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 ...

New IPOs - Two new stocks are scheduled for subscription this week: Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision, 603370) and Changzhou Sanxie Electric Co., Ltd. (Sanxie Electric, 920100) [1][2] - Huaxin Precision is a leading manufacturer in the precision stamping core sector, with over 20 years of experience and established partnerships with major companies like BYD and BMW [1][4] - Sanxie Electric specializes in the research, manufacturing, and sales of control motors, including stepper motors and servo motors, and was recognized as a national high-tech enterprise in 2023 [1][6] Recent IPO Performance - Last week, two new stocks were listed, with an average first-day increase of 351.2%, resulting in significant profits for investors [1][6] - Ningbo Nengzhiguang New Materials Technology Co., Ltd. (Nengzhiguang, 920056) and Shenyang Hongyuan Electromagnetic Wire Co., Ltd. (Hongyuan, 920018) both saw substantial price increases on their debut [6][7] Company Financials - For Huaxin Precision, the average revenue of comparable companies for 2024 is projected at 3.68 billion yuan, with an average PE-TTM of 40.35X and a gross profit margin of 12.31% [4] - Sanxie Electric's revenue for 2022, 2023, and projected 2024 is 287 million yuan, 362 million yuan, and 420 million yuan respectively, with net profits showing a consistent growth trend [6] Upcoming IPO Reviews - The Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange will hold new listing review meetings this week [8] - Companies under review include Nabai Chuan New Energy Co., Ltd. and Jiangsu Jingchuang Electric Co., Ltd., focusing on innovative technologies in the electric vehicle and cooling industries [9][10]

【导读】下周2只新股可申购，华新精科客户包含比亚迪、汇川技术 A股打新投资者注意啦！ 根据目前发行安排，下周有2只新股可申购。 具体来看，8月25日可申购上交所主板新股华新精科，8月26日可申购北交所新股三协电机。 华新精科客户包含比亚迪、汇川技术 华新精科的申购代码是732370，发行价为18.60元/股，发行市盈率为21.68倍，参考行业市盈率为21.80倍。 华新精科此次总发行数量为4374万股，包含网上发行数量为1400万股。投资者参与网上申购华新精科，申购数量上限为1.35万股， 顶格申购需配沪市市值为13.50万元。 华新精科专注于精密冲压领域产品的研发、生产和销售，已成为国内外新能源汽车驱动电机铁芯、微特电机铁芯、电气设备铁芯、 点火线圈铁芯等产品的主流供应商之一。 目前，华新精科与法雷奥、台达电子、博世集团、艾尔多集团、汇川技术、比亚迪、宝马集团、采埃孚等企业建立了合作关系，其 中新能源汽车驱动电机铁芯的客户包含汇川技术、比亚迪、宝马集团。 来源：华新精科招股意向书 2022年至2024年，华新精科的营业收入分别为11.92亿元、11.89亿元、14.21亿元；归母净利润分别为1.14亿元、1 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription next week: Huaxin Jingke on August 25 and Sanxie Electric on August 26 [1] - Huaxin Jingke's subscription code is 732370, with an issue price of 18.60 CNY per share and a P/E ratio of 21.68, close to the industry average of 21.80 [2] - Sanxie Electric's subscription code is 920100, with an issue price of 8.83 CNY per share and a P/E ratio of 11.86, significantly lower than the industry average of 21.85 [8] Group 2: Huaxin Jingke Overview - Huaxin Jingke focuses on precision stamping products and is a key supplier for electric motor cores in the new energy vehicle sector, serving clients like BYD and Bosch [2] - The company has established partnerships with major firms including Valeo, Delta Electronics, and BMW [2] - Projected revenues for Huaxin Jingke from 2022 to 2024 are 1.192 billion CNY, 1.189 billion CNY, and 1.421 billion CNY, respectively, with net profits of 114 million CNY, 156 million CNY, and 153 million CNY [3] Group 3: Financial Projections for Huaxin Jingke - Expected revenue for the first three quarters of 2025 is between 1.122 billion CNY and 1.240 billion CNY, representing a year-on-year growth of 13.74% to 25.71% [6] - Projected net profit for the same period is estimated to be between 132 million CNY and 161 million CNY, indicating a growth of 16.03% to 41.81% [6] Group 4: Sanxie Electric Overview - Sanxie Electric specializes in control motors, including stepper motors and servo motors, with applications in humanoid robots [8] - The company has received recognition from clients in the robotics sector, including Hikvision and Dahua Technology [8] - Revenue projections for Sanxie Electric from 2022 to 2024 are 287 million CNY, 362 million CNY, and 420 million CNY, with net profits of 26.98 million CNY, 48.64 million CNY, and 56.34 million CNY [8] Group 5: Financial Projections for Sanxie Electric - Expected revenue for the first three quarters of 2025 is projected to be between 32 million CNY and 35 million CNY, reflecting a growth of 8.44% to 18.60% [12] - Projected net profit for the same period is estimated to be between 41.28 million CNY and 45.15 million CNY, indicating a growth of 8.36% to 18.51% [12]

