Core Industry Overview - Hengyang City is focusing on building a modern industrial system characterized by "one core, two electricity, three colors, and four new" industries, aiming for coordinated development of advanced manufacturing, traditional industry upgrades, and emerging industry cultivation [1][13] - The "one core" focuses on nuclear technology application, establishing a national-level demonstration base for nuclear technology applications [1][13] - The "two electricity" includes electrical equipment and electronic information as pillar industries, aiming to cultivate a trillion-level industrial cluster [1][13] - The "three colors" refer to traditional advantageous industries: non-ferrous metals, salt chemical industry, and steel pipes and deep processing [1][13] - The "four new" focuses on emerging growth points such as new energy vehicles, modern logistics, cultural tourism and health, and ecological agriculture [1][13] Economic Performance - In 2024, Hengyang's GDP is projected to reach 449.169 billion, with a year-on-year growth of 5.4%, indicating a steady economic expansion [4] - The secondary industry shows the strongest growth, with an added value of 142.336 billion and a growth rate of 6.9% [4] - The tertiary industry maintains steady growth, achieving an added value of 258.077 billion, growing by 5.1% [4] - The first industry added value is 48.756 billion, with a growth of 2.7%, demonstrating a collaborative development among the three major industries [4] New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality [2][3] - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [3] Policy Framework - Hengyang has implemented various policies to support the cultivation of new quality productive forces, including plans for health industry development and optimizing the business environment [10][11] - The "Stabilize Five and Advance Three" strategy aims to consolidate five advantageous industries while breaking through three emerging industries to inject new momentum into high-quality development [10][13] Industrial Space Layout - Hengyang adopts a "no zoning layout, integrated promotion" planning concept, creating a spatial structure of "one river, four screens, one circle, and one belt" [15][18] - The layout focuses on ecological protection and urban development, enhancing the integration of modern service and advanced manufacturing industries [15][18] Emerging Industries - Emerging industries such as electronic information, new energy vehicles, and nuclear technology applications are rapidly rising, contributing to the economic growth of Hengyang [20] - Companies like Hunan Kai Ming Electronic Technology and Hunan Tian Yan Machinery are becoming new forces in their respective industries through technological innovation [20] Development Trends - Hengyang is advancing traditional industries towards high-end and intelligent transformation while vigorously cultivating emerging industries, forming a dual-driven model [23][24] - The city is enhancing its innovation capabilities through increased R&D investment and the establishment of innovation platforms [25] - Hengyang is deepening open cooperation and policy support to ensure the development of new quality productive forces, aiming for broader growth prospects [26]

电机控制器，作为电动汽车的核心部件之一，是汽车动力性能的决定性因素。它从整车控制器获得整车的需求，从动力电池包获得电 能，经过自身逆变器的调制，获得控制电机需要的电流和电压，提供给电动机，使得电机的转速和转矩满足整车的要求。 中国新能源汽车电机控制器发展现状及未来趋势 中国新能源汽车电机控制器市场在产品类型和技术路线上呈现显著分化，高压电机控制器与低压电机控制器分别对应不同的市场需求与 技术趋势。从产品类型来看，高压电机控制器已占据主导地位， 2024 年其收入份额为 96.59% ，预计到 2031 年将进一步攀升至 98. 93 % ，成为市场绝对主流。 从产品市场应用情况来看，新能源汽车电机控制器主要用于 纯电动汽车 和插电式电动汽车；纯电动汽车（ BEV ）仍是当前电机控制器 需求的主力， 2024 年收入占比达到 63.46% ，但插电式电动汽车（ PHEV ）的增速与技术创新正逐步改写市场格局，市场份额逐步扩 大。 中国市场核心厂商包括比亚迪、特斯拉汇川联合动力、联合汽车电子、华为、中车时代电气和蔚来驱动科技等，按收入计， 2024 年中 国市场前三大厂商占有大约 57.37% 的市场份额，预计未 ...

限公司向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【108】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未 ...

