机械设备行业 行业研究 | 动态跟踪 海外人形机器人即将落地，板块格局确定 性有望上升 ——机器人产业跟踪 核心观点 投资建议与投资标的 我们认为随着海外特斯拉机器人的落地，人形机器人板块格局的确定性有望上升，并带 来板块投资机会。我们建议关注具备优秀制造和管理能力的零部件企业，建议关注：拓 普集团(601689，买入)、三花智控(002050，买入)、五洲新春(603667，买入)、恒立液 压(601100，未评级)、震裕科技(300953，买入)。 风险提示 产品降价风险、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放缓、 海外龙头厂商生产不及预期、行业融资不及预期、模型发展和数据采集慢于预期。 国家/地区 中国 行业 机械设备行业 报告发布日期 2025 年 08 月 31 日 看好（维持） 杨震 021-63325888*6090 yangzhen@orientsec.com.cn 执业证书编号：S0860520060002 香港证监会牌照：BSW113 | 人形机器人有望进入万台阶段，看好高壁 | 2025-08-24 | | --- | --- | | 垒环节和企业：——机器人产业跟踪 ...

国家知识产权局信息显示，江苏恒立液压股份有限公司申请一项名为"油缸及其工作方法以及油缸用活 塞杆位移量检测装置"的专利，公开号CN 120557231 A，申请日期为2025年06月。 专利摘要显示，本发明属于流体压力执行机构技术领域，具体涉及一种油缸及其工作方法以及油缸用活 塞杆位移量检测装置，本油缸包括：缸体，其上插设有活塞杆；电阻机构，其包括：线性电阻，所述线 性电阻的两端分别设置有第一导电件、第二导电件，所述线性电阻的中部滑动设置有第三导电件；直流 电源，连接第一导电件和第二导电件；电压测量机构，其包括：第一电压测量单元和第二电压测量单 元；本油缸及其工作方法以及油缸用活塞杆位移量检测装置的第一电压测量单元和第二电压测量单元与 线性电阻上的导电件直接连接，通过采集电压数据以测算活塞杆的外伸长度，同时导电件的直接连接也 使得采集的电压数据不会受到磁场的干扰。 天眼查资料显示，江苏恒立液压股份有限公司，成立于2005年，位于常州市，是一家以从事通用设备制 造业为主的企业。企业注册资本134082.0992万人民币。通过天眼查大数据分析，江苏恒立液压股份有 限公司共对外投资了9家企业，参与招投标项目344次 ...

Group 1: Financial Performance - The projected net profit for 2025 is estimated at 605 million RMB, reflecting a growth rate of 52% compared to 2024[1] - The expected operating revenue for 2025 is 4,157 million RMB, with a growth rate of 4% from 2024[1] - The estimated EPS for 2025 is 0.6, with a PE ratio of 18[1] Group 2: Market Trends and Risks - The valuation for 2025-2027 is projected at 18x, 16x, and 14x, with a PEG ratio of less than 1 for 2026[1] - The company is expected to launch innovative and hard-to-replicate products, including a new drug expected to be approved in 2025[1] - Risks include fluctuations in customer demand and potential delays in product development[1] Group 3: Industry Insights - The pharmaceutical industry is experiencing a gradual recovery, with the raw material drug business stabilizing[1] - The beverage industry is expected to see improved sales during the Mid-Autumn Festival and National Day, with a narrowing decline[1] - The semiconductor equipment sector is projected to achieve significant revenue growth, with a target of 5 billion RMB by 2025[1]

25Q2创单季净利新高、营收次高，净利率同比+1.8pct。25Q2公司毛利率44%，同比+0.9pct；净利率 29.6%，同比+1.8pct。费用率方面，公司管理/销售/研发/财务费用率分别为5.8%/1.7%/7.6%/-2.5%，同比分 别+1.5pct/-0.4pct/-1.7pct/-0.6pct；期间费用率合计12.5%，同比-1.2pct。管理费 下游复苏，液压主业增长具备持续性。(1)挖机行业：上半年，我国共销售挖掘机12.05万台，同比增长 16.8%。公司共销售挖掘机用油缸30.83万只，同比增长超15%；挖掘机用液压泵阀，在中大型挖掘机上份 额持续提升。(2)非挖行业：液压泵阀产品销量同比增长超30%，其中，紧凑液压阀、径向柱塞马达等产品 累计销售额接近去年全年水平。持续加码研发，自主研发的数字伺服工业阀，成功打破国外技术垄断；手 柄阀全自动智能生产线成功投产，实现了全电控手柄产能的跨越式提升。 山西证券股份有限公司徐风,姚健近期对恒立液压（601100）进行研究并发布了研究报告《主业继续向 上，线性驱动器业务进入兑现期》，给予恒立液压买入评级。 恒立液压 线性驱动器实现量产，看好长期 ...

