证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-084 卧龙电气驱动集团股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次拟担保金额：8,000 万元，合计已实际为其提供的担保余额：13,200 万元（含本次） 特别风险提示：被担保人卧龙储能资产负债率超过 70%，敬请投资者注 意相关风险。 一、担保情况概述 （一）担保基本情况 2024 年 11 月 19 日，卧龙电气驱动集团股份有限公司（以下简称"卧龙电 驱"或"公司"）与中国银行股份有限公司上虞支行（以下简称"中行上虞支行"） 签订《最高额保证合同》，约定公司为卧龙储能在中行上虞支行办理的融资业务 等进行担保，担保额度合计不超过 8,000 万元。 （二）内部决策程序 公司于 2024 年 04 月 25 日召开九届六次董事会会议，审议通过了《关于 2024 年度为子公司申请银行授信及为综合授信额度内贷款提供担保的议案》， 公司为子公司卧龙储能提供担保总额不超过 15,000 万元人民币的担保，期限自 ...

关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-083 卧龙电气驱动集团股份有限公司 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 13 日(星期三) 至 11 月 19 日(星期二)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 wolong600580@wolong.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 卧龙电气驱动集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 1-9 月的经营成果、财务状况，公司计划于 2024 年 11 月 20 日上午 9:00-10:00 举行 20 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's revenue growth is steady, but net profit has declined [2] - Revenue for Q1-3 2024 reached 12.194 billion yuan, a year-on-year increase of 1.06% [2] - Net profit attributable to the parent company was 638 million yuan, a year-on-year decrease of 30.92% [2] - The decline in net profit is mainly due to rising raw material costs and a decrease in non-recurring gains such as government subsidies [2] - The company is making steady progress in the low-altitude economy sector, particularly in electric aviation [3] Financial Performance - Gross profit margin for Q1-3 2024 was 25.46%, down 0.47 percentage points year-on-year [3] - Operating expenses ratio increased by 1.07 percentage points to 18.77% [3] - Sales expenses ratio, management expenses ratio, financial expenses ratio, and R&D expenses ratio were 5.31%, 7.88%, 1.42%, and 4.16% respectively [3] Low-Altitude Economy and Electric Aviation - The company has been developing electric aviation since 2019, focusing on urban air mobility, emergency rescue, and logistics [3] - Breakthroughs have been made in core technologies such as system lightweighting, dynamic sealing, electromagnetic compatibility, and low-cost mass production [3] - The company has collaborated with the China Academy of Civil Aviation Science and Technology to establish a laboratory for airworthiness verification of new energy aircraft electric power systems [3] - Recently, the company showcased a 100-kilowatt-level variable-configuration distributed electric power system developed in collaboration with COMAC [3] Profit Forecast - Revenue for 2024-2026 is expected to be 16.696 billion yuan, 17.919 billion yuan, and 19.253 billion yuan respectively [4] - Net profit attributable to the parent company is forecasted to be 899 million yuan, 1.006 billion yuan, and 1.112 billion yuan for 2024-2026 [4] - EPS for 2024-2026 is projected to be 0.69 yuan, 0.77 yuan, and 0.85 yuan per share [4] - The P/E ratio for 2024-2026 is estimated to be 24x, 21x, and 19x respectively [4] Historical Financial Data - Revenue for 2022 and 2023 was 14.266 billion yuan and 15.567 billion yuan respectively [6] - Net profit attributable to the parent company for 2022 and 2023 was 799.56 million yuan and 529.85 million yuan respectively [6] - ROE for 2022 and 2023 was 8.89% and 5.63% respectively [6] Valuation and Market Data - The current stock price is 15.92 yuan [7] - The 52-week high and low prices are 18.41 yuan and 8.69 yuan respectively [7] - The company's market capitalization is 20.738 billion yuan [7]

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-082 卧龙电气驱动集团股份有限公司 关于注销部分已回购股份的实施公告 二、本次拟注销股份的回购情况概述 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 卧龙电气驱动集团股份有限公司（以下简称"公司"或"本公司"）分 别于 2024 年 08 月 30 日、2024 年 09 月 18 日召开九届八次董事会会议及 2024 年第二次临时股东大会，审议通过《关于变更公司部分回购股份用途暨注销部分 回购股份的议案》。公司同意对于公司 2021 年实施回购的其中 5,668,500 股股 份，用途由原回购方案"用于股权激励计划"变更为"用于注销并减少注册资本"， 注销完成后公司总股本将由 1,308,291,126 股减少至 1,302,622,626 股，注册资本 将由 1,308,291,126 元减少至 1,302,622,626 元。 本次注销股份的有关情况： | 回购专用证券账户股份数量 | 本次注销股份数量 | 注销日期 | | | | ...

