Core Insights - Easy-Laser has launched the new digital belt alignment tool XT190BTA, which addresses traditional maintenance challenges and enhances production efficiency and energy savings in the industrial sector [1][5]. Group 1: Importance of Belt Alignment - Precise alignment of pulleys is crucial for the stable operation of equipment, as misalignment can lead to energy waste and equipment damage [3]. - Common misalignment issues include: 1. Twisted misalignment, causing abnormal friction and wear on belts [3]. 2. Angular misalignment, leading to uneven tension on belts and accelerated wear [3]. 3. Offset misalignment, which diverts belts from their normal path, affecting equipment stability [3]. Group 2: Features of XT190BTA - The XT190BTA redefines industry standards with three core advantages: 1. Digital operation, enhancing precision and efficiency [6]. 2. High efficiency and convenience, allowing for single-person operation [6]. 3. Flexibility in installation methods, suitable for various types of belts [8]. Group 3: Preventive Maintenance Upgrade - Easy-Laser advocates for a scientific maintenance system that includes: 1. Real-time display of misalignment and angle values, accessible via mobile devices or screens [8]. 2. Automatic calculation of adjustment values to meet manufacturer tolerances [8]. 3. Significant time and labor cost savings due to single-person operation [8]. 4. Energy conservation through precise alignment, extending the lifespan of belts and pulleys [8]. Group 4: Maintenance Recommendations - Regular maintenance practices include: 1. Monthly basic checks and comprehensive maintenance every 6-12 months [9]. 2. Maintaining equipment cleanliness and using professional tools like XT190BTA for alignment [9]. 3. Recording data on energy consumption and operational status to optimize maintenance strategies [9].

摘要 西菱动力通过自主品牌和新势力品牌获得大量混动平台订单，客户结构 发生变化，新能源车渗透率提升，尤其混动车型增长，带动三大产品稳 中有增。 公司总部位于成都青羊区，靠近成飞，地理位置优势使其能紧密联系航 空航天领域，并进行相关配套生产，助力军工和航空航天领域发展。 涡轮增压器是西菱动力近年来增长较快的核心业务，市场价值约 800 元 /个，总体规模约 150 亿元，受益于节能减排趋势，传统燃油车和混动 车型需求增加。 涡轮增压器市场由盖瑞特、博格华纳、三一重工和石川岛主导，占据全 球约 70%份额，国内市场规模超百亿人民币，西菱动力产量从 2022 年 30 万台增至 2024 年预计 120 万台，营收近 10 亿人民币。 西菱动力收入端复合增速达 36%，但盈利能力波动大，因大规模资本扩 张和产能投入，固定资产折旧增加。2024 年起净利润率逐步回升，一 季度已修复至近 7%。 Q&A 西菱动力 20250602 西菱动力的主要业务及其发展情况如何？ 西菱动力地处成都，主营业务包括传统汽车零部件、军工和航空航天领域。公 司在传统汽车零部件方面的核心产品包括凸轮轴总成、连杆和皮带轮，这些产 品是公司最早 ...

Group 1 - The core viewpoint is that the turbocharger is expected to rapidly increase in volume, enhancing the value per vehicle, while the company is also venturing into humanoid robots [1] - The company is a high-quality supplier of automotive engine components, focusing on domestic substitution in the joint segment through refined processes [1] - Revenue is projected to grow from 1.11 billion to 1.75 billion CNY from 2022 to 2024, with a CAGR of 26%, while net profit is expected to rise from 37 million to 51 million CNY, with a CAGR of 17% [1] Group 2 - The automotive engine components industry is experiencing domestic production growth, with the company steadily improving its capacity utilization [2] - The company provides exhaust (camshaft, ASP approximately 210 CNY), transmission (connecting rod, ASP approximately 150 CNY), and power transmission components (pulley, ASP approximately 55 CNY) [2] - The potential market size for these components is estimated to be 9.8 billion CNY in 2024, with high precision and equipment requirements leading to a historical reliance on foreign suppliers [2] Group 3 - The turbocharger market has a low domestic penetration rate, significant market potential, and high barriers to entry, with the market size expected to reach 21.1 billion CNY by 2027, growing at a CAGR of 14% from 2025 to 2027 [3] - The company anticipates sales volumes of 320,000, 930,000, and 1.19 million units from 2022 to 2024, with revenues of 286 million, 788 million, and 986 million CNY respectively, indicating rapid expansion [3] - The average selling price (ASP) for turbochargers is expected to exceed 800 CNY, as the company expands its product range [3] Group 4 - The company is entering the robotics sector, leveraging its process advantages to establish a production line for harmonic reducers [4] - Harmonic reducers are characterized by their compact size and high transmission precision, with significant material, tooth shape design, and processing barriers [5] - The company aims to utilize its expertise in heat treatment and precision machining to build production lines for harmonic reducers and lead screws [6] Group 5 - The robotics components business is positioned as a crucial new business segment, expected to become a significant growth driver [7] - Revenue forecasts for the company from 2025 to 2027 are projected at 2.42 billion, 3.14 billion, and 3.81 billion CNY, with year-on-year growth rates of 38.1%, 29.6%, and 21.5% respectively [8] - Net profit forecasts for the same period are 150 million, 200 million, and 260 million CNY, with year-on-year growth rates of 197.6%, 33.8%, and 31.1% respectively, corresponding to PE ratios of 34.3, 25.6, and 19.5X [8]

成都西菱动力科技股份有限公司 投资者关系活动记录表 编号:20250429 投资关系活动类别 ☑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 ： 活动参与人员 永嘉基金：曹永毅/夏葳基金：刁恒文/方正证券：刘明泽/国盛证券： 邓守亮/勤辰资产：周南/信达澳亚：朱然/国盛证券：刘天解/东北证 券：吕妮珈/华福证券：马卓群/财通证券：杨博星/浙商证券：王洁 若/上海昱奕资产：李奕霖、王海 时间 2025 年 4 月 25 日至 2025 年 4 月 29 日 地点 成都市青羊区腾飞大道 298 号 形式 现场交流参观 公司出席人员 董事长 魏晓林/董事会秘书兼财务总监 杨浩 交流内容及具体问答记录 （3）航空军工零部件加工，产品主要包括结构件、钣金件、系统件、轴类件等。 2、董事会秘书杨浩先生介绍公司汽车业务板块当前业务情况及未来展望 （1）公司涡轮增压器产品 2022-2024 年公司年销量分别为 32.17 万台、93.29 万台、118.96 万台，保持了快速增长的态势。2025-2027 年随着新客户定点产品量产，产销量将继续保持快速 增长，市场份额将不 ...