2025 年 06 月 26 日 Robotaxi 开启试运营，人形机器人中长期信心 不改 表现 1M 3M 12M 汽车(申万) -1.4 -2.6 30.6 沪深 300 2.6 1.0 13.8 市场表现 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 -20 相关研究 1、《汽车行业周报：人形机器人渠 道+应用场景加速落地，汽车供应链 迎来 60 天账期新变革》2025-06-16 2、《汽车行业周报：Figure 展示强 大物流分拣能力，尊界 S800 上市七 天大定突破 3,600 台》2025-06-10 3 、 《 汽 车 行 业 周 报 ： 特 斯 拉 Optimus2027 年将登上火星，人形机 器人实用性有望得到进一步验证》 2025-06-04 ▌中长期信心不改，依旧看好特斯拉人形机器人产 业链 历史角度来看，创新产品量产初始阶段往往困难重重。2017 年 7 月，马斯克承诺，Model 3 在年底前将达到每月生产 2 万辆，也就是周产能 5000 辆。 但三个月后，Model 3 仅生 产了 2425 台，产能受限于总装、油漆、车身、模块生产、包 ...

Financial Performance - Total revenue for Johnson Electric Holdings Limited reached $3.64 billion, with a net profit of $263 million[5]. - Group revenue totaled $3,648 million, down 4% from the previous year, with a gross profit of $843 million, representing a gross margin of 23.1%[38]. - Adjusted EBITDA was $344 million, accounting for 9.4% of revenue, an increase from 9.0% in the previous year[38]. - Net profit attributable to shareholders increased by 15% to $263 million, with basic net profit adjusted for non-cash foreign exchange changes at $274 million, up 9%[43]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[104]. - The automotive product segment's revenue was $3,072.4 million, accounting for 84% of total revenue, which represents a decrease of $137.8 million or 4% from the previous year[104]. - The industrial product segment's revenue was $575.2 million, making up 16% of total revenue, reflecting a decline of $28.8 million or 5% compared to the prior fiscal year[104]. - The group's operating profit for the fiscal year 24/25 was $305.9 million, an increase of $20.6 million or 7.2% compared to the previous fiscal year[119]. - Shareholders' profit for the fiscal year 24/25 was $262.8 million, up by $33.6 million or 15% from $229.2 million in the previous fiscal year[120]. - The adjusted net profit for the fiscal year 24/25 was $274.0 million, reflecting an increase from $252.0 million in the previous fiscal year[121]. Revenue Breakdown - Revenue breakdown shows 84% from automotive products and 16% from industrial products[6]. - Geographical revenue distribution: Americas 32%, Asia-Pacific 37%, EMEA 31%[8][13]. - The automotive products segment generated revenue of $3,072 million, a decrease of 3% year-over-year, primarily due to economic downturns and declining consumer confidence[36]. - The industrial products segment faced challenges with revenue of $575 million, down 5% year-over-year, due to weak demand in post-pandemic conditions[40]. - The automotive products segment is focusing on innovative technologies for electrification and safety improvements while offering competitive value propositions[37]. Innovation and Technology - The company emphasizes innovation and technology leadership, investing significantly in automation and digital transformation[25]. - Johnson Electric is committed to providing innovative drive solutions that enhance the quality of life for end users[12]. - The new Integrated Thermal Management System (ITMS) reduces weight by 25% and assembly time by 20%, while extending the range by 15%-20% in cold weather conditions[58]. - The advanced DC pump for cold plate liquid cooling reduces energy costs by 10% and extends the lifespan of data centers by up to five years[60]. - The company is focusing on developing products that reduce greenhouse gas emissions and energy consumption in the automotive sector[50]. - The company's innovative technologies help customers achieve success in reducing consumption and waste, improving energy efficiency, and lowering carbon emissions[54]. - The company is committed to addressing climate change by enhancing the performance of products in new energy vehicles[52]. - The company is integrating advanced digital technologies, including artificial intelligence, to lower costs and improve efficiency[47]. Sustainability and ESG - The company achieved an 81% reduction in Scope 2 carbon emissions compared to the 22/23 fiscal year baseline, exceeding the recent target of a 