□ 本报记者梅源 近日，总投资10.5亿元的大排量曲轴智能制造项目，在泰州市海陵区罡杨工业园区签约。项目将新建10 条智能化生产线，达产后预计年产曲轴300万套、年销售额超12亿元，标志着泰州市海陵区在以链式思 维推动产业转型升级、加快发展新质生产力的征程上迈出了关键一步。 此次项目主体江苏罡阳股份有限公司是海陵本土企业，1988年从生产摩托车曲轴起步，逐渐成长为全球 小型动力轴类产品的重要生产基地，在全球市场占有率高达45%，成为行业内的领军者。 面对消费升级带来的新市场需求，公司董事长陈杰表示："新项目是我们实现智能制造、绿色制造的战 略布局，更是驱动企业迈向'百年罡阳、百亿罡阳'目标的核心引擎。"这一战略布局，彰显了企业创新 进取的决心。 "我们的目标不仅是培育单家企业，更是要锻造一条完整、坚韧的产业链。"海陵高新区相关负责人的话 语掷地有声。依托"车件之乡"深厚的产业底蕴和省级产业基地的强大平台优势，海陵区精心构建起一个 从核心部件研发生产、配套服务完善到市场拓展的全方位产业生态圈。 在这个生态圈中，各企业优势互补、协同发展。林海集团的自主品牌摩托车凭借卓越的品质和独特的设 计，年销量约3万辆；微特利 ...

Group 1 - Chery Group's Eco Drive Factory was inaugurated in Wuhu, Anhui Province, marking a significant milestone in the establishment of a complete industrial chain for key components of new energy vehicles, including 8AT automatic transmissions, DHT hybrid transmissions, electric drive systems, and four-wheel drive systems [1] - The Eco Drive Factory and the shell processing factory, which began operations in November, are part of Chery's efforts to create a new energy vehicle powertrain base in the region, contributing to the local economy and the development of key components for new energy vehicles [1] - The establishment of the Eco Drive Factory reflects Chery's commitment to high efficiency in building world-class factories and the local government's dedication to providing a high-quality business environment [2] Group 2 - The construction of the Eco Drive Factory took only 10 months from land acquisition to production, showcasing the efficiency of Chery and the quality of the business environment in the region [2] - The local government emphasizes the importance of serving existing enterprises as a key aspect of creating a persuasive business environment, offering comprehensive and high-quality services to promote industrial upgrades and regional economic development [2]

Macro Strategy - The October PMI has decreased to 49% from 49.80% in September, influenced by the "Eleventh" holiday and fluctuations in Sino-US trade affecting manufacturing activities [2][3] - A-share indices experienced fluctuations with the Shanghai Composite Index slightly rising by 0.11% and the ChiNext Index rising by 0.50%, while the CSI 300 fell by 0.43% [3] Industry Overview - In the automotive sector, the penetration rate of new energy vehicles (NEVs) has reached 60%, marking a significant structural change in China's passenger car market [14] - In October, approximately 1.32 million NEVs are expected to be sold, with the penetration rate hitting a historical peak, reflecting a rapid increase from 1.42% in January 2018 to over 60% in just six years [15][16] - The growth in NEV sales is driven by government policies promoting the replacement of old fuel vehicles and consumer preferences for newer, cost-effective technologies [15] - The automotive industry is expected to see continued investment opportunities in the NEV supply chain, including vehicle manufacturing, battery production, charging infrastructure, and smart technologies [16] Investment Recommendations - The automotive sector is positioned for growth due to the acceleration of smart technologies and supportive policies, with a focus on companies leading in intelligent driving and cockpit technologies [17] - Investors are advised to pay attention to high-quality companies in the NEV sector, particularly those with strong market shares and technological advantages [17]

