Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2026-003 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 关于持股 5%以上股东及其一致行动人 提前终止减持计划暨减持股份结果公告 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、准确性和完整性承担法律责 任。 重要内容提示： 大股东持股的基本情况：本次减持股份计划实施前，持股 5%以上股东领 拓香港有限公司（以下简称"香港领拓"）持有爱柯迪股份有限公司（以下简称 "公司"）股份 68,888,518 股，占公司总股本的 6.6873%。香港领拓的一致行动 人国金证券领爱私享 1 号单一资产管理计划（以下简称"领爱私享 1 号"）持有 公司股份 110,909 股，占公司总股本的 0.0108%；盛洪持有公司股份 10,000 股， 占公司总股本的 0.0010%。 减持计划的实施结果情况：2025 年 12 月 20 日，公司披露《持股 5%以上 股东及其一致行动人减持股份计划公告》（公告编号： ...

2月4日，爱柯迪涨5.17%，截至发稿，报19.72元/股，成交3.90亿元，换手率2.08%，总市值203.14亿 元。 资料显示，爱柯迪股份有限公司位于浙江省宁波市江北区金山路588号，成立日期2003年12月8日，上市 日期2017年11月17日，公司主营业务涉及从事汽车铝合金精密压铸件的研发、生产及销售。主营业务收 入构成为：汽车类94.40%，其他(补充)3.53%，工业类2.07%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，永赢基金旗下1只基金位居爱柯迪十大流通股东。永赢先进制造智选混合发起A（018124） 三季度新进十大流通股东，持有股数1159.33万股，占流通股的比例为1.19%。根据测算，今日浮盈赚取 约1124.55万元。 永赢先进制造智选混合发起A（018124）成立日期2023年5月4日，最新规模39.92亿。今年以来收益 3.61%，同类排名4747/8873；近一 ...

【中泰汽车何俊艺团队】提示爱柯迪：低位T链机器人标的，目前仅13xPE 机器人稀缺优质业绩标的。 25年利润预计12E+（含卓尔博并表3kw），即使25Q4单季利润受铝价上涨冲击，次季度成本可传导，涨价可抬升 26年利润。 25年新增在手180亿，同比+60%，26年内生收入&利润增长保守15%增速，对应13.5亿利润。 卓尔博26年营收14-15亿，利润2.2亿+，并表 公司寻求外延获取减速器能力，结合自身已有电机零部件和压铸能力，具备关节总成潜力，机器人超额收益只在 叙事改变的一瞬间，推荐早期底部布局。 股价压制因素将解除。 26年合计15亿利润，目前不到13xPE。 机器人多轮打样。 对接T客户，基本确认供应胸腔电池壳体，单人ASP1200，后续品类价值量继续拓展。 爱柯迪是T链机器人板块选股中最低估值+潜力强的稀缺标的。 【中泰汽车何俊艺团队】提示爱柯迪：低位T链机器人标的，目前仅13xPE 机器人稀缺优质业绩标的。 25年利润预计12E+（含卓尔博并表3kw），即使25Q4单季利润受铝价上涨冲击，次季度成本可传导，涨价可抬升 26年利润。 25年新增在手180亿，同比+60%，26年内生收入&利润增 ...

【中泰汽车丨何俊艺团队】提示#爱柯迪：低位T链机器人标的，目前仅13xPE 25年利润预计12E+（含卓尔博并表3kw），即使25Q4单季利润受铝价上涨冲击，次季度成本可传导，涨价可 抬升26年利润。 25年新增在手180亿，同比+60%，26年内生收入&利润增长保守15%增速，对应13.5亿利润。 卓尔博26年营收14-15亿，利润2.2亿+，并表增厚1.5亿利润。 【中泰汽车丨何俊艺团队】提示#爱柯迪：低位T链机器人标的，目前仅13xPE 风险提示：市场需求不及预期；原材料和海运价格不及预期；行业竞争加剧的风险。 25年新增在手180亿，同比+60%，26年内生收入&利润增长保守15%增速，对应13.5亿利润。 卓尔博26年营收14-15亿，利润2.2亿+，并表增厚1.5亿利润。 26年合计15亿利润，目前不到13x PE。 #机器人多轮打样。 对接T客户，基本确认供应胸腔电池壳体，单人ASP 1200，后续品类价值量继续拓展。 爱柯迪是T链机器人板块选股中最低估值+潜力强的稀缺标的。 公司寻求外延获取减速器能力，结合自身已有电机零部件和压铸能力，具备关节总成潜力，机器人超额收益只在 叙事改变的一瞬间，推 ...

[Table_Title] 专题研究报告 证券研究报告 2026 年 2 月 2 日 国元证券 2026 年 2 月金股组合及投资逻辑 ——2026 年第 2 期 报告要点： 国元月度金股（2026 年 2 月） |  国元月度金股（2026 | 年 月） 2 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | EPS | 收盘价 | PE(TTM) | 推荐人 | | | | 24A | 25E | 26E | | | | 计算机 | 道通科技 | 688208.SH 1.45 1.36 1.74 | | 34.98 | 28.14 | 耿军军 | | 传媒商社 | 恺英网络 | 002517.SZ 0.77 1.02 1.21 | | 24.92 | 27.56 | 李典 | | 电新机械 | 会通股份 | 688219.SH 0.43 0.44 0.56 | | 12.59 | 33.31 | 张帅峰 | | 汽车 | 银轮股份 | 002126.SZ 0.96 1.16 1.49 | | 36.8 ...

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

Group 1 - The stock of Aikodi closed at 20.28 yuan, with a rise of 1.05% on January 21, and recorded 9 block trades totaling 1.378 million shares and a transaction amount of 26.0028 million yuan [1][2] - The first four block trades were executed at a price of 18.87 yuan per share, with a total of 12,000 shares, 17,000 shares, 17,000 shares, and 21,200 shares traded respectively, all showing a discount of -6.95% [1][2] - The last five block trades also occurred at the same price of 18.87 yuan per share, with transaction volumes of 12,000 shares, 20,000 shares, 10,600 shares, 16,000 shares, and 12,000 shares, maintaining the same discount rate [2] Group 2 - Over the past three months, Aikodi has recorded a total of 12 block trades with a cumulative transaction amount of 104 million yuan [3] - In the last five trading days, the stock has increased by 3.63%, while the net outflow of main funds amounted to 37.702 million yuan [3]

1月21日，爱柯迪大宗交易成交137.8万股，成交额2600.28万元，占当日总成交额的8.47%，成交价18.87 元，较市场收盘价20.28元折价6.95%。 | 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-21 | 爱柯迪 | 600933 | 18.87 | 400.04 | 21.2 | 公司在州市国合会 | 空量量的 | KA | | 2026-01-21 | 爱柯迪 | 600933 | 18.87 | 377.4 | 20 | 机构专用 | 公司主要的数量 | Ka | | 2026-01-21 | 爱柯迪 | 600933 | 18.87 | 320.79 | 17 | 有限公司机械面 | 空间点 30 | 番 | | 2026-01-21 | 爱柯迪 | 600933 | 18.87 | 320.79 | 17 | 委員會交易委員 | 委副手委常见思想 | ...

Group 1 - The core transaction involved 449,000 shares of Aikodi, with a total transaction value of 8.4726 million yuan, representing 2.39% of the total trading volume for the day [1] - The transaction price was 18.87 yuan per share, which is a 7% discount compared to the market closing price of 20.29 yuan [1]