公司近一年市场表现 | 年 月 市场数据：2025 8 | 日 27 | | | --- | --- | --- | | 收盘价（元）： | | 84.09 | | 年内最高/最低（元）： | | 99.47/48.21 | | 流通A股/总股本（亿）： | | 13.41/13.41 | | 流通 A 股市值（亿）： | | 1,127.50 | | 总市值（亿）： | | 1,127.50 | | 基础数据：2025 年 | 6 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 1.07 | | 摊薄每股收益(元)： | | | 1.07 | | 每股净资产(元)： | | | 12.26 | | 净资产收益率(%)： | | | 8.71 | 资料来源：最闻 分析师： 姚健 执业登记编码：S0760525040001 邮箱：yaojian@sxzq.com 徐风 执业登记编码：S0760519110003 邮箱：xufeng@sxzq.com 基础件 恒立液压（601100.SH） 买入-A(维持) 主业继续向上，线性驱动器业务进入兑现期 ...

Investment Rating - The mechanical equipment industry maintains a standard rating of "Neutral" [1] Core Views - The development of electrification in construction machinery and robotics technology is a key focus area [1][4] - The industry is expected to see a significant increase in demand due to the implementation of major domestic projects, which will support long-term demand and potentially accelerate the upward cycle [4][72] - The robotics sector is experiencing growth driven by new product launches and significant orders, with a focus on humanoid robots and the integration of 3D printing technology for lightweight components [3][71] Market Performance - As of August 28, 2025, the mechanical equipment sector has seen a bi-weekly increase of 5.77%, underperforming the CSI 300 index by 1.19 percentage points [5][15] - The sector has increased by 12.87% month-to-date and 30.36% year-to-date, outperforming the CSI 300 index by 3.35 and 16.92 percentage points respectively [5][15] - The automation equipment sub-sector showed the highest bi-weekly increase of 9.83%, while the engineering machinery sub-sector increased by 2.90% [21][19] Stock Performance - The top three performing stocks in the mechanical equipment sector as of August 28, 2025, are Balanshi (205.13%), Zhejiang Haideman (67.43%), and Qiangrui Technology (57.94%) [20][22] - The worst-performing stocks include Southern Road Machinery (-23.87%), Suda Co., Ltd. (-22.42%), and Shanhe Intelligent (-22.29%) [23][22] Valuation Metrics - The current price-to-earnings (PE) ratio for the mechanical equipment sector is 30.81 times, with sub-sectors showing varying valuations [25] - The automation equipment sub-sector has the highest PE ratio at 50.58 times, while the engineering machinery sub-sector stands at 22.02 times [25][6] Recommended Stocks - Recommended stocks include Huichuan Technology (300124), Greening Harmonic (688017), Sany Heavy Industry (600031), and Hengli Hydraulic (601100) due to their strong market positions and growth potential [73][72]