Summary of Conference Call Company Overview - The conference call discusses the performance of a company in the electric motor industry, specifically focusing on its third-quarter results for 2024. The company reported a revenue of 12.194 billion, a year-on-year increase of 1% [1]. Key Financial Metrics - For the first three quarters of 2024, the company's revenue was 12.194 billion, with a single third-quarter revenue of 4.216 billion, reflecting a year-on-year decrease of 0.8% [1]. - The gross profit for the first three quarters was 638 million, down 31% from 924 million in the previous year [1]. - The adjusted gross profit for the third quarter was 245 million, a year-on-year decrease of 23% but a quarter-on-quarter increase of 44% [2]. - Operating cash flow for the first three quarters was 829 million, down 8.3% year-on-year, while the third-quarter cash flow was 474 million, showing a quarter-on-quarter increase [3]. Cost and Expense Analysis - The three-item expense ratio for the first three quarters was 17.35%, up 1.03% year-on-year, while the third-quarter ratio was 16.48%, down 1.79% [2]. - The sales expense ratio for the first three quarters was 5.31%, while the management expense ratio was 7.88% [3]. Market and Industry Insights - The company is experiencing pressure on gross margins due to product structure changes and rising raw material costs, particularly in the consumer electronics sector [2]. - The company anticipates a positive impact from government policies aimed at stimulating the economy, particularly in the consumer goods sector [10]. - The company is focusing on expanding its presence in the electric vehicle (EV) market, particularly in commercial vehicles and high-efficiency technologies [6]. Future Outlook - The company expects to benefit from government funding for equipment upgrades and digital transformation projects, which are anticipated to create demand for electric motors [11]. - There is a positive outlook for the consumer electronics segment, driven by policies encouraging the replacement of old appliances [25]. - The company is also exploring opportunities in the electric aviation sector, with significant partnerships and projects underway [7]. Risks and Challenges - The company faces challenges from macroeconomic conditions affecting the industrial electric motor sector, particularly in domestic markets [5]. - There is uncertainty regarding the impact of potential changes in government policies and economic conditions on future performance [12]. Additional Insights - The company is actively pursuing international markets, with a focus on increasing its market share in North America and Asia-Pacific regions [15]. - The company is committed to ongoing research and development, particularly in advanced technologies such as electric aviation and energy storage [22]. Conclusion - The company is navigating a challenging macroeconomic environment while positioning itself for future growth through strategic investments and market expansion efforts. The focus on innovation and adaptation to market demands will be crucial for sustaining performance in the coming quarters.

电机Ⅲ 2024 年 11 月 03 日 买入（维持评级） 目标价格： 22.32 元 | --- | --- | |--------------------------|-------------------| | 基本数据 | | | 日期 | 2024-11-01 | | 收盘价： | 16.18 元 | | 总股本/流通股本(百万股 ) | 1,308.29/1,308.29 | | 流通 A 股市值 (百万元) | 21,168.15 | | 每股净资产(元 ) | 7.55 | | 资产负债率 (%) | 56.77 | | 一年内最高 /最低价(元) | 18.88/8.31 | 一年内股价相对走势 团队成员 分析师： 邓伟(S0210522050005) DW3787@hfzq.com.cn 分析师： 游宝来(S0210523030002) YBL3804@hfzq.com.cn 相关报告 1、减值致盈利承压，低空经济铸就成长—— 2024.09.03 2、"电驱+光储+eVTOL"一体两翼，全球电机龙 头构建新格局——2024.05.30 华福证券 卧龙电驱（600580.SH） 设备更新开 ...

关于对卧龙电气驱动集团股份有限公司 股票交易异常波动的问询函回复 卧龙电气驱动集团股份有限公司: 本公司 卧龙控股集团有限公司 已于 2024年 11月 01 日收到 贵公司发来的《卧龙电气驱动集团股份有限公司股票交易异常波动的 问询函》,经认真自查,现回复如下: 本公司为卧龙电气驱动集团股份有限公司(以下简称"卧龙电驱") 的控股股东,截止目前,除了在指定媒体上已公开披露的信息外,不 存在影响卧龙电驱股票交易异常波动的重大事项,不存在其他应披露 而未披露的重大信息,包括但不限于筹划涉及上市公司的重大资产重 组、股份发行、收购、债务重组、业务重组、资产剥离、资产注入、 股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等 对卧龙电驱股票交易价格产生较大影响的重大事项。 特此回函! (此页无正文,为《关于对卧龙电气驱动集团股份有限公司股票交易 异常波动的问询函回复》之签章页 ) 卧龙电气驱动集团股份有限公司: 本人已于 2024年 11月 01 日收到贵公司发来的《卧龙电气驱动 集团股份有限公司股票交易异常波动的问询函》,经本人认真自查, 现回复如下: 本人为卧龙电气驱动集团股份有限公司(以下简称"卧龙 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-081 卧龙电气驱动集团股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （一）生产经营情况 经公司自查，公司目前生产经营活动一切正常，市场环境、行业政策没有发 生重大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人函证核实：截至本公告披露日， 除了在指定媒体上已公开披露的信息外，不存在影响公司股票交易价格异常波动 的重大事宜；不存在其他涉及本公司应披露而未披露的重大信息，包括但不限于 重大资产重组、发行股份、上市公司收购、债务重组、业务重组、资产剥离、资 产注入、股份回购、股权激励、破产重组、重大业务合作、引进战略投资者等重 大事项。 卧龙电气驱动集团股份有限公司（以下简称"公司"或"本公司"）股 票于 2024 年 10 月 30 日、10 月 31 日、11 月 01 日连续三个交易日内日收盘价格 涨幅偏离值累计超过 20%。根据《上海证券交 ...

