Core Viewpoint - Jiangte Electric's stock has experienced significant fluctuations, with a year-to-date increase of 47.23% and a recent decline of 2.06% on November 4, 2023, indicating volatility in investor sentiment and market conditions [1][2]. Company Overview - Jiangte Electric, established on May 11, 1995, and listed on October 12, 2007, is located in Yichun City, Jiangxi Province. The company specializes in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1][2]. - The company's revenue composition includes 49.80% from motor products, 47.21% from lithium mining and lithium salt manufacturing, and 2.45% from other sources [1]. Financial Performance - For the period from January to September 2025, Jiangte Electric reported a revenue of 1.432 billion yuan, reflecting a year-on-year growth of 14.62%. However, the net profit attributable to shareholders was a loss of 113 million yuan, a decrease of 37.31% compared to the previous year [2]. - The company has cumulatively distributed 99.68 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [2]. Stock Market Activity - As of November 4, 2023, Jiangte Electric's stock price was 10.91 yuan per share, with a total market capitalization of 18.616 billion yuan. The stock has seen a trading volume of 884 million yuan and a turnover rate of 4.67% [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 277 million yuan on October 30, 2023 [1]. Shareholder Structure - As of September 30, 2025, Jiangte Electric had 222,500 shareholders, an increase of 8.82% from the previous period. The average number of tradable shares per shareholder decreased by 8.11% to 7,666 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 36.2263 million shares, and various ETFs, with some experiencing a decrease in holdings [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% [5][8]. Core Insights - The company reported a revenue of approximately 1.105 billion yuan for the first three quarters of 2025, representing a year-on-year increase of about 8.52%. The net profit attributable to shareholders was approximately 291 million yuan, up by about 25.29% year-on-year. In Q3 2025, the revenue was approximately 355 million yuan, a year-on-year increase of about 5.52%, but a quarter-on-quarter decrease of about 10.11%. The net profit for Q3 was approximately 118 million yuan, reflecting a year-on-year increase of about 53.29% and a quarter-on-quarter increase of about 38.59% [1][2][5]. Revenue Growth and Product Expansion - The company is actively expanding its product applications into sectors such as energy storage, data centers, modern agriculture, and industrial automation. The revenue growth in Q3 2025 was supported by these expansions [2][4]. Financial Performance Metrics - In Q3 2025, the company's gross margin was approximately 30.39%, a decrease of about 1.75 percentage points year-on-year and 1.71 percentage points quarter-on-quarter. The net profit margin after deducting non-recurring items was approximately 20.29%, down by about 0.74 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The total expense ratio was approximately 6.75%, a decrease of about 1.12 percentage points year-on-year and 0.48 percentage points quarter-on-quarter [3][5]. Market Position and Future Prospects - The company is solidifying its position in the cold chain industry while actively exploring global market potential. It is also making significant advancements in the robotics and deep-sea sectors, with core components for humanoid robots and underwater robotics showing promising developments [4][5]. Earnings Forecast - The company is expected to see revenue growth from approximately 1.645 billion yuan in 2025 to about 2.225 billion yuan in 2027, with year-on-year growth rates of approximately 16.8%, 16.2%, and 16.4% respectively. The net profit attributable to shareholders is projected to increase from approximately 352 million yuan in 2025 to about 494 million yuan in 2027, with year-on-year growth rates of approximately 59.4%, 19.4%, and 17.5% respectively [5][12].

Core Viewpoint - Jiangte Motor (SZ 002176) announced the convening of its 11th first board meeting on November 3, 2025, to discuss the election of the chairman of the board and other related documents [1] Group 1: Company Financials - For the first half of 2025, Jiangte Motor's revenue composition was as follows: motors accounted for 49.8%, mining industry for 47.21%, and other manufacturing for 2.99% [1] - As of the report date, Jiangte Motor's market capitalization was 19 billion yuan [1]

