威迈斯 20250707 摘要 威迈斯 2024 年车载电源业务营收占比 85%，虽较 2023 年下降，但仍 是核心业务。公司同时布局 EVCC、无线充系统及液冷充模块技术，拓 展产品线。2024 年公司整体销量达 240 万套，但受下游车企价格战影 响，行业单价有所下降。 国内市场，威迈斯车载电源产品在上汽集团、领跑汽车占据主导份额， 并是理想汽车的独家供应商，在长安、奇瑞及吉利中份额约为 60%。剔 除车企自供部分，威迈斯在国内第三方供应商市场中市占率约为 30%， 位居第一。 威迈斯深度绑定 Stellantis，并获得雷诺、阿斯顿马丁及法拉利等公司 的定点。Stellantis 新平台车型预计 2025 年放量，有望带动威迈斯海 外收入增长。2024 年公司来自 Stellantis 的销售额折合人民币 6 亿元， 占公司整体营收 9%。 威迈斯采用磁集成技术，共用 PCBA 功率板实现 OBC 和 DCDC 功能， 降低成本并提升功率密度。公司在 800 伏车载电源集成产品领域进展领 先，已获得小鹏、理想、蓝图及智己等客户定点，并实现量产发货。 Q&A 威迈斯在国内和海外市场的表现如何？ 威迈斯成 ...

6月27日开盘时段，小米汽车概念板块呈现强势上涨态势。凯众股份在竞价交易中直接封涨停板，成为 板块内最受关注的标的。海泰科、富特科技、禾昌聚合等个股涨幅均超过10%，显示出市场对该概念的 高度认可。 富特科技则专注于电力电子领域，独家为YU7全系车型供应OBC车载充电器和DC/DC转换器。这些产 品适配800V碳化硅高压平台，体现了小米汽车在技术路线上的前瞻性布局。 与此同时，小米在发布会上还推出了AI眼镜产品，起售价1999元。这一产品的发布进一步丰富了小米 的生态布局，为相关概念股提供了额外的想象空间。 市场数据显示，截至上午时段，小米汽车概念板块整体表现强劲。资金流向方面，相关个股获得了增量 资金的明显关注。交易活跃度显著提升，成交量较前期有明显放大。 本文源自：金融界 作者：观察君 据悉，泰鸿万立、宁波华翔、中捷精工、电工合金等多只相关个股涨幅也超过5%。这一轮上涨行情的 催化剂来自小米公司在前一日晚间的重磅发布。小米正式推出其首款SUV车型YU7，这款产品的市场表 现超出预期。 小米YU7开售后仅3分钟，大定数量便突破20万台。这一数据充分体现了市场对该产品的热烈反响。开 售1小时后，大定数量进一步 ...

以下文章来源于AOSemi ，作者SiC团队 AOSemi . 集设计、开发生产与全球销售一体的功率半导体供应商。 车载充电器是电动汽车电气系统的重要组成部分。这是一种嵌入车内的设备，可以将充电站的交流电 （AC）转换为直流电（DC），然后用于为汽车电池充电。AOS 6.6KW双向EV车载充电器（OBC）设计 用于通用单相输入，输出电压范围为250 VDC至450 VDC。前端由图腾柱双向PFC（功率因数校正）组 成，其次是双向隔离DC/DC级，采用对称CLLC转换器。双向隔离DC/DC电平的输入输出端采用H桥拓 扑。输入通过高频变压器与输出隔离。在输出为250VDC时，输出电流限制为20A。PFC以65 kHz的固定 频率工作，DC/DC CLLC级以接近200 kHz的固定频率工作。通过改变直流母线电压来调节输出电压。 AOS 6.6KW双向EV车载充电器框图如图1所示。 图1｜AOS 6.6KW双向EV车载充电器框图 硬件说明 如图3所示，OBC演示板由电源板、控制板和辅助电源板组成。PFC电感连接到PFC高频半桥的中点。交 流零线通过EMI滤波器后连接到低频半桥上。直流母线电容组由5个并联电解电容和几 ...

丨证券研究报告丨 联合研究丨公司点评丨汇川技术（300124.SZ） [Table_Title] 汇川技术：25Q1 业绩高增，人形机器人有望构 筑新增长极 报告要点 [Table_Summary] 公司 24 年营收 370.41 亿元，同比增长 21.77%；归母净利润 42.85 亿元，同比-9.62%；扣非 净利润 40.36 亿元，同比-0.87%。单季度来看，25Q1 营收 89.78 亿元，同比+38.28%；归母 净利润 13.23 亿元，同比+63.08%；扣非净利润 12.34 亿元，同比+55.87%。收入端，新能源 车维持高增，通用业务筑底修复。24 年/25Q1 公司通用自动化业务分别同比+1%/+28%，新能 源车&轨交业务分别同比+68%/+66%，智慧电梯业务分别同比-7%/+2%。伴随公司战略业务持 续推进，人形机器人等未来产业有望构筑新增长极。 分析师及联系人 [Table_Author] 赵智勇 邬博华 曹小敏 司鸿历 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490521050001 SAC：S0490520080002 S ...

