欣锐科技投资者关系活动记录表 证券代码： 300745 证券简称：欣锐科技 深圳欣锐科技股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | 特定对象调研 □ 分析师会议 ☑ | | --- | --- | | 类别 | □ 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 | 上午 | | 人员姓名 | 泰康基金、睿远基金、中金资管、天风证券、泉果基金、中金公 | | | 司、长信基金、光大永明、光大理财 | | | 下午 | | | 投资者网上提问 | | 时间 | 年 月 日 2025 11 20 (星期四) | | 地点 | 上午 | | | 公司会议室 | | | 下午 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 上午 | | 员姓名 | 董事会秘书：朱若愚 | | | 下午 | | | 总经理：吴壬华 董事长, | | | 独立董事： ...

Core Viewpoint - In Q3 2025, the company achieved a revenue growth of 69% year-on-year, with a sequential increase in gross margin [4][8][11]. Financial Performance - In Q3 2025, the company reported revenue of 990 million yuan, a year-on-year increase of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders was 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [4][8]. - For the first three quarters of 2025, the company achieved a total revenue of 2.36 billion yuan, representing a year-on-year growth of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [8][11]. Business Development - The company has established long-term partnerships in the new energy passenger vehicle sector with major automakers such as GAC Honda, Dongfeng Nissan, and Geely [4][24]. - In the new energy commercial vehicle sector, collaborations include companies like Geely Remote, Beiqi Foton, and SAIC Maxus [4][24]. - The company has also formed partnerships in the non-road vehicle sector with clients such as XCMG, SANY, and Doosan [4][24]. Market Expansion - The company has made significant progress in the low-altitude economy sector, collaborating with leading firms like EHang and Eviation [5][25]. - A joint venture with EHang has been established, with the construction of a factory nearing completion and entering trial production [6][25]. Product Innovation - The company focuses on advanced transmission modules and eVTOL systems, leveraging its "integrated chip" technology for high efficiency and lightweight designs [7][28]. - The company has developed a sixth-in-one power system that integrates multiple components, enhancing performance and reducing space requirements in vehicles [32][33]. Strategic Collaborations - The company has engaged in deep collaborations with Fengli Intelligent Technology and other firms to enhance product offerings in various sectors, including new energy vehicles and eVTOL [41][43]. - A strategic partnership with Guangdong Gaoyu Technology aims to innovate in the flying car sector, focusing on key components like motors and controllers [40][41].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Insights - The company is experiencing rapid growth in its small three-electric (小三电) business, with significant contributions from overseas markets and AIDC (Artificial Intelligence Data Center) as a second growth curve [1][6]. - The company has established a strong customer base, including major players in the electric vehicle sector, and is transitioning from traditional automotive clients to new energy vehicle manufacturers [6][19]. - The report forecasts substantial revenue growth, with total revenue expected to reach 34.51 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 26.8% from 2024 to 2027 [2][7]. Summary by Sections 1. Strong Customer Structure and Growth Drivers - The company has a well-established customer base, including renowned manufacturers such as Renault, Stellantis, and NIO, which has driven revenue growth from 9.64 billion yuan in 2021 to 18.35 billion yuan in 2023 [19][34]. - The transition to new energy vehicle clients has been a key growth driver, with significant revenue contributions from NIO and Xiaomi expected to offset declines from traditional clients like GAC Group [6][35]. 2. Competitive Landscape in Small Three-Electric Market - The small three-electric market is witnessing a trend towards integration, with the company capturing over 8% market share in the first half of 2025 [6][47]. - The report anticipates that the Chinese small three-electric market will grow from 25.3 billion yuan in 2024 to 39 billion yuan by 2028, with a CAGR of 11.51% [54]. 3. Overseas Expansion and AIDC as a Second Growth Curve - The company is expanding its overseas presence, with international revenue accounting for 17.77% of total revenue in the first half of 2025 [6][3]. - AIDC is identified as a potential second growth curve, with significant market opportunities projected as the demand for high-stability charging modules increases [6][3]. 4. Profitability Forecast and Valuation - The company is expected to achieve net profits of 2.00 billion yuan, 3.69 billion yuan, and 5.35 billion yuan from 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 32, 17, and 12 [2][7]. - The report assigns a target PE of 29 for 2026, suggesting a potential market capitalization of 10.55 billion yuan, indicating a 66% upside from the current valuation [7][6].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Insights - The company achieved a revenue of 990 million yuan in Q3 2025, representing a year-on-year growth of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders reached 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [1][9]. - The company has established long-term partnerships with major automotive manufacturers in the new energy vehicle sector, including GAC Honda, Dongfeng Nissan, and Geely, among others [29]. - The company is actively expanding its presence in the low-altitude economy, collaborating with EHang and other firms to develop eVTOL aircraft and related technologies [2][44]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 16.5%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 1.5 percentage points. The net profit margin for the same quarter was 11.3%, up 8.5 percentage points year-on-year and 8.1 percentage points quarter-on-quarter [13]. - For the first three quarters of 2025, the company reported a total revenue of 2.36 billion yuan, a year-on-year increase of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [9]. Market Position and Strategy - The company is one of the few domestic leaders with independent R&D and production capabilities in both electric drive systems and power systems for the new energy sector [1][24]. - The company has successfully penetrated various segments, including passenger vehicles, commercial vehicles, and non-road vehicles, with significant partnerships established across these sectors [29][42]. Product Development and Innovation - The company has developed a comprehensive product matrix for new energy vehicles, including powertrains and electric drive systems, with a focus on high efficiency and lightweight designs [33][39]. - The "integrated chip" technology has been highlighted as a key innovation, enhancing the performance and competitiveness of the company's products in the market [38][44]. Future Outlook - The revenue forecast for 2025-2027 has been revised upwards to 3.21 billion, 4.03 billion, and 4.89 billion yuan, respectively, reflecting the expected increase in sales from key automotive clients and expansion into overseas markets [3][53]. - The company aims to become a leading provider of integrated solutions in the new energy power domain, leveraging its advanced manufacturing capabilities and strong R&D team [30][53].

