Investment Rating - The report assigns a "Buy" rating for Hengshuai Co., Ltd. (300969) [1] Core Insights - Hengshuai Co., Ltd. is a leading player in the automotive micro-motor sector, continuously expanding its product categories and application scenarios, particularly in the context of increasing consumer demand for automotive intelligence and comfort [3] - The company has established a strong market position through its collaboration with major clients and is actively developing new products to meet the evolving needs of the automotive industry [3] - The forecasted net profit for the years 2024 to 2026 is expected to be 229 million, 279 million, and 343 million CNY respectively, with corresponding EPS of 2.86, 3.49, and 4.29 CNY [3] Summary by Sections 1. Automotive Micro-Motor Leader - Hengshuai Co., Ltd. has been focused on automotive micro-motor technology for over 20 years, with traditional products including trunk and side door motors, fan motors, and motorcycle ABS motors [9] - The company is expanding its product offerings to include new applications such as charging door actuators and invisible door handle drive mechanisms, which are gaining traction in the market [9][10] - The revenue from trunk and side door motors has increased significantly, from 16 million CNY in 2018 to 210 million CNY in 2023, with the revenue share rising from 5% to 23% [3][10] 2. Micro-Motor: Aligning with Smart and Configurable Upgrades - The automotive micro-motor market is experiencing a rise in usage, with the average number of micro-motors per vehicle increasing due to enhanced consumer expectations for comfort and intelligence [30] - The company is developing a "1+N" product layout to cater to the growing demand for smart automotive features, including seat motors and thermal management-related motors [30][31] - The global automotive micro-motor market is projected to grow from 16.2 billion USD in 2023 to 19.9 billion USD by 2030, with a CAGR of 3% [38] 3. Cleaning Systems: Accelerating L3+ Autonomous Driving - Hengshuai Co., Ltd. is recognized as a hidden champion in the cleaning pump sector, supplying products to major global automotive manufacturers [3] - The company is expanding its cleaning system applications to include new products for L3+ autonomous driving, which is expected to increase the value per vehicle significantly [3][10] - The establishment of factories in Thailand and the USA is aimed at enhancing overseas market penetration and optimizing product structure [3][10] 4. Investment Recommendations - The report anticipates that the company will achieve net profits of 229 million CNY, 279 million CNY, and 343 million CNY from 2024 to 2026, with corresponding PE ratios of 33X, 27X, and 22X based on the closing price as of January 23, 2025 [3][12]

Group 1: Business Development and Technology - The company plans to leverage its self-developed harmonic magnetic field motor technology, which features high power density, compact size, and low cost, to meet the emerging demand in the humanoid robot sector [2] - The ADAS active perception cleaning system is positioned for future growth, with some clients already moving to the designated phase after road tests, indicating a promising market outlook in advanced autonomous driving [3] Group 2: Financial Instruments and Progress - The company's convertible bond project is progressing as planned but has not yet received the registration approval from the China Securities Regulatory Commission [3] - The revenue growth from the tailgate motor segment is driven by increased penetration rates among major clients and the expansion of new varieties and customers [3] Group 3: Manufacturing and Operations - The Thai factory is currently undergoing successful equipment debugging, with some clients entering the factory inspection phase, and production is expected to ramp up gradually after the New Year [3] - The company has established technical reserves in thermal management systems, with mass production of cooling manifold products for North American new energy customers already underway [3]

Group 1: Technology and Product Development - The company has developed harmonic magnetic field motor technology, which reduces motor size while maintaining the same output power, leading to significant material cost savings [2][3] - The harmonic magnetic field motor technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive fields [3] - The company plans to leverage its harmonic magnetic field motor technology to provide differentiated solutions for humanoid robots, which are expected to drive significant new demand in the motor industry [4] Group 2: Market Strategy and Risk Management - The company actively monitors overseas market tariff policies and economic changes, implementing proactive measures to mitigate potential trade risks [5] - It has established production bases in the USA and Thailand to address potential tariff risks and enhance product competitiveness [5] - The company aims to optimize capacity layout and development strategies based on external environmental changes to minimize business impacts [5] Group 3: Customer Base and Product Offerings - The Thailand factory primarily produces cleaning pumps and automotive motor products, which have low shipping costs and tariff barriers, allowing for a global market reach [6] - The company has a strong and broad customer base and plans to continue investing in overseas markets to meet international demand and increase customer support ratios [6] Group 4: Advanced Systems and Future Prospects - The active perception cleaning system represents a forward-looking layout in the cleaning system sector, with significant improvements in intelligence and complexity compared to traditional products [7] - The company’s products are being adapted for commercial applications in L3+ level autonomous driving, with ongoing collaborations with clients like Waymo and Meituan [8] - The company maintains a technological advantage through years of innovation and aims to enhance collaborative R&D capabilities with clients [8]

特别提示： 证券代码：300969 证券简称：恒帅股份 公告编号：2024-069 宁波恒帅股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1、本次股东大会未出现否决议案的情形。 2、本次股东大会以现场表决与网络投票相结合的方式召开。 3、为了尊重中小投资者利益，提高中小投资者对公司股东大会决议重大事 项的参与度，本次股东大会审议影响中小投资者利益的重大事项时对中小投资者 的表决单独计票(中小投资者是指除以下股东之外的公司其他股东：(1)单独或者 合计持有公司 5%以上股份的股东；(2)持有公司股份的公司董事、监事、高级管 理人员)。 一、会议召开和出席情况 宁波恒帅股份有限公司（以下简称"公司"）2024 年第二次临时股东大会采 取现场投票、网络投票相结合的方式召开，现场会议于 2024 年 12 月 26 日下午 14:30 在浙江省宁波市江北区通宁路 399 号公司会议室召开，本次股东大会由公 司董事会召集，由董事长许宁宁先生主持。通过深圳证券交易所交易系统进行投 票的具体时间为：2024 年 12 ...

