压电马达是利用压电体的压电逆效应来转换机电能量的马达。其原理与基于电磁感应的普通电机有明显不同，但 基本功能和分类大致相同。压电马达一般分为交流压电马达和直流压电马达。运动方式分为旋转运动和直线运动 两种。压电马达由振动部分和运动部分两部分组成，没有绕组、磁铁和绝缘结构。功率密度比普通电机高很多， 但输出功率有限，所以要做成轻、薄、短的形式。其输出多为低速大推力（或扭矩），可直接驱动负载。 这种 电机没有内部磁场，机械振动频率在可听范围之外，因此对外界的电磁干扰和噪声很小。 压电马达易于批量生 产。 行业目前现状分析 0 1 下游应用 压电马达的应用领域十分广泛且不断拓展。在消费电子领域，广泛用于智能手机摄像头的自动对焦机构和触觉反 馈系统；在工业自动化领域，是精密仪器、机器人关节驱动和定位平台的核心部件；在医疗设备领域，服务于内 窥镜、显微手术机器人等需要精密控制的器械；在高端制造领域，应用于半导体制造、光学仪器调整、航空航天 器的精密机构等场景。未来，随着微型化和高性能化的发展，其应用场景还将进一步拓宽。 市场竞争格局 全球压电马达市场呈现多元化竞争态势，目前由日本、欧洲的知名企业在技术和高端市场上占据相 ...

Summary of the Conference Call on China Electric Motor Suppliers Industry Overview - The report focuses on the electric motor supply industry in China, specifically covering **Johnson Electric** and **Wolong Electric** as key players in the sector [2][8][9]. Core Insights and Arguments Company Ratings and Price Targets - **Johnson Electric** is rated **Overweight (OW)** with a price target of **HK$67**, indicating an **82% potential upside** from current levels [3][31]. - **Wolong Electric** is rated **Neutral** with a price target of **Rmb43**, suggesting a **10% potential downside** [3][31]. Growth Drivers 1. **AI Data Centers**: - Johnson and Wolong are expanding into liquid cooling components, with a total addressable market (TAM) projected at **Rmb4 billion** for EC motors, **Rmb6 billion** for direct-to-chip cooling pumps, and **Rmb12 billion** for cold plates by 2026 [24][34]. - The shift from air to liquid cooling is driven by the increasing power density of AI servers, creating significant opportunities for both companies [34][35]. 2. **Humanoid Robotics**: - The global TAM for humanoid robotics is estimated at **5 billion units**. Johnson focuses on integrated actuators with higher content per humanoid, while Wolong has a broader reach with lighter-duty solutions [26][43][45]. - The dollar content per robot is approximately **Rmb106k** for Johnson and **Rmb76k** for Wolong, indicating substantial potential earnings upside [26][44]. 3. **eVTOL (Electric Vertical Takeoff and Landing)**: - The domestic eVTOL market in China is expected to reach **5,000 units/year by 2035**. Wolong is more exposed in this area, partnering with Geely's AeroFugia [27][28]. Valuation Insights - Johnson is seen as undervalued, trading at **16x CY26E P/E** compared to Wolong's **52x CY26E P/E**, despite similar earnings growth projections [5][31]. - The report suggests that Johnson's growth potential in AI cooling and robotics remains underappreciated, while Wolong's valuation reflects its current growth trajectory [17][31]. Near-term Catalysts - For **Johnson Electric**: - Tesla Optimus pilot hand validation (1H26) - AI cooling architecture developments - Participation in humanoid forums [5]. - For **Wolong Electric**: - Humanoid targets from Zhiyuan/Lenovo (end-25) - AeroFugia eVTOL certification (1H26) - HKEX IPO filing (1Q26) [5]. Other Important Insights - The report emphasizes the structural opportunity driven by secular demand in the electric motor supply chain, with both companies emerging as critical partners in high-growth verticals [8][22]. - The competitive landscape is evolving, with both Johnson and Wolong positioned to capture significant market share as demand for high-performance motor solutions increases [22][39]. Conclusion - The analysis indicates a positive outlook for the electric motor supply industry in China, with Johnson Electric positioned for substantial upside due to its undervaluation and growth potential in emerging sectors like AI cooling and humanoid robotics, while Wolong Electric's valuation appears to already reflect its growth prospects.