Core Insights - The China Securities 500 Quality Growth Index (930939) has shown a positive performance with a 0.39% increase, while the 500 Quality Growth ETF (560500) rose by 0.33% [1][2] - Significant growth in the ETF's scale has been observed, with an increase of 59.15 million yuan over the past three months [1] - The automotive industry is experiencing a trend of new model launches, with Tesla's Q3 sales in China increasing by 31% [2] Market Performance - Key stocks in the China Securities 500 Quality Growth Index include Wanxiang Qianchao (000559) up 9.99%, Hunan Gold (002155) up 9.31%, and Xinquan Co. (603179) up 7.76% [1] - The top ten weighted stocks in the index account for 22.61% of the total index, with Huagong Technology (000988) being the highest at 3.37% [3][5] Industry Trends - The penetration of intelligent components in the automotive sector, such as smart cockpits and HUDs, is rapidly increasing, benefiting related companies [1] - The fast development of new energy vehicles is driving demand for components like power batteries and electric drive systems [1] - The introduction of innovative products, such as Figure 03 by Figure, indicates a significant acceleration of smart technology in the automotive and component sectors [2]

Core Viewpoint - Zongshen Power continues to demonstrate strong revenue and profit growth, with a net profit increase of 93.70% year-on-year in the first three quarters of 2025, reflecting the company's robust operational performance and strategic positioning in both traditional and emerging business sectors [2][3][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 6.693 billion yuan, a year-on-year increase of 39.05%, and a net profit of 506 million yuan, up 79.37% [3]. - For the first three quarters of 2025, total revenue reached 9.639 billion yuan, representing a 30.17% year-on-year growth, with net profit soaring to 758 million yuan, marking a 93.70% increase [3][4]. Business Segments - The general machinery segment, as the primary growth driver, reported a revenue of 3.647 billion yuan in the first half of 2025, a significant increase of 73.06%, with net profit rising by 139.79% [4]. - The motorcycle engine segment generated 2.330 billion yuan in revenue during the same period, reflecting a 14.39% growth, primarily driven by increased export volumes [5][6]. Emerging Business Opportunities - The company is focusing on three key areas: aviation power, new energy, and high-end components, which are expected to support long-term growth [7][8]. - In the new energy sector, Zongshen Power has established two product systems covering electric drive systems and energy storage, achieving significant revenue growth [8]. Capital Operations and Investments - The company reported over 63 million yuan in investment income in the first half of 2025, largely due to the strong performance of its associate company, Longxin General [9]. - Zongshen Power's strategic investments, including the acquisition of a stake in Longxin General, have enhanced its market position in the motorcycle and general machinery sectors [9][10]. Research and Development - The company has increased its R&D expenditure to 165 million yuan in the first half of 2025, a 15.04% increase year-on-year, and holds nearly 1,500 effective patents [11][12]. - The "14th Five-Year Plan" emphasizes the low-altitude economy as a strategic emerging industry, projecting significant growth opportunities in this sector [12].

