核心观点 同时，公司前瞻布局人形机器人和氢能业务，打开成长空间。我们预计公司2025-2027 年收入分别为 132.25/150.08/169.34 亿元，同比+9.2%/+13.5%/+12.8%；归母净利润分别为11.79/13.99/16.77 亿元，同 比+32.9%/+18.7%/+19.8%。按照2025 年9 月30 日收盘市值对应PE分别为23.86/20.11/16.78 倍，我们看好 公司的成长空间，首次覆盖给予公司"买入"评级。 风险提示 国际贸易风险、国际化管理风险、新业务拓展不及预期风险、商誉减值准备计提风险。 受益行业需求，公司新能源汽车业务释放规模效应。据中国汽车工业协会数据显示，2025H1 国内新能 源汽车销量693.7 万辆，同比+40.3%，渗透率达44.3%。公司在新能源乘用车和商用车领域获得多个项 目定点；同时，公司先后落地上海电驱动上海工厂、泰国工厂和重庆工厂，并提高核心零部件自制率。 2025H1 公司新能源汽车动力总成系统业务营收7.25 亿元，同比+5.73%；毛利率19.09%，同比提升 8.70pct。 前瞻布局人形机器人和氢能业务。1)公司于2025 ...

Core Viewpoint - The company, Dayang Electric (002249.SZ), is advancing its plans for an IPO in Hong Kong to accelerate its internationalization and overseas business development [1][2]. Group 1: Company Overview - Dayang Electric is a leading supplier of efficient motors and electric drive systems in China, aiming to become a premier provider of green and environmentally friendly solutions in the global motor and drive control system market [1]. - The company has established a strategic focus on overseas markets, with expectations that by the first half of 2025, overseas sales will account for 47.7% of total revenue [1][3]. Group 2: Financial Performance - From 2021 to 2024, Dayang Electric has shown consistent growth in both operating revenue and net profit attributable to shareholders, with the first half of 2025 reporting operating revenue of 6.241 billion yuan and a net profit of 602 million yuan, representing year-on-year increases of 7.66% and 34.41% respectively [1][5]. - In 2024, the company achieved record highs in both operating revenue and net profit, with figures of 12.113 billion yuan and 888 million yuan, reflecting year-on-year growth of 7.31% and 40.82% respectively [5]. Group 3: Market Position and Product Segmentation - According to Frost & Sullivan, Dayang Electric ranks second globally among third-party HVAC electric drive solution suppliers and first in China and North America [3]. - The company has diversified its business from traditional home appliances to the automotive and hydrogen energy sectors, with products spanning building ventilation, electric motors for home appliances, fuel vehicle rotating electrical equipment, and new energy vehicle powertrain systems [5]. Group 4: Research and Development - Dayang Electric has significantly increased its R&D investment, with expenditures from 2022 to the first half of 2025 amounting to 4.28 billion yuan, 4.93 billion yuan, 5.35 billion yuan, and 3.03 billion yuan, representing 3.9%, 4.4%, 4.4%, and 4.9% of revenue respectively [6]. - The company has accumulated a substantial portfolio of intellectual property, with 4,427 patent applications filed as of June 30, 2025, including 3,387 granted patents [6]. Group 5: Stock Market Performance - Dayang Electric's stock has shown strong performance, with a price increase of 9.97% to 11.69 yuan per share on September 23, 2025, and an overall year-to-date increase exceeding 100%, resulting in a total market capitalization of 28.55 billion yuan [7].

Group 1 - The company has nominated Chen Liang as an independent director candidate for the seventh board of directors, ensuring that there are no relationships affecting his independence [1][34] - The company is committed to complying with relevant laws and regulations regarding the qualifications and independence of independent directors [3][4][5] - The independent director candidate has undergone qualification review and confirmed no conflicts of interest with the company [1][2] Group 2 - The company aims to become a leading supplier in the field of electric motors and drive control systems, focusing on green and intelligent solutions [38][39] - The company has two main business segments: BHM (Building Ventilation and Home Appliances) and EVBG (Electric Vehicle Business Group), with significant market potential in both segments [39][46] - The BHM segment is expected to benefit from the growing demand for energy-efficient appliances, while the EVBG segment is positioned to capitalize on the transition from traditional fuel vehicles to electric vehicles [39][51] Group 3 - The company has a production capacity of over 80 million units for building ventilation and home appliance motors, 8 million vehicle rotating electrical devices, and 1 million new energy vehicle powertrain systems annually [45] - The company is actively expanding its production capacity with new factories in Chongqing, Thailand, and Morocco [45][46] - The company emphasizes technological innovation and has established multiple R&D centers to enhance its product offerings [41][42] Group 4 - The company is benefiting from favorable government policies aimed at promoting green and intelligent home appliances and the development of the new energy vehicle market [46][47] - The hydrogen energy sector is gaining traction, with supportive policies enhancing its strategic importance in the energy landscape [48][49] - The automotive industry in China is experiencing rapid growth, with significant increases in production and sales of new energy vehicles [51][52]