证 券 研 究 报 告 商业化进程加速，聚焦优质零部件供应商 2026年春季北交所人形机器人行业投资策略 证券分析师： 汪秉涵 A0230525090003 刘靖 A0230512070005 1. 2025年回顾：量产元年，硬件路径确 立 2. 2026年展望：产能释放及降本能力为 核心要素 3. 北交所相关标的：小而美的前瞻布局 4. 风险提示 1.1 2025年为人形机器人行业"奇点"，量产元年临近 全球机器人产业格局 欧盟 底层技术与C端生态 美国 中国 伦理安全与行业标准 全产业链与场景赶超 高端硬件与模型短板 核心部件国产化率先与场景驱动 基础技术研发，消费端生态构建 伦理合规安全性国际标准的制定 完整产业链，丰富应用场景，政策协调 中国机器人现状 www.swsresearch.com 证券研究报告 资料来源：申万宏源研究 3 研究支持：汪秉涵 2026.3.17 主要内容 2 ◼ 2025年人形机器人行业已实现0-1的技术验证阶段，预计2026年-2027年将进入1-10的规模化量产期 • 全球机器人产业格局：美国掌握底层技术与C端生态；欧盟主导伦理安全与行业标准；中国全产业链与场景赶超。 • ...

北交所信息更新 储能、数据中心、具身智能多线开花，2025 预计全年营收+33% ——北交所信息更新 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | 2025 业绩快报预计全年营收+32.67%归母净利润+24.54%，维持"增持"评级 开特股份公布 2025 业绩快报，预计全年实现营业收入达 10.96 亿元，同比增长 32.67%，归母净利润 1.72 亿元，同比增长 24.54%。参考业绩快报，我们小幅下 调 2025、维持 2026-2027 年盈利预测，预计 2025-2027 年实现归母净利润 1.72/2.26/2.67 亿元（原值 1.81/2.26/2.67），对应 EPS 为 0.95/1.26/1.48 元，当前 股价对应 PE 为 28.1/21.3/18.1 X。考虑到开特股份产能建设计划持续推进，且拓 展及机器人方向业务，我们维持"增持"评级。 储能 CCS 方向订单持续增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 32% year-on-year increase in non-recurring profit for 2025, driven by steady growth in the automotive market and expansion into new business areas such as energy storage, robotics, and liquid cooling [7] - The automotive industry in China is experiencing robust growth, with production and sales reaching 34.53 million and 34.40 million vehicles respectively in 2025, marking increases of 10.4% and 9.4% year-on-year [7] - The company's core products, including sensors, controllers, and actuators, are increasingly utilized in automotive thermal management systems, particularly in the growing electric vehicle segment [7] - The company is actively optimizing its operational strategies, focusing on overseas market expansion and upgrading its customer base to enhance revenue [7] - The company is also diversifying into high-growth sectors, with significant developments in energy storage, robotics, and data center liquid cooling [7] Financial Summary - The company’s total revenue for 2025 is projected to be 1,096.34 million yuan, reflecting a year-on-year growth of 32.67% [1] - The net profit attributable to shareholders is expected to reach 171.67 million yuan in 2025, with a year-on-year increase of 24.54% [1] - Earnings per share (EPS) is forecasted to be 0.95 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 31.98 [1] - The company anticipates net profits of 239.16 million yuan and 309.34 million yuan for 2026 and 2027 respectively, with P/E ratios of 22.95 and 17.74 [1][8]

证券代码：920978 证券简称：开特股份 公告编号：2026-002 湖北开特汽车电子电器系统股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 | 单位：元 | | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 1,096,335,123.89 | 826,362,944.51 | 32.67% | | 利润总额 | 196,557,410.97 | 160,543,640.89 | 22.43% | | 归属于上市公司股 东的净利润 | 171,668,216.57 | 137,845,694.15 | 24.54% | | 归属于上市公司股 东的扣除非经常 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [23] Core Insights - The North Exchange A-share trading volume reached 22.508 billion yuan on February 4, an increase of 0.958 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,538.571, down 0.71% [1][7] - The market exhibited characteristics of "few leading stocks declining, many individual stocks diverging," with notable rebounds in undervalued stocks like Kaiter Co., while weighted stocks like Liancheng CNC dragged down the index [3] - The report highlights ongoing positive factors for the North Exchange market, including policy support from the central bank for technology and green sectors, and successful IPOs of national-level specialized and innovative "little giant" enterprises [3] Market Review - On February 4, among 292 companies listed on the North Exchange, 113 stocks rose, 9 remained flat, and 170 declined [15] - The top five gainers were *ST Yunchuang (24.1%), Haitai New Energy (14.1%), Oputai (13.0%), Kaiter Co. (8.7%), and Tress (8.4%) [15] - The top five decliners were Liancheng CNC (-9.1%), Tianli Composite (-8.8%), Meibang Technology (-7.6%), Meideng Technology (-6.9%), and Liujin Technology (-5.8%) [15] Important News - Elon Musk's teams from SpaceX and Tesla are exploring China's photovoltaic industry, with the Tesla team currently in the factory inspection phase and SpaceX having placed orders with a leading heterojunction equipment manufacturer [2][17] - The first satellite launch technology facility for commercial aerospace has been established, which is expected to double the efficiency of single-rocket launches and reduce network costs by over 30% [2][18] Company Announcements - Yizhi Magic Yam announced the completion of a share buyback of 17,521 shares, accounting for 0.0170% of the total share capital before the buyback [19] - Tress plans to repurchase shares primarily to reduce registered capital, with a total repurchase amount between 10 million and 20 million yuan, representing 0.41%-0.82% of the current total share capital [20]

