二、监事会会议审议情况 本公司监事会及全体监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、监事会会议召开情况 卧龙电气驱动集团股份有限公司（以下简称"公司"或"卧龙电驱"）九届 七次监事会会议于 2024 年 10 月 29 日在浙江省绍兴市上虞区曹娥街道复兴西路 555 号公司会议室以现场表决方式召开。本次会议的会议通知和材料已于 2024 年 10 月 24 日分别以专人送达、电子邮件或传真等方式发出。会议由监事会主席 赵建良主持，会议应到监事 3 人，实到监事 3 人。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-079 卧龙电气驱动集团股份有限公司 九届七次监事会决议公告 特此公告。 卧龙电气驱动集团股份有限公司 监事会 2024 年 10 月 31 日 （一）审议通过《2024 年第三季度报告》 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见刊登于《中国证券报》、《上海证券 ...

卧龙电气驱动集团股份有限公司 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-078 九届九次临时董事会决议公告 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、董事会会议召开情况 卧龙电气驱动集团股份有限公司（以下简称"公司"或"卧龙电驱"）九届 九次临时董事会会议于 2024 年 10 月 29 日以通讯表决方式召开。本次会议的会 议通知和材料已于 2024 年 10 月 24 日分别以专人送达、电子邮件或传真等方式 发出。公司现有董事 9 人，参会董事 9 人。公司监事会成员、高级管理人员列席 了会议。 特此公告。 卧龙电气驱动集团股份有限公司 董事会 2024 年 10 月 31 日 二、董事会会议审议情况 （一）审议通过《2024 年第三季度报告》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司第九届董事会审计委员会 2024 年第六次会议审议通过。 具体内容详见刊登于《中国证券报》《上海证券报》和上海证券交易所网站 （http://www.sse.com.cn）的《卧龙 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 15.3-16.1 RMB, representing a 17%-23% premium over the current price [1][3] Core Views - The company is a global leader in the motor industry with a diversified product portfolio, including industrial motors, household motors, and new energy vehicle motors [1][10] - The company has a strong market position, ranking first in China's motor market with a 6.2% market share in 2023 [1][10] - The company is actively expanding into new energy sectors, including distributed photovoltaics and energy storage, with energy storage revenue reaching 485 million RMB in 2023 [1][10] Business Segments Industrial Motors - The industrial motor segment achieved revenue of 9.645 billion RMB in 2023, a 10% YoY increase, with sales volume reaching 34.02 million kW [25] - The segment's gross margin improved to 29.58% in 2023, up 1.17 percentage points YoY, with unit gross profit increasing to 84 RMB/kW [25] - The company benefits from global economic recovery, industrial development, and new customer acquisitions in the Americas [25] Household Motors - The household motor segment generated 3.111 billion RMB in revenue in 2023, a 4% YoY decline, with sales volume of 56.83 million units [25] - The segment's gross margin improved slightly to 16.59% in 2023, with unit gross profit remaining stable at 9 RMB/unit [25] - The company is expected to benefit from overseas home appliance restocking demand and domestic replacement policies [25] New Energy Vehicle Motors - The new energy vehicle motor segment achieved revenue of 972 million RMB in 2023, with sales volume of 10.54 million kW [26] - The segment's gross margin was 16.22% in 2023, with unit gross profit of 15 RMB/kW [26] - The company has secured new customer orders in the new energy vehicle market and is actively developing electric aviation motors [26] Energy Storage and Photovoltaics - The company's energy storage business achieved revenue of 485 million RMB in 2023, with a gross margin of 17.44% [28] - The photovoltaic business generated 306 million RMB in revenue in 2023, with a gross margin of 45.15% [28] - The company has 62 operational distributed photovoltaic projects with a cumulative installed capacity of over 310MW as of H1 2023 [1] Industry Outlook - The global industrial motor market is expected to grow from 212.9 billion USD in 2024 to 281.7 billion USD by 2029, with a CAGR of 4.8% [43] - China's industrial motor market size was over 58.3 billion RMB in 2023, with high-voltage motors accounting for 14.2 billion RMB and low-voltage motors for 44.1 billion RMB [44] - Government policies promoting energy efficiency and equipment upgrades are expected to drive steady growth in the industrial motor market [44] Competitive Landscape - The global industrial motor market is led by companies such as ABB, Siemens, Nidec, and the report's subject company [48] - In China, the top 5 companies account for 70.8% of the high-voltage motor market and 25.0% of the low-voltage motor market, with the report's subject company ranking first in both segments [48]

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-077 卧龙电气驱动集团股份有限公司 关于办公地址变更的公告 特此公告。 卧龙电气驱动集团股份有限公司 董事会 2024 年 10 月 15 日 因经营发展需要，卧龙电气驱动集团股份有限公司（以下简称"公司"）于 近日搬迁至新址办公，现将相关变更情况公告如下： | | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 浙江省绍兴市上虞区人民大 | 浙江省绍兴市上虞区曹娥街道复 | | | 道西段 1801 号 | 兴西路 555 号 | 除上述办公地址变更外，投资者联系电话、电子邮箱等信息均保持不变。以 上变更自本公告披露之日起正式启用，敬请广大投资者知悉。若由此给您带来的 不便，敬请谅解。 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。 ...