Core Viewpoint - The company is focused on maintaining its leading position in the automotive clutch transmission system sector while actively pursuing opportunities in the new energy vehicle (NEV) components market and enhancing its technological capabilities [1][2][3] Group 1: Production Process and Technology - The company's automotive clutches consist of a cover assembly, driven plate, and release bearing, with a fully controlled production process ensuring product reliability and stability [1] - The company utilizes advanced manufacturing technologies, including a 5200-ton precision digital stamping line and Japanese heat treatment techniques, to enhance product performance [1] - The hollow motor shafts for NEVs are produced through a series of high-precision processes, achieving a precision control of 2 to 5 micrometers [1] Group 2: Mergers and Acquisitions - The company has completed three acquisitions since its listing, including the purchase of Geiger in 2018, which enhanced its precision manufacturing capabilities [1][2] - The acquisition of Hubei Sanhuan in 2019 resulted in exceeding performance commitments, achieving 174.42% of the promised net profit [1][2] - The company also acquired Yuntong Sifang and Guolian Auto Parts in 2021, expanding its capabilities in the automotive aftermarket [2] Group 3: Financial Health - The company exhibits a "three low" characteristic: low asset-liability ratio, low goodwill, and low pledge rate of major shareholders [2] - The company maintains a healthy cash flow with minimal interest-bearing debt and low overall goodwill, reducing impairment risks [2] - The absence of stock pledges by major shareholders indicates a stable equity structure [2] Group 4: Future Development Plans - The company aims to strengthen its R&D efforts in core transmission components suitable for various vehicle types, including AT, CVT, DCT, and NEVs [3] - The company plans to enhance its NEV components business by integrating industry resources and adopting advanced manufacturing techniques [3] - The company seeks to improve its smart automotive service levels by developing a comprehensive service ecosystem for the commercial vehicle aftermarket [3] - The company is pursuing a global strategy to leverage its overseas manufacturing capabilities and expand its market presence in Europe and America [3]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") is experiencing rapid growth in the capital market, driven by its association with major clients like Li Auto and Xiaomi, despite showing signs of financial weaknesses as it prepares for its IPO [2][6]. Company Overview - United Power was established in 2016, spun off from the industrial control leader Huichuan Technology, and focuses on the development, production, and sales of electric motors, electronic controls, power supplies, and powertrains for electric vehicles [6]. - The company reported revenues of 50.27 billion, 93.65 billion, and 161.78 billion yuan for the years 2022, 2023, and 2024, respectively, with an average annual growth rate of nearly 80% [6]. Financial Performance - In 2023, United Power achieved a net profit of 1.86 billion yuan, a year-on-year increase of 203.19%, and is projected to reach 9.36 billion yuan in net profit for 2024, representing a growth of 403.55% [6]. - The company's revenue heavily relies on its top five clients, which accounted for 71.73%, 76.03%, and 67.81% of total revenue during the reporting period [6]. Client Dependency - Li Auto contributed nearly 50% of the revenue from the top five clients, while Xiaomi accounted for 7.94% [6]. - As of 2024, United Power's accounts receivable balance was 56.84 billion yuan, a year-on-year increase of 57.83%, which is lower than the revenue growth rate for the same period [6]. Cash Flow Concerns - The high accounts receivable levels indicate potential collection risks, as seen in the case of former key client WM Motor, which faced bankruptcy and left United Power with 215 million yuan in bad debt [10]. - Prior to its IPO application, United Power's operating cash flow was negative until it turned positive just before the filing [11]. Sales Trends - Sales data for Li Auto and Xiaomi in the first five months of 2025 showed a decline, raising concerns about the impact on United Power's cash flow and overall performance [11]. - In the first quarter of 2025, United Power's revenue and net profit growth rates were 49.81% and 91.04%, respectively, both significantly lower than the previous year's figures [11].

