11月26日，欧圣电气涨6.07%，截至发稿，报24.45元/股，成交5693.67万元，换手率0.95%，总市值 62.33亿元。 平安先进制造主题股票发起A（019457）基金经理为张荫先。 截至发稿，张荫先累计任职时间2年35天，现任基金资产总规模23.88亿元，任职期间最佳基金回报 77.64%， 任职期间最差基金回报33.92%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从欧圣电气十大流通股东角度 数据显示，平安基金旗下1只基金位居欧圣电气十大流通股东。平安先进制造主题股票发起A （019457）三季度新进十大流通股东，持有股数111.82万股，占流通股的比例为1.69%。根据测算，今 日浮盈赚取约156.55万元。 平安先进制造主题股票发起A（019457）成立日期2023年10月24日，最新规模10.27亿。今年以来收益 67.98%，同类排名107/4206；近一年收益72.4%，同类排名51/3986；成立以来收益77.64% ...

证券代码：301187 证券简称：欧圣电气 苏州欧圣电气股份有限公司 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 参与单位名称 中信证券股份有限公司、中信建投证券股份有限公司、中 信证券资产管理有限公司、申万菱信基金管理有限公司、 平安养老保险股份有限公司、国海创新资本投资管理有限 公司、上海杉玺投资管理有限公司、深圳创富兆业金融管 理有限公司、山东国泰租赁有限公司、山东国惠基金管理 有限公司、东吴创新资本管理有限责任公司、上海宝弘景 资产管理有限公司 时间 2025年11月18日 10:00-12:00 地点 江苏省苏州市吴江区汾湖高新技术开发区来秀路888号公 司会议室 上市公司接待人员姓名 董事会秘书 罗刚 投资者关系活动主要 内容介绍 一、投资者交流主要问题： 1、公司的三季报数据利润有较大的下滑是什么原 因，明年能重新回到高速增长的轨道吗？ 今年一季度公司业绩维持高速增长，但自二季度起受 中美关税战影响，公司业务受到较大冲击。为提升竞争力 2025 年第三季度，受马来西亚 ...

Core Viewpoint - The company focuses on the compressor sector, emphasizing continuous research and development to stay at the forefront of industry technology [1] Group 1 - The company specializes in products such as air compressors and vacuum pumps [1] - The company maintains a commitment to ongoing R&D investments [1] - The company is attentive to cutting-edge technologies within the industry [1]

Core Viewpoint - Zhongyuan Nepe (002448) has completed the research and development of its air bearing products, which are now being applied in bulk in the air compressors of its hydrogen energy subsidiary, Zhongyuan Nepe Mingda Hydrogen Energy Co., Ltd. The product has not yet been launched for external sales [1]. Group 1 - The air bearing products have completed R&D work [1] - The products are being applied in bulk in air compressors for hydrogen energy projects [1] - There is currently no external sales activity for these products [1]

Core Viewpoint - The company's Q3 performance was weak with a year-on-year decline of 82.5% in net profit attributable to the parent company, but this does not indicate a growth bottleneck. Short-term costs related to the transition of domestic capacity to Malaysia have impacted management expenses and operating costs, alongside factors like increased depreciation of fixed assets and decreased investment income. Future prospects include stable capacity and delivery under favorable tariff policies, a potential rebound in orders during the interest rate cut cycle, and growth opportunities in the elderly care robot sector [1][2][3]. Capacity Layout and Tariff Stability - The Malaysian factory is set to achieve large-scale production by May 2025, with a designed annual output value of 2 billion RMB, primarily serving the U.S. market. By October, it has met all U.S. order production needs, with further expansion potential available [2]. - The company also operates a factory in Suzhou, China (serving non-U.S. markets), a new base in Nantong (under construction for non-U.S. markets), and a warehouse center in the U.S. for logistics and maintenance [2]. - Recent U.S.-China tariff negotiations have led to the postponement of retaliatory tariffs and significant reductions in fentanyl tariffs, with tariffs on Southeast Asia also stabilizing. This is expected to alleviate shipping and production issues caused by tariffs in the coming year, leading to a recovery in profitability [2]. Market Share and Product Expansion - The company is expected to see order growth due to its strong R&D capabilities, with major clients concentrating orders for existing products like air compressors and vacuum cleaners. Additionally, the company has successfully entered new markets such as pneumatic tools and outdoor camping equipment, which have a market potential several times larger than existing businesses and align well with core competencies [2]. Elderly Care Robots as a Growth Driver - The company's elderly care robot product has reached technological maturity (now in its fifth generation) and has been included in the Ministry of Industry and Information Technology's promotion directory for intelligent elderly care service robots. It is the only selected enterprise in the subcategory of intelligent handling robots, indicating recognition from national authorities. The development of national intelligent elderly care demonstration projects is expected to significantly boost this business [3]. - With the rapid aging of the population in China and rising costs for caregivers, intelligent handling robots are anticipated to become essential products with a broad market outlook [3]. Profit Forecast - The company forecasts net profits attributable to the parent company of 216 million RMB, 288 million RMB, and 364 million RMB for 2025-2027, corresponding to current P/E ratios of 29x, 22x, and 17x, respectively, maintaining a "recommended" rating [3].