卧龙电气驱动集团股份有限公司 证券代码：600580 证券简称：卧龙电驱 公告编号：2024-076 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/1/25，由董事长庞欣元提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 5,000 万元~10,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 514.82 | | 累计已回购股数占总股本比例 | 0.39% | | 累计已回购金额 | 万元 6,000.54 | | 实际回购价格区间 | 8.39 元/股~15.66 元/股 | 一、 回购股份的基本情况 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"）于 2024 年 01 月 23 日召开九届四次临时 ...

证券代码：600580 证券简称：卧龙电驱 卧龙电气驱动集团股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | --- | |--------------|------------------------|----------------------------------------------------------------|-----------------------------------| | | | | | | | R | 特定对象调研 £分析师会议 | | | 投资者关系活 | □ 媒体采访 | £ 业绩说明会 | | | 动类别 | □ | 新闻发布会 ☑路演活动 | | | | □ 现场参观 | | | | | □ | 其他（请文字说明其他活动内容） | | | | | 浙商基金、德邦基金、长江资管、天风证券、东吴证券、财通证券、兴 | | | | | 业证券、浙商证券、太平养老保险、上海信托、太平洋保险、国泰君安 | | | | | 证券、智晶基金、金鼎资本、弘悦私募、务扬私募、光大证券、熙典私 | | | 参与单位名称 | | 募、兴 ...

Investment Rating - Maintain "Buy" rating [3][6] Core Views - Revenue and gross margin improved quarter-over-quarter in Q2 2024, with Q2 revenue reaching 4.24 billion yuan, up 13% QoQ, and gross margin at 25.97%, up 0.57 percentage points QoQ [1] - Net profit declined 35.09% YoY in H1 2024, mainly due to lower gross margin, increased expenses, and asset impairment losses from Hongxiang shares [1] - The company is well-positioned to benefit from the low-carbon equipment upgrade trend, particularly in industries like petrochemicals, mining, and home appliances, with its high-speed permanent magnet direct drive system improving efficiency by 10%-40% [1] - The company is a leader in the global electric aviation sector, collaborating with major players like COMAC and Geely's Volocopter, and is expected to capitalize on the growth of the low-altitude economy [2] Financial Performance and Forecast - H1 2024 revenue was 7.98 billion yuan, up 2.09% YoY, while net profit attributable to shareholders was 393 million yuan, down 35.09% YoY [1] - Revenue is forecasted to grow to 24.83 billion yuan by 2026, with a CAGR of 16.28% from 2024 to 2026 [5] - Net profit attributable to shareholders is expected to reach 1.37 billion yuan by 2026, with EPS projected to grow from 0.75 yuan in 2024 to 1.05 yuan in 2026 [3][5] - ROE is forecasted to improve from 8.82% in 2024 to 10.11% in 2026 [5] Industry and Market Position - The company is a global leader in industrial motors and is expanding its presence in the electric aviation sector, particularly in eVTOL (electric vertical take-off and landing) applications [3] - The low-carbon equipment upgrade trend, supported by government policies like the 300 billion yuan ultra-long-term special treasury bonds, presents significant growth opportunities for the company [1] - The company's collaboration with major players in the electric aviation sector positions it as a key beneficiary of the growing low-altitude economy [2] Valuation - The current PE ratio is 14x for 2024, expected to decline to 10x by 2026 [3] - The company's valuation is supported by its strong position in the industrial motor market and its growth potential in the electric aviation sector [3]