65% reduction[84]. - Renewable electricity usage increased to 83%, up from 53% the previous year, with renewable energy usage rising from 44% to 69%[84]. - The MSCI ESG rating improved from "A" to "AA," placing the company in the top 7% of the automotive parts industry[90]. - The company was included in the S&P Global Sustainability Yearbook (China) 2024, ranking in the top 15 among peers in the automotive parts category[91]. - The company has maintained a "B" score in the CDP climate change assessment and improved its water security score by two levels to "B"[89]. - The company has been a constituent of the Hang Seng Sustainable Development Corporate Benchmark Index since 2018 and became part of the FTSE4Good Index Series in June 2024[92]. - The company aims to achieve 100% renewable energy usage by the fiscal year 25/26, demonstrating its commitment to sustainability[99]. Market Challenges and Risks - The geopolitical environment and global trade uncertainties continue to pose significant challenges for the company, with potential impacts on supply chains and international relations[45]. - The products affected by the increased import tariffs currently account for a mid-single-digit percentage of the group's total revenue[47]. - The company actively manages risks through proactive supervision and flexible business processes, with a risk management committee analyzing existing and potential risks quarterly[178]. - Key risks identified include strategic, operational, financial, and sustainability risks, with specific concerns around supply chain, cybersecurity, and global economic conditions[180]. - The company faces risks in emerging markets due to political, regulatory, social, and economic fluctuations, but overcoming these challenges can yield significant returns and strengthen global operations[192]. Employee Engagement and Development - Over 1,700 students graduated from the company's technology academy, and more than 400 children participated in the Little Engineers program[85]. - The company was recognized as one of the "2024 Asia's Best Employers" by HR Asia, reflecting its commitment to employee engagement and development[85]. - The company focuses on attracting and retaining talent, addressing workforce stability amid demographic changes[199]. - The company is retraining employees to maintain productivity and adaptability in response to technological trends and regulatory changes[191]. Financial Health and Capital Management - Cash reserves stood at $791 million as of March 31, 2025, with total debt to capital ratio at 12%[39]. - The company's cash position as of March 31, 2025, was $790.6 million, down from $809.9 million a year earlier[103]. - Total debt decreased significantly from $560.8 million to $359.3 million, resulting in a net cash position of $431.3 million[103]. - The company's market capitalization increased to $1,881.2 million from $1,294.6 million year-over-year[103]. - The debt-to-capital ratio improved to 12% from 18% in the previous year, indicating a stronger balance sheet[103]. - The group maintained investment-grade ratings with a stable outlook from both Moody's and S&P as of March 31, 2025[143]. Strategic Initiatives - Strategic acquisitions have been made over the past two decades to enhance technology and strengthen market position[29]. - The company aims to diversify its customer and product portfolio through internal development, joint ventures, and targeted acquisitions to mitigate adverse market changes[183]. - The company emphasizes the importance of optimizing production capacity and maintaining a flexible global operational footprint to respond to changing customer demands and regulatory factors[184]. - The company is focused on innovation and intellectual property development to improve product cost and production efficiency, ensuring competitiveness in the market[191]. - The company implements strategic in-sourcing of the supply chain and dual sourcing to stabilize supply and alleviate cost pressures[197].

