苏州伟创电气科技股份有限公司股东 减持股份结果暨权益变动达到 1%的提示性公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 证券代码：688698 证券简称：伟创电气 公告编号：2024-086 重要内容提示： 股东持股的基本情况 本次减持计划实施前，苏州伟创电气科技股份有限公司（以下简称公司）控 股股东淮安市伟创电气科技有限公司（以下简称淮安伟创）持有公司股份 125,000,000 股（占公司总股本 211,375,274 股剔除公司回购专用账户中的股份 693,197 股后的 59.33%）；苏州金昊诚投资合伙企业（有限合伙）（以下简称金昊 诚）持有公司股份 5,000,000 股（占公司总股本 211,375,274 股剔除公司回购专用 账户中的股份 693,197 股后的 2.37%）；苏州金致诚投资合伙企业（有限合伙）（以 下简称金致诚）持有公司股份 5,000,000 股（占公司总股本 211,375,274 股剔除公 司回购专用账户中的股份 693,197 股后的 2.37%）。金昊诚、金致 ...

Group 1: Company Overview - Suzhou Weichuang Electric Technology Co., Ltd. is involved in the development of robotic products, including low-voltage servo systems and core components like hollow cup motors and frameless motors [1]. - The company has established a partnership with Keda Li and Shanghai Mengli to jointly invest in Shenzhen Weidali Innovation Technology Co., Ltd. to enhance capabilities in harmonic manufacturing and large-scale machining [1]. Group 2: Market Insights - The overall market size for low-voltage frequency converters in China for 2023 is approximately 29.37 billion yuan [1]. - The company is focused on providing competitive integrated solutions in intelligent electromechanical systems, ensuring quality and efficiency in delivery through self-research and production of core components [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown strong revenue growth with a 22.37% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.157 billion yuan, and a 34.09% increase in net profit attributable to shareholders, amounting to 210 million yuan [5][6] - The improvement in profitability is attributed to enhanced production automation, optimized product design, and cost structure, leading to a gross margin increase of 2.57 percentage points [5] - The company is expanding its industrial control automation product layout and is expected to continue to enhance its competitive edge in the market [8] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 386 million yuan, a 20.25% increase year-on-year, with a gross margin of 42.63%, up 5.52 percentage points [6] - The net profit for Q3 2024 was 76 million yuan, reflecting a 51.88% year-on-year growth [6] - The company’s expense ratio increased to 24.51% in Q3 2024, with sales, management, and R&D expenses rising [6] Product Development - The company has diversified its product offerings in frequency converters, servo systems, and control systems, catering to various industries including heavy industry, light industry, and high-end equipment [7][8] - The frequency converter segment saw a revenue decline of 3.13% for general products but a significant 51.69% increase for industry-specific products [6] Future Outlook - The company is projected to achieve net profits of 273 million yuan, 344 million yuan, and 437 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.29 yuan, 1.63 yuan, and 2.07 yuan [8][12] - The estimated P/E ratio for 2024 is between 25-30 times, suggesting a reasonable price range of 32.25 yuan to 38.7 yuan [8]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown rapid expansion in overseas business and continuous improvement in profitability. The third quarter of 2024 saw a revenue of 3.86 billion yuan, a year-on-year increase of 20.25%, and a net profit of 0.76 billion yuan, up 51.88% year-on-year. The gross margin reached 42.63%, an increase of 5.5 percentage points year-on-year, while the net margin was 18.67%, up 3.3 percentage points year-on-year [1][2] - The company is positioned as a leading player in the domestic industrial control sector, with expectations for steady growth in future performance. Forecasted net profits for 2024-2026 are 273 million yuan, 343 million yuan, and 426 million yuan, respectively, with corresponding P/E ratios of 25.0, 19.9, and 16.1 [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.157 billion yuan, a year-on-year increase of 22.37%, and a net profit of 210 million yuan, up 34.09% year-on-year [1] - The company’s revenue and net profit for Q3 2024 were 386 million yuan and 76 million yuan, respectively, reflecting a year-on-year increase of 20.25% and 51.88% [1] - The company’s gross margin improved to 42.63%, and the net margin was 18.67%, indicating significant profitability enhancement driven by strong overseas demand [1] Revenue and Profit Forecast - The projected revenue for 2024 is 1.69 billion yuan, with a growth rate of 29.52%. The net profit is expected to be 273 million yuan, reflecting a growth rate of 43.31% [2][4] - The company’s earnings per share (EPS) for 2024 is forecasted at 1.29 yuan, with a P/E ratio of 25.0 [2][4] Comparable Company Valuation - The average P/E ratios for comparable companies from 2024 to 2026 are 29.0, 23.5, and 19.1, respectively, indicating that the current valuation of the company is reasonable [1][3]

