中国电机供应商_助力未来发展_首予德昌电机增持评级、卧龙电驱中性评级-China Electric Motor Suppliers_ Powering what‘s next_ Initiate coverage of Johnson Electric at OW and Wolong Electric at Neutral

J P M O R G A N Asia Pacific Equity Research 12 October 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Electric Motor Suppliers Powering what's next: Initiate coverage of Johnson Electric at OW and Wolong Electric at Neutral We initiate coverage ...