竞争 力。 感谢你的关注！ 3、请问公司如何进一步提升品牌影响力，以增强市场竞争力 和客户忠诚度？ 您好，公司作为电机行业的核心配套供应商，在电机行业中 具有很强的竞争力和市场优势，拥有专业的技术和强大的研发能 力，公司会以优质产品与服务为核心，加强与客户沟通，从而提 升公司品牌影响力，增强市场竞争力和客户忠诚度。 4、尊敬的领导，下午好！作为中小投资者，有以下问题：1、 24 年年报显示，公司业绩较同期营收持平但利润下滑，原因何在？ 2、公司在市值管理和舆情管理有没有推出相关的制度？今年会开 展哪些相关工作？3、 年报显示外贸业务占比 25，请简要介绍一 下关税和贸易战对本行业、公司 ...

Summary of Conference Call Records Company and Industry Involved - The conference call discusses the collaboration between Wolong and Zhiyuan, focusing on the robotics and automation industry, particularly in flexible manufacturing solutions and human-machine interaction products. Core Points and Arguments 1. **Investment and Shareholding Structure** Wolong's recent financing round includes participation from Tencent's investment platform, indicating a mutual shareholding arrangement with Zhiyuan. This collaboration is seen as a significant step in their partnership, showcasing deep cooperation potential between the two companies [1][2][3]. 2. **Strategic Positioning** Wolong is noted as the only commercial company holding shares in two companies simultaneously, which positions it uniquely in the market. This strategic move allows Wolong to share in the growth dividends of both companies, reflecting its early recognition and layout in the industry [2][3]. 3. **Industry Chain Development** The investment is viewed as the beginning of a resource industry chain, with potential for extensive collaboration in technology development, component supply, and future assembly production. This partnership is expected to create a robust ecosystem around Wolong [2][3]. 4. **Production Capacity and Future Outlook** Upcoming industrial conferences are anticipated to reveal important capacity planning data. The collaboration's potential in mass production is highlighted, with expectations for significant output in the near future [3][4]. 5. **Zhiyuan's Market Position** Zhiyuan is recognized for its rapid progress and iteration in the robotics field, having launched humanoid robots and established strategic partnerships within a short timeframe. This agility positions it as a leader in the industry [6][7]. 6. **Product Line and Ecosystem Development** Zhiyuan's product line is noted for its comprehensiveness, with a focus on cultivating ecosystem partners to enhance both hardware and software capabilities. This strategy is seen as essential for achieving success in the robotics sector [8][9]. 7. **Client Relationships and Market Demand** The company has established strong relationships with key clients in industries with high demand for robotics, such as petrochemicals and metallurgy. This demand is driven by the need for automation in challenging work environments [11][12]. 8. **Long-term Strategic Vision** The management emphasizes a long-term commitment to robotics, with ongoing investments and collaborations aimed at solidifying their market position. The focus on low-altitude economy and robotics is expected to contribute to stable growth [14][15]. 9. **Production and Supply Chain Insights** The anticipated production volume is expected to be among the highest in the industry, with ongoing developments in supply chain management and partnerships with leading companies [9][10]. 10. **Technological Differentiation** The emphasis on AI software engineering and a robust software ecosystem is highlighted as a differentiating factor for Zhiyuan, setting it apart from competitors in the robotics space [8][16]. Other Important but Overlooked Content - The call also discusses the importance of understanding the underlying strategic motives behind shareholding structures and partnerships, emphasizing the need to focus on ecological momentum rather than just surface-level shareholding [16][17]. - The management's background, particularly the influence of former Huawei executives, is noted as a contributing factor to the company's strategic direction and operational capabilities [17][18].

方正电机（002196）公告，2024年营业收入24.74亿元，同比下降0.89%。归属于上市公司股东的净亏损 2834.53万元，去年同期净利润1亿元，由盈转亏。基本每股收益-0.057元/股。公司计划不派发现金红 利，不送红股，不以公积金转增股本。 ...

昨晚评论席互动的时候聊到了网络实名制，我说起点是2013年，很多读者没概念，我说具体一点，最重要的措施是2013年9月1日施 行的《 电话用户真 实身份信息登记规定 》。 在这之前普通人可以随意购买电话卡，不用绑定个人信息，这既意味着可以匿名电话，也意味着可以匿名上网，因为上网的前置基础是电 话卡。电话卡实名登记后，互联网上的所有行为，本质上都可以定位到具体的个人。 我读高中、大学那会，去网吧交钱就给开机，后来才有了必须登记身份证这一环节，也是为了互联网行为穿透到个人。不然你在网吧上网 乱讲话，到时候警察查过来网吧老板吃不了兜着走。 至于全面落实网络实名制还要再晚两年，到了2015年3月互联网所有平台账号都落实实名制，从那以后你想给别人的评论点个赞，都要验 证过手机号才行。 至于读者留言说就算有了实名制，很多网民还是浑身戾气。那是因为这些人知道谁能开盒他，有戾气也要憋着，至于网民和网民之间没有 开盒的威胁，人性的阴暗面根本不用装 …… 今天a股成交1.19万亿，量能比昨天少少反弹了一些，今天小微盘股的表现不佳，个股中位数-0.63%，正好把昨天的+0.63%又跌了回 去。今天涨最好的还是化学原料+2.9%，这 ...

