Core Viewpoint - The report highlights that Dayang Electric is a leading enterprise in motors and drive control, with a forward-looking layout in robotics. The company has shown significant revenue growth and is actively expanding its overseas production capacity to mitigate trade friction challenges [1] Group 1: Financial Performance - The BHM division of the company achieved a revenue of 3.806 billion yuan in the first half of the year, representing a year-on-year growth of 10.28%, marking a record high for the same period [1] Group 2: Strategic Initiatives - To reduce trade friction challenges, the company is expanding its overseas production capacity, enhancing the capacity of its Mexico factory, advancing the construction of its Morocco factory, and initiating the construction of a factory in Indiana, USA, which will work alongside its Vietnam factory to form a manufacturing base [1] - The company established a project team for "humanoid robot motors" in its forward-looking technology research institute in February, having completed the design of the joint module scheme [1] - In July, the company invested in and took a stake in the robotics company Mechaman, which focuses on "AI+3D" vision, exploring further cooperation. Mechaman will become a strategic partner for the engineering and industrialization of the company's key robotic module products [1] Group 3: Future Outlook - The company has submitted an IPO application to list on the Hong Kong Stock Exchange, indicating its growth ambitions and commitment to expanding its market presence [1] - As a leading enterprise in motors and drive control, the company has achieved significant global layout results in its two major business segments, demonstrating steady performance growth while strategically entering the robotics field [1]

宁波恒帅股份有限公司 投资者关系活动记录表 编号：2025-025 证券代码：300969 证券简称：恒帅股份 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 □其他 参与单位名称及人 员姓名 工银瑞信：黄璨；国金证券：宋源峰 时间 2025 年 09 月 26 日 地点 公司会议室 上市公司接待人员 姓名 董事会秘书：廖维明 投资者关系活动主 要内容介绍 公司业务及经营情况交流 问题一：请介绍下公司的谐波磁场电机技术特点？ 答：谐波磁场电机技术属于电机领域的底层技术变革，相 比传统电机，谐波磁场电机具备诸多优势：(1) 电机轻量化。 谐波磁场电机的体积、重量、材料耗用相应减少，功率密度会 显著高于传统电机；(2) 基于磁场的特殊性新设计，谐波磁场 电机可大幅降低电机轴电流;(3) 谐波磁场电机的控制方法与 传统电机一致，可以同样适配现有永磁同步电机的应用场景； (4) 成本优化。由于轻量化带来的材料投入减少，将进一步优 | 化电机的成本结构，建立更为深厚的成本护城河。由于谐波磁 | | | | | | | | --- | --- | --- ...

9月26日，江苏雷利跌5.05%，截至发稿，报57.14元/股，成交6.91亿元，换手率2.67%，总市值255.49亿 元。 截至发稿，华龙累计任职时间3年37天，现任基金资产总规模429.26亿元，任职期间最佳基金回报 105.43%， 任职期间最差基金回报-15.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金位居江苏雷利十大流通股东。华夏中证机器人ETF（562500）二季度 增持165万股，持有股数401.38万股，占流通股的比例为0.9%。根据测算，今日浮亏损失约1220.2万 元。 华夏中证机器人ETF（562500）成立日期2021年12月17日，最新规模144.71亿。今年以来收益42.25%， 同类排名1147/4220；近一年收益90.95%，同类排名685/3824；成立以来收益10.52%。 华夏中证机器人ETF（562500）基金经理为华龙。 资料显示，江苏雷利电机股份有限公司位于江苏 ...

