点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

01 事件概述 公司发布2025年一季度报告，2025Q1 营收5.42 亿元，同比+10.73%，环比-4.31%；归母净利润 0.23 亿元，同比+40.31%，环比+117.00%；扣非归母净利 润 0.21 亿元，同比+40.75%，环比+40.75%。 02 分析判断 ► 营收稳健增长 盈利能力强劲 公司深耕汽车底盘领域二十余载，在国内转向器齿条以及减振器活塞杆细分行业，连续多年保持细分市场主导地位。2024 年，公司转向器类零部件销量达 2,831 万件，同比 +5.05%，减振器类零部件销量达 4,519 万件，同比+1.60%，底盘零部件业务保持稳健。新产品陆续实现量产爬坡，为公司带来订单增量，包括博世智能集成刹车系统核心零部 件 IPB-Flange、采埃孚 CDC 减振控制阀零部件。 ► 布局行星滚柱丝杠产能 蓄力公司未来发展。 公司持续配合客户开发各型号丝杠零部件的样件生产，包括螺母、行星滚柱、丝杆、齿圈等，应用于人形机器人执行器及汽车后轮转向系统。2024 年 10 月 14 日，公司与江 苏昆山经济技术开发区管理委员会签订《投资协议》，拟在江苏昆山经济技术开发区总投资 18.5亿元， ...

证券研究报告·公司点评报告·汽车零部件 北特科技（603009） 2025 年一季报点评：业绩符合市场预期，机 器人贡献第二曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,881 | 2,024 | 2,295 | 2,982 | 6,224 | | 同比（%） | 10.30 | 7.57 | 13.41 | 29.93 | 108.72 | | 归母净利润（百万元） | 50.87 | 71.44 | 121.72 | 201.90 | 565.40 | | 同比（%） | 10.72 | 40.43 | 70.39 | 65.87 | 180.04 | | EPS-最新摊薄（元/股） | 0.15 | 0.21 | 0.36 | 0.60 | 1.67 | | P/E（现价&最新摊薄） | 306.33 | 218.13 | 128.02 | 77.18 | 27.56 | [Table_Tag] ...

证券研究报告·公司点评报告·汽车零部件 北特科技（603009） 2025 年一季报点评：业绩符合市场预期，机 器人贡献第二曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,881 | 2,024 | 2,295 | 2,982 | 6,224 | | 同比（%） | 10.30 | 7.57 | 13.41 | 29.93 | 108.72 | | 归母净利润（百万元） | 50.87 | 71.44 | 121.72 | 201.90 | 565.40 | | 同比（%） | 10.72 | 40.43 | 70.39 | 65.87 | 180.04 | | EPS-最新摊薄（元/股） | 0.15 | 0.21 | 0.36 | 0.60 | 1.67 | | P/E（现价&最新摊薄） | 306.33 | 218.13 | 128.02 | 77.18 | 27.56 | [Table_Tag] ...

Investment Rating - The report gives an "Overweight" rating for the robotics industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - Planetary roller screws are expected to become standard components in humanoid robots, offering high efficiency, precision, load capacity, and longevity [3]. - The market potential for roller screws is significant, with Tesla's Optimus humanoid robot projected to require over 14 screws per unit, leading to a potential market space of 14 billion if production reaches 1 million units by 2027 [3]. - Current challenges in screw production include processing techniques, equipment availability, and material quality, which may hinder scaling [3]. - Domestic companies are accelerating industrialization efforts, with several firms making strategic investments and partnerships to enhance screw production capabilities [3]. Summary by Sections Market Potential - The roller screw market is vast, with Tesla's demand alone potentially exceeding 14 billion [3]. - Tesla plans to ramp up production of humanoid robots significantly by 2027, which will drive demand for roller screws [3]. Production Challenges - Processing methods for screws are not fully optimized, with various techniques having trade-offs in efficiency and cost [3]. - High-end equipment for screw production is limited and expensive, impacting domestic production capabilities [3]. - Material quality for screws is currently inferior to international standards, affecting performance and durability [3]. Industry Developments - Companies like Rongtai Co., Zhejiang Rongtai, and others are actively pursuing partnerships and investments to enhance their screw production capabilities [3]. - Significant investments are being made in R&D and production facilities to meet the growing demand for planetary roller screws [3].

北特科技（603009.SH）系列点评三 25Q1 盈利高增 丝杠项目加速落地 2025 年 04 月 25 日 ➢ 事件概述：公司发布 2025 年一季度报告，2025Q1 营收 5.42 亿元，同比 +10.73%，环比-4.31%；归母净利润 0.23 亿元，同比+40.31%，环比+117.00%； 扣非归母净利润 0.21 亿元，同比+40.75%，环比+40.75%。 ➢ 营收稳健增长 盈利能力强劲。1）收入端：2025Q1 营收 5.42 亿元，同比 +10.73%，环比-4.31%，同比增长主要得益于新项目量产爬坡及出口业务的增 长，其中底盘零部件业务实现稳步增长；2）利润端：2025Q1 归母净利润 0.23 亿元，同比+40.31%，环比+117.00%；扣非归母净利润 0.21 亿元，同比 +40.75%，环比+305.68%。2025Q1 毛利率达 18.17%，同比+0.38 pct，环比 +3.06pct；归母净利率达 4.25%，同比+0.90pct，环比+2.38pct。公司盈利能 力显著提升，主要系公司规模效应逐步释放、内部降本增效成果显现；3）费用 端，2025Q1 销售/ ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company reported a revenue of 542 million yuan in Q1 2025, representing a year-on-year increase of 10.73% and a quarter-on-quarter decrease of 4.31%. The net profit attributable to shareholders was 23 million yuan, up 40.31% year-on-year and up 117.00% quarter-on-quarter [1][2]. - The company's profitability has significantly improved, with a gross margin of 18.17% in Q1 2025, an increase of 0.38 percentage points year-on-year and 3.06 percentage points quarter-on-quarter. The net profit margin reached 4.25%, up 0.90 percentage points year-on-year and 2.38 percentage points quarter-on-quarter [1][2]. - The company is expanding its production capacity for planetary roller screws, with a planned investment of 1.85 billion yuan in a new R&D and production base in Jiangsu, which is expected to support future growth [2]. Revenue and Profit Forecast - The company forecasts revenues of 2.324 billion yuan in 2025, 3.09 billion yuan in 2026, and 4.452 billion yuan in 2027, with corresponding net profits of 104 million yuan, 192 million yuan, and 340 million yuan respectively [4][9]. - The expected growth rates for revenue are 14.9% in 2025, 32.9% in 2026, and 44.1% in 2027, while net profit growth rates are projected at 45.6% in 2025, 84.2% in 2026, and 77.6% in 2027 [4][9]. Financial Metrics - The report highlights a projected EPS of 0.31 yuan in 2025, 0.57 yuan in 2026, and 1.01 yuan in 2027, with corresponding PE ratios of 142, 77, and 43 [4][9]. - The company's gross margin is expected to improve from 18.45% in 2024 to 20.79% in 2027, indicating enhanced operational efficiency [9].

