Group 1 - The core stock price of Futec Technology on August 14 was 33.51 CNY, down by 1.56 CNY from the previous trading day [1] - The opening price on that day was 35.41 CNY, with a highest point of 35.80 CNY and a lowest point of 33.50 CNY, resulting in a trading volume of 49,961 lots and a transaction amount of 171 million CNY [1] - Futec Technology operates in the automotive parts industry, focusing on the research, production, and sales of automotive electronic products, including on-board chargers and DC/DC converters for new energy vehicles [1] Group 2 - On August 14, the net outflow of main funds for Futec Technology was 7.3444 million CNY, accounting for 0.66% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 30.2473 million CNY, representing 2.73% of the circulating market value [1] - The company is recognized as a specialized and innovative enterprise under the registration system for newly listed stocks [1]

Group 1 - The core viewpoint of the news is the performance and characteristics of Yingbo Convertible Bonds, which have seen a price increase and a specific conversion premium rate [1] - Yingbo Convertible Bonds have a credit rating of "AA" and a maturity period of 6 years, with a tiered coupon rate starting from 0.30% in the first year to 2.00% in the sixth year [1] - The conversion price for the bonds is set at 17.43 yuan, with the conversion period starting on April 30, 2025 [1] Group 2 - Zhuhai Yingbo Electric Co., Ltd. was established in 2005 and focuses on the research and production of power systems for new energy vehicles [2] - The company was listed on the Shenzhen Stock Exchange in 2017, with the stock code 300681, and its main products include core components for new energy vehicles such as powertrains and electric drive systems [2] - For the first quarter of 2025, Yingbo reported a revenue of 545.8 million yuan, a year-on-year increase of 15.19%, and a net profit attributable to shareholders of 10.69 million yuan, up 26.29% year-on-year [2] - As of June 2025, the concentration of shareholders in Yingbo is relatively high, with 25,400 shareholders and an average holding of 7,241 shares per person, amounting to an average holding value of 203,400 yuan [2]

Industry Rating - The industry investment rating is "Outperform the Market" [1][1] Core Insights - The European new energy vehicle market is reaching a turning point driven by stringent carbon emission assessments and the cyclical nature of vehicle models [2] - The EU's policies, including the ban on fuel vehicles and tiered carbon reduction targets, are creating rigid constraints that push for electrification [2][8] - Major automakers are accelerating their electric vehicle (EV) strategies to meet upcoming carbon targets, with significant growth in battery electric vehicle (BEV) sales [3][19] Policy and Market Dynamics - The EU's tightening carbon reduction policies are compelling automakers to expedite their transition to new energy vehicles [7] - The EU has set ambitious carbon emission targets, including a ban on new fuel vehicles by 2035 and specific CO2 emission limits for new cars starting in 2025 [8][11] - The introduction of the ZLEV coefficient incentivizes manufacturers to increase the share of zero and low-emission vehicles in their fleets [15] Automaker Performance - Volkswagen delivered 465,500 BEVs globally in the first half of 2025, with a significant contribution from Europe, achieving a year-on-year growth of 89% [3][32] - Stellantis has improved its market share in Europe, ranking first in the hybrid market and second in the BEV market, supported by a multi-platform strategy [3][33] - Renault's BEV sales in Europe increased by 88% in Q1 2025, with a focus on affordable models and a strong platform strategy [3][42] Supply Chain and Component Manufacturers - Companies like Minth and Weimars are benefiting from the growth in the new energy vehicle supply chain, with significant revenue increases projected [4][49] - Minth's battery box business is expected to generate 5.338 billion yuan in revenue in 2024, reflecting a 50.96% year-on-year growth [4][48] - Weimars is positioned as a leading supplier in the domestic market, with a market share of 29.41% in the third-party vehicle charging market [4][52] Future Outlook - The report anticipates continued growth in the European new energy vehicle market, driven by regulatory pressures and technological advancements [2][19] - The performance of key players in the supply chain is expected to improve as the demand for new energy vehicles rises [4][59]