德昌电机控股交流要点-20250602 产品能力覆盖执行器总成（包括电机及大部分零部件）、灵巧手、空心杯电机。 目前给中国、美国客户都有一些送样。 预计9月份的A3上可以发布降本、标准化的关节产品。 目前还没有多少Capex，看下游进度 德昌电机控股发布截止25Q1的年报，营收36.5美元同比-4.4%，净利润2.6亿美元同比+14.6%，毛利率23.1% 德昌电机控股交流要点-20250602 产品能力覆盖执行器总成（包括电机及大部分零部件）、灵巧手、空心杯电机。 这些产品体积小、流速稳定、适配多GPU架构 涉及美国关税的约占营收5%。 目前给中国、美国客户都有一些送样。 预计9月份的A3上可以发布降本、标准化的关节产品。 目前还没有多少Capex，看下游进度 德昌电机控股发布截止25Q1的年报，营收36.5美元同比-4.4%，净利润2.6亿美元同比+14.6%，毛利率23.1%同比 +0.8pct。 分红0.73亿美元，支付率28%左右 公司进军AIDC液冷领域，发布液冷泵，帮助客户构建高密度计算环境。 关税风险下本地化生产相关的capex会略微增长。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has maintained stable performance in the fiscal year 2025, with a focus on expanding into robotics and liquid cooling for data centers [2] - The company is expected to achieve revenues of $3.98 billion, $4.35 billion, and $4.75 billion in the fiscal years 2026, 2027, and 2028 respectively, with corresponding net profits of $308 million, $345 million, and $377 million, reflecting year-on-year growth of 17%, 12%, and 9% [7] - The company is entering the AI server thermal management system business, launching a new series of liquid cooling pumps designed for modern data centers and AI server architectures [7] Financial Summary - The company reported revenues of $3.65 billion for the fiscal year 2025, a year-on-year decrease of 4.4%, while net profit was $263 million, an increase of 14.6% [7] - The gross profit margin for the fiscal year 2025 was 23.1%, an increase of 0.8 percentage points year-on-year [7] - The company plans to distribute cash dividends of $73 million for the fiscal year 2025, with a dividend payout ratio of approximately 28% [7] Future Projections - The projected earnings per share (EPS) for the fiscal years 2026, 2027, and 2028 are $0.33, $0.37, and $0.40 respectively, with price-to-earnings (PE) ratios of 7.74, 6.91, and 6.32 [7] - The company is expected to see a recovery in revenue growth as it adjusts its customer mix and capitalizes on the rising demand for smart electric applications [7]

Key Financial Highlights FY24/25 Annual Results For the year ended 31 March 2025 Investor Briefing May 2025 FY24/25 Annual Results Investor Briefing Overview Why Invest in Johnson Electric? Operating Results Outlook Supplemental Information A World of Motion. Powered by Sustainable Innovation… Page 2 Overview Products Group Automotive APG provides motion-related components for all vehicle types. We are well-placed to capitalize on expanding New Energy Vehicle (NEV) markets IPG serves a wide range of industr ...

Financial Performance - The group's revenue for the year ended March 31, 2025, was $3,648 million, a decrease of 4% compared to the previous year[3]. - Gross profit was $843 million, representing 23.1% of revenue, up from 22.3% last year[3]. - Adjusted EBITDA was $344 million, or 9.4% of revenue, compared to $343 million, or 9.0% last year[3]. - Net profit attributable to shareholders increased by 15% to $263 million[9]. - The automotive products segment generated revenue of $3,072 million, down 3% when excluding foreign exchange effects[5]. - The industrial and commercial products segment's revenue was $575 million, a decrease of 5% compared to last year[7]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[17]. - The automotive product segment accounted for 84% of total revenue, with reported sales of $3,072.4 million, down 4% from $3,210.2 million[17]. - The industrial product segment represented 16% of total revenue, with reported sales of $575.2 million, also down 5% from $604.0 million[17]. - The gross profit for the fiscal year 24/25 was $843.3 million, resulting in a gross margin of 23.1%, an increase from 22.3% in the previous year[16]. - Adjusted EBITA for the fiscal year 24/25 was $344.3 million, representing an adjusted EBITA margin of 9.4%, up from 9.0% in the previous year[16]. - The company reported a net profit attributable to shareholders of $262.8 million, an increase from $229.2 million in the previous year[16]. - The total debt decreased significantly from $560.8 million to $359.3 million, resulting in a debt-to-capital ratio of 12% compared to 18% the previous year[16]. - The company maintained a strong cash position with $790.6 million in cash as of March 31, 2025, down slightly from $809.9 million the previous year[16]. - The market capitalization increased to $1,881.2 million from $1,294.6 million, reflecting a positive market response[16]. Dividends and Shareholder Returns - The board proposed a final dividend of 44 HK cents (5.64 US cents) per share, maintaining a cautious approach due to global trade uncertainties[10]. - The company paid dividends totaling $72.2 million in the fiscal year 24/25, up from $52.5 million in the fiscal year 23/24[47]. - The company proposed a final dividend of 44 HK cents per share, amounting to $52.1 million, to be paid in September 2025[67]. Debt and Cash Management - The company maintained a cash reserve of $791 million, with a total debt-to-capital ratio of 12%[9]. - The company repaid a net amount of $200.2 million in loans during the fiscal year 24/25, compared to borrowing a net amount of $87.7 million in the fiscal year 23/24[50]. - The