Investment Rating - The report maintains a positive outlook on the AI electronic fabric industry, suggesting it has high growth potential and high barriers to entry, similar to the wind power yarn market [4][10]. Core Insights - The AI application scenarios are experiencing high demand, which is catalyzing the need for specialty glass fibers, leading to continuous product iteration [2][7]. - Major companies like Zhongcai Technology and China Jushi are expanding their production capacities significantly, indicating confidence in market growth [1][6]. - The report highlights the potential for the AI electronic fabric market to achieve high concentration, with leading companies likely to dominate due to the critical nature of materials in the supply chain [4][10]. Summary by Sections Section 1: Company Developments - Zhongcai Technology's subsidiary, Taishan Fiberglass, plans to invest CNY 17.51 billion to build a production line for 24 million meters of ultra-low loss low dielectric fabric and CNY 18.06 billion for 35 million meters of low dielectric fabric [1][6]. - China Jushi is advancing its low dielectric product development, focusing on ultra-thin and extremely thin electronic fabrics, leveraging its past experience in the 7628 electronic fabric sector [1][6]. Section 2: Market Characteristics - The specialty glass fiber market is characterized by high growth, high barriers, and high concentration, with the top three companies holding approximately 90% of the market share [4][9]. - The report notes that the wind power yarn market has seen a 15-fold increase in domestic capacity over the past 15 years, indicating strong growth potential for similar markets like AI electronic fabrics [4][9]. Section 3: Investment Recommendations - The report recommends continued investment in Zhongcai Technology and China Jushi, highlighting their strong positions in the AI electronic fabric market and the potential for price re-evaluation [10]. - Other companies to watch include Feilihua, International Composites, and Zaiseng Technology, which may also benefit from the industry's growth [10].

证券之星消息，8月29日工程机械板块较上一交易日上涨2.17%，恒立液压领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。工程机械板块个股涨跌见下表： 从资金流向上来看，当日工程机械板块主力资金净流出9.22亿元，游资资金净流入1.36亿元，散户资金净 流入7.86亿元。工程机械板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601100 恒立液压 | | 1487.53万 | 1.22% | 847.18万 | 0.69% | -2334.71万 | -1.91% | | 600984 建设机械 | | 1314.86万 | 13.24% | 535.65万 | 5.39% | -1850.51万 | -18.64% | | 603194 中力股份 | | 1187.98万 | 8.72% | -584.92万 | -4.29% | - ...

8月29日，恒立液压盘中上涨2.01%，截至10:14，报86.86元/股，成交2.28亿元，换手率0.20%，总市值 1164.64亿元。 资金流向方面，主力资金净流出2010.54万元，特大单买入934.30万元，占比4.10%，卖出1090.75万元， 占比4.78%；大单买入3352.31万元，占比14.70%，卖出5206.39万元，占比22.83%。 恒立液压今年以来股价涨66.81%，近5个交易日涨5.04%，近20日涨18.73%，近60日涨23.29%。 恒立液压所属申万行业为：机械设备-工程机械-工程机械器件。所属概念板块包括：盾构机、QFII持 股、MSCI中国、大盘、融资融券等。 截至6月30日，恒立液压股东户数4.38万，较上期增加4.26%；人均流通股30647股，较上期减少4.09%。 2025年1月-6月，恒立液压实现营业收入51.71亿元，同比增长7.00%；归母净利润14.29亿元，同比增长 10.97%。 分红方面，恒立液压A股上市后累计派现57.75亿元。近三年，累计派现27.08亿元。 机构持仓方面，截止2025年6月30日，恒立液压十大流通股东中，香港中央结算有限公 ...

公司报告 | 半年报点评 恒立液压（601100） 证券研究报告 中报业绩表现稳健，看好线性驱动器项目贡献新增长极 公司发布 2025 年半年报，业绩表现稳健： 25H1 公司实现收入 51.71 亿元，同比+7%；归母净利润 14.29 亿元，同比 +10.97%；扣非归母净利润 14.5 亿元，同比+16.9%。单 Q2 公司实现收入 27.49 亿元，同比+11.24%；归母净利润 8.12 亿元，同比+18.31%；扣非归 母净利润 7.67 亿元，同比+17.33%。 25H1 公司实现毛利率 41.85%，同比+0.33pct，净利率 27.7%，同比+1.01pct； 期间费用率 9.45%，同比-1.93pct，其中销售、管理、研发、财务费用率分 别变动+0.05pct、+1.11pct、-0.03pct、-3.06pct。 挖机份额持续提升，非挖品类持续突破： 25H1 公司销售挖掘机用油缸 30.83 万只，同比增长超 15%；挖掘机用液压 泵阀在中大型挖掘机上取得持续突破，产品份额持续提升。 非挖行业用液压泵阀产品谱系持续扩充，销量同比增长超 30%；其中，紧 凑液压阀、径向柱塞马达等产 ...