浙江捷昌线性驱动科技股份有限公司 2025 年限制性股票激励计划 证券简称：捷昌驱动 证券代码：603583 浙江捷昌线性驱动科技股份有限公司 二〇二五年八月 浙江捷昌线性驱动科技股份有限公司 2025 年限制性股票激励计划 声明 本公司及全体董事保证本激励计划及其摘要不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江捷昌线性驱动科技股份有限公司 2025 年限制性股票激励计划 特别提示 一、《浙江捷昌线性驱动科技股份有限公司 2025 年限制性股票激励计划》 由浙江捷昌线性驱动科技股份有限公司（以下简称"捷昌驱动""公司"或"本 公司"）依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股权激励管理办法》和其他有关法律、行政法规、规范性文件，以及《公司章程》 等有关规定制订。 二、捷昌驱动 2025 年限制性股票激励计划（以下简称"本激励计划"）采 取的激励形式为限制性股票。股票来源为公司向激励对象定向发行的本公司人民 币 A 股普通股股票。 符合本激励计划授予条件的激励对象，在股东会审议通过后 60 日内，公司 进行权益的首次授予并在中国证券 ...

公司将于2025年8月27日召开临时股东大会，审议2025年限制性股票激励计划及相关议案。 资金流向方面，8月26日主力资金净流出7161.64万元，近五日累计净流出1.13亿元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月26日收盘，捷昌驱动股价报40.14元，较前一交易日下跌0.99元，跌幅2.41%。当日成交 量为13.62万手，成交额达5.51亿元。 捷昌驱动主营业务为线性驱动系统的研发、生产和销售，产品广泛应用于医疗、办公、智能家居等领 域。公司所属板块包括专用设备、浙江板块及机器人概念等。 ...

持续加码海外基地布局，提升全球化供应能力。公司于2010 年9 月成立美国办事处，正式开始"全球 化"的步伐。2018 年成立越南凯迪，是东南亚首个生产基地，专注于线性驱动系统产品的生产与销售。 目前越南工厂第一、二期项目已正式投产，第三期规划也将择机启动。根据公司预计，越南三期全面投 产后，年销售收入将达到5580 万美金，进一步提升公司的全球竞争力。 布局机器人领域，开拓新增长曲线。公司内部层面，依靠零部件研发自制能力，通过电机、电控、减速 传动等部件的研发重组，逐步开拓工业传动、机器人等领域。外部投资层面，2025 年7 月公司新增一起 对外投资，投资占比为10%，被投资公司为江苏辉星动力，主营业务包括：智能机器人研发、人工智能 算法软件开发、人工智能硬件销售、传动部件制造等。该投资有望提升公司在机器人软硬件方面的研发 制造能力。 投资建议：我们预计公司25-27 年分别实现营收15.36/18.20/21.42 亿元，归母净利润0.95/1.30/1.87 亿 元，对应PE 分别为53.37/38.96/26.98 倍。 考虑到公司技术研发能力强，海外基地建设持续推进，布局机器人开拓新增长曲线，首次覆 ...

凯迪股份8月18日报收57.26元，较前一交易日下跌0.55元，跌幅0.95%。当日成交额0.99亿元，换手率 2.47%，总市值40.47亿元。 资金流向方面，8月18日主力资金净流入311.50万元，占流通市值0.08%；近五日主力资金累计净流入 100.16万元，占流通市值0.02%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 公司主要从事线性驱动系统的研发、生产和销售，产品广泛应用于智能家居、医疗康护、智慧办公等领 域。作为江苏板块上市公司，其业务涉及新能源车、智能家居等多个概念领域。 消息面上，凯迪股份8月18日晚间发布公告称，公司第四届董事会第三次会议审议通过了《关于变更公 司注册资本、修订并办理工商变更登记的议案》等多项议案。 ...