Core Viewpoint - The demand for magnetic levitation bearingless motors is increasing in China due to the transition in energy structure and rising environmental awareness, with the market expected to reach 394 million yuan in 2024, a year-on-year growth of 10.16% [1][6]. Overview - Magnetic levitation bearingless motors, also known as bearingless slice motors, integrate magnetic levitation technology with motor drive technology, eliminating traditional mechanical bearings and achieving contactless suspension through magnetic field forces, resulting in low friction, low noise, high efficiency, and high precision [2][3]. Development History - The development of magnetic levitation bearingless motors began in the mid-1970s, with significant contributions from researchers in Germany, the United States, and Japan, leading to various prototypes and advancements in the technology [3][4]. Market Policies - The Chinese government has recognized magnetic levitation technology as a strategic emerging industry, implementing various supportive policies to foster the development of the magnetic levitation bearingless motor industry [5][6]. Industry Chain - The industry chain for magnetic levitation bearingless motors includes upstream sectors such as magnetic materials and electronic components, midstream design and production, and downstream applications in industrial automation, smart homes, and healthcare [5][6]. Current Development Status - The magnetic levitation bearingless motor industry in China is still in its development phase, with a limited number of participants, including both domestic and international companies. Domestic companies are rapidly increasing their market share and technological capabilities [7][8]. Representative Companies - Notable domestic companies include Suzhou SuMag Intelligent Technology Co., Ltd., which focuses on high-purity and low-shear magnetic levitation motors for various sectors, and PanShi Technology (Shenzhen) Co., Ltd., which aims to lead the industrial application of magnetic levitation technology in China [8][9]. Future Development Trends - The magnetic levitation bearingless motor technology is expected to mature and expand into more fields, including high-end medical equipment and precision instrument manufacturing, with potential for cost reduction and increased domestic production capabilities [10][11].

Core Viewpoint - Powerdyne International, Inc. is focused on growth through up-listing to OTCQB and expanding via internal growth, acquisitions, or mergers [2][8] Company Objectives - The company aims to up-list PDI to OTCQB and expand through various growth strategies [2] - Powerdyne is committed to maintaining conservative growth while managing costs effectively [8] Industry Insights - The AI chip market is projected to exceed $90 billion by the end of 2025 and grow beyond $100 billion in 2026 and subsequent years, indicating a significant opportunity for companies involved in semiconductor manufacturing [3] Business Development - Powerdyne has engaged with a prominent international corporation for custom motor design, awaiting feedback on preliminary designs [4] - A highly experienced outside sales representative has been hired to expand the customer base and explore new opportunities in various motor industries [5] Acquisition Strategy - Discussions for a potential acquisition resumed, but a previous Letter of Intent was rescinded due to financial discrepancies [7] - A new non-disclosure agreement has been signed with another motor company, with due diligence planned to ensure financial viability [7] Financial Management - The company plans to add critical staff to support growth while eliminating redundant positions to enhance profitability [6] - Pre-approved funding is available for exploring additional acquisitions [7] Company Structure - Powerdyne consists of two wholly owned subsidiaries: CM Technology LLC, specializing in industrial servomotors, and Frame One LLC, a custom picture framing shop [11][12]

Group 1 - The government report emphasizes the need for developing new productive forces and modern industrial systems, focusing on technological and industrial innovation integration [1] - Shenzhen Stock Exchange has become a crucial platform for implementing innovation-driven development strategies and fostering high-quality economic growth, nurturing quality tech companies [1] - Shenzhen-listed companies have significantly increased their R&D investments, with total R&D expenditures reaching 742.7 billion yuan in 2023, up from 578.91 billion yuan in 2021 [2] Group 2 - Companies like Wuhan Raycus Fiber Laser Technologies Co., Ltd. have achieved groundbreaking technological advancements, such as the world's first 200kW ultra-high-power fiber laser, enhancing China's position in fiber laser technology [3] - Key players like Koller Motor Group focus on independent R&D and collaboration with international research institutions to advance core technologies in motor and control systems [4] - Capital markets play a vital role in supporting companies like Midea Group in expanding their operational capabilities and enhancing profitability through strategic acquisitions and partnerships [5] Group 3 - Midea Group has seen a twofold increase in total revenue and a threefold increase in net profit over the past decade, with significant R&D investments totaling nearly 60 billion yuan from 2019 to 2023 [5] - Koller has expanded its financing channels since going public, enabling further investment in cutting-edge technology to overcome industry challenges [6] - Companies like Guangdong Tuosda Technology Co., Ltd. leverage capital market opportunities to enhance their technological capabilities in the artificial intelligence sector [6]