根据市场公开信息及4月18日披露的机构调研信息，知名私募盘京投资近期对1家上市公司进行了调研， 相关名单如下： 1）信质集团 （盘京投资参与公司特定对象调研） 调研纪要：信质集团2024年实现营业收入59.18亿元，同比增长28.22%，但经营利润波动，主要因大规 模资本投入、产能利用率提升、折旧摊销、原材料上涨、制造费用增加、研发费用增加。2025年第一季 度公司实现营业收入12.56亿元，盈利能力有所改善。展望2025年，公司将在新能源汽车电机领域持续 快速成长，拓展无人机、工程机械、工业电机、三轮电动车、电摩等领域，推进机器人电机和低空经济 新兴领域。公司聚焦全球化布局、技术驱动、智能制造三大战略，目标有效增长、技术领先、卓越运 营、组织活力，重点突破人形机器人电机和低空经济领域，以新能源汽车电机为增长引擎。公司持续与 第一大股东沟通，相关事项处于内部流程推进中，待收到通知后将及时披露。公司通过全资子公司在匈 牙利设立新公司负责项目建设，正积极推进ODI备案工作。公司出口美国业务收入占比很小，主要集中 在传统电机零部件业务，正与客户讨论应对方式，大力发展新能源电驱、机器人电机业务，降低影响。 机构简介： ...

Investment Overview - The company is establishing a new subsidiary, Hunan Xiangdian Strong Magnetic Technology Co., Ltd., with a registered capital of RMB 100 million [2][24] - The investment structure includes a cash contribution of RMB 60 million from the company's wholly-owned subsidiary, Changsha Xiangdian Electric Technology Co., Ltd., and a 40% contribution from Huazhong University of Science and Technology through intellectual property [2][4] Investment Details - Changsha Xiangdian Electric Technology Co., Ltd. will hold a 60% stake, while Huazhong University of Science and Technology will hold 40%, with 70% of the university's contribution awarded to the technical team as personal shares [2][4] - The first phase of cash contribution from Changsha Xiangdian is RMB 30.795 million, with the second phase to follow [4] Strategic Importance - The focus of the new company is on the development of magnetic levitation bearing high-speed motors, which are identified as a strategic product direction for the company [3][56] - The collaboration with Huazhong University aims to leverage their technological advantages in magnetic levitation bearing control technology to accelerate the development of the high-speed motor industry [3][56] Financial Projections - The new company is projected to achieve a net present value of investment returns of RMB 108.32 million by the seventh year of operation, indicating a positive outlook for investment recovery [20] Governance Structure - The new company will have a governance structure consisting of a shareholders' meeting, a board of directors with five members, and a management team [17][35] - The board will include three members nominated by Changsha Xiangdian, one by Huazhong University, and one by Lu Yang, who represents the technical team [17][35] Risk Management - The company acknowledges potential risks related to product development, market demand, and the exit strategy for the university's investment, with measures in place to mitigate these risks [22][56]

Group 1 - The core point of the article indicates that China Electric Motor (603988) reported a revenue of 666 million yuan for 2024, representing a year-on-year decrease of 12.03% [1] - The net profit attributable to shareholders of the listed company was a loss of 10.33 million yuan, reflecting a significant year-on-year decline of 123.90% [1] - The company plans to distribute a cash dividend of 0.4 yuan (including tax) for every 10 shares based on a total share capital of 235 million shares before the implementation of the plan, amounting to a total cash dividend distribution of 9.408 million yuan (including tax) [1]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.918 billion CNY, a year-on-year increase of 28.22%, with a net profit of 21.07 million CNY [2] - In Q1 2025, the company reported a revenue of 1.256 billion CNY and a net profit of 5.7 million CNY, showing improvement compared to the previous quarter [2] Group 2: Future Outlook - The company anticipates rapid growth in the electric motor sector for new energy vehicles in 2025, aiming to increase market share and become an industry leader [3] - Significant progress has been made in various sectors including drones, construction machinery, and electric motorcycles, with ongoing projects and orders reflecting strong expansion capabilities [3][4] Group 3: Strategic Planning - The company focuses on three core strategies: global layout, technology-driven initiatives, and smart manufacturing, with goals of effective growth, technological leadership, and operational excellence [5] - Over the next three years, the company will prioritize breakthroughs in humanoid robot motors and low-altitude economy sectors, using the electric motor sector for new energy vehicles as a growth engine [5] Group 4: Shareholder and Market Impact - The company is in communication with its largest shareholder regarding equity progress, with updates to be disclosed following internal processes [6] - The establishment of a new company in Hungary aims to advance project construction, with ongoing efforts to complete necessary approvals [7] Group 5: Market Challenges - The impact of the recent "reciprocal tariffs" imposed by the U.S. on China is minimal, as the revenue from U.S. exports constitutes a small portion of total revenue, primarily in traditional motor components [8] - The company is actively discussing strategies with downstream clients to mitigate the impact of tariffs while continuing to develop unaffected sectors such as new energy drives and humanoid robot motors [8]