文 号 主 题 词 索 引 号 bm56000001/2024-00011087 分 类 发布机构 发文日期 1726702800000 名 称 关于对卧龙电气驱动集团股份有限公司及相关人员采取出具警示函措施的决定 公司的上述行为违反了《上市公司信息披露管理办法》（证监会令第182号）第三条、第二十二条的规定。公司 董事长庞欣元、总裁黎明、董事会秘书戴芩违反了《上市公司信息披露管理办法》（证监会令第182号）第四条、第 五十一条的规定，对上述违规行为承担主要责任。根据《上市公司信息披露管理办法》（证监会令第182号）第五十 二条的规定，我局决定对公司、庞欣元、黎明、戴芩分别采取出具警示函的监督管理措施，并记入证券期货市场诚信 档案。你们应充分吸取教训，加强相关法律法规学习，提高规范运作意识，切实履行勤勉尽责义务，保证信息披露的 真实、准确、完整、及时、公平。你们应当在收到本决定书之日起10个工作日内向我局提交书面整改报告。 关于对卧龙电气驱动集团股份有限公司及相关人员采取出具警示函措 施的决定 卧龙电气驱动集团股份有限公司、庞欣元、黎明、戴芩: 2024年4月3日，红相股份有限公司（以下简称红相股份）收到中国 ...

二、需债权人知晓的相关信息 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2024-075 卧龙电气驱动集团股份有限公司 关于注销回购股份通知债权人的公告 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。 一、通知债权人的原因 为切实提高股东的投资回报，进一步向投资者传递卧龙电气驱动集团股份有 限公司（以下简称"卧龙电驱"、"公司"）对自身长期内在价值的坚定信心和 高度认可，提升每股收益水平，增强投资者信心，结合公司实际情况，公司拟将 2021 年回购股份用途由"用于股权激励计划"变更为"用于注销并减少公司注册 资本"，即公司拟对回购专用证券账户中 2021 年回购股份方案的 5,668,500 股股 份进行注销并相应减少注册资本。 公司已于 2024 年 08 月 30 日召开九届八次董事会会议，审议通过了《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》，上述事项已经公司 2024 年第二次临时股东大会审议通过，具体内容详见公司分别于 2024 年 08 月 31 日、2024 年 09 月 19 日披露 ...

Investment Rating - Buy (maintained) [1] Core Views - The company's profitability was under pressure in the first half of 2024, but it is expected to benefit from motor replacement policies in the second half of 2024 [1] - The company's high-voltage motor business has strong barriers and stable profitability, and its aviation motor business has a clear competitive advantage [2] - The company is expected to benefit from the equipment replacement cycle in the second half of 2024 [2] Business Expansion - The company is actively developing the renewable energy industry, including wind, solar, hydrogen, and energy storage, while consolidating its position in general industrial fields such as air compressors and water pumps [3] - In the daily motor and drive sector, the company continues to focus on HVAC, washing machines, refrigerators, and small household appliances, and is actively exploring the EC field [3] - The electric transportation sector is steadily developing, with the company expanding into electric ships and electric aviation [3] - The "large-scale equipment renewal and consumer goods replacement" policy is expected to further release market demand [3] Aviation Motor Business - 2024 is expected to be the first year of the low-altitude economy, driven by policy and industry catalysts [4] - The company began developing aviation motor products in 2019 and has established strategic cooperation with WoFei ChangKong and Commercial Aircraft Corporation of China [4] - The company's 70KW high-power aviation motor system passed expert acceptance in 2023, making it the only electric motor system company selected in the "2023 China Low-Altitude Economy Leading Enterprises TOP20" [4] - The company has a first-mover advantage in the flying car motor business and is expected to benefit from the mass production of flying cars [4] Financial Performance - In H1 2024, the company achieved a net profit attributable to the parent company of 393 million yuan, a year-on-year decrease of 35% [2] - In Q2 2024, the net profit attributable to the parent company was 170 million yuan, a year-on-year decrease of 51%, with a provision for impairment of 60 million yuan from Hongxiang Electric [2] - R&D and sales expenses in Q2 2024 totaled 450 million yuan, an increase of 110 million yuan year-on-year, with R&D mainly focused on aviation motors, permanent magnet drives, and bionic robots [2] - The company's net profit forecasts for 2024-2026 have been revised down to 1.02 billion, 1.26 billion, and 1.42 billion yuan, respectively [2] - The current stock price corresponds to a PE ratio of 12.9, 10.5, and 9.3 times for 2024-2026 [2] Financial Ratios - Revenue for 2024E is expected to be 17.236 billion yuan, a year-on-year increase of 10.7% [5] - Net profit attributable to the parent company for 2024E is expected to be 1.021 billion yuan, a year-on-year increase of 92.7% [5] - Gross margin for 2024E is expected to be 24.8%, with a net margin of 6.1% [5] - ROE for 2024E is expected to be 9.1%, with an EPS of 0.78 yuan [5] Stock Performance - Current stock price: 10.08 yuan [6] - Total market capitalization: 13.188 billion yuan [6] - Turnover rate in the past 3 months: 117.12% [6]