Group 1 - The core focus of the meeting was on the progress of the company's robotics components business and collaborations with leading robotics companies such as Zhiyuan and Xiaopeng, as well as major North American clients [1] - The company has a comprehensive range of humanoid robot components, with an estimated total value of 50,000 to 100,000 RMB per set, and expects significant growth in orders next year, particularly from North American clients and domestic partners [2] - The company has secured at least half of the market share in North America, with a focus on upgrading products from components to assemblies, targeting a value of 3,000 to 4,000 USD for head assemblies [3] Group 2 - The company is focusing on high-value-added products and has initiated the development of key components such as robotic controllers and energy management modules, with plans to integrate these into assemblies by the end of the year [4] - The company has successfully engaged with Xiaopeng Robotics for the production of head-mounted products and is preparing for mass production, receiving positive feedback on sensor kits and other components [5] - The company has seen increased demand from high-end clients in Europe for vacuum boosters and has secured over 6.6 billion RMB in orders for domestic vehicle charging systems, indicating a dual growth cycle in traditional and emerging businesses [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company has shown significant profit recovery in Q3 2025, with a revenue of 1.085 billion yuan, representing a year-on-year growth of 108.27% and a quarter-on-quarter increase of 12.05%. The net profit attributable to the parent company reached 70 million yuan, up 186.93% year-on-year and 48.09% quarter-on-quarter, marking the highest profit growth rate of the year [1]. - The company focuses on the research, production, and sales of high-voltage power systems for electric vehicles, with over 90% of its revenue coming from this segment. In August 2025, the company's market share in the domestic on-board OBC market increased to 12.0%, with a year-on-year growth in installation volume of 152.3% [2]. - The overseas business is benefiting from the electrification trend in Europe, with a projected revenue of 132 million yuan in Q3 2024, a staggering year-on-year growth of 5815.5%. The company is also expanding its overseas production capacity in Thailand to meet orders from clients like Renault and Stellantis [4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 19.48% and a net margin of 6.45%, with the net margin improving by 1.77 percentage points year-on-year. The overall performance in Q3 was primarily driven by the growth in the electric vehicle sector and breakthroughs with overseas clients [1]. - The financial forecast for 2025-2027 estimates revenues of 3.642 billion yuan, 4.501 billion yuan, and 5.532 billion yuan respectively, with net profits projected at 221 million yuan, 348 million yuan, and 453 million yuan [4]. Business Strategy - The company is strategically expanding its client base in the electric vehicle sector, focusing on partnerships with leading manufacturers such as Renault, Xiaomi, and BYD. The integration of SiC devices has created technological barriers, while domestic capacity expansion and overseas base construction enhance supply chain security [2][3]. - The company is also diversifying its business by developing non-automotive high-voltage power systems, including liquid-cooled ultra-fast charging power modules, which are expected to open a second growth curve [3]. Market Outlook - The company is well-positioned to benefit from the increasing penetration of electric vehicles and the trend towards integrated on-board power systems. The ongoing expansion into overseas markets is expected to provide additional growth opportunities [4].

Group 1 - The core point of the news is that Yingboer Electric has experienced a decline in stock price, with a cumulative drop of 6.52% over the last three days, currently trading at 29.80 CNY per share and a total market capitalization of 7.93 billion CNY [1] - Yingboer Electric, established on January 14, 2005, and listed on July 25, 2017, specializes in the research, production, and sales of key components for electric vehicles, primarily focusing on motor controllers, with revenue contributions of 46.59% from power assemblies, 40.36% from electric drive assemblies, 10.82% from motor controllers, and 2.24% from other sources [1] Group 2 - From the perspective of fund holdings, only one fund under CITIC Jiantou has a significant position in Yingboer, specifically the CITIC Jiantou Smart Life A fund, which holds 116,700 shares, unchanged from the previous period, accounting for 6.04% of the fund's net value [2] - The CITIC Jiantou Smart Life A fund has reported a loss of approximately 14.03% year-to-date, ranking 8138 out of 8150 in its category, and a one-year loss of 23.1%, ranking 8042 out of 8043 [2]