company has $951.7 million in available and undrawn credit facilities as of March 31, 2025[56]. - The total debt-to-capital ratio decreased to 12% from 18% as of March 31, 2024, due to the reduction in loans[68]. - The total debt-to-adjusted EBITDA ratio decreased to 0.8 times from 1.1 times as of March 31, 2024[68]. - The net cash position increased by $182.2 million to $431.3 million as of March 31, 2025, compared to $249.1 million as of March 31, 2024[57]. Operational Performance - The company is focusing on innovative technologies in the automotive sector to enhance electrification and safety[6]. - The company is actively adjusting pricing strategies to mitigate short-term impacts of tariffs while exploring long-term production relocation options[13]. - The company is focusing on cost leadership and standardization in its industrial product segment to address competitive pressures[26]. - The company is focusing on automation and artificial intelligence to transform production and create smart factories[96]. - The company aims to strengthen regional production capabilities to reduce delivery times and reliance on global supply chains[102]. - The company is focusing on local suppliers to simplify logistics and decrease global dependency[102]. Sustainability and Environmental Initiatives - The company is committed to reducing carbon emissions and increasing the use of renewable energy[105]. - The company is implementing measures to monitor and minimize waste generation, water consumption, and emissions[105]. - The company has quantified the product carbon footprint (PCF) for 70 products and implemented strategies to reduce carbon-intensive materials and use renewable resources[116]. - The company aims to develop all new products with optimized lifecycle assessment (LCA) and environmental product declarations[116]. - The company has set greenhouse gas absolute reduction targets, aiming for a 59% reduction in Scope 1, 65% in Scope 2, and 35% in Scope 3 emissions by the 34/35 fiscal year, using the 22/23 fiscal year as a baseline[134]. - The company has committed to using 100% renewable energy in all operational sites by 2025 and aims to reduce energy consumption intensity by 15% by 2030 compared to the 19/20 fiscal year[134]. - The company has established a comprehensive environmental, health, and safety (EH&S) management system, with all production sites certified under ISO 14001 and major sites under ISO 50001, covering 53% of total energy consumption[123]. - The company has provided over 1,600 hours of EH&S training in the 24/25 fiscal year, supporting the adoption of clean technologies and improving environmental performance[123]. Employee Engagement and Development - The company emphasizes the importance of employee well-being and has implemented health and safety measures that exceed requirements[112]. - The company conducts biannual employee engagement assessments to implement targeted follow-up actions[112]. - The company invests in employee development through various training programs, enhancing overall organizational efficiency[156]. - The company aims to increase the proportion of women in senior management from 13% to 15% by the end of the 25/26 fiscal year[161]. - The company has implemented pollution control technologies and maintains emissions below permitted levels, with VOC emissions at 46 tons[141]. Governance and Compliance - The board consists of independent non-executive directors with diverse experience, ensuring high levels of objective discussion and overall engagement in decision-making[196]. - The board meets quarterly to discuss business performance, corporate strategy, risk management, and significant transactions, ensuring accountability to shareholders[197]. - The company is committed to maintaining compliance with relevant regulations and internal control systems[198]. - The company recognizes the importance of independent directors in understanding and engaging with its operations and management[196]. - The internal audit department conducted visits to 18 entities to test anti-corruption controls for appropriateness and compliance[183]. Risk Management - The company has established a risk management committee led by the CEO to analyze and monitor existing and potential risks on a quarterly basis[85]. - The company actively manages commodity price risks through appropriate clauses in customer contracts and price adjustments, although there may be a time lag in passing on increased costs to customers[82]. - The company has signed currency swaps between USD and RMB to hedge related operational costs[75].

| 招金矿业(01818) | 20.950 | 21.200 | 1.68% | | --- | --- | --- | --- | | 中国国航(00753) | 5.680 | 5.770 | 1.58% | | 同程旅行(00780) | 21.400 | 23.350 | 1.52% | | 香港交易所(00388) | 387.200 | 398.600 | 1.45% | | 东方海外国际(00316) | 146.100 | 149.500 | 1.36% | | 五谷磨房(01837) | 0.740 | 0.750 | 1.35% | | 赛迪顾问(02176) | 1.420 | 1.440 | 1.34% | | 中国东方教育(00667) | 6.300 | 6.340 | 1.28% | | ＧＸ日本全球领导 | 71.200 | 71.400 | 1.25% | | (03150) | | | | | 雅各臣科研制药(02633) | 1.270 | 1.350 | 1.12% | | 朝云集团(06601) | 2.740 | 2.780 | 1.09% | | 高力集团(01 ...