Market Overview - The electric motor sector experienced a decline of 0.47% on the previous trading day, with Wolong Electric Drive leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the electric motor sector included: - Xiangdian Co., Ltd. (600416) with a closing price of 16.28, up 6.89% and a trading volume of 846,900 shares, totaling 1.365 billion yuan [1] - Jiadian Co., Ltd. (000922) closed at 13.64, up 5.17% with a trading volume of 315,100 shares, totaling 424 million yuan [1] - Huari Co., Ltd. (300626) closed at 14.03, up 4.94% with a trading volume of 288,100 shares, totaling 398 million yuan [1] - Conversely, significant decliners included: - Wolong Electric Drive (600580) closed at 46.79, down 2.99% with a trading volume of 771,000 shares, totaling 3.625 billion yuan [2] - Mingzhi Electric (603728) closed at 71.75, down 2.18% with a trading volume of 83,600 shares, totaling 601 million yuan [2] - Zhaowei Electromechanical (003021) closed at 116.60, down 1.65% with a trading volume of 48,000 shares, totaling 561 million yuan [2] Capital Flow - The electric motor sector saw a net outflow of 197 million yuan from institutional investors, while retail investors contributed a net inflow of 271 million yuan [2][3] - Key stocks with significant capital flow included: - Xiangdian Co., Ltd. (600416) had a net inflow of 16.514 million yuan from institutional investors, while retail investors had a net outflow of 48.1816 million yuan [3] - Jiadian Co., Ltd. (000922) saw a net inflow of 53.6382 million yuan from institutional investors, with retail investors experiencing a net outflow of 28.9746 million yuan [3] - Huari Co., Ltd. (300626) had a net inflow of 19.7411 million yuan from institutional investors, while retail investors had a net outflow of 23.3501 million yuan [3]

Group 1 - The stock of Fangzheng Electric increased by 3.66% with a turnover rate of 32.11% and a trading volume of 1.765 billion yuan, indicating significant market activity [1] - Institutional investors net bought 23.83 million yuan, while brokerage seats collectively net sold 107 million yuan, reflecting mixed investor sentiment [1] - The top five trading departments accounted for a total transaction of 314 million yuan, with a net selling amount of 83.44 million yuan, suggesting a bearish outlook among major players [1] Group 2 - The main capital flow showed a net outflow of 15.72 million yuan, with large orders experiencing a net inflow of 2.52 million yuan, indicating selective buying among larger investors [1] - Over the past five days, the main capital has seen a net inflow of 330 million yuan, suggesting a potential upward trend in investor interest [1] - Specific trading details revealed that two institutional specialized seats were involved in significant buying and selling activities, with a net buy of 23.83 million yuan from these seats [1]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The "14th Five-Year Plan" emphasizes strong support for the development of the new energy industry, aiming to eliminate barriers to the construction of a unified national market and accelerate the establishment of a new energy system [4][35] - The report highlights the recent performance of the power equipment sector, which has outperformed the CSI 300 index, with a year-to-date increase of 46.13% [11][12] - The report suggests focusing on leading companies benefiting from the robust development of new energy storage technologies [40] Market Review - As of October 30, 2025, the power equipment sector has risen by 4.66% over the past two weeks, outperforming the CSI 300 index by 2.68 percentage points, ranking 3rd among 31 sectors [11] - The wind power equipment sector decreased by 0.30%, while the photovoltaic equipment sector increased by 5.86% [19] - The top three performing stocks in the power equipment sector over the past two weeks were Fangyuan Co., Tongguan Copper Foil, and Penghui Energy, with increases of 46.23%, 36.88%, and 35.39% respectively [20] Valuation and Industry Data - As of October 30, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.61 times, with sub-sectors such as motors and batteries showing higher PE ratios of 62.48 and 35.09 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to historical averages [24] Industry News - The report discusses the recent publication of the "14th Five-Year Plan" which aims to enhance the supply of new energy and promote the safe and orderly replacement of fossil energy [35] - It notes that in September 2025, the national electricity market transaction volume reached 573.2 billion kWh, a year-on-year increase of 9.8% [35] - The report also highlights the competitive bidding for new energy pricing mechanisms in Chongqing, with a total scale of 4.86 billion kWh for wind and photovoltaic projects [36] Company Announcements - The report includes financial performance updates from several companies, such as Guodian NARI and Mingyang Smart Energy, detailing their net profit changes for the first three quarters of 2025 [38]