证券代码：920978 证券简称：开特股份 公告编号：2026-001 湖北开特汽车电子电器系统股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □路演活动 □其他 二、投资者关系活动情况 活动时间：2026 年 1 月 28 日 活动地点：进门财经网络平台 参会单位及人员：东吴证券研究所、第一创业、创金合信基金、金长川、开 源证券、宁远资本、颐歌资产、银河证券、循远资产、汇美财富、国泰海通、博 远基金、泰达宏利、复星保德信人寿、滦海资本、招商信诺资管、山西证券、中 信期货、长江证券、勤辰资产、浙商证券、东方自营、华杉投资、海川汇富资产 上市公司接待人员：董事会秘书李元志先生 三、投资者关系活动主要内容 □分析师会议 本次交流活动，以线上会议方式展开，公司董事会秘书、副总经理李元志先 生对公司基本情况进行了简单介绍，并就投资者关心的问题进行了沟通与交流， 主要问题及回复情况如下： ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][64]. Core Insights - The company is experiencing rapid growth in its actuator business and is actively expanding into new markets, particularly in the six-dimensional force sensor sector. The demand for its main actuator and sensor products is expected to remain strong, leading to anticipated revenue growth [3][59]. Summary by Sections Company Overview - The company, Hubei Kait Electronics, was established in 1996 and initially focused on automotive temperature sensors. It has since expanded its product range to include controllers, actuators, and power modules. The company went public on the Beijing Stock Exchange in September 2023, raising 133 million yuan [11][14]. Recent Performance - In 2024, the company reported revenue of 826 million yuan, a year-on-year increase of 26.50%. The compound annual growth rate (CAGR) from 2020 to 2024 was 31.29%. The net profit attributable to shareholders for 2024 was 138 million yuan, up 21.24% year-on-year [33][34]. Product Growth - Sales revenue from actuator products increased from 67 million yuan in 2020 to 327 million yuan in 2024, significantly increasing its share of total revenue from 24.03% in 2020 to 44.91% in the first half of 2025. Sensor product sales also grew from 128 million yuan in 2020 to 295 million yuan in 2024 [34][39]. Automotive Market Trends - Global automotive sales have been recovering since 2021, with total sales increasing from 83.64 million units in 2021 to 95.31 million units in 2024. China has become the largest automotive market, accounting for 32.98% of global production in 2024 [4][48]. Future Projections - The company is projected to achieve net profits of 184 million yuan, 234 million yuan, and 310 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 31, 24, and 18 [3][63].

Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on humanoid robots and aerospace sectors [2][10]. Core Insights - The humanoid robot market is expected to significantly drive the demand for rotary transformers, with a projected market size of 6.15 billion yuan by 2030 and 47.1 billion yuan by 2035, reflecting a CAGR of 85.9% from 2026 to 2035 [4][27]. - The aerospace sector is also experiencing growth, with satellite launches increasing rapidly, leading to a forecasted rotary transformer market size of 700 million yuan by 2030 and 1.8 billion yuan by 2035, with a CAGR of 22.7% from 2026 to 2035 [5][30]. Summary by Sections 1. Humanoid Robots and Aerospace Driving Rotary Transformer Market - Rotary transformers are well-suited for humanoid robots due to their strong shock resistance and durability, making them ideal for complex operational environments [4][24]. - The market for rotary transformers in humanoid robots is expected to surpass traditional markets, as they replace encoders in robotic joints [27]. 2. Market Performance of Humanoid Robots - The humanoid robot sector is anticipated to see a substantial increase in market size, driven by the need for high reliability and longevity in robotic joints [4][27]. - The report highlights the importance of rotary transformers in enhancing the performance of humanoid robots, particularly in their joints and dexterous hands [27]. 3. Market Performance of Aerospace Sector - The report notes a significant increase in satellite launches, with SpaceX planning to launch 42,000 satellites by 2033, which will boost the demand for rotary transformers in satellite attitude and orbit control systems [5][30]. - The rotary transformer market in the aerospace sector is projected to grow steadily, with increasing applications in satellite systems [30]. 4. Industry Data Tracking - The global rotary transformer market is expected to grow from approximately 4.445 billion yuan in 2024 to 11.851 billion yuan by 2031, with a CAGR of 15.3% from 2025 to 2031 [33]. - The automotive sector's rotary transformer market is projected to grow from 1.334 billion yuan in 2024 to 3.555 billion yuan by 2031 [33]. 5. Company Announcements - The report emphasizes the rapid growth of domestic companies like Yingshuo Technology, which has captured a significant market share in the rotary transformer sector, particularly in the new energy vehicle market [44][61]. - Yingshuo Technology's revenue has shown a CAGR of 176.6% from 2020 to 2022, with a strong focus on the new energy vehicle sector [44][55].