根据目前发行安排，下周有2只新股可申购。 具体来看，8月25日可申购上交所主板新股华新精科，8月26日可申购北交所新股三协电机。 【 导读 】 下周2只新股可申购，华新精科客户包含比亚迪、汇川技术 中国基金报记者 闻言 A股打新投资者注意啦！ | 项目 | 2024 年末 | 2023 年末 | 2022 年末/ | | --- | --- | --- | --- | | | /2024 年度 | /2023 年度 | 2022 年度 | | 资产总额(万元) | 183.727.44 | 149.097.84 | 132.991.46 | | 归属于母公司所有者权益(万元) | 104.032.97 | 88.393.01 | 72.451.89 | | 资产负债率(母公司) | 40.67% | 40.92% | 45.74% | | 营业收入(万元) | 142.052.64 | 118.879.88 | 119.192.24 | | 净利润(万元) | 14.965.34 | 15.581.54 | 11.372.60 | | 归属于母公司所有者的净利润(万元) | 15.313.96 | 15.58 ...

来源：全景财经 并在北交所上市网上路演 股票代码：920100 本活动于2025年8月25日（星期一）14:00-16:00在全景路演举行，欢迎广大投资者踊跃参与！ 东北证券 保荐代表人 张兴云 东北证券 保荐代表人 程继光 公司简介 公司成立于 2002 年，是一家专注于控制类电机研发、制造与销售的高新技术企业，主营步进电机、伺服电机、无刷电机及配套产品，其产品具有体积 小、功率密度大、绿色节能的特点。 参与嘉宾 三协电机 董事长、总经理 盛祎 三协电机 董事、财务总监 薛小丽 三协电机 董事会秘书 江翔 公司注重电机新技术与新产品的研发革新，积累了丰富的电磁、机械仿真技术与工艺自动化经验，打造完善的工艺数据库，通过技术创新实现产品差异 化。导入 IATF16949 质量体系，规范设计和制造过程，实现各环节有效管控。秉承精益制造理念，应用 SAP 管理系统，推进 "三化一稳定"（管理 IT 化、生产自动化、人员专业化、关键岗位人员稳定），持续技术与工艺革新，构筑核心竞争力。公司能精确分析计算电机磁路与结构，满足设计要求，且 拥有全套测试实验设备，通过国家 CNAS 实验室认证。 在光伏太阳能领域，研发设计" ...

根据目前的发行安排，下周有2只新股申购，沪市主板、北交所各有1只。 日程安排上，周一（8月25日）可申购沪市主板新股华新精科，周二（8月26日）可申购北交所新股三协电机。 | | 下周新股申购安排 | | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 周一 (8月25日) | 华新精科 (申购代码: 732370) | 18.60元 | 21.68 | 沪市主板 | | 周二 (8月26日) | 三协电机 (申购代码: 920100) | 8.83元 | 11.86 | 北交所 | 华新精科是新能源汽车驱动电机铁芯国产龙头厂商。 华新精科的发行价为18.60元/股，发行市盈率为21.68倍，参考行业市盈率为21.8倍。公司本次公开发行股票数量为4373.75万股，网上发行申购上限 为13500股，顶格申购需配沪市市值13.5万元。 招股书显示，华新精科专注于精密冲压领域产品的研发、生产和销售，主要产品为各类精密冲压铁芯及与铁芯生产相关的精密冲压模具。公司产品 主要供应国内外众多大型汽车零部件厂商、电机制造厂商、电 ...