Group 1: Financial Performance and Projections - The company has recovered trust management funds amounting to 107.12 million yuan in 2025 [2] - The first quarter report for 2025 will be disclosed on April 29, 2025 [5] - The financial budget for 2025 is based on the company's operational goals, which are subject to various uncertainties [6] Group 2: Product Development and Market Strategy - The company has developed 3 new hollow cup motors and 4 new frameless torque motors in 2024, with plans to expand the product line further [2][3] - The company aims to enhance its market competitiveness by increasing investment in core robotic components and expanding into new applications [4] - The company is focusing on high-efficiency energy-saving motors and wind turbines, targeting growth in the cold chain and data center sectors [4] Group 3: Corporate Governance and Investor Relations - The company acknowledges the need for improved communication and responsiveness in investor relations [6][8] - There is a suggestion to prioritize stock buybacks over stock trading, with the company having repurchased 2,041,950 shares since its IPO [8] - The company emphasizes the importance of maintaining a focus on core business development while managing investment risks [4][10]

Core Insights - The company reported a slight decline in revenue for 2024, with total revenue at 2.474 billion yuan, a year-on-year decrease of 0.89% [1] - The net loss attributable to shareholders reached 28.3453 million yuan, with a significant increase in losses when excluding non-recurring items, which expanded by 4453.22% to 38.6646 million yuan [1] - The company plans not to distribute cash dividends or issue bonus shares [1] Financial Performance - For Q1 2025, the company achieved a revenue of 531 million yuan, reflecting a year-on-year growth of 9.22% [1] - However, the net loss attributable to shareholders for Q1 2025 was 15.0368 million yuan, an increase of 80.33% compared to the previous year [1] - The basic loss per share for Q1 2025 was 0.0303 yuan [1] Business Operations - The company has established partnerships with several leading domestic and international automotive manufacturers, including SAIC-GM Wuling, SAIC Group, and Volkswagen, for its new energy drive motor products [2] - In 2024, the company shipped 700,000 drive motors, with a cumulative total of 3.3 million units across over 40 vehicle models [2] - The company's subsidiary, Shenzhen Gaoke Run, experienced a 6.59% decline in revenue due to reduced sales volume in its intelligent controller business [2] Market Challenges - The core business of new energy drive motors faced challenges from industry price wars, leading to a revenue decline of over 7% [3] - Despite a nearly 70% growth in micro-special motors, it was insufficient to offset the contraction in the main product line [3] - The company is under pressure from rising costs of raw materials like copper and rare earths, which continue to impact the profitability of motor products [3] Future Outlook - The company aims to leverage new projects with clients like Leap Motor and Volkswagen, which are expected to begin mass production in Q2 2025 [2] - The ability of the company to achieve a turnaround in profitability in the second half of 2025 will depend on the pace of mass production and cost control measures [3] - As of April 15, 2025, the company's stock closed at 8.03 yuan, with a total market capitalization of 3.982 billion yuan [3]

Core Viewpoint - Jiangsu Huayang Intelligent Equipment Co., Ltd. has terminated its major asset restructuring plan to acquire at least 51% of Guizhou Quanan Miling Technology Co., Ltd. due to a lack of agreement on the final transaction scheme [2][3]. Group 1: Termination of Restructuring - The restructuring plan was initially seen as a significant move to expand the company's business footprint but was terminated just three months after its announcement [3]. - On April 11, the company announced the termination after thorough research and friendly negotiations with the relevant parties, signing a termination agreement [3]. - Prior to the termination announcement, the company indicated that the transaction was still in the planning stage and had not yet signed a formal agreement [3]. Group 2: Financial Performance - For the first three quarters of 2024, the company reported a revenue increase of 1.58% year-on-year, but its net profit attributable to shareholders decreased by 47.6% [2][5]. - In the first half of 2024, the company achieved a revenue of 278 million yuan, a year-on-year growth of 3.99%, while the net profit dropped by 39.94% [5]. - In 2023, the company reported a revenue of 476 million yuan, with a year-on-year growth of 2.7%, and a net profit of 65 million yuan, up by 2.92% [5]. Group 3: Business Overview - The company's main business is the research, production, and sales of micro-special motors and components, primarily serving leading home appliance manufacturers [4][6]. - In 2023, the micro-special motor and component business accounted for 80.4% of the company's total revenue, making it a pillar of the business [6]. - The company has also been expanding into other areas, including medical devices and industrial control chips, leveraging its expertise in micro-special motors [7].

