近日，摩根斯坦利发布的一份报告称，人形机器人有望在未来引领科技股上涨。报告预计，到2050年， 该市场规模将超过5万亿美元。值得注意的是，大摩还在报告中还列出了25家有望在未来主导该行业的 公司，分析师称这份名单重点关注在人工智能和计算芯片、摄像头和感知、传感器及运动技术方面有专 业知识的公司。其中，有7家公司是中国企业。 这7家公司除了阿里巴巴、百度、科大讯飞，另外4家均属于汽车零部件供应商，分别是均胜电子、地平 线、禾赛科技以及德赛西威。 公开数据显示，这些汽车零部件或者芯片公司，目前已经基于汽车行业业务，先后推出机器人相关产品 和方案。例如，均胜电子年初宣布定位"汽车+机器人Tier1"，并且陆续推出了机器人全域控制器总成、 AI头部总成、能源管理方案以及高性能机甲方案等产品矩阵，并已与智元、银河通用、瑞士机器人公 司RIVR以及北美头部机器人公司合作或供货。 大摩分析师指出，这份名单旨在帮助投资者将目光从人形机器人制造商转移到基础组件供应商身上，因 为随着机器人成为主流，这些供应商将从中受益。 ...

风险提示 海外运营与汇率风险：公司业务布局高度全球化，工厂和客户遍布欧洲、北美和亚洲，海外运营环境的 不确定性同样需要关注。贸易摩擦、关税政策调整、地缘政治冲突以及主要生产国、销售国的劳动与环 保监管趋严，都可能推升综合成本或扰动供应链稳定性。公司以人民币为记账本位，但收入和成本中均 存在较大比例的外币项目，若欧元、美元等主要货币对人民币汇率出现较大波动，亦可能通过汇兑损益 和毛利率波动反映在报表端。 机构：东吴证券(国际) 研究员：Xu SHEN 一、筑基阶段（2004–2010）：从中国本土零部件起步公司最初从内饰、功能件等细分零部件切入，围 绕国内主流整车厂做本土配套，积累了第一批核心客户和平台车型。这个阶段的重点是把制造体系、质 量体系、供应链管理打牢，从"能供货"进化到"可靠、稳定、可复制"。通过参与多款国产车型的同步开 发，公司逐步形成对整车平台节奏和主机厂开发流程的理解，为后续进入更高附加值领域打下基础。 二、国际化阶段（2011–2018）：上市融资 + 海外并购2011 年公司在上交所上市，获得资本市场支持 后，开始通过收购 Preh、KSS 等优质资产切入汽车电子和被动安全赛道，从"单一中 ...

● 本报记者董添 近期，机器人产业链公司扎堆赴港上市引发各界关注。不少公司已经多次递表港交所。从业绩表现看， 多数拟赴港上市的机器人公司业绩整体欠佳。从机器人相关公司在上市申请材料中的表述看，多数公司 都提到所在行业竞争激烈且有竞争加剧的趋势。今年以来，已经有包括三花智控（002050）、均胜电子 （600699）、极智嘉-W、云迹在内的多家机器人产业链公司成功登陆港股。业内人士表示，机器人产 业链公司完成赴港上市只是起点，港股不会奖励所有"机器人+"概念股，那些能把技术专利数、毛利率 和现金流同时做好的公司有望实现跨越式发展。 二次递表频现 赛道拥挤竞争激烈 从机器人相关公司在上市申请材料中的表述看，多数公司都提到所在行业竞争激烈且有竞争加剧的趋 势。 11月17日，成都卡诺普机器人技术股份有限公司向港交所递交上市申请材料。根据招股书，公司专注于 设计、开发及制造工业机器人，主要包括六轴工业机器人及四轴工业机器人，并选择性地扩展至全系列 协作机器人及具身智能机器人。2022年、2023年、2024年以及2025年上半年，卡诺普机器人分别实现营 业收入1.97亿元、2.22亿元、2.34亿元以及1.56亿元； ...