Automotive Industry - The core point of the report highlights the impressive performance of the Chinese automotive industry in the first three quarters of 2025, with strong growth in new energy vehicles (NEVs) [3][4] - In the first three quarters of 2025, production and sales of NEVs exceeded 11.24 million units, representing a year-on-year growth of 35.2% and 34.9% respectively, with a penetration rate of 46.1% [4] - In September 2025, NEV production and sales reached 1.617 million and 1.604 million units, showing a month-on-month increase of 16.3% and 15%, and a year-on-year increase of 23.7% and 24.6% [4] - The export volume of automobiles in the first three quarters of 2025 increased by 14.8% year-on-year, with a total export of 4.95 million vehicles [4] - The report suggests focusing on leading companies in the NEV supply chain and those with overseas market presence, as the increasing penetration rate of NEVs will drive the collaborative development of the entire industry chain [4][5] Investment Recommendations - The report indicates that the automotive sector is experiencing a resonance phase between new product cycles and technological advancements, particularly in smart driving and smart cockpit technologies, which are expected to drive continuous sales growth [5] - Continuous policy support for automotive consumption and the rising penetration rate of NEVs provide a broad market space for vehicle manufacturers [5] - In the components sector, the rapid increase in the penetration of smart components such as smart cockpits and electric drive systems is expected to benefit related companies [5] - The report maintains an "overweight" rating for the automotive industry, recommending attention to quality companies in the sector, such as Shuanghuan Transmission and Beite Technology [5] New Materials - The report notes a slight increase of 0.05% in the rare earth magnetic materials industry, outperforming the benchmark by 2.27 percentage points [7] - The prices of rare earth concentrates have accelerated their decline, with specific price drops reported for various rare earth minerals [9] - The report highlights the need to monitor the demand side closely, as the market's just-in-time transactions are primarily driven by basic needs, with expectations for demand to improve in the coming months [10] Medical Services - The report indicates a decline of 2.48% in the pharmaceutical and biological sector, with the medical services sub-sector experiencing a significant drop of 5.21% [11][12] - The current PE ratio for the medical services sector is 34.96, with a recent decrease of 1.96 from the previous week [13][14] - The report emphasizes the potential of ADC (Antibody-Drug Conjugates) and CDMO (Contract Development and Manufacturing Organization) in the innovative drug sector, projecting significant growth in the ADC outsourcing market [15][16] - The report maintains a "buy" rating for the medical services industry, recommending attention to high-growth companies and those with improving expectations, such as WuXi AppTec and Aier Eye Hospital [17] ETF Market Overview - As of October 17, 2025, there are 1,328 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 55,264.48 billion [19] - The report notes that the average weekly change in shares for stock ETFs was an increase of 27.63 million shares, with significant increases in bank and brokerage ETFs [20] - The report recommends focusing on the automotive, coal, and agriculture sectors within the PB-ROE framework for ETF rotation strategies, highlighting the potential for these sectors to outperform [24]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][20]. Core Insights - The company reported significant growth in both revenue and profit for Q3 2025, with total revenue reaching 989 million yuan, a year-on-year increase of 69.4%, and net profit attributable to shareholders at 112 million yuan, up 580.6% [6][11]. - The company is making substantial progress in the low-altitude sector, including the launch of a joint venture with EHang for eVTOL production and the introduction of a new long-range unmanned aerial vehicle [6][11]. - The financial forecast for 2025 has been adjusted to reflect a net profit of 180 million yuan, up from a previous estimate of 110 million yuan, with EPS projections of 0.7, 0.7, and 1 yuan for 2025-2027 [6][11]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 3,293 million yuan, representing a growth rate of 35.5% compared to the previous year [6][10]. - The net profit attributable to shareholders is expected to be 178 million yuan in 2025, reflecting a significant increase of 151.0% year-on-year [6][10]. - The company's gross margin for the first three quarters of 2025 was 15.7%, a slight decrease of 0.7 percentage points compared to the same period in 2024 [6][11]. Market Position and Strategic Developments - The company has established a strategic partnership with Jindi Co., integrating its advantages in electric drive system components with the company's system integration capabilities to enhance competitiveness in both domestic and international markets [6][11]. - The company has a strong production capacity with two major manufacturing bases, enabling it to meet the growing demand in the eVTOL market as it enters a production cycle [6][11].