一、审议通过《关于2021年员工持股计划存续期展期的议案》 鉴于本次员工持股计划存续期期限即将届满，基于对公司长期发展的坚定信心，同时为了维护员工持股 计划持有人的利益，根据《2021年员工持股计划》《2021年员工持股计划管理办法》的相关规定，本次 员工持股计划存续期展期12个月，即存续期延长至2026年5月16日。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002892 证券简称：科力尔 公告编号：2025-015 科力尔电机集团股份有限公司 2021年员工持股计划第二次持有人会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 科力尔电机集团股份有限公司（以下简称"公司"）2021年员工持股计划第二次持有人会议通知于2025年 4月3日向所有持有人发出，于2025年4月7日以通讯表决的方式召开。本次会议由管理委员会召集并主 持，出席本次会议的持有人115人，代表2021年员工持股计划份额466.50万份，占公司2021年员工持股 计划总份额的93.30%。会议的召集、召开和表决程序符合公司2021年员工持股计划的有关规定。 表决 ...

Core Viewpoint - The company reported a strong performance in 2024, with revenue and net profit showing significant year-on-year growth, indicating robust operational health and market expansion efforts. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.41 billion yuan, up 11.1% year-on-year, and a net profit attributable to shareholders of 220 million yuan, up 82.2% year-on-year [1] - The fourth quarter of 2024 saw revenue reach 390 million yuan, a 24.4% increase year-on-year, with a net profit of -10 million yuan, marking a reduction in losses by 87 million yuan [1] - The company’s gross profit margin for 2024 was 32.3%, a decrease of 1.4 percentage points, while the net profit margin improved to 15.7%, an increase of 6.6 percentage points [2] Group 2: Market Expansion - The company focused on deepening its domestic market presence while expanding internationally, achieving overseas revenue of 770 million yuan, a 15.2% increase year-on-year, which accounted for 54.8% of total revenue [1] - Domestic revenue reached 640 million yuan, up 6.5% year-on-year, representing 45.2% of total revenue [1] Group 3: Business Segments - The refrigeration motor and fan segment generated revenue of 1.26 billion yuan, a 10.6% increase year-on-year, making up 89.2% of total revenue, with notable growth in external rotor fans and cold cabinet motors [3] - The servo motor segment achieved revenue of 110 million yuan, a 19.0% increase year-on-year, accounting for 7.6% of total revenue [3] Group 4: Product Development - The company is actively advancing the development and industrialization of high-efficiency, energy-saving, and intelligent new products, with successful launches in various applications including heat pumps and industrial automation [3] - Multiple new products have been developed and are expected to benefit from the growth in the humanoid robotics industry [3] Group 5: Future Outlook - The company forecasts net profits of 360 million yuan, 410 million yuan, and 480 million yuan for 2025 to 2027, with a projected compound annual growth rate of 29% [3] - A target price of 54.95 yuan has been set based on a 35X target PE for 2025, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to recover growth in 2024, with a projected revenue of 1.409 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 220 million yuan, reflecting an 82.16% year-on-year increase [1]. - The company has shown resilience in both domestic and international sales, achieving a 15.2% increase in overseas revenue, which now accounts for 54.8% of total revenue [5]. - The servo motor segment has seen significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 18.97% [5]. - The company is committed to innovation, having developed several new products and increased its R&D investment to 57.36 million yuan, approximately 4.07% of revenue [5]. - The global trend towards energy efficiency is expected to benefit the company's ECM and servo motors, aligning with international standards for energy-efficient motors [5]. Financial Performance - The company reported total revenue of 1.409 billion yuan for 2024, with a projected growth rate of 11% for the following years [6]. - The net profit is expected to grow from 221 million yuan in 2024 to 336 million yuan in 2025, with corresponding PE ratios of 40.4 and 26.6 [6][9]. - The company's return on equity (ROE) is projected to improve from 14.0% in 2024 to 18.8% in 2025 [9]. Product Development and Market Position - The company has successfully launched various new products, including high-efficiency electric motors and servo motors, which are expected to contribute to future revenue growth [5]. - The company has established a research institute focused on intelligent and efficient fans, enhancing its competitive position in the market [5]. Future Outlook - The company is projected to achieve revenues of 1.614 billion yuan in 2025, with a net profit of 336 million yuan, indicating a strong growth trajectory [6]. - The report anticipates continued demand for energy-efficient products, driven by both domestic policies and international market trends [5].