● 本报记者董添 近期，机器人产业链公司扎堆赴港上市引发各界关注。不少公司已经多次递表港交所。从业绩表现看， 多数拟赴港上市的机器人公司业绩整体欠佳。从机器人相关公司在上市申请材料中的表述看，多数公司 都提到所在行业竞争激烈且有竞争加剧的趋势。今年以来，已经有包括三花智控（002050）、均胜电子 （600699）、极智嘉-W、云迹在内的多家机器人产业链公司成功登陆港股。业内人士表示，机器人产 业链公司完成赴港上市只是起点，港股不会奖励所有"机器人+"概念股，那些能把技术专利数、毛利率 和现金流同时做好的公司有望实现跨越式发展。 二次递表频现 近期递表港交所的机器人公司中，部分公司是不止一次递表港交所。 12月9日，卧安机器人(深圳)股份有限公司向港交所递交上市申请材料。这也是公司第二次冲击港交所 IPO。在此之前，公司曾于6月8日向港交所首次递交上市申请材料。公司是一家全球AI具身家庭机器人 系统提供商，致力于构建以智能家庭机器人产品为核心的生态系统。公司绝大部分收入产生自通过 Amazon(亚马逊)进行的销售。 从业绩表现看，多数拟赴港上市的机器人公司业绩整体欠佳。 12月1日，深圳乐动机器人股份有限公司 ...

2025年机器人产业迎来上市热潮，多家企业密集登陆港股市场。Wind资讯数据显示，截至12月8日，浙 江三花智能控制股份有限公司、宁波均胜电子股份有限公司、北京极智嘉科技股份有限公司、北京云迹 科技股份有限公司等机器人细分领域企业已成功在港交所挂牌交易。 与此同时，另有34家机器人产业链企业正在排队等候聆讯。这些企业涵盖工业机器人、服务机器人本体 制造，以及关节、传感器、运动控制、轴承、结构件、电机等核心零部件制造领域。一级市场投融资活 动同样活跃，亿元以上大额融资频繁出现，产业资本与顶级投资机构联合参与，显现出产业链协同发展 态势。 本文源自：市场资讯 作者：观察君 从产业链分布情况看，递表企业业务定位明确，形成技术底层到系统控制再到整机应用的清晰分工格 局。部分领域企业间呈现协同合作关系而非直接竞争。深圳市乐动机器人股份有限公司作为视觉感知供 应商，其激光雷达与传感器产品被北京石头世纪科技股份有限公司、优地机器人有限公司等整机制造商 采用。上海仙工智能科技有限公司以控制器为核心，为斯坦德机器人（无锡）股份有限公司、上海凯乐 士自动化系统集成有限公司、极智嘉等企业提供控制系统解决方案。 已上市的机器人企业均 ...

Core Viewpoint - Dongwu Securities International initiates coverage on Joyson Electronics (00699) with a "Buy" rating, projecting revenue growth from 62.6 billion to 71.9 billion CNY from 2025 to 2027, and net profit growth from 1.6 billion to 2 billion CNY during the same period [1] Group 1 - Joyson Electronics is a global automotive technology supplier based in China, covering automotive safety, electronics, and key components for robotics [2] - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + smart automotive Tier 1 + robotics second curve" [2] - The safety business is expected to maintain stable revenue growth in the coming three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [2] Group 2 - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, with a comprehensive product line and platform-based R&D system [3] - The company is gaining high-end model project allocations due to its local responsiveness and global project experience, achieving breakthroughs in key domain control products [3] Group 3 - The company is strategically expanding into robotics, developing integrated solutions for robotic control and collaborating with leading robotics players [4] - Although the robotics business is currently in an early investment phase, it is expected to generate meaningful revenue within 3-5 years, potentially leading to valuation premiums [4]