Investment Rating - The report suggests a focus on the automotive industry, particularly in areas such as robotics, solid-state batteries, and intelligent driving for 2026 [2][32]. Core Insights - The total market capitalization of automotive stocks on the Beijing Stock Exchange increased by 70% in 2025, with notable stock price increases for companies like Kaiter Co., which saw a rise of 178% [2][21]. - In 2025, China's automotive production and sales reached 31.23 million and 31.12 million units respectively, reflecting year-on-year growth of 11.9% and 11.4% [7][10]. - The report highlights five key trends for 2026 in the automotive sector: (1) localization of core components for robotics, (2) technological breakthroughs in battery segments, (3) transformation and upgrading of electric vehicle components, (4) intelligent driving sensors and electronic systems, and (5) innovative applications of lightweight materials [32][34]. Summary by Sections Automotive Industry Overview - In the first eleven months of 2025, China's automotive production and sales maintained double-digit year-on-year growth, with significant contributions from the collaboration across the supply chain [7][8]. - The report notes that the sales of new energy vehicles accounted for 47.5% of total new car sales during the same period, with production and sales of 14.91 million and 14.78 million units respectively, marking growth rates of 31.4% and 31.2% [8][11]. Market Performance - The median price-to-earnings (P/E) ratio for automotive stocks on the Beijing Stock Exchange increased from 22.07X to 35.26X, a growth rate of 60% [21][23]. - The report indicates that the median market capitalization of automotive stocks rose from 34.134 billion yuan to 58.024 billion yuan [21][23]. Key Companies and Trends - Companies such as Sanxie Electric and JunChuang Technology are highlighted for their potential in the robotics sector, particularly in humanoid robots [32][33]. - The report emphasizes the importance of solid-state batteries as a core direction for future battery technology, with companies like YuanHang Precision and NaKonoer being noted for their advancements [32][34]. - The shift towards lightweight materials in the automotive industry is also discussed, with companies like HeChang Polymer and JiYuan Precision being recognized for their innovative approaches [34].

Group 1 - The "Spring Market" is gradually unfolding, with both internal and external environments showing positive changes, including favorable macroeconomic conditions and supportive policies [2][3] - The report suggests that the focus for investment should be on growth sectors, particularly those related to the "14th Five-Year Plan," which is expected to attract significant capital [3][4] - Key investment directions for January include AI industry chains, emerging industries, and cyclical price increases in industrial metals and chemicals [6][7] Group 2 - The report highlights specific companies as top investment picks, including North China Innovation (机械), Maiwei Co., Ltd. (机械), Wanhua Chemical (能源化工), Chipbond Technology (电子), Ping An Insurance (非银), Zijin Mining (煤炭有色钢铁), Giant Network (传媒互联网), AVIC High-Tech (军工), Sanhua Intelligent Control (电新), and Kaiter (北交所) [7][11] - North China Innovation is expected to benefit from increased domestic equipment adoption and the expansion of storage and AI chip production [14][20] - Maiwei Co., Ltd. is positioned to capitalize on the U.S. solar expansion due to a significant gap in battery production capacity [23][30] - Wanhua Chemical is projected to strengthen its market position in MDI and TDI, with expected price increases due to supply constraints [33][35] - Chipbond Technology is set to benefit from the growing demand for PCB and semiconductor equipment driven by AI [41][42] - Ping An Insurance is anticipated to maintain strong growth in new business value (NBV) and dividend yield, supported by its insurance operations [45][46] - Zijin Mining is expected to see price increases in gold and copper, with a clear growth path in production [49][50] - Giant Network's game "Supernatural Action Group" is expected to show significant potential for long-term growth and profitability [56][57] - AVIC High-Tech is positioned to benefit from the increasing demand for aerospace composite materials as the C919 enters mass production [58][59] - Sanhua Intelligent Control is expected to see growth from its involvement in Tesla's supply chain and the increasing demand for cooling solutions in data centers and energy storage [65][66] - Kaiter is projected to benefit from the automotive electronics sector and its expansion into robotics and liquid cooling markets [72][78]