Key Points - In Q1 2025, the company reported revenue of 9 billion yuan, a year-on-year increase of 38%, and a net profit attributable to shareholders of 1.3 billion yuan, up 63% year-on-year [1] - For the full year 2024, the company achieved revenue of 37 billion yuan, a 22% increase year-on-year, but net profit attributable to shareholders decreased by 10% to 4.3 billion yuan [1] Segment Analysis - General Automation: Revenue reached 15.2 billion yuan in 2024, a 1% increase year-on-year, with specific product revenues of 5.6 billion yuan for general servo, 5.2 billion yuan for general frequency converters, 1.3 billion yuan for PLC&HMI, and 1.1 billion yuan for industrial robots [2] - New Energy Vehicles: Revenue was 16 billion yuan, a significant increase of 70% year-on-year, driven by the growth of the new energy vehicle industry and increasing penetration rates [2] - Smart Elevators: Revenue declined to 4.9 billion yuan, a 7% decrease year-on-year, with the domestic elevator production dropping by 8% [3] - Rail Transit: Revenue increased to 560 million yuan, a 2% growth year-on-year [3] Future Focus Areas - The company is prioritizing internationalization, digitalization, energy management, AI, and humanoid robots, with overseas revenue reaching 2 billion yuan in 2024, a 17% increase [3] - Progress in humanoid robots includes the development of high-power drivers and high-performance joint components, as well as establishing connections with machine manufacturers and industrial clients [3] Profit Forecast and Valuation - Short-term outlook suggests a recovery in the industrial control cycle and steady profit contribution from the new energy vehicle business [3] - Long-term projections estimate revenues of 45.2 billion yuan, 54.7 billion yuan, and 65.7 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.9 billion yuan, 5.9 billion yuan, and 7.1 billion yuan, reflecting year-on-year growth rates of 14%, 19%, and 20% [3]

Investment Rating - The report assigns a positive investment rating to Huichuan Technology, indicating a strong performance outlook relative to the market index [8]. Core Insights - Huichuan Technology's dual strategy in "Intelligent Manufacturing & New Energy Vehicles" has led to better-than-expected performance in the first quarter of 2025, with a revenue of 9 billion yuan, representing a 38% year-on-year increase, and a net profit of 1.3 billion yuan, up 63% year-on-year [6]. - The company is projected to achieve a revenue of 37 billion yuan in 2024, a 22% increase year-on-year, with a net profit of 4.285 billion yuan, reflecting a 10% decline year-on-year [6]. - The report highlights the company's strong market position in various segments, including general automation and new energy vehicles, with significant growth in revenue from the latter [6]. Financial Summary - Revenue Forecast: - 2024: 37.041 billion yuan - 2025: 45.244 billion yuan - 2026: 54.711 billion yuan - 2027: 65.723 billion yuan - Year-on-year growth rates are projected at 22% for 2024 and 2025, 21% for 2026, and 20% for 2027 [2]. - Net Profit Forecast: - 2024: 4.285 billion yuan - 2025: 4.906 billion yuan - 2026: 5.859 billion yuan - 2027: 7.044 billion yuan - Year-on-year growth rates are projected at -10% for 2024, 14% for 2025, 19% for 2026, and 20% for 2027 [2]. - Earnings Per Share (EPS) Forecast: - 2024: 1.6 yuan - 2025: 1.8 yuan - 2026: 2.2 yuan - 2027: 2.6 yuan [2]. Segment Performance - General Automation: - Revenue of 15.2 billion yuan in 2024, a 1% increase year-on-year, with market shares of 18.6% in low-voltage frequency converters and 28.3% in general servos, ranking first in both categories [6]. - New Energy Vehicles: - Revenue of 16 billion yuan in 2024, a 70% increase year-on-year, driven by industry growth and increased market penetration [6]. - Smart Elevators: - Revenue of 4.9 billion yuan in 2024, a 7% decrease year-on-year, reflecting a broader market decline [6]. Future Outlook - The company is focusing on internationalization, digitalization, energy management, AI, and humanoid robots as key growth areas [6]. - The long-term forecast suggests a robust growth trajectory, with expected revenues of 45.244 billion yuan in 2025, 54.711 billion yuan in 2026, and 65.723 billion yuan in 2027, alongside net profits of 4.906 billion yuan, 5.859 billion yuan, and 7.044 billion yuan respectively [6].