Group 1: Macro Strategy Insights - The report indicates that exchange rates and non-tariff barriers may become more critical tools in trade conflicts, potentially replacing tariffs [1][17] - Domestic foreign trade enterprises anticipate that the US-China trade negotiations may face significant challenges, requiring ongoing risk management for exports to the US [1][17] - If tariffs fail to achieve their intended competitive goals, the US government may resort to non-tariff barriers and currency manipulation, drawing parallels to historical trade competition phases [1][17] Group 2: Fixed Income Market Overview - The structured financing market for local government financing vehicles (LGFVs) is under scrutiny, with ABS being a potential solution to alleviate financing pressures amid tightening regulations [3][4] - The development of the LGFV ABS market has evolved through several phases, influenced heavily by policy changes and market conditions [4] Group 3: Company-Specific Insights - XianDao Intelligent (先导智能) is positioned to benefit from the global electric vehicle trend, with expected net profits of 10.57 billion, 17.02 billion, and 22.28 billion from 2025 to 2027, corresponding to dynamic PEs of 41, 19, and 15 times [8][9] - Mercury Home Textiles (水星家纺) is expected to see significant growth in its memory pillow segment, with sales projected to rise from 1.14 million to 6.44 million by 2027, and net profits adjusted to 3.99 billion and 4.48 billion for 2025 and 2026 [9] - Hanlan Environment (瀚蓝环境) has completed the acquisition of Yuefeng, enhancing its growth potential and cash flow, with net profit forecasts of 18.60 billion, 21.17 billion, and 22.14 billion for 2025 to 2027 [10] - Maiwei Co., Ltd. (迈为股份) plans to raise nearly 20 billion through convertible bonds for its perovskite tandem solar cell project, with expected annual revenue of 40 billion post-completion [11][12] - Ideal Auto (理想汽车) has adjusted its revenue forecasts for 2025-2027, now expecting 1436 billion, 2233 billion, and 2362 billion, with net profits of 82 billion, 137 billion, and 154 billion [13] - Keda Li (科达利) is projected to achieve net profits of 18.8 billion, 23.2 billion, and 27.9 billion from 2025 to 2027, benefiting from its strong market position in structural components [14] - Jiechang Drive (捷昌驱动) is expanding into the robotics sector, with net profit forecasts of 3.92 billion, 4.97 billion, and 6.40 billion for 2025 to 2027, driven by growth in various downstream markets [15][16]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 12 months [16]. Core Insights - The company has launched a 2025 stock incentive plan, aiming to align employee interests with company growth, with performance targets set for net profit growth of 6% annually from 2025 to 2027 [3][13]. - The company has a strong foothold in the linear drive market, with over 30 years of experience and a global market share exceeding 30% in electric sofa push rods [4]. - The linear drive market is projected to grow significantly, with the global market size reaching approximately 151.9 billion yuan in 2023, reflecting a year-on-year growth of 5.9% [7]. - The company is expanding into the humanoid robot sector, leveraging its core technology in linear drives, which is essential for robotic joints [15]. Summary by Sections Company Overview - Established in 1992, the company specializes in the research, production, and sales of linear drive systems, with applications in various sectors including furniture and automotive [4]. - The company has made significant strides in international markets, establishing subsidiaries in North America and Europe, and has a production base in Vietnam [4]. Financial Performance - The company has shown steady revenue growth from 2021 to 2024, with revenues of 17.2 billion yuan in 2021, declining to 11.7 billion yuan in 2022, and recovering to 13.4 billion yuan in 2024 [5]. - The net profit for 2024 is projected to be 0.9 billion yuan, reflecting a decrease of 19.4% compared to the previous year [5][18]. Market Potential - The smart home market is expected to grow from 84.5 billion USD in 2022 to 138.9 billion USD by 2026, with a CAGR of 10.4%, driving demand for linear drive systems [7]. - The market for electric tailgates in the automotive sector is projected to reach approximately 9.63 billion yuan in 2024, with a CAGR of 34.15% from 2019 to 2023 [11]. Competitive Landscape - The global linear drive market is concentrated, with leading companies including Linak and Dewert, while the company holds an 8% market share [9]. - Domestic brands are expected to gain market share through advantages in production capacity and customer responsiveness [10]. Research and Development - The company has a robust R&D team of over 300 engineers and holds numerous patents related to linear drive technology [14]. - The company is positioned to leverage its technological expertise to enter the humanoid robot market, aiming for a second growth curve [15]. Profit Forecast - Revenue projections for 2025 to 2027 are 15.2 billion yuan, 17.2 billion yuan, and 19.3 billion yuan respectively, with corresponding net profits of 1.0 billion yuan, 1.2 billion yuan, and 1.5 billion yuan [16][19].