Summary of the Conference Call for Dayang Motor Company Overview - Dayang Motor is a leading enterprise in the global building ventilation and home appliance motor sector, comparable to Wolong Electric Drive in HVAC motors [3][4] - The company has achieved a compound annual growth rate (CAGR) of over 70% in recent years, with overseas revenue accounting for nearly 50% [3] Core Business Segments 1. **Traditional Building and Home Appliance Motors**: - Revenue contribution exceeds 60%, serving major domestic and international HVAC players like Gree, Midea, Haier, and Daikin [4] 2. **Automotive-related Motors**: - Comprises both new energy vehicles (NEVs) and traditional fuel vehicles, with NEVs accounting for over 10% of revenue [5] 3. **Hydrogen Fuel Cell Business**: - Currently has a low revenue contribution, focusing on hydrogen fuel cell engines and core components [5] Key Insights and Arguments - The traditional building and home appliance motor business is expected to provide stable cash flow, supporting the growth of the NEV segment, which is projected to reach profitability by 2025 [2][9] - The company aims for a revenue of 1.4 billion yuan in 2026, corresponding to a valuation of less than 20 times earnings [2][17] - Global NEV penetration is increasing, with the market size exceeding 150 billion yuan, and China accounting for approximately 70%-80% of this market [6] - Dayang Motor's gross margin improved to 16% in the first half of 2024, indicating operational efficiency [8] Global Expansion and Market Position - By the first half of 2025, 50% of Dayang Motor's revenue is expected to come from overseas markets, with new factories being established in Thailand, Morocco, and the USA [2][5] - The company has a leading position in both domestic and North American markets, with major clients including well-known brands [10] Research and Development - Dayang Motor has increased R&D investment and digital transformation efforts since 2020, launching eight employee incentive programs to strengthen core team alignment with long-term strategies [5] - The company is collaborating with Tongji University on humanoid robot technology and has invested in Mech-Mind Technology to enhance its capabilities in this area [12] Future Growth Potential - The traditional business is expected to grow at a steady rate of 10%-15%, while the NEV segment is projected to grow at 20%-25% over the next three years [15][16] - The company anticipates an overall revenue CAGR of 10%-15% in the coming years, driven by increased overseas revenue and high-efficiency smart motor products [16] Risks - Key risks include international trade and geopolitical uncertainties, fluctuations in downstream industry demand, and potential underperformance in new business and technology developments [18] Investment Recommendation - The company is rated as a "buy" with a target market capitalization of 42 billion yuan based on a 30 times PE ratio for 2026, indicating over 50% upside potential from the current market cap of 28 billion yuan [3][17]

德昌电机控股作为全球汽车小电机的龙头企业之一，具备多种特有优势，使其 在进军人形机器人领域中具有竞争力。首先，公司在人形机器人的运动零部件 设计能力上具有显著优势。以手部和腿部的传动系统为例，其运动链包括电机、 减速机、丝杠或其他传动装置以及执行器和结构件。这些核心零部件与智能电 动车中的传动链条有许多共性，而德昌电机在汽车小电机领域几乎覆盖了所有 应用，除了动力电机之外的大部分车用小型电机都由该公司配套。 其次，德昌 电机拥有丰富的海外工厂资源，尤其是在美国，这使其能够更好地服务于全球 优质甚至头部的人形机器人企业。此外，公司具备强大的二级零部件自制能力， 包括粉末冶金技术，这使得其能够从基础原材料开始进行生产，提高效率并降 低成本。粉末冶金技术在齿轮、齿轮箱等传动相关领域应用广泛，相较于传统 机械加工方式，其成型速度快且成本低。 最后，与上海机电的合作进一步增强 了德昌电机在人形机器人二级零部件方面的能力。双方早在 1998 年就合资成 立了上海日用友捷公司，主要生产汽车风扇。在人形机器人领域，两家公司通 过合资公司分别负责设计制造和销售渠道，有望进一步加强对核心零部件如关 节总成和灵巧手执行器及传感器等 ...