Investment Rating - Buy-A rating with a 6-month target price of 18.25 RMB, representing a 25x dynamic P/E ratio for 2024 [4][6][22] Core Views - Domestic large-scale equipment updates and North American manufacturing reshoring support steady growth in industrial motors [12] - Home appliance replacement policies boost demand for upstream motors, with a turning point in daily-use motor revenue [12] - Strong growth in new energy vehicle (NEV) production and sales, with the automotive motor business expected to grow significantly, with estimated contract amounts totaling 8.637 billion RMB from 2020-2031 [12] - Low-altitude economy policy inflection point reached, with aviation motors as a high-value segment expected to bring new growth [12] Industrial Motors - The company is a global leader in motor manufacturing, ranking second in high-voltage motors and third in low-voltage motors globally [13] - Industrial motors account for 61.96% of revenue, with domestic demand driven by large-scale equipment updates and overseas demand supported by US manufacturing reshoring [13][14] - Domestic equipment updates aim for a 25% increase in investment by 2027, with accelerated replacement of high-efficiency motors [14] - US manufacturing reshoring drives upstream demand, with US factory construction investment reaching 238.262 billion USD in August 2024, up 18.32% YoY [15][35] Daily-Use Motors - Home appliance replacement policies drive demand, with major appliance sales reaching 130 million units in Jan-Sep 2024, up 3.49% YoY [19] - Average prices of major appliances rebounded to 1,628.15 RMB/unit in Sep 2024, up 56.75% from the Feb low [19] - The company has long-term partnerships with leading home appliance brands, benefiting from the industry recovery [19] New Energy Vehicle (NEV) Motors - NEV sales in China reached 8.32 million units in Jan-Sep 2024, up 32.53% YoY, with exports reaching 1.6765 million units, up 33.45% YoY [20] - Motors are a core component of NEVs, accounting for 7% of vehicle value, with raw material price declines improving profitability [20] - The company has formed a joint venture with ZF, a global leader, with estimated contract amounts totaling 8.637 billion RMB from 2020-2031 [20] Low-Altitude Economy - Low-altitude economy policies have reached an inflection point, with a projected trillion RMB market by 2030 [21] - Electric propulsion is a key technology for low-altitude aircraft, with the company having developed products across small, medium, and large categories [21] - The company has partnered with COMAC and other leading firms, establishing a competitive advantage in aviation motor systems [21] Financial Performance - Revenue for 2024 is projected at 18.012 billion RMB, up 15.71% YoY, with net profit of 1.102 billion RMB, up 107.96% YoY [13] - Revenue for 2024-2026 is forecasted at 16.8, 18.71, and 20.94 billion RMB, with net profit of 0.96, 1.13, and 1.38 billion RMB, respectively [22] - Industrial motors contributed 9.645 billion RMB in revenue in 2023, up 10.03% YoY, with a gross margin of 29.58% [96]

证 券 研 究 报 告 2024 年 10 月 31 日 卧龙电驱 (600580) ——24Q3 扣非净利润微增，短期受益于设备更新，长期 关注电动航空板块 报告原因：有业绩公布需要点评 买入（维持）事件：公司发布 2024 年三季报，业绩符合预期。2024 年前三季度，公司实现营业收入 121.94 亿元，同比增长 1.06%；归母净利润 6.38 亿元，同比下滑 30.92%；扣非归母净利润 5.72 亿元， 同比下滑 21.47%。2024 年单三季度，公司实现营业收入 42.16 亿元，同比下滑 0.85%；归母 净利润 2.45 亿元，同比下滑 23.03%；扣非归母净利润 2.24 亿元，同比增长 2.80%。 公司点评： ⚫ 2024Q3 收入变化较为平稳，扣非归母净利润实现增长。2024Q3 公司收入下滑 0.85%， 归母净利润下滑 23.03%，扣非归母净利润增长 2.80%。主要原因为：1）受到大宗物料价 格上涨影响，2024Q3 毛利率同比下降 0.48pct 至 25.00%；2）去年三季度政府补助等非 经常性损益较高（1.01 亿元），剔除非经常性损益的影响后，收入与利润端的变化 ...