根据目前的发行安排，下周有2只新股申购，沪市主板、北交所各有1只。 日程安排上，周一（8月25日）可申购沪市主板新股华新精科，周二（8月26日）可申购北交所新股三协电机。 | | 下周新股申购安排 | | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 周一 (8月25日) | 华新精科 (申购代码: 732370) | 18.60元 | 21.68 | 沪市主板 | | 間二 (8月26日) | 三协电机 (申购代码: 920100) | 8.83元 | 11.86 | 北交所 | 华新精科是新能源汽车驱动电机铁芯国产龙头厂商。 华新精科的发行价为18.60元/股，发行市盈率为21.68倍，参考行业市盈率为21.8倍。公司本次公开发行股票数量为4373.75万股，网上发行申购上限 为13500股，顶格申购需配沪市市值13.5万元。 三协电机是国内控制类电机领域的领先企业。 三协电机的发行价为8.83元/股，发行市盈率为11.86倍。 招股书显示，三协电机成立于2002年，是一家研发、制造并销售控制类电机的高新技术 ...

2025 年 08 月 23 日 三协电机(920100)：微特电机定制 专家，应用多点突破、国产化空间 广阔 ——北交所新股申购策略报告之一百四十 相关研究 策 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 (8621)23297818× lvjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 略 研 究 申 购 策 略 证 券 研 究 报 告 - ⚫ 基本面：公司主要产品包括步进电机、伺服电机和无刷电机及其配套产品，广泛应用于安 防、纺织、光伏、半导体、3C、汽车、机器人、医疗、智能物流等领域。坚持自主创新， 部分产品一定程度上实现进口替代和国际竞争。公司自主研发的微特电机具有多种机座型 号和电机极数，在转速、力矩、功率密度、防护等级等核心技术指标已达到日本美蓓亚、 日本松下电机等国际龙头企业水平。重视研发投入，应用领域多点突破。以机器人领域为 例，公司成功地在 AGV、协作 ...

Group 1: Core Insights - The core viewpoint of the news is that Aomeisen and Sanxie Electric have received approval from the China Securities Regulatory Commission for their public stock offerings, aiming to raise funds for business expansion and development [1][2]. Group 2: Company Overview - Aomeisen specializes in intelligent manufacturing equipment, serving various sectors including electrical appliances and renewable energy, with a planned IPO fundraising of approximately 195 million yuan [1][2]. - Sanxie Electric focuses on the research, manufacturing, and sales of control motors, with an IPO fundraising target of about 159 million yuan [1][3]. Group 3: Financial Performance - Aomeisen's revenue from 2021 to 2024 is projected to grow from 308 million yuan to 358 million yuan, with net profits increasing from approximately 40.98 million yuan to 52.72 million yuan [2]. - Sanxie Electric's revenue is expected to rise from 287 million yuan in 2022 to 420 million yuan in 2024, with net profits growing from about 26.98 million yuan to 56.33 million yuan [3]. Group 4: Fundraising Utilization - Aomeisen plans to allocate 89.61 million yuan for the construction of a production base for digital forming equipment, 75.45 million yuan for R&D center development, and 30 million yuan for working capital [2]. - Sanxie Electric intends to use the funds raised for expanding production capacity of energy-efficient control motors, enhancing R&D capabilities, and supplementing working capital [3]. Group 5: Regulatory Scrutiny - Aomeisen faced inquiries regarding the sustainability of its performance and the rationality of using part of the raised funds for working capital, given its positive cash flow and lack of funding gaps [4][5][6]. - Sanxie Electric's transactions with Reais Intelligent raised questions about the fairness of pricing and the sustainability of its sales growth following Reais's investment [7][8].