Core Viewpoint - Futek Technology is accelerating its expansion in the new energy vehicle (NEV) components sector by issuing shares to raise up to 528 million yuan for capacity expansion and to enhance its competitive position in the market [1][2]. Fundraising and Project Details - The company plans to issue up to 46.6261 million shares, raising a total of no more than 528 million yuan, with the funds allocated to various projects including the intelligent manufacturing of core NEV components and the establishment of a second base for vehicle power supply production [2][3]. - The key project, "Intelligent Manufacturing of Core NEV Components (Phase III)," will receive 234 million yuan, accounting for 44.32% of the total fundraising, aiming to achieve an annual production capacity of 720,000 sets of high-voltage power supply systems [2][3]. - The second base for vehicle power supply production will receive 160 million yuan to stabilize production operations by reducing reliance on leased facilities [3]. - The new generation vehicle power supply product development project will receive 36.4243 million yuan for R&D of integrated products using GaN devices [3]. Financial Performance - From 2022 to 2024, the company's revenue was 1.65 billion yuan, 1.835 billion yuan, and 1.934 billion yuan, reflecting year-on-year growth rates of 71.13%, 11.2%, and 5.38% respectively [5]. - Net profit for the same period was 86.77 million yuan, 96.44 million yuan, and 94.61 million yuan, with growth rates of 50.53%, 11.14%, and a slight decline of 1.9% [5]. - In Q1 2025, the company achieved revenue of 506 million yuan, a significant year-on-year increase of 94.79%, while net profit was 19.66 million yuan, down 1.56% [5]. R&D Investment and Capacity Expansion - The company has maintained a high level of R&D investment, with cumulative R&D expenses reaching 616 million yuan from 2020 to 2024, and a team of 813 employees dedicated to R&D, representing 49.3% of the total workforce [4][6]. - Total assets increased from 1.535 billion yuan in 2022 to 2.285 billion yuan in 2024, marking a growth of 48.86%, with total assets reaching a historical high of 2.463 billion yuan by Q1 2025 [6].

Group 1 - The core viewpoint of the news is the performance and characteristics of Yingbo's convertible bonds, which have seen a price increase and a specific premium rate [1] - Yingbo's convertible bonds have a credit rating of "AA" and a maturity period of 6 years, with a coupon rate that increases annually from 0.30% to 2.00% [1] - The conversion price for the bonds is set at 17.43 yuan, with the conversion period starting on April 30, 2025 [1] Group 2 - Zhuhai Yingbo Electric Co., Ltd. was established in 2005 and focuses on the research and production of power systems for new energy vehicles [2] - The company went public on the Shenzhen Stock Exchange in 2017, with the stock code 300681, and its main products include powertrains, power supply systems, and core components for new energy vehicles [2] - For the first quarter of 2025, Yingbo reported a revenue of 545.8 million yuan, a year-on-year increase of 15.19%, and a net profit attributable to shareholders of 10.69 million yuan, up 26.29% year-on-year [2] - As of June 2025, Yingbo has a concentrated shareholder structure with 25,400 shareholders, an average of 7,241 circulating shares per person, and an average holding amount of 203,400 yuan [2]

