隆盛科技&豪能股份&禾望电气

Summary of Conference Call Records Companies and Industries Involved - 隆盛科技 (Longsheng Technology) - 禾望电气 (Hewei Electric) - 豪能股份 (Haoneng Co., Ltd.) Key Points and Arguments 隆盛科技 (Longsheng Technology) - The motor core business is extending to semi-assembly, with potential value increase to 2000 RMB, benefiting from the new energy vehicle market and cooperation in the Sichuan-Chongqing region, indicating significant growth potential [2] - EGR (Exhaust Gas Recirculation) business benefits from the commercial vehicle market's favorable conditions and close collaboration with BYD in hybrid systems, presenting a broad market outlook [2] - Actively expanding into robotics by acquiring Weina Intelligent, focusing on harmonic reducers and dexterous hands, with potential breakthroughs in humanoid robotics [2] - In 2023, total revenue was 1.5 billion RMB, with overseas revenue around 50 million RMB, accounting for approximately 3-4%, indicating good overall growth potential despite tariff friction [3][11] - Core businesses include motor core and EGR, with the motor core's value expected to triple from 600-800 RMB to around 2000 RMB due to new semi-assembly orders [4] - New business developments in robotics, including harmonic reducers and dexterous hands, show promising growth prospects [5] - Current valuation is around 20 times earnings, with potential earnings forecasted to reach 330-351 million RMB, indicating a good investment opportunity [7][12] 禾望电气 (Hewei Electric) - Overseas revenue accounts for about 7-8%, with no exposure to the U.S. market, minimizing the impact of tariff friction [2][6] - Main businesses include wind-solar energy storage and industrial transmission, with significant revenue growth to 560 million RMB, driven by domestic market trends and local replacements [6] - Valuation is close to 20 times earnings, with strong growth in both wind-solar storage and industrial transmission sectors [13] 豪能股份 (Haoneng Co., Ltd.) - Holds a competitive advantage in the industrial brain sector with super-large power frequency control technology, applicable in metallurgy and steel rolling industries [2][8] - Data center power business is viewed as a strong bullish option, with potential for significant stock price reaction if product or client developments occur [9] - Overseas revenue is approximately 260 million RMB, primarily from the European market, accounting for about 10% of total revenue, with no risk exposure to the U.S. market [10] - Planetary reducer business shows great potential in new energy vehicles and humanoid robotics, with a current valuation of around 20 times earnings, indicating high relative value [14] Other Important but Possibly Overlooked Content - The industrial transmission sector is largely dominated by foreign enterprises, presenting opportunities for domestic companies like Hewei Electric to capture market share through local replacements [6] - The potential for the data center power business to act as a significant growth driver for Haoneng Co., Ltd. if future developments are favorable [9]