英搏尔20250916

Summary of the Conference Call for Yingboer Company Overview - Yingboer reported total revenue of 2.4 billion yuan in 2024, with power assembly accounting for 51% (1.23 billion yuan), electrical assembly for 25% (600 million yuan), and motor controllers for 20% (470 million yuan) [2][3][4] - The company serves notable clients including GAC Honda, Dongfeng Nissan, and Geely, as well as non-road vehicle manufacturers like XCMG, Zoomlion, and SANY [2][3] Financial Performance - In the first half of 2025, Yingboer achieved revenue of 1.4137 billion yuan, a year-on-year increase of 34% [4] - Net profit attributable to shareholders was 37 million yuan, up 7% year-on-year, while the non-recurring net profit surged by 170% to 34 million yuan [4][5] - The company reported a significant increase in multi-in-one product shipments, with a year-on-year growth of 185%, indicating strong market demand [5] Strategic Partnerships and Collaborations - Yingboer has formed a strategic partnership with EHang to jointly develop the Evo II integrated electric drive system, establishing a joint venture where Yingboer holds 60% [2][6] - Collaborations with Yiwatt for the ET9 aviation series integrated motor control products and GAC Gaoyu for prototype development are also in progress [2][6] Technological Innovations - The company possesses integrated chip technology characterized by lightweight, cost-effectiveness, and high efficiency [7] - The latest 6-in-1 drive system enhances space utilization and power density, positioning Yingboer at the forefront of the industry [7] Production Capacity - Yingboer operates production bases in Zhuhai and Shandong, with an annual production capacity exceeding one million units [8] Market Potential and Trends - The low-altitude economy is projected to have significant growth, with domestic EVTOL demand expected to reach between 5,000 to 10,000 units over the next three years [4][12][13] - Yingboer is positioned as a core supplier in the low-altitude economy, similar to CATL's role in the electric vehicle industry [12][14] Logistics and Autonomous Vehicles - The company has made notable progress in the logistics autonomous vehicle sector, collaborating with key clients like Shanghai Yika and Shangwei Zhixing [15] - The commercial potential of logistics autonomous vehicles is already being recognized, with express logistics companies showing interest in purchasing these products [15] Key Modules and Future Outlook - Yingboer signed a strategic cooperation agreement with Fengli Intelligent to focus on key modules like motor reducers, which are crucial for robotics applications [16] - The low-altitude economy is viewed as a vital emerging industry, with both the US and China investing heavily in its development [17] Supply Chain Positioning - Yingboer holds a significant position in the core supply chain, particularly in electric sound control and component manufacturing, with a strong competitive edge recognized by the market [18]