Core Viewpoint - The company reported a revenue of 6.372 billion yuan for 2024, a year-on-year increase of 15.39%, but a net profit attributable to shareholders of 400 million yuan, a year-on-year decrease of 20.34%. For Q1 2025, revenue was 1.353 billion yuan, a year-on-year decrease of 1.02%, and net profit was 101 million yuan, a year-on-year decrease of 11.70%. The Q1 performance was below expectations due to intense market competition, but the company is expected to continue breaking through technical barriers and expanding both domestic and international markets [1]. Financial Performance - In Q4 2024, the company's gross margin and net margin decreased by 9.23 and 6.01 percentage points year-on-year, respectively. For Q1 2025, these margins decreased by 1.42 and 0.97 percentage points year-on-year. The decline in margins is primarily attributed to intensified domestic market competition [2]. - The revenue from the vehicle-mounted power supply and electric drive systems in 2024 increased by 3.53% and 418.39% year-on-year, respectively. The gross margins for these segments changed by +0.65 and -2.25 percentage points year-on-year [2]. Market Position and Trends - The trend towards integration and high voltage in the industry is evident, with the market share of multi-in-one electric drive products exceeding 25% in Q4 2024. The company’s electric drive system revenue saw a significant increase of 418.39% [3]. - The company holds a 19.00% and 29.41% market share in the Chinese passenger vehicle onboard charger and third-party supply markets, ranking second and first, respectively [3]. Domestic and International Market Strategy - The company is solidifying its domestic market presence with multiple domestic automaker partnerships, including a collaboration with SAIC Audi for its first pure electric model and project designations with Great Wall Motors [4]. - Internationally, the company has secured project designations with Renault, Aston Martin, and Ferrari, and has begun mass production deliveries to Stellantis. The construction of a production base in Thailand is underway, which will aid in global market expansion [4]. Profit Forecast and Valuation - Due to intense market competition and increased R&D investments, the company has adjusted its gross margin and operating expense assumptions. The projected net profits for 2025-2026 are 492 million yuan and 644 million yuan, representing downward adjustments of 16.49% and 15.23%, respectively. The projected net profit for 2027 is 754 million yuan, with a CAGR of 23.80% from 2025 to 2027 [5]. - The target price for the company is set at 27.15 yuan based on a PE ratio of 23.24 for 2025, down from a previous estimate of 29.66 yuan [5].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company achieved a market share of approximately 19% in the Chinese passenger car onboard charger market in 2024, ranking second, while holding a 29% share in the third-party supply market, maintaining the top position since 2020 [20]. - The company has established a strong presence in the overseas market, exporting to notable clients such as Stellantis, Renault, Aston Martin, and Ferrari, with export product profitability slightly higher than domestic products [20]. - The company is actively seeking new clients and expanding into new business areas, including partnerships in the flying car sector and collaborations in the yacht and motorcycle industries [21]. - The company is progressing with its Thailand production base project, expected to commence production in 2026 with a design capacity of 300,000 to 400,000 units [21]. - In 2024, the company reported total revenue of 6.38 billion yuan, a year-on-year increase of 15.51%, while net profit decreased by 19.63% due to increased R&D investments [22]. - The company has a strong competitive edge in onboard power products, with core technologies including magnetic integration control, output port circuit integration, and V2X technology [22]. Summary by Sections 1. Basic Research Information - The research was conducted on March 3, 2025, focusing on the company 威迈斯 [13]. 2. Detailed Research Institutions - Participating institutions included Guolian Fund, Tianhong Fund, Huatai Securities, and CITIC Securities among others [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [18]. 4. Main Content Information - The company disclosed its 2024 annual performance report on February 28, 2025, detailing its operational performance and strategic planning [20]. - The Q&A session revealed insights into market share, overseas clients, new customer development, production plans, R&D strategies, and share repurchase progress [20][21][22].

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳威迈斯新能源股份有限公司 Shenzhen VMAX New Energy Co., Ltd. （地址：深圳市南山区北环路第五工业区风云科技大楼 501 之一） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （地址：上海市黄浦区中山南路 318 号东方国际金融广场 2 号楼 24 层） 深圳威迈斯新能源股份有限公司 首次公开发行股票并在科创板上市招股说明书 声明及发行概况 一、声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳威迈斯新能源股份有限公司 Shenzhen VMAX New Energy Co., Ltd. （地址：深圳市南山区北环路第五工业区风云科技大楼 501 之一） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （地址：上海市黄浦区中山南路 318 号东方国际金融广场 2 号楼 24 层） 深圳威迈斯新能源股份有限公司 首次公开发行股票并在科创板上市招股意向书 声明及发行概况 一、声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩 不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科 创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳威迈斯新能源股份有限公司 Shenzhen VMAX New Energy Co., Ltd. （地址：深圳市南山区北环路第五工业区风云科技大楼 501 之一） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公 告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （地址：上海市黄浦区中山南路 318 号东方国际金融广场 2 号楼 24 层） 深圳威迈斯新能源股份有限公司 首次公开发行股票并在科创板上市招股说明书 声明及发行概况 一、声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之 ...