Core Points - The company ensures the authenticity, accuracy, and completeness of the quarterly report, with all board members and senior management taking legal responsibility for the content [1] - The quarterly financial statements are not audited [2] - The company has not identified any significant non-recurring gains or losses during the reporting period [2][3] Financial Data Summary - The financial data and indicators are presented in RMB, with specific details on major accounting data and financial metrics [2] - The company has not reported any changes in major accounting data or financial indicators [3] - There are no significant changes in the top ten shareholders or their shareholding status [3][4] Other Information - The company will not apply new accounting standards or interpretations starting from 2025 [5]

Financial Performance - The company's operating revenue for Q1 2025 was ¥542,145,797.19, representing a 10.73% increase compared to ¥489,613,388.72 in the same period last year[4] - Net profit attributable to shareholders for the same period was ¥23,060,084.38, a 40.31% increase from ¥16,435,332.17 year-on-year[4] - The basic earnings per share increased by 48.69% to ¥0.0681 from ¥0.0458 in the previous year[4] - Net profit for Q1 2025 was ¥23,393,946.35, representing a 40.4% increase compared to ¥16,679,214.49 in Q1 2024[19] - Basic and diluted earnings per share for Q1 2025 were both ¥0.0681, up from ¥0.0458 in Q1 2024[19] Cash Flow - The net cash flow from operating activities improved by 24.12%, with a net outflow of ¥32,522,621.44 compared to ¥42,861,565.86 in the same period last year[4] - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥32,522,621.44, an improvement from a net outflow of ¥42,861,565.86 in Q1 2024[23] - Cash flow from investing activities for Q1 2025 resulted in a net outflow of ¥34,960,518.26, compared to a net outflow of ¥38,558,959.59 in Q1 2024[24] - Cash flow from financing activities for Q1 2025 generated a net inflow of ¥148,612,276.97, significantly higher than the net inflow of ¥27,590,343.64 in Q1 2024[24] - The ending cash and cash equivalents balance for Q1 2025 was ¥170,080,101.81, compared to ¥91,913,510.21 at the end of Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,619,452,506.46, up 6.33% from ¥3,403,854,095.36 at the end of the previous year[5] - As of March 31, 2025, the company's total assets reached CNY 3,619,452,506.46, an increase from CNY 3,403,854,095.36 as of December 31, 2024, reflecting a growth of approximately 6.34%[13][15] - The total current liabilities increased to CNY 1,705,869,056.65 from CNY 1,495,783,717.99, marking an increase of around 14.05%[15] - The total liabilities increased to CNY 1,818,290,347.93 from CNY 1,626,085,883.18, indicating a growth of around 11.83%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,246[8] - The largest shareholder, Jin Kun, holds 31.57% of the shares, amounting to 106,884,100 shares, with 23,000,000 shares pledged[9] Other Financial Metrics - The weighted average return on equity rose by 0.37 percentage points to 1.3859% compared to 1.0188% at the end of the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥20,702,331.57, reflecting a 40.75% increase from ¥14,708,269.63 year-on-year[4] - The company's cash and cash equivalents increased to CNY 226,024,509.92 from CNY 149,894,619.21, representing a growth of about 50.73%[13] - Accounts receivable rose to CNY 612,512,102.82, up from CNY 606,775,864.88, indicating a slight increase of approximately 0.12%[13] - The company's total equity as of March 31, 2025, was CNY 1,801,162,158.53, compared to CNY 1,777,768,212.18 at the end of 2024, showing a growth of about 1.31%[15] - The company's inventory decreased slightly to CNY 520,733,169.43 from CNY 528,678,170.78, a decline of approximately 1.73%[13] - Short-term borrowings increased to CNY 886,350,892.80 from CNY 773,184,550.31, reflecting a rise of about 14.66%[15] - The company reported a decrease in long-term borrowings to CNY 46,692,627.78 from CNY 69,650,000.00, a reduction of approximately 32.88%[15] - The company's retained earnings rose to CNY 382,626,252.24 from CNY 359,566,167.86, an increase of approximately 6.03%[15] - Research and development expenses for Q1 2025 were ¥21,588,681.25, slightly down from ¥22,754,307.93 in Q1 2024[18] - Tax expenses for Q1 2025 amounted to ¥4,340,187.53, an increase from ¥3,457,412.52 in Q1 2024[18]