Summary of Conference Call Records Industry and Company Overview - The conference call discusses the performance and outlook of the hand tools and electric tools industry, focusing on two companies: **Giant Star Technology** and **Ousheng Electric** [1][2][3]. Key Points and Arguments Giant Star Technology - **Market Position**: Giant Star Technology is a leading company in hand tools and electric tools, expanding revenue through acquisitions despite fluctuations due to tariffs and the pandemic [1][3]. - **Revenue Impact**: The company has experienced significant revenue volatility, particularly since 2018 due to U.S. tariffs and the pandemic, but has maintained double-digit profit growth due to investment income and government subsidies [2][3]. - **Production Capacity**: Currently, 73% of production capacity is in Southeast Asia, with only 20% in China. Future exports from China to the U.S. are expected to decline further to avoid high tariffs [1][8]. - **Market Demand**: Recent data indicates a 10% year-over-year decline in U.S. tool sales, but a recovery is anticipated as interest rates decrease and housing demand rebounds [11]. - **Strategic Response**: The company is diversifying its product offerings and strengthening distribution channels to adapt to market changes, while also transferring production capacity to Southeast Asia to mitigate tariff impacts [6][12]. Ousheng Electric - **Market Growth**: Ousheng Electric benefits from demand in the U.S. and emerging markets, with a new factory in Malaysia enhancing production capacity despite short-term performance challenges due to relocation [1][13]. - **Product Development**: The company has gained national endorsement for its elderly care robots, which are expected to benefit from an aging population and potential government subsidies [1][17]. - **Financial Performance**: Ousheng Electric reported a nearly 30% year-over-year decline in net profit for Q3 2025, contrasting with Giant Star's performance, which saw stock price increases prior to its mid-year report [2][15]. Additional Important Insights - **Tariff and Trade Relations**: The easing of U.S.-China trade relations and potential Federal Reserve easing policies are expected to positively impact the export sector, although the effects of previous tariffs and production relocations are still being felt [1][2]. - **Industry Characteristics**: The hand tools industry has a stable long-term growth rate of 5%-10%, driven by consistent consumer demand for home repair tools, which are considered essential [7]. - **Future Outlook**: Both companies are positioned for future growth, with Ousheng Electric's reliance on the U.S. market and Giant Star's diversified production strategy providing different but promising paths forward [16][17]. This summary encapsulates the key discussions from the conference call, highlighting the current state and future prospects of the companies and the industry as a whole.

Group 1 - The company East Asia Machinery stated that its air compressor products are primarily used in the power industry to provide power for systems that require compressed air, such as instruments, meters, and pneumatic valves [2] - Gas turbine power generation also requires the use of air compressors [2]

Core Viewpoint - East Asia Machinery (301028.SZ) highlights the application of its air compressors in the power industry, specifically for systems requiring compressed air such as instruments, gauges, and pneumatic valves [1] Group 1 - The company's air compressors provide power for systems that utilize compressed air in the electric power sector [1] - Gas turbine power generation also requires the use of air compressors [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue performance fell short of expectations, with Q1-3 2025 revenue at 1.454 billion yuan, a year-on-year increase of 11%, while net profit attributable to the parent company was 130 million yuan, a year-on-year decrease of 29% [6] - The ramp-up of the Malaysian factory is impacting the expense ratio, with initial high personnel costs due to the transfer of staff to support production [6] - Despite short-term challenges, long-term demand in North America remains strong, and the company is expected to return to normal profit levels in the future [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 1.997 billion yuan, with a year-on-year growth rate of 13.2% [2] - Net profit attributable to the parent company is forecasted at 278 million yuan for 2025E, reflecting a year-on-year increase of 9.7% [2] - Earnings per share (EPS) is expected to be 1.09 yuan for 2025E [2] - The gross profit margin is projected to be 34.2% for 2025E [2] - Return on equity (ROE) is expected to be 17.6% for 2025E [2] Market Data - The closing price on October 27, 2025, was 28.68 yuan, with a one-year high of 48.75 yuan and a low of 23.38 yuan [3] - The market capitalization of the circulating A-shares is 1.902 billion yuan [3] - The price-to-earnings (PE) ratio is projected to be 26 for 2025E [2][3]

Core Insights - The company reported Q3 revenue of 580 million, a year-on-year increase of 1%, but net profit attributable to shareholders was 15 million, down 82% year-on-year, and non-recurring net profit was 13 million, down 85% year-on-year, primarily due to slow ramp-up at the Malaysian factory [1] - Gross margin was 27.5%, a decrease of 5 percentage points year-on-year, mainly due to insufficient capacity utilization at the Malaysian factory and the ongoing improvement of the Malaysian tool supply chain [1] - To ensure customer stability, the company utilized some domestic capacity for shipments, which impacted profit margins [1] Financial Performance - The company experienced an increase in sales, management, R&D, and financial expenses by 1.8%, 3.8%, 1.2%, and 1.9% respectively, leading to an overall increase in expense ratio by 8%, primarily due to a 4% rise in management expense ratio [1] - Since Q2, the company has been ramping up capacity in Malaysia and recruiting staff, resulting in a noticeable increase in management expense ratio [1] - The capacity utilization rate at the Malaysian factory has been gradually improving, with estimates suggesting it has reached a high level [1] Industry Position - The company is a leading player in the North American air compressor market, with product extensions into pneumatic tools and service robots [1] - The company possesses strong core competencies, including channel barriers established through stable partnerships with major retailers like Walmart, Lowe's, The Home Depot, and Costco [1] - The company has a research and development advantage, leading the industry in silent air compressor technology, high-pressure air technology, and brushless motor technology [1] Future Outlook - In the service robot segment, the company's subsidiary has been focusing on nursing robots for over 10 years, with rapid product iterations and the fifth generation set to launch in 2024 [2] - The company has a robust order backlog, and despite short-term performance pressures, the management's U.S. background and strong R&D efficiency position the company favorably for long-term growth [2] - Due to the short-term slow ramp-up of Malaysian capacity affecting performance, the company's profit forecast has been adjusted, with expected net profits for 2025-2027 projected at 210 million, 370 million, and 510 million respectively, with profitability expected to rebound starting in 2026 [2]