上海国瓴律师事务所 关于 宁波恒帅股份有限公司 2024 年第二次临时股东大会见证的 法律意见 上海国瓴律師事務所 SHANGHAIGUOLINGLAWFIRM 二〇二四年十二月 2024 年第二次临时股东大会见证的法律意见 上海国瓴律师事务所 关于 宁波恒帅股份有限公司 上海国瓴律师事务所（以下简称"本所"）受宁波恒帅股份有限公司（以下 简称"公司"）委托，指派阮芳洋律师和许玲玉律师（以下合称"本所律师"） 出席公司 2024 年第二次临时股东大会（以下简称"本次股东大会"），对本次 股东大会召开的合法性进行见证并出具本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股东大会规则（2022 年修订）》（以下简称"《股 东大会规则》"）等法律、法规和规范性文件及《宁波恒帅股份有限公司章程》 （以下简称"《公司章程》"）《宁波恒帅股份有限公司股东大会议事规则》（以 下简称"《股东大会议事规则》"）的有关规定，按照中国律师行业公认的业务 标准、道德规范和勤勉尽责精神，对本次股东大会 ...

Group 1: Product and Market Insights - The ADAS active perception cleaning system has a high initial value compared to traditional systems, but the small initial batch size may impact overall cost structure [2] - The future gross margin will depend on market scale and production volume, with increased production leading to improved economies of scale [2] - The company has developed various motor products for the four-door and two-cover sectors, which are still in the penetration phase, indicating growth potential [4] Group 2: Revenue and Cost Strategies - The company maintains high gross margins due to a combination of revenue and cost strategies, including stable orders from quality clients and a balanced global market layout [2] - Cost advantages are achieved through standardized and platform-based product strategies, which enhance production efficiency and reduce costs [2] - The company has implemented self-manufacturing of core components to better control costs and quality, thereby improving product competitiveness [2] Group 3: Future Growth and Competition - The ongoing trends of electrification and intelligence in the automotive sector present significant opportunities for motor product expansion [4] - The small motor market is characterized by a compact competitive landscape, making it difficult for many competitors to enter [4] - The company emphasizes a sustainable profit distribution policy, having distributed a total of 72 million CNY in cash over the past three years, accounting for 46.63% of the average annual net profit attributable to shareholders [4]

Group 1 - The core point of the article is that Hengshuai Co., Ltd. has experienced a significant decrease in the number of shareholders, indicating a potential shift in investor sentiment [1][2]. - As of December 20, the number of shareholders for Hengshuai Co., Ltd. was reported at 6,882, which is a decrease of 811 from the previous period, representing a 10.54% decline [1]. - The company's stock price closed at 89.00 yuan, reflecting a drop of 3.26%, and the stock has cumulatively decreased by 4.61% since the concentration of shares began [2]. Group 2 - The decline in the number of shareholders marks the third consecutive period of decrease for Hengshuai Co., Ltd. [2]. - The stock performance over the recent trading days shows 4 instances of price increases and 5 instances of price decreases [3].

Group 1: Company Progress and Developments - The company's convertible bond project is progressing as planned but has not yet received the registration approval from the China Securities Regulatory Commission [2] - The Thai factory is currently in the equipment debugging phase and is gradually entering the customer inspection period, with production ramp-up expected to follow if all goes smoothly [2] Group 2: Product Insights and Market Trends - The ADAS active perception cleaning system has a high initial value but faces cost allocation challenges due to small batch production; future gross margin will depend on market scale and production volume [3] - The company's self-developed harmonic field motor technology has entered the industrial expansion phase, with successful small batch supply for logistics system applications [3] - The market penetration rate for invisible electric door handles is increasing, with new vehicle models frequently featuring this product, potentially leading to significant growth if projects enter mass production [3] - The company plans to enhance R&D efforts and expand its motor product range and applications, including entry into the humanoid robot market [3]

国金证券股份有限公司 关于 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券之发行保荐书 (四川省成都市东城根上街 95 号) 声 明 宁波恒帅股份有限公司 本保荐机构及保荐代表人已根据《中华人民共和国公司法》（下称"《公司法》"）、 《中华人民共和国证券法》（下称"《证券法》"）、《证券发行上市保荐业务管理办法》 （下称"《保荐管理办法》"）、《上市公司证券发行注册管理办法》（下称"《注册管理 办法》"）、《深圳证券交易所创业板股票上市规则》（下称"《上市规则》"）等有关法 律、行政法规和中国证券监督管理委员会（下称"中国证监会"）、深圳证券交易所 有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和 道德准则出具本发行保荐书，并保证所出具文件的真实性、准确性和完整性。 向不特定对象发行可转换公司债券 之 二〇二四年十二月 发行保荐书 保荐人（主承销商） 金证券股份有限公司 IK SECURITIES CO., LTD. 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券之发行保荐书 目 录 | 声 明 ……………………………………………………………………………………………………… ...

股票简称：恒帅股份 股票代码：300969 宁波恒帅股份有限公司 NINGBO HENGSHUAI Co., LTD. （浙江省宁波市江北区通宁路 399 号） 向不特定对象发行可转换公司债券 募集说明书 （注册稿） 保荐人（主承销商） （四川省成都市东城根上街 95 号） 二〇二四年十二月 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及 完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经 ...