调研纪要：截止2025年上半年，公司实现营业收入70,505.32万元，同比增长14.08%；净利润6,370.41万 元，同比增长35.31%。公司已形成"三位一体+产业投资"战略，在发动机控制、救援救生等领域实现产 品批量交付，解决供应链本土化问题。公司是EFW21机型客改货项目全球首家第三方改装公司，具备9 条窄体机客改货能力。2025年7月完成对"傲势科技"战略投资，布局低空经济，已交付首台eVTOL模拟 器，研发600千瓦级无人机发动机控制系统并小批量交付。 机构简介： 根据市场公开信息及9月2日披露的机构调研信息，知名私募林园投资近期对1家上市公司进行了调研， 相关名单如下： 1）海特高新 （林园投资参与公司现场参观） 深圳市林园投资管理有限公司成立于2006年，是老牌证券类私募管理人，由著名职业投资人林园先生创 办。（合规声明：公司所有产品只适用于适当性匹配的合格投资者。公司所有产品不保本、不保收益。 所有产品的历史业绩不代表未来收益，不构成任何业绩承诺。所有路演和访谈观点均不构成具体的投资 建议，投资有风险，决策须谨慎。业绩数据及排名数据以发布的数据测算口径为依据，不构成任何业绩 承诺。） 以 ...

Core Viewpoint - The company, Zhejiang Fangzheng Electric Motor Co., Ltd., reported a revenue of 1.264 billion yuan for the first half of 2025, marking an 8.51% year-on-year increase, driven by advancements in various sectors including new energy drive motors, micro-special motors, intelligent controllers, and automotive electronics [1] Group 1: New Energy Drive Business - The new energy drive motor business achieved sales revenue of 600 million yuan, with a shipment volume of 463,600 units, bringing the cumulative shipment to over 3.5656 million units [2] - The company has developed cutting-edge technologies such as the eight-layer flat wire stator and ultra-high power density, with its 800V motor system for the Xiaopeng G9 being the first mass-produced ultra-high voltage motor product in China [2] - The company received 56 patent authorizations in the reporting period, including 6 invention patents and 1 international patent, and is advancing the research and development of high-voltage integrated drive systems [2] Group 2: Diversified Business Development - The micro-special motor segment, which is widely used in home appliances, medical, aerospace, and industrial sectors, has a global market size of 46.74 billion USD in 2024, expected to grow to 76.99 billion USD by 2032 [3] - The company maintains a global market share of approximately 75% in multi-functional sewing machine motors, with electric tool motor revenue increasing by 9.11% year-on-year and profit growth of 20.47% [3] - In the automotive electronics sector, the company’s subsidiary, Shanghai Haineng Automotive Electronics Co., Ltd., focuses on engine control systems, with revenue from natural gas engine control systems increasing by 57.01% due to the implementation of National VI emission standards [3] Group 3: Intelligent Controller and Future Growth - The intelligent controller (PCBA) business of the subsidiary Shenzhen Gaoke Run Electronics Co., Ltd. saw a sales increase of 46.58% year-on-year, driven by process optimization and product structure adjustments [4] - The company is exploring new business areas such as robotic joints and electric aircraft drive systems, having applied for 18 related patents, with 9 already approved [4] - The development of humanoid robot joint products is underway, which is expected to become a new growth engine for the company in the future [4]

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].