Market Overview - The A-share market experienced a wide fluctuation on March 21, 2025, with the Shanghai Composite Index encountering resistance around 3414 points before retreating in the afternoon [3][7] - The Shanghai Composite Index closed at 3364.83 points, down 1.29%, while the Shenzhen Component Index fell 1.76% to 10687.55 points [8][14] - Key sectors showing positive performance included shipbuilding, mining, wind power equipment, and traditional Chinese medicine, while sectors like electric machinery, consumer electronics, auto parts, and semiconductors underperformed [3][7] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are currently at 14.47 times and 38.41 times, respectively, indicating a suitable environment for medium to long-term investments [3][14] - The total trading volume on March 21 was 15802 billion, above the median of the past three years, suggesting robust market activity [3][14] - Continued counter-cyclical policy adjustments, fiscal stimulus, and monetary easing are expected to support the market, with a focus on technology innovation, consumer recovery, and green economy initiatives [3][14] - The upcoming peak reporting season from March to April will significantly influence market confidence, with a need to be cautious of stocks that may not meet earnings expectations [3][14] - Short-term investment preferences are shifting towards defensive sectors, with high-dividend assets performing steadily, while technology growth sectors face valuation pressures [3][14] - Future market trends are anticipated to feature technology leadership, defensive dividends, consumer recovery, and domestic demand-driven growth, with recommendations to seize structural opportunities while balancing defense and growth [3][14] - Short-term investment opportunities are suggested in sectors such as military industry, wind power equipment, coal, and oil [3][14]

方正电机3月18日龙虎榜数据 方正电机（维权）今日涨停，全天换手率30.70%，成交额16.80亿元，振幅12.84%。龙虎榜数据显示， 机构净卖出4432.59万元，营业部席位合计净买入9158.21万元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.51%上榜，机构专用席位净卖出4432.59万元。 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 中信证券股份有限公司上海凯滨路证券营业部 | 4604.64 | 12.35 | | 买二 | 开源证券股份有限公司西安西大街证券营业部 | 3810.28 | 0.58 | | 买三 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 3142.64 | 1702.84 | | 买四 | 国投证券股份有限公司徐州民主北路证券营业部 | 2685.23 | 0.00 | | 买五 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | 2112.54 | 2248.30 | | 卖一 | 机构专用 | 2040.21 | 4800.08 | | 卖二 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company [1]. Core Insights - The company, 微光股份, achieved an estimated operating revenue of 1.409 billion yuan in 2024, reflecting a year-on-year growth of 11.12% [18]. - The net profit attributable to shareholders is projected to be between 216 million and 226 million yuan, indicating a significant year-on-year increase of 78.39% to 86.65% [18]. - The company has seen growth in its main products, including refrigeration motors, fans, and servo motors [18]. - The overseas sales and orders have also maintained growth, with significant sales in Europe, Asia, and South America [18]. - The company is actively developing new markets and applications, particularly in its Thailand subsidiary, which has received production licenses and certifications [18][22]. Summary by Sections 1. Basic Research Information - The research was conducted on 微光股份 in the electric motor industry on February 20, 2025 [13]. 2. Detailed Research Institutions - Various investment institutions participated in the research, including 淳厚基金, 国泰基金, and 兴银基金 [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [17]. 4. Main Content Information - The company has developed three types of hollow cup motors and four types of frameless torque motors in 2024, with plans to expand its product series in 2025 [20]. - The servo motor sales exceeded 100 million yuan in 2024, primarily serving industries such as textile machinery, industrial automation, and robotics [20]. - The company has a consistent cash dividend policy since its IPO, with a total cash distribution of 549 million yuan [21]. - The company aims to align with the national "dual carbon" strategy, expanding its production capacity for efficient and energy-saving motors and fans [22].

水皮杂谈 一家之言 兼听则明 偏听则暗 奇迹日 每日看盘 今日A股三大指数放量大涨，两市共成交1 3 5 0 7亿，较前个交易日放量3 8 4 3亿。 其中沪指上涨 2 . 5 4%，收报3 2 4 0 . 9 4点； 深成指上涨3 . 7 7%，收报1 0 1 6 5 . 1 7点； 创业板指上涨4 . 7 1%，收报 2 0 7 5 . 7 6点。 猝不及防的大奇迹日，虽然考虑到抄底的时机在临近，但依然没有预料到这么快就给你来这么 一根大阳线。但这是上证在缺口位第二次开启反攻，上一次是1 0月1 8日，那次只补了1个点， 这次也只补了1 3个点，后续是否能如上次一样开启反转需要持续观察量能这个关键的指标。 盘面上，全天两市5 1 4 9家上涨，仅3 8家下跌，这个下跌家数是去年1 0月8日以来最低。中位数 大涨4 . 3 5%，微盘股指数大涨5 . 5 7%，整体上是一个普涨且赚钱效应爆棚的一天。 板块上，所有板块全部上涨，电机、软件开发、仪器仪表、互联网服务、文化传媒、消费电 子、汽车零部件等涨幅均超过6%，而前期抗跌的贵金属、银行、煤炭、钢铁、电力、航运港口 等涨幅较小。从这个结构来看，主要还是前期跌 ...