Core Viewpoint - Yingboer is a leading domestic supplier of key components for electric vehicles, with advanced motor controller technology and strong market competitiveness [1] Group 1: Business Overview - Yingboer's main business includes the research, production, and sales of key components for electric vehicles, primarily focusing on motor controllers, with additional products such as onboard chargers, DC-DC converters, and electronic throttle pedals [1] - The company is categorized under the automotive industry, specifically in automotive parts and automotive electronic and electrical systems [1] Group 2: Financial Performance - For Q3 2025, Yingboer reported revenue of 2.358 billion yuan, ranking 18th among 36 companies in the industry, with the industry leader, Joyson Electronics, generating 45.844 billion yuan [2] - The company's net profit for the same period was 149 million yuan, placing it 13th in the industry, while the average net profit was 217 million yuan [2] - Revenue for the first three quarters of 2025 increased by 47% year-on-year, with a net profit of 149 million yuan, reflecting a 191% increase [6][7] Group 3: Profitability and Debt - Yingboer's debt-to-asset ratio stood at 62.49% in Q3 2025, higher than the industry average of 44.11% [3] - The gross profit margin for the same period was 15.65%, lower than the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.79% to 24,400, while the average number of circulating A-shares held per shareholder increased by 1.82% [5] Group 5: Management Compensation - The chairman, Jiang Guibin, received a salary of 412,700 yuan in 2024, down from 646,100 yuan in 2023, while the general manager, He Wentao, earned 402,300 yuan, also a decrease from 621,300 yuan [4] Group 6: Future Outlook - Analysts project that Yingboer's revenue will grow to 3.2 billion yuan in 2025, with net profits expected to reach 180 million yuan, reflecting a compound annual growth rate of 64% over the next three years [7]

Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. is accelerating its layout in the automotive industry by acquiring a 96.15% stake in Zhejiang Xianglong for 2.404 billion yuan, which will be consolidated into its financial statements after the transaction [1][2]. Group 1: Acquisition Details - Lingyi Technology, a wholly-owned subsidiary of Lingyi Intelligent Manufacturing, will pay a total cash consideration of 2.404 billion yuan for the acquisition [1]. - The payment will be made in two phases: 67% upon the agreement's effectiveness and the remainder based on performance commitments from 2025 to 2027 [2]. - Performance commitments include net profits of no less than 1.75 billion yuan in 2025, 2.00 billion yuan in 2026, and 2.25 billion yuan in 2027, totaling at least 6.00 billion yuan over three years [2]. Group 2: Company and Industry Overview - Zhejiang Xianglong, established in 2006, specializes in the R&D, manufacturing, and sales of automotive drive shafts and transmission shafts, serving major clients like Volkswagen, Toyota, and BYD [2]. - In 2024, Zhejiang Xianglong is projected to achieve revenues of 1.994 billion yuan and a net profit of 127 million yuan, with strong cash flow generation [2]. - Lingyi Intelligent Manufacturing has a strong market presence in precision functional components and is expanding into automotive thermal modules and charging products, aligning with trends in electric and intelligent vehicles [3]. - The acquisition of Zhejiang Xianglong will enhance Lingyi's automotive business, transitioning from Tier 2 to Tier 1, and will support its expansion into humanoid robotics and related hardware applications [3].

Core Viewpoint - The stock of Yingboer Electric Co., Ltd. has experienced fluctuations, with a recent decline of 2.06% and a year-to-date increase of 20.49%, indicating volatility in the market performance of the company [1] Company Overview - Yingboer Electric Co., Ltd. was established on January 14, 2005, and went public on July 25, 2017. The company is located in Zhuhai, Guangdong Province, and specializes in the research, production, and sales of key components for electric vehicles, primarily focusing on motor controllers, on-board chargers, DC-DC converters, and electronic throttle pedals [1] - The company's main business revenue composition includes: power assembly 46.59%, electric drive assembly 40.36%, motor controllers 10.82%, and others 2.24% [1] Financial Performance - For the period from January to June 2025, Yingboer achieved operating revenue of 1.369 billion yuan, representing a year-on-year growth of 33.75%. The net profit attributable to the parent company was 37.1327 million yuan, reflecting a year-on-year increase of 6.96% [2] - Since its A-share listing, Yingboer has distributed a total of 79.9048 million yuan in dividends, with 18.6058 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Yingboer was 24,900, a decrease of 1.09% from the previous period. The average number of tradable shares per person increased by 1.10% to 7,392 shares [2] - Among the top ten circulating shareholders, notable changes include: Yongying Low Carbon Environmental Mixed Fund (016386) reduced its holdings by 1.9484 million shares, while Huazheng Innovation Mixed Fund (040001) increased its holdings by 403,600 shares [4]