德康农牧(02419)涨超7%，股价续刷上市新高，机构看好公司估值修复空间。 高鑫零售(06808)早盘涨近7%，全年扭亏为盈赚4.1亿元，德弘资本将推进各业态门店发展。 佑驾创新(02431)涨超5%，车规级L4自动驾驶小巴获项目定点，此前携系列产品亮相上海车展。 马鞍山钢铁股份(00323)涨超7%，一季度钢铁企业效益逐步改善，机构称行业基本面边际向好。 英诺赛科(02577)涨超15%，纳微与英伟达合作下一代800V电力架构，第三代半导体引关注。 古茗(01364)涨4.5%再创新高，公司下月或被纳入港股通，全年净增门店数量有望超2000家。 智通财经APP获悉，港股恒生指数跌0.55%，跌131点，报23695点；恒生科技指数跌0.66%。港股早盘成 交1076亿港元。 由中央广播电视总台社教节目中心、浙江总站、技术局主办的《CMG世界机器人大赛•系列赛》机甲格 斗擂台赛将于5月25日在杭州举行。机器人概念股活跃，德昌电机控股(00179)涨近6%，速腾聚创 (02498)涨超2%。 欧康维视生物-B(01477)再涨超18%，OT-703获准于海南博鰲进行真实世界研究。 思摩尔国际(06969)涨超 ...

内容概况：中国直流无刷电机行业近年来呈现快速扩张态势，其市场规模持续攀升主要得益于新能源产 业蓬勃发展、电动交通工具普及以及智能家电需求激增等多重因素的共同推动。在技术持续革新和制造 能力显著提升的双轮驱动下，直流无刷电机的应用边界不断拓展，现已全面渗透至电动汽车驱动系统、 智能家居电器产品以及各类工业自动化设备等多元化应用场景，展现出强劲的市场渗透力和广阔的发展 前景。数据显示，2024年中国直流无刷电机行业市场规模约为815.35亿元。未来，新能源汽车对高性 能、高效率电机的需求将持续增长，直流无刷电机在汽车电子系统中的应用将更加广泛。同时，智能制 造对电机的高精度、高可靠性、高效率的追求，也将进一步推动直流无刷电机市场的增长。此外，随着 消费者对节能和高效产品的需求日益旺盛，直流无刷电机在家电领域也将得到更广泛地应用。 相关上市企业：大洋电机（002249）、金龙机电（300032）、方正电机（002196）、微光股份 （002801）、科力尔（002892）、德昌电机控股（00179）、多维电气（873962）、江苏雷利 （300660）、宏远股份（874195）、精达股份（600577）等。 相关企 ...

【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 【全新修订】：2025年5月 报告目录 2025-2031全球及中国紧凑型旋转执行器行业发展状况及项目可行性研究报告 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 3.5.1 亚太（中国、日本、韩国、中国台湾、印度和东南亚等）紧凑型旋转执行器销量（2020-2031） 3.5.2 亚太（中国、日本、韩国、中国台湾、印度和东南亚等）紧凑型旋转执行器收入（2020-2031） 3.6 拉美地区（墨西哥、巴西等国家） 3.6.1 拉美地区（墨西哥、巴西等国家）紧凑型旋转执行器销量（2020-2031） 3.6.2 拉美地区（墨西哥、巴西等国家）紧凑型旋转执行器收入（2020-2031） 3.7 中东及非洲 3.7.1 中东及非洲（土耳其、沙特等国家）紧凑型旋转执行器销量（2020-2031） 3.7.2 中东及非洲（土耳其、沙特等国家）紧凑型旋转执行器收入（2020-2031） 4 行业竞争格局 4.1 全球市场竞争格局及占有率分析 4.1.1 全球市场主要厂商紧凑型旋转执行器产能市场份额 4.1.2 全球市场主 ...