证券代码：688698 证券简称：伟创电气 公告编号：2024-085 苏州伟创电气科技股份有限公司 关于股东减持股份达到1%的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次权益变动为苏州伟创电气科技股份有限公司（以下简称伟创电气或公司） 控股股东淮安市伟创电气科技有限公司（以下简称淮安伟创）及其一致行动人苏州 金昊诚投资合伙企业（有限合伙）（以下简称金昊诚）、苏州金致诚投资合伙企业 （有限合伙）（以下简称金致诚）履行减持股份计划及持有股份被动稀释所致，不 触及要约收购，不会导致公司控股股东、实际控制人发生变化。 本次权益变动后，淮安伟创及其一致行动人金昊诚、金致诚合计持有的股份 数量由 135,000,000 股降至 132,430,001 股，占公司总股本的比例由 64.21%减少至 62.65%。 公司于 2024 年 11 月 4 日收到股东淮安伟创及其一致行动人金昊诚、金致诚的 《苏州伟创电气科技股份有限公司股东权益变动告知函》，淮安伟创、金昊诚、金 致诚于 2024 年 11 ...

Group 1: Financial Performance - In the first nine months of 2024, the company achieved operating revenue of 115,697.90 million yuan, a year-on-year increase of 22.37% [1] - The net profit attributable to shareholders was 36.40%, with a net profit margin of 18.19%, up 1.59 percentage points from the same period last year [1] - Domestic revenue reached 80,773.08 million yuan, growing by 38.60% year-on-year, while overseas revenue was 31,999.59 million yuan, reflecting a growth of 23.61% [1] Group 2: Business Segmentation - The main business categories include servo systems and control systems, which generated significant revenue [1] - The company’s expenses for the period were 26,230.51 million yuan, accounting for 22.67% of operating revenue, with R&D expenses at 14,087.32 million yuan, representing 12.18% [1] - The growth in expenses was attributed to increased R&D personnel and project investments, higher sales expenses to expand market share, and rising management costs [1] Group 3: Market Outlook and Strategy - The company anticipates stable order growth for the fourth quarter, with ongoing efforts to enhance market expansion and internal management [2] - The second-generation high-voltage frequency converter products are expected to continue leveraging market potential in the first half of 2024 [2] - The company is focusing on developing mid-to-large PLC products and has successfully obtained certification for the ACH200 series, which can be applied in various industrial equipment [2] Group 4: Industry Expansion - The company is actively exploring new sectors, including textiles, mining, machine tools, and efficient energy, while maintaining stable growth in traditional areas [3] - Future plans include expanding into robotics, heavy industry, HVAC, port machinery, and petrochemicals, customizing products based on customer needs [3] - The overseas market growth is primarily driven by existing business increments, with a focus on regions like Asia, Africa, and Latin America [3]

Investment Rating - The report maintains a "Recommend" rating for Weichai Electric (688698 SH) [1][3] Core Views - Weichai Electric's Q3 2024 performance exceeded expectations, with steady growth across all business segments [1] - The company achieved significant cost structure optimization and gross margin improvement [1] - Weichai Electric is expanding into the intelligent robotics sector, which is expected to enhance its product portfolio and competitiveness [1] Financial Performance Revenue and Profit - Q3 2024 revenue reached 386 million yuan, a 20 25% YoY increase but a 12 96% QoQ decline [1] - Net profit attributable to shareholders in Q3 2024 was 76 million yuan, up 51 88% YoY but down 5 74% QoQ [1] - For the first three quarters of 2024, revenue totaled 1 157 billion yuan, a 22 37% YoY increase, with net profit attributable to shareholders at 210 million yuan, up 34 09% YoY [1] Business Segments - General frequency converters: Revenue of 301 million yuan, down 3 13% YoY [1] - Industry-specific frequency converters: Revenue of 449 million yuan, up 51 69% YoY [1] - Servo systems and control systems: Revenue of 369 million yuan, up 21 62% YoY [1] Cost Structure and Profitability - Gross margin for the first three quarters of 2024 was 40 53%, up 2 57 percentage points YoY [1] - Net margin for the same period was 17 66%, up 1 33 percentage points YoY [1] - Q3 2024 gross margin reached 42 63%, up 5 52 percentage points YoY and 3 61 percentage points QoQ [1] R&D and Innovation - R&D expenses for the first three quarters of 2024 were 141 million yuan, a 36 20% YoY increase [1] - The company has 615 R&D personnel, accounting for 35 39% of total employees [1] - In Q3 2024, the company obtained 11 new patents, bringing the total number of valid patents to 222 (including 54 invention patents) [1] Future Outlook - Revenue is projected to reach 1 795 billion yuan in 2024, 2 444 billion yuan in 2025, and 3 280 billion yuan in 2026 [1][2] - Net profit attributable to shareholders is expected to be 255 million yuan in 2024, 344 million yuan in 2025, and 459 million yuan in 2026 [1][2] - The company's PE ratio is forecasted to be 27X in 2024, 20X in 2025, and 15X in 2026 [1][2] Industry and Market Position - Weichai Electric is strengthening its position in the industrial automation sector through product diversification and technological innovation [1] - The company's expansion into intelligent robotics is expected to create new growth opportunities in the automation and AI sectors [1]