Event Overview - The company released its Q3 2025 report, showing revenue of 1.81 billion yuan for the first three quarters, a year-on-year increase of 10.13%. The net profit attributable to shareholders was 210 million yuan, up 36.89% year-on-year, while the non-recurring profit was 130 million yuan, down 13.53% year-on-year. In Q3 2025, revenue was 586 million yuan, a year-on-year increase of 0.48% but a quarter-on-quarter decrease of 5.28%. The net profit attributable to shareholders was 106 million yuan, up 109.83% year-on-year and 129.13% quarter-on-quarter, while the non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter [2]. Revenue and Profit Analysis - Revenue remained stable with Q3 2025 revenue at 586 million yuan, showing a year-on-year increase of 0.48% and a quarter-on-quarter decrease of 5.28% [3] - The net profit attributable to shareholders for Q3 2025 was 106 million yuan, reflecting a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13%. The non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter. The gross margin for Q3 2025 was 15.23%, a decrease of 2.68 percentage points year-on-year and 2.78 percentage points quarter-on-quarter [3] - The increase in net profit and net profit margin year-on-year was primarily driven by non-recurring gains, with fair value changes contributing 87 million yuan [3] Strategic Collaborations - The company is collaborating closely with Nidec to develop a new blueprint for the new energy and humanoid robot industries, focusing on "technology empowerment + capacity collaboration + market resonance." This partnership aims to analyze technological iteration trends and global market demand changes in key components of new energy vehicles [4] - In the field of humanoid robot harmonic reducers, the company and Nidec have engaged in in-depth discussions on technology development, capacity expansion, and processing business collaboration, aiming for further cooperation to meet growth demands in humanoid, collaborative, and industrial robots [4] Investment in Technology - In July 2025, the company made a strategic investment in Shenzhen Diedong Technology Co., Ltd., which has a core team from prestigious universities. Diedong Technology has developed the world's first high-performance visual tactile sensor using MEMS technology. This collaboration is expected to create a synergistic effect between hardware and perception, enhancing applications in robotic end-effectors and dexterous hands [5] Financial Projections - The company maintains a solid position as a leader in EGR, forming a three-dimensional driving pattern of "traditional business + new energy business + international layout." Revenue projections for 2025-2027 are 3.23 billion, 4.08 billion, and 5.07 billion yuan, with net profits of 303 million, 381 million, and 529 million yuan respectively. The expected EPS for these years is 1.33, 1.67, and 2.32 yuan, corresponding to PE ratios of 40, 32, and 23 times based on the closing price of 53.66 yuan per share on October 20, 2025 [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [8][15]. Core Insights - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.13%. The net profit attributable to the parent company reached 210 million yuan, up 36.89% year-on-year [3][4]. - The third quarter of 2025 saw a revenue of 586 million yuan, a slight increase of 0.48% year-on-year but a decrease of 5.28% quarter-on-quarter. The net profit for Q3 was 106 million yuan, showing a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13% [3][4]. - The increase in net profit is primarily attributed to non-recurring gains, particularly a fair value change gain of 87 million yuan [4]. Financial Performance Summary - Revenue and Profitability: The company’s Q3 gross margin was 15.23%, down 2.68 percentage points year-on-year, while the net profit margin was 18.02%, up 9.39 percentage points year-on-year [4]. - Expense Ratios: The sales, management, R&D, and financial expense ratios for Q3 were 0.73%, 4.19%, 4.14%, and 1.43%, respectively, with management expenses slightly increasing due to higher depreciation of management assets [4]. - Future Projections: The company is expected to achieve revenues of 3.23 billion yuan, 4.08 billion yuan, and 5.07 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 303 million yuan, 381 million yuan, and 529 million yuan for the same years [7][12]. Strategic Developments - Collaboration with Nidec: The company is deepening its collaboration with Nidec in the fields of new energy vehicle components and humanoid robots, focusing on technology empowerment, capacity collaboration, and market resonance [5]. - Investment in Tactile Technology: The company strategically invested in Shenzhen Tactile Technology Co., which specializes in MEMS technology and tactile sensors, aiming to enhance its capabilities in robotics [6].

Core Viewpoint - 威马电机 is focusing on expanding its motor business, particularly in the wind power and new energy vehicle sectors, with significant progress in both areas [1] Group 1: Wind Power Motor Business - 威马电机 has successfully scaled its main product, the yaw asynchronous motor, and has completed bulk supply to leading domestic wind turbine manufacturers such as Goldwind Technology, Envision Energy, Dongfang Electric, CRRC Wind Power, and Mingyang Smart Energy [1] - The company aims to deepen cooperation with existing top clients in the wind power sector [1] Group 2: New Energy Vehicle Drive System - The new energy vehicle drive system business has made substantial progress, with prototype deliveries completed for multiple cooperative clients, some of which have entered the installation testing and performance validation phase [1] - Testing progress is meeting expectations, and the company plans to optimize product details based on client feedback to lay the foundation for revenue generation in this new business [1] - 威马电机 is targeting both commercial and passenger vehicle markets to transition the drive system business from prototype validation to bulk delivery [1] Group 3: Business Strategy - The company is committed to a "dual expansion" strategy in its motor business, focusing on both wind power and new energy vehicles to enhance market competitiveness and revenue contribution [1]