伟创电气 20260125 摘要 伟创电气通过与浙江荣泰合作间接供货特斯拉，获得首部四缸定点，份 额高，并通过合资公司延伸至关键模组总成及零销售，增强了其在特斯 拉供应链中的地位。 伟创电气深耕控制电机领域，产品在散热和性能方面表现优异，与特斯 拉进行了多次迭代测试，响应速度快，并通过合资公司弥补商务关系不 足，利用自身产品优势和合作伙伴资源实现卡位优势。 伟创电气工控主业过去五年利润复合增速接近 30%，即使在行业下行周 期中也保持增长，得益于海外市场拓展、产品延伸及细分行业份额提升， 使其有望成为机器人领域的核心玩家。 伟创电气构建了控制、驱动、执行全方位产品布局，对标汇川，逐步发 展为具备行业整体解决方案能力的国内领军企业，其工业自动化主业营 收占比接近 95%。 伟创电气海外市场布局领先，凭借快速响应和渠道优势填补欧美品牌撤 离俄罗斯后的市场真空，并通过供氧水等优势产品开拓亚非拉新兴市场， 研发投入高，数字化工厂提高运营效率。 Q&A 伟创电气在机器人电机领域的核心竞争力是什么？ 伟创电气在机器人电机领域的核心竞争力主要体现在以下几个方面。首先，公 司是特斯拉机器人电机环节确定性最高的公司之一，尤其是 ...

Summary of Weichuang Electric's Conference Call Company Overview - **Company**: Weichuang Electric - **Industry**: Electric Equipment and Automation Key Financial Metrics - **Revenue Growth**: - Q1: 18% - Q2: 15% - Q3: 17.24% - Year-to-date revenue: 1.35 billion yuan, up 16.67% year-on-year [2][3] - **Net Profit**: - Year-to-date net profit: 225 million yuan, up 6.74% year-on-year [3][4] - **Gross Margin**: 37.87%, slightly down but in line with expectations [2][3] - **R&D Investment**: 150 million yuan, up 7.16%, accounting for over 11% of revenue [2][6] Market Performance - **Domestic Market**: - Revenue: 956 million yuan, up 18.34%, accounting for 72.37% of total revenue [2][5] - **Overseas Market**: - Revenue: 365 million yuan, up 14%, accounting for 27.63% of total revenue [2][5] - **Product Line Performance**: - Inverters: 865 million yuan, up 16%, 65.47% of total revenue - Servo and Control Systems: over 400 million yuan, up 10.85%, nearly 31% of total revenue - Digital Energy: over 30 million yuan, up 184%, around 2% of total revenue [2][5] Industry Insights - **Sector Performance**: - Industrial Control: up over 10% - Machine Tools: up 24% - Textiles: down 28% - Mining: up 7% - High-efficiency Motors: up 50% - Other sectors: up 4% [3][11] - **Customer Segments**: - Major clients: up 40% - Domestic general: up 20% - Overseas revenue growth, particularly in the CIS region (up 28%) and new energy (over 200% increase) [3][12] Strategic Initiatives - **R&D and Innovation**: - 234 patents held, including 66 invention patents, with over 600 R&D personnel [2][6] - **Robotics Sector**: - Focus on motor products for robotics, with significant domestic supply to automotive and tech sectors [7][8] - **Collaboration with Tesla**: - Active partnerships with domestic integrators and direct engagement with Tesla for customized products [8][9] Future Outlook - **2025 Revenue Guidance**: Expected to be between 1.8 billion to 2 billion yuan [3][29] - **Market Trends**: - Anticipated growth in high-efficiency fluid, 3C, and lithium battery sectors - Expectation for stabilization in the textile industry with new product launches [3][13] - **International Expansion**: - Plans to establish a presence in Europe, leveraging the region's established industrial base [26] Additional Considerations - **Challenges**: - Addressing power density and thermal management in motor products for overseas clients [19] - **Product Development**: - Continuous iteration in product offerings to maintain market share and meet diverse customer needs [25][28] This summary encapsulates the key points from Weichuang Electric's conference call, highlighting financial performance, market dynamics, strategic initiatives, and future outlook.