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

Group 1 - The core viewpoint is that rare earths, a strategic resource for China, are becoming increasingly important in international competition, especially after China's recent export controls on heavy rare earth elements [2][3]. - China's export control on seven categories of heavy rare earth elements is a strategic move aimed at countering external pressures, particularly affecting the U.S. military's reliance on Chinese rare earths for high-end equipment [2][3]. - The global market for heavy rare earths is characterized by a 90% share, with limited alternatives, indicating a significant shift in pricing logic and supply-demand dynamics [3]. Group 2 - Market reactions to the rare earth sector have been slow, with many investors remaining cautious due to past volatility and perceived speculative nature of the market [4]. - The current market logic has shifted from short-term speculation to recognizing the long-term strategic value of rare earths, driven by export controls and intensified international competition [4]. - Institutional investors have already begun to act in the rare earth sector, indicating that while retail investors hesitate, significant capital is being deployed in anticipation of future price increases [6][8]. Group 3 - To navigate the market effectively, it is crucial to focus on institutional behavior rather than being swayed by price fluctuations, as these may present opportunities rather than risks [12]. - Understanding the true intentions of institutional investors through data analysis is more important than speculating on price movements, especially as the rare earth narrative evolves towards long-term strategic value [12].

从主营业务构成来看，截至2024年12月31日，公司电动汽车电机控制器收入2.06亿元，占比58.60%，中 低压变频器收入1.06亿元，占比29.99%，其他(补充)收入4013.33万元，占比11.41%。 | 日期 | 变动人 | 变动股数 | 成交均价 | 变动金额(万) | 变动原因 | 变动后持股数 | 变动人与董监高的关系 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-05-27 | 徐学海 | -180000.00 | 21.2 | -381.60 | 竞价交易 | 1306.71万 | 本人 | | 2025-05-07 | 徐学海 | -160000.00 | 20.82 | -333.12 | 竞价交易 | 1324.71万 | 本人 | | 2025-04-30 | 徐学海 | -49200.00 | 20.28 | -99.78 | 竞价交易 | 1340.71万 | 本人 | | 2024-11-15 | 邱文渊 | -200.00 | 29.15 | -0.58 | 竞价交易 | 2296.83万 | 本人 ...

证券代码：301581 证券简称：黄山谷捷 3、在激烈的市场竞争中，公司如何平衡市场份额与利润率？ 答：作为新能源汽车产业链企业，我们将以"抢占市场，降 本增效"为本，加强技术创新和工艺改进，进一步提升企业运营 质量和水平，保持市场份额和利润率的平衡。 4、作为新上市公司，公司管理层如何回报投资者？ 黄山谷捷股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 ☑特定对象调研□分析师会议 □媒体采访□业绩说明会 □新闻发布会□路演活动 ☑现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 西南证券 郑连声 易方达基金 胡硕倬 中银基金 阎安琪 中邮证券 付秉正 华福证券 卢宇峰 时间 2025 年 5 月 28 日（星期三）上午 9:00 地点 黄山谷捷股份有限公司会议室 上市公司接待人 员姓名 黄山谷捷董事长胡恩谓 黄山谷捷副总经理、董事会秘书程家斌 黄山谷捷财务负责人汪琦 黄山谷捷证券事务代表 毕杰 投资者关系活动 主要内容介绍 本次调研为现场调研。公司代表带领投资者参观了公司，介 绍了公司的基本情况，并与调研人员进行了互动交流，主要内容 如下： 1、公司如何 ...

Group 1 - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 26, 2025, via an online platform, allowing for interaction with investors [1] - The company reported a revenue of 665.68 million yuan for 2024, representing a year-on-year growth of 16.62%, and a net profit attributable to shareholders of 25.61 million yuan, also showing a year-on-year increase [2] - The company plans to enhance internal management through digital transformation and improve supply chain efficiency while maintaining a focus on R&D investment to increase product competitiveness [2][3] Group 2 - The company aims to deepen its involvement in the specialized vehicle sector, particularly in the development and promotion of new energy vehicles, including alcohol-hydrogen and pure electric vehicles [3] - The commercial vehicle industry is currently undergoing a transformation, with a reported decline in sales of 3.9% year-on-year, totaling 3.873 million units in 2024, while exports increased by 17.5% [3] - The long-term outlook for the commercial vehicle industry remains positive, driven by policy guidance, technological changes, and globalization trends, despite short-term pressures from economic cycles [3]