9月26日，大洋电机涨5.9%，截至发稿，报12.02元/股，成交15.39亿元，换手率7.21%，总市值293.58亿 元。 资料显示，中山大洋电机股份有限公司位于广东省中山市西区广丰工业大道1号,香港上环干诺道中200 号信德中心西座29楼2912室，成立日期2000年10月23日，上市日期2008年6月19日，公司主营业务涉及 微特电机、新能源汽车电驱动系统、汽车起动机及发电机和磁性材料等的生产和销售。主营业务收入构 成为：建筑及家居用电机60.99%，起动机及发电机26.56%，新能源车辆动力总成系统11.62%，其他(补 充)0.80%，汽车租赁0.03%。 从基金十大重仓股角度 截至发稿，林学晨累计任职时间4年74天，现任基金资产总规模14.08亿元，任职期间最佳基金回报 111.96%， 任职期间最差基金回报-27%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，兴银基金旗下1只基金重仓大洋电机。兴银中证1000指数增强A（ ...

9月25日，祥明智能跌0.29%，成交额8372.24万元。两融数据显示，当日祥明智能获融资买入额1242.07 万元，融资偿还1059.65万元，融资净买入182.42万元。截至9月25日，祥明智能融资融券余额合计1.70 亿元。 截至9月19日，祥明智能股东户数1.21万，较上期减少1.53%；人均流通股8969股，较上期增加1.56%。 2025年1月-6月，祥明智能实现营业收入2.56亿元，同比增长5.85%；归母净利润1831.37万元，同比增长 60.89%。 分红方面，祥明智能A股上市后累计派现1.20亿元。近三年，累计派现7670.40万元。 责任编辑：小浪快报 融资方面，祥明智能当日融资买入1242.07万元。当前融资余额1.70亿元，占流通市值的4.58%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，祥明智能9月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 资料显示，常州祥明智能动力股份有限公司位于江苏省常州市中吴大道518号，成立日期1995年12月22 日 ...

Group 1 - The fourth Global Digital Trade Expo in Hangzhou witnessed the signing of 45 projects with a total investment of 648.7 billion RMB (including 300 million USD), focusing on digital economy, artificial intelligence, smart manufacturing, new energy, smart logistics, and financial technology [1] - The signed projects emphasize the construction of Zhejiang's "415X" industrial cluster, highlighting the development of the digital economy and targeting high-quality investment projects in areas such as digital technology, digital intelligence, and digital health [1] - Significant projects include a large model application community project aimed at enhancing digital technology innovation, a storage production base project in Jiaxing with substantial investment to boost the new energy sector, and semiconductor equipment projects to strengthen Zhejiang's competitiveness in the semiconductor industry [1] Group 2 - The signing event featured diverse cooperation forms, enhancing international economic and trade collaboration, such as the Yiwu-Indonesia Economic and Trade International Hub project, and expanding business layouts through projects like the Yuntian Changxiang East China Business Center [2] - Several base projects were signed, including an intelligent wiring harness production base, showcasing Zhejiang's attractive investment environment and robust industrial development foundation [2] - The projects encourage collaboration platforms, resource sharing, and co-innovation, with initiatives like the smart logistics packaging box manufacturing project promoting sustainable development through a circular economy model [2]

每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 王瀚黎） 每经AI快讯，江特电机（SZ 002176，收盘价：9.76元）9月24日晚间发布公告称，截至本公告日，江西 江特电气集团有限公司累计质押股数为1.03亿股，占其所持股份比例为42.76%。 2025年1至6月份，江特电机的营业收入构成为：电机占比49.8%，采矿业占比47.21%，其他制造业占比 2.99%。 截至发稿，江特电机市值为167亿元。 ...

证券日报网讯江苏雷利9月24日在互动平台回答投资者提问时表示，公司于2025年3月战略投资仪坤动 力，其轴向磁通电机产品通过电机结构的优化，实现比传统径向电机更高的功率密度与工作效率。双方 正在合作推进轴向磁通电机在多个新兴领域的技术研发与市场拓展，包括农业机械、特种装备等，暂未 涉及机器人领域。 （文章来源：证券日报） ...