Core Insights - The electric motor sector experienced a rise of 0.84% on the previous trading day, with Bafang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Bafang Co., Ltd. (603489) closed at 27.96, with a significant increase of 9.99% and a trading volume of 89,300 shares, amounting to a transaction value of 246 million yuan [1] - Kangping Technology (300907) saw a rise of 7.42%, closing at 35.75, with a trading volume of 64,700 shares and a transaction value of 230 million yuan [1] - Other notable performers include: - Fangzheng Electric (002196): closed at 11.33, up 3.66%, with a trading volume of 1.5681 million shares and a transaction value of 1.765 billion yuan [1] - Sanxie Electric (920100): closed at 74.34, up 3.12%, with a trading volume of 27,200 shares and a transaction value of 202 million yuan [1] - Zhongdian Electric (603988): closed at 27.60, up 3.06%, with a trading volume of 119,000 shares and a transaction value of 329 million yuan [1] Fund Flow Analysis - The electric motor sector saw a net outflow of 636 million yuan from main funds, while retail investors contributed a net inflow of 641 million yuan [3]

Core Points - The company, Keli Electric Motor Group Co., Ltd., has received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific targets in 2025 [1] - The application documents submitted by the company were found to be complete by the Shenzhen Stock Exchange, which has decided to accept the application [1] - The issuance of A-shares is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty regarding the final approval and timeline [1] Summary by Sections - **Company Announcement** - Keli Electric Motor Group Co., Ltd. has announced the acceptance of its application for a specific target share issuance by the Shenzhen Stock Exchange [1] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - **Regulatory Process** - The acceptance of the application is a preliminary step, and the final decision depends on further reviews by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1] - The company will fulfill its information disclosure obligations based on the progress of these matters [1]

Group 1 - The core viewpoint of the articles highlights the changes in institutional and public fund holdings in China Electric Motor (603988.SH) as of the third quarter of 2025, indicating a notable decrease in the proportion of shares held by the top ten institutional investors [1][2] Group 2 - As of October 30, 2025, a total of 12 institutional investors disclosed holdings in China Electric Motor A-shares, with a combined holding of 87.9843 million shares, accounting for 37.41% of the total share capital [1] - The top ten institutional investors collectively held 37.41% of the shares, which represents a decrease of 6.51 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, two funds increased their holdings, namely HSBC Jintrust Small Cap Equity and Huazhang Modern Life Mixed, with an increase ratio of 1.12% [2] - Two public funds reduced their holdings, specifically Everbright Prudent Selection Mixed A and Everbright Ruihe Mixed A, showing a slight decline [2] - Four new public funds disclosed their holdings this period, including Dachen New Industry Mixed A and Dachen Industry Trend Mixed A [2] - Fifty public funds were not disclosed this period, including Guangfa Strategy Preferred Mixed and Zhonggeng Value Leading Mixed [2] Group 4 - In the social security fund sector, one fund increased its holdings, namely the National Social Security Fund 503 Portfolio, with an increase ratio of 0.64% [2] - One social security fund was not disclosed this period, specifically Guangfa Fund Management Co., Ltd. - Social Security Fund 420 Portfolio [2]

Core Insights - The company reported a total revenue of 478 million yuan for Q3 2025, ranking 22nd among disclosed peers [1] - The net profit attributable to shareholders was 39.22 million yuan, ranking 20th among disclosed peers [1] - The net cash flow from operating activities was -8.66 million yuan, a decrease of 52.97 million yuan compared to the same period last year, representing a year-on-year decline of 119.54% [1] Financial Metrics - The latest debt-to-asset ratio is 39.34% [3] - The latest gross profit margin is 25.86%, down by 1.65 percentage points from the previous quarter [3] - The latest return on equity (ROE) is 5.84% [3] - The diluted earnings per share (EPS) is 0.17 yuan, ranking 19th among disclosed peers [3] - The total asset turnover ratio is 0.43 times, ranking 18th among disclosed peers [3] - The inventory turnover ratio is 1.22 times, ranking 25th among disclosed peers [3] Shareholder Structure - The number of shareholders is 19,400, with the top ten shareholders holding 154 million shares, accounting for 65.67% of the total share capital [3] - The largest shareholder is Beijing Gaodi Resource Development Co., Ltd., holding 30.01% [3] - Other significant shareholders include Wang Jianyu (16.1%), Wang Jiankai (9.65%), and Liu Xin (2.67%) [3]