证券研究报告 电力设备 | 电机Ⅱ 北交所|新股申购 hyzqdatemark 2025 年 08 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 三协电机(920100.BJ) ——专注控制类微特电机，深度布局工业机器人、人形机器人等赛道 投资要点： 风险提示。市场竞争加剧风险、业绩大幅波动或下滑风险、毛利率下降风险。 源引金融活水 润泽中华大地 图表目录 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 8.83 元/股，发行市盈率 11.15X，申购日为 2025 年 8 月 26 日。三协电机本次发行 价格 8.83 元/股，发行市盈率 11.15X，申购日为 2025 年 8 月 26 日。本次公开发行初始发行 股份数量 1,800.00 万股，发行后总股本为 7,110.93 万股，本次发行数量占超额配售选择权行 使前发行后总股本的 25.31%。若超额配售选择权全额行使，则发行总股数将扩大至 2,070.00 万股，发行 ...

8月以来的A股市场，无疑成为投资者瞩目的焦点，一波突破性上涨行情强势开启，交出了亮眼答卷。 上证指数从8月13日创2021年12月以来新高，到8月14日盘中突破3700点，再到18日创下近十年新高，19 日盘中更是攀升至3746.67点的年内新高位，每一次跃升都点燃市场热情。 在此背景下，市场活力全面释放：基民晒出红色收益截图，尽显投资喜悦；个股赚钱效应显著，超八成 个股8月上涨，6家公司涨幅翻倍；行业板块表现亮眼，28个申万二级行业月涨超10%，电机Ⅱ、摩托 车、通信设备等行业领涨。同时，两融余额持续攀升至2.1万亿元，为行情提供助力。 沪指摸至3746.67点 "自从买了基金，就跟吃了十全大补丸一样。"8月初，基民小张（化名）发了一条这样的朋友圈，并晒 出了打上马赛克的收益截图。虽然具体金额和收益率不明，但是马赛克下面鲜艳的红色，还是吸引了不 少人的目光，这代表小张挣钱了。 自8月以来，A股市场以突破性行情开启新一轮上涨周期。8月13日早盘，A股市场三大指数拉升走强， 上证指数盘中突破2024年10月8日的高点（3674.40点），创2021年12月以来新高；8月14日，上证指数 突破3700点。 到了8 ...

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 8月以来的A股市场，无疑成为投资者瞩目的焦点，一波突破性上涨行情强势开启，交出了亮眼答卷。 上证指数从8月13日创2021年12月以来新高，到8月14日盘中突破3700点，再到18日创下近十年新高，19 日盘中更是攀升至3746.67点的年内新高位，每一次跃升都点燃市场热情。 在此背景下，市场活力全面释放：基民晒出红色收益截图，尽显投资喜悦；个股赚钱效应显著，超八成 个股8月上涨，6家公司涨幅翻倍；行业板块表现亮眼，28个申万二级行业月涨超10%，电机Ⅱ、摩托 车、通信设备等行业领涨。同时，两融余额持续攀升至2.1万亿元，为行情提供助力。 沪指摸至3746.67点 到了8月18日，上证指数盘中更是突破2021年高点3731点，创下近十年新高。8月19日，上证指数年内盘 中再创新高，最高为3746.67点。 而作为市场杠杆资金动向的核心指标，两融余额的持续攀升成为行情走强的重要推手。截至8月5日收 盘，A股两融余额突破2万亿元，在之后的8月5日至18日，始终没有出现回调情况，截至8月18日收盘， 该数据高达2.1万亿元，两融余额占A股流通市值的2. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a net profit of 537 million yuan in H1 2025, representing a year-on-year increase of 37%. Revenue for the same period was 8.031 billion yuan, up 1% year-on-year, with a gross margin of 25.49% and a net margin of 6.82% [1][3] - The company is a leading player in the industrial and consumer motor sectors, benefiting from government policies promoting equipment upgrades and trade-in programs, which are expected to drive industry demand [2] - The company is actively expanding its overseas market presence and optimizing resource allocation to enhance profit growth [2] - The company has made significant investments in robotics components and has established partnerships to advance embodied intelligence technology [2] - The low-altitude economy is thriving, and the company has strategically entered the aviation motor business, collaborating with major manufacturers to develop electric propulsion systems [3] Financial Forecasts and Indicators - The company is projected to achieve net profits of 1.055 billion yuan, 1.261 billion yuan, and 1.426 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 33%, 20%, and 13% [3][4] - Earnings per share (EPS) are expected to be 0.68 yuan, 0.81 yuan, and 0.91 yuan for the same years, with dynamic price-to-earnings (PE) ratios of 35.8, 30.0, and 26.5 [3][4] - The company's revenue is forecasted to grow from 15.567 billion yuan in 2023 to 18.932 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.1% [4]

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]