Investment Rating - Buy (Maintained) [1] Core Views - 24Q3 revenue increased by 20% YoY, net profit attributable to shareholders increased by 52% YoY, exceeding market expectations [2] - Overseas non-Russian growth continues to exceed expectations, with profitability further improving [1] - Overseas revenue in 24Q1-3 reached 320 million yuan, up 38.6% YoY, with non-Russian regions (Turkey, Morocco, North Africa) expected to double in 24Q3 [3] - Core downstream performance is strong, with market share steadily increasing and significant operational alpha [4] - Profitability is expected to improve further, with gross margin rising to 40.5% in 24Q1-3 and 42.6% in 24Q3, driven by higher-margin overseas business and increased self-sufficiency in servo encoders and motors [2] Financial Performance - 24Q1-3 revenue: 1.16 billion yuan, up 22.4% YoY; net profit attributable to shareholders: 210 million yuan, up 34.1% YoY [2] - 24Q3 revenue: 390 million yuan, up 20.3% YoY; net profit attributable to shareholders: 80 million yuan, up 51.9% YoY [2] - 24Q1-3 gross margin: 40.5%, up 2.6 pct YoY; 24Q3 gross margin: 42.6%, up 5.5 pct YoY [2] - 24Q1-3 operating expense ratio: 22.68%, up 2.58 pct YoY; 24Q3 operating expense ratio: 24.51%, up 3.96 pct YoY [2] Overseas Market Performance - Overseas revenue in 24Q1-3: 320 million yuan, up 38.6% YoY, with non-Russian regions expected to double in 24Q3 [3] - Russian demand declined again, accounting for less than 10% of overseas revenue in 24Q3 [3] - Full-year overseas revenue is expected to increase by over 40% YoY, driven by energy crises and drought conditions in non-Russian regions [3] Core Downstream and Market Share - Core downstream sectors (textile, machine tools) outperformed the company's average growth rate, benefiting from terminal export demand [4] - 24Q1-3 inverter/servo industry sales declined by 7.7%/5.1% YoY, while the company's inverter/servo revenue increased by 24%/22% YoY [4] - Domestic inverter/servo revenue in 24Q1-3 increased by 5%/22% YoY, with market share steadily rising [4] - Long-term growth potential in new markets and businesses such as 3C, shipbuilding, ports, and medical sectors [4] Profit Forecast and Valuation - 2024-2026 net profit attributable to shareholders forecast adjusted to 279/337/405 million yuan, up 46%/21%/20% YoY [4] - 2024-2026 EPS forecast: 1.32/1.59/1.92 yuan per share [1] - 2024-2026 P/E ratio: 25x/20x/17x [4] Financial Data - Closing price: 32.36 yuan [7] - Market capitalization: 6.84 billion yuan [7] - P/B ratio: 3.28x [7] - Net asset per share: 9.87 yuan [8] - Debt-to-asset ratio: 27.33% [8]

证券研究报告 资料来源：wind，信达证券研发中心预测 ; 股价为 2024 年 10 月 31 日收盘价 [Table_Introduction] 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 伟创电气 (688698.SH) 投资评级 上次评级 [Table_A [Table_Author] 武浩 电力设备与新能源行业首席分 uthor] 析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B座 邮编：100031 [Table_Title] 毛利率亮眼，海外业务持续扩张 [Table_ReportDate] 2024 年 11 月 1 日 [Table_S 事件：公司ummar202y]4Q1-Q3 实现营业收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high gross margin in Q3, with promising prospects for overseas business [1][2] - Revenue for the first three quarters of 2024 reached 1.16 billion yuan, a year-on-year increase of 22.4%, while net profit attributable to shareholders was 210 million yuan, up 34.1% [1] - The company is expected to see continued revenue growth, with projected revenues of 1.65 billion yuan, 2.03 billion yuan, and 2.51 billion yuan for 2024-2026, respectively [4] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 390 million yuan, a 20.3% increase year-on-year, and a net profit of 80 million yuan, up 51.9% [1] - The gross margin for the first three quarters of 2024 was 40.5%, an increase of 2.6 percentage points year-on-year, while the net profit margin was 17.7%, up 1.3 percentage points [2] - The company’s R&D expense ratio increased to 12.2% in the first three quarters of 2024, reflecting a commitment to enhancing technological advantages [4] Product and Market Analysis - The company saw significant growth in specialized machinery revenue, which increased by 51.7% year-on-year to 450 million yuan, while general-purpose inverters revenue decreased by 3.1% to 300 million yuan [3] - Domestic revenue grew by 17.1% to 810 million yuan, while overseas revenue surged by 38.6% to 320 million yuan, increasing the overseas revenue share to 27.6% [3] Strategic Initiatives - The company is focusing on optimizing product design and cost structure to enhance efficiency and reduce costs [2] - Collaborations with partners like Keda Li and Shanghai Mengli are aimed at accelerating the expansion of the robotics business [4]