1、全球汽车安全三强之一，现金流修复进入新阶段。 东吴证券国际发布研报称，首次覆盖均胜电子（600699）(00699)，给予"买入"评级。预计2025-2027年 收入为626/670/719亿元，同比+12%/7%/7%，归母净利润为16/18/20亿元，同比+67%/12%/11%。考虑到 公司为AH两地上市的公司以及公司长期在机器人业务的估值弹性，因此综合考虑A/H的汽车零部件公 司，2026年平均估值水平为PE=18x，目标市值356亿港元，目标价为23港元。 东吴证券国际主要观点如下： 均胜电子是立足中国、布局全球的汽车科技供应商，业务涵盖汽车安全、汽车电子和机器人关键部件。 该行认为，公司正在从"Takata整合阴影"走向"全球安全现金牛+智能汽车Tier1+机器人第二曲线"的新阶 段，核心投资逻辑包括以下三点： 汽车电子板块围绕智能座舱、智能网联、ADAS/域控及新能源管理系统展开，已形成较完整的产品线和 平台化研发体系。在自主品牌加速智能化的背景下，公司凭借本土响应速度+全球项目经验，持续获取 中高端车型项目定点，并在中央计算单元(CCU)等关键域控产品上取得突破。新一代座舱域控、800V高 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price of HKD 23 based on a 2026 average valuation of PE=18x and a target market capitalization of HKD 35.6 billion [8]. Core Insights - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [9]. - The automotive safety business is expected to maintain stable revenue growth in the mid-to-high single digits over the next three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [7]. - The company is positioned as a leading global Tier 1 supplier in automotive safety, electronics, and robotics, with a comprehensive product line and platform-based R&D system [9][27]. Summary by Sections Investment Highlights - The company has become one of the few global suppliers capable of providing a complete set of passive safety systems to multinational automakers through acquisitions of KSS and Takata assets, with safety business revenue stabilizing in the hundreds of billions [7]. - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a complete product line and platform-based R&D system [7]. - The company is advancing into robotics, creating integrated solutions for robotic control and collaborating with leading robotics players, which is expected to generate meaningful revenue in 3-5 years [8]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 626 billion, RMB 670 billion, and RMB 719 billion, representing year-on-year growth of 12%, 7%, and 7% respectively. Net profit attributable to shareholders is projected at RMB 16 billion, RMB 18 billion, and RMB 20 billion, with growth rates of 67%, 12%, and 11% respectively [8]. Business Development Stages - The company has undergone several development stages: 1. Foundation Stage (2004-2010): Focused on local component supply and quality system establishment [10]. 2. Internationalization Stage (2011-2018): Transitioned to a global Tier 1 supplier through acquisitions [11]. 3. Optimization Stage (2019-2024): Focused on smart and electric vehicle trends, optimizing global operations [12]. 4. Re-entrepreneurship Stage (2025-present): Aiming for dual pillars of automotive and robotics Tier 1 development [13]. Market Position - The company ranks 41st among the largest automotive parts suppliers globally, with projected revenue of RMB 559 billion in 2024. It holds a 26.1% market share in China and a 22.9% share globally in passive safety [19][30]. - The revenue structure is highly internationalized, with approximately 25.3% from the Chinese market and 74.7% from overseas markets [21]. Competitive Landscape - The global automotive passive safety market is characterized by a high concentration of suppliers, with the top three companies holding over 90% market share. The company ranks second globally and in China, benefiting from increasing industry consolidation [42][43].

优必选与卓世科技达成战略合作，众擎发布 T800 [Table_Industry] 汽车 人形机器人行业跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 近期国内外人形机器人产业在政策、产品和订单方面均取得重要进展，我们认为当 前人形机器人行业正处于商业化初期的关键阶段，需要重视行业的边际变化对国产 链和海外链优质公司的影响。 投资要点： [Table_Report] 相关报告 | 汽车《线控转向相关国标发布，产业迎来重要助 | | --- | | 推》2025.12.07 | | 汽车《零跑 Lafa 5 上市，海外布局延伸至南美》 | | 2025.11.30 | | 汽车《10 月重卡天然气持续回暖，新能源再创新 | | 高》2025.1 ...

Core Viewpoint - Dongwu Securities (Hong Kong) initiates coverage on Joyson Electronics (600699)(00699) with a "Buy" rating, highlighting its transition from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [1] Group 1: Automotive Safety Business - Joyson Electronics has become one of the few suppliers capable of providing a complete passive safety system to multinational automakers, following the acquisition of KSS and Takata assets, with stable safety business revenue in the hundreds of billions [2] - The company is expected to achieve mid-to-high single-digit revenue growth in its safety business over the next three years, with steadily improving gross margins contributing to stable cash flow [2] Group 2: Intelligent Automotive Tier 1 - The automotive electronics segment focuses on smart cockpits, intelligent networking, ADAS/domain control, and new energy management systems, establishing a comprehensive product line and platform-based R&D system [3] - The company is continuously securing mid-to-high-end model projects due to its local responsiveness and global project experience, with breakthroughs in key domain control products like the Central Computing Unit (CCU) [3] Group 3: Robotics Business Development - Joyson Electronics is extending its automotive safety and electronic technology capabilities into robotics, launching integrated solutions for robotic control and collaborating with leading robotics players [4] - Although the robotics business is currently in an early investment phase, it is expected to generate meaningful revenue within 3-5 years, potentially leading to valuation premiums [4] Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 62.6 billion, 67 billion, and 71.9 billion yuan, representing year-on-year growth of 12%, 7%, and 7% respectively, with net profit attributable to shareholders expected to reach 1.6 billion, 1.8 billion, and 2 billion yuan [5] - The average valuation level for 2026 is projected at a PE of 18x, with a target market capitalization of 35.6 billion HKD and a target price of 23 HKD [5]