证券研究报告 | 2025年07月07日 人形机器人系列专题之新型减速器 优于大市 摆线减速器有望成为人形机器人新的迭代方向 核心观点 行业研究·行业专题 汽车 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 《小米汽车专题系列之四—小米 Yu7 发布，正式进入 1-N 阶段》 ——2025-07-01 《汽车行业周报（25 年第 23 周）-特斯拉自动驾驶出租车商业化 提速，多家车企缩短供应商账期》 ——2025-06-18 优于大市·维持 证券分析师：唐旭霞 证券分析师：孙树林 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn S0980519080002 S0980524070005 《人形机器人行业周报（第十九期）-祥鑫科技拟入股女娲机器 人，长华集团新一轮送样在即》 ——2025-06-16 《人形机器人行业周报（第十八期）-特斯拉 Optimus 主管换人， 精锻科技参股格蓝若》 ——2025-06-10 《汽车行业 2025 年 6 月投资策略-RoboX 商业化落地加速，关注 板 ...

优于大市·维持 证券分析师：唐旭霞 证券分析师：孙树林 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn S0980519080002 S0980524070005 市场走势 证券研究报告 | 2025年07月07日 人形机器人系列专题之新型减速器 优于大市 摆线减速器有望成为人形机器人新的迭代方向 核心观点 行业研究·行业专题 汽车 资料来源：Wind、国信证券经济研究所整理 相关研究报告 《小米汽车专题系列之四—小米 Yu7 发布，正式进入 1-N 阶段》 ——2025-07-01 《汽车行业周报（25 年第 23 周）-特斯拉自动驾驶出租车商业化 提速，多家车企缩短供应商账期》 ——2025-06-18 《人形机器人行业周报（第十九期）-祥鑫科技拟入股女娲机器 人，长华集团新一轮送样在即》 ——2025-06-16 《人形机器人行业周报（第十八期）-特斯拉 Optimus 主管换人， 精锻科技参股格蓝若》 ——2025-06-10 《汽车行业 2025 年 6 月投资策略-RoboX 商业化落地加速，关注 板 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

一、概述 桂林福达股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开的第六 届董事会第二十五次会议，分别审议通过了《关于以非货币资产出资设立全资子公 司并注销分公司的议案》《关于注销全资子公司及分公司的议案》，同意公司以非 货币资产出资设立全资子公司桂林福达驱动科技有限公司（暂定名），并注销桂林 福达股份有限公司新能源电驱科技分公司；同意注销全资子公司长沙福达曲轴有限 公司和桂林福达股份有限公司太仓分公司。为提高工作效率，董事会授权公司管理 层负责上述相关工作。 具体内容详见公司于2025年6月24日在上海证券交易所网站（www.sse.com.cn） 披露的《福达股份关于以非货币资产出资设立全资子公司并注销全资子公司和分公 司的公告》（公告编号：2025-035）。 二、进展情况 证券代码：603166 证券简称：福达股份 公告编号：2025-036 桂林福达股份有限公司 关于设立全资子公司和注销子、分公司的进展公告 本公司董事会及全体董事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个别及连带责任。 注册资本：47000 万人民币 住 ...

Group 1 - The core viewpoint of the report is that the demand for ball screws will increase due to the rise in domestic high-end machine tool and equipment production, as well as the development of the electric vehicle sector and humanoid robots [1][2] - Ball screws are a critical linear motion component with high technical barriers, and the domestic production rate is lower compared to other core components [1] - The report recommends specific companies such as Fuda Co., Ltd. (603166.SH) and Beite Technology (603009.SH), while also suggesting to pay attention to Shuanglin Co., Ltd. (300100.SZ), Wuzhou Xinchun (603667.SH), Rongtai Co., Ltd. (605133.SH), and Zhenyu Technology (300953.SZ) [1] Group 2 - The humanoid robot market presents significant demand, with ball screws accounting for approximately 19% of the value of humanoid robots [2] - The potential market for planetary roller screws is expected to exceed 45 billion yuan by 2030, driven by the demand from humanoid robots [2] - European companies dominate the market, with significant room for domestic replacement, as major global manufacturers hold substantial market shares in China [2]

Core Viewpoint - The dexterous hand market is expected to grow significantly, reaching $1.706 billion in 2024 and projected to increase to $1.921 billion in 2025 and $3.036 billion by 2030, driven by the demand for humanoid robots that require more advanced dexterous hands with higher degrees of freedom [2][11]. Market Overview - The dexterous hand market is anticipated to reach 760,100 units in 2024, with projections of 861,800 units in 2025 and 1,412,100 units by 2030, reflecting a compound annual growth rate (CAGR) of 10.38% and 9.59% respectively [28][29]. Driving Solutions - The mainstream driving solutions include underactuated, external/mixed, and electric drives, with a shift from hollow cup motors to brushless gear motors. Underactuated designs sacrifice precision for cost reduction and faster deployment, while electric drives are favored for their modular design and high precision [3][11][