Core Viewpoint - The company focuses on the electric vehicle (EV) battery charging and discharging sector, emphasizing technological innovation and market expansion, particularly in the EV industry, while maintaining a strong commitment to research and development [5][21]. Company Overview - The company has established itself in the battery charging and discharging field, aligning with the growth of the EV market through continuous investment in technology and product development [5]. - The main products include on-board chargers (OBC), DC/DC converters, and various power modules for both vehicle-mounted and non-vehicle applications [7]. Business Model - The company employs a research and development model that combines market-driven technology trends with customized product development, ensuring alignment with customer needs and industry advancements [8][9]. - The procurement strategy is based on sales forecasts, ensuring a stable supply chain through a qualified supplier list [10]. - The production model is also sales-driven, adapting to customer orders and forecasts to optimize production efficiency [11][12]. - The sales approach is direct, focusing on collaboration with EV manufacturers and providing after-sales services [13]. Core Competitiveness - The company maintains a strong focus on technological innovation, with a significant R&D budget of 200.08 million yuan in 2024, and a dedicated team of 813 employees, representing 49.3% of the workforce [14]. - The R&D efforts are recognized by various awards from clients and government bodies, highlighting the company's innovation capabilities [15]. - The company has established a comprehensive testing system and advanced laboratory facilities to ensure product quality and compliance with international standards [16][18]. - Automation in manufacturing processes enhances production efficiency and product consistency, addressing the challenges of custom product requirements [19]. Business Performance - In the reporting period, the company achieved a revenue of 1.9338425 billion yuan, reflecting a year-on-year growth of 5.38%, with a net profit of 94.6052 million yuan [21]. - The domestic EV market saw significant growth, with production and sales reaching 12.888 million and 12.866 million units, respectively, marking increases of 34.4% and 35.5% year-on-year [22]. - The company has successfully established partnerships with major domestic and international automotive brands, enhancing its market presence [23][20]. Strategic Developments - The company has made significant progress in platform-based product development, achieving a 30% reduction in product size and a 10% decrease in component count compared to previous models [24]. - Efforts in lean production and automation have led to improved production efficiency and reduced labor costs, with ongoing construction of overseas factories to meet international demand [24]. - The company is advancing its information technology systems to enhance operational efficiency and support strategic goals [25].

"阅读原文" 插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、Wolfspeed、三安半导体、天科合达、元山电子、大族半导体、香港大学、 长飞先进、宏微科技、利普思、国基南方、芯长征、合盛新材料等将出席本次会议，点击文章底 部 即可报名参会。 2024年10月，特斯拉技术专家接受了国外咨询机构的调研，其深度解析了氮化镓技术在汽车领域的 应用前景与挑战，同时还对D-mode / E-mode/直驱/单片集成等技术路线以及氮化镓主流玩家进行了点 评。 "行家说三代半"对该访谈进行了全文翻译，由于整个采访多达7000字，为此这篇访谈将分拆成2篇 发布。 今天发布的是第一篇，特斯拉技术专家核心观点如下： ● GaN车载应用已成趋势： DC-DC转换器、车载充电器（OBC）将率先采用GaN方案，功率等级逐步从消费级（几十瓦）向 汽车级（几十千瓦）跃升。 高频开关是核心优势 GaN高频特性（开关频率可达100kHz以上）在OBC、DC-DC中价值显著，但在主驱逆变器 （10kHz低频场景）难敌SiC。 ● 成本潜力巨 大 ● ： 硅基GaN供应链成熟，长期成本目标接近 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自IEEE，谢谢。 如果我们现在能做一件事来加速向电动汽车的过渡，那就是：建立一个强大的公共电动汽车充电基 础设施。虽然媒体关注的是汽车的性能和续航里程，但消费者一直很清楚，他们希望电动汽车能够 完成旧车所能做的一切，包括长途过夜旅行。 对于尚未拥有电动汽车的人来说，强大的基础设施似乎并不重要。毕竟，研究表明，在发达市场， 多达 90%的充电都发生在家中。然而，事实证明，剩余的充电比例至关重要。送货卡车和出租车司 机、公寓楼居民、上大学的学生、度假的家庭以及无数其他人都了解到，在公共充电设施稀缺或不 可靠的情况下，驾驶电动汽车可能会很困难。例如，福布斯2022 年的一项调查显示，62% 的电动汽 车车主对电动汽车续航里程非常担心，以至于他们有时会缩减旅行计划。 这对政策制定 者来说并不是秘密。国际能源署最近的一份 简报指出，在中国，投资充电基础设施对 电动汽车的成功影响是向电动汽车购买者提供补贴的四倍。 这些问题我们几十年来一直在努力解决。早在 1992 年，我们就与他人共同创立了 AC Propulsion公 司，推出了高性能电动跑车tZero ，其基 ...

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不 确定性、尚处于成长期、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。投资者应充分了解创业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。 浙江富特科技股份有限公司 （浙江省湖州市安吉县递铺街道文昌路 505 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳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。 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 浙江富特科技股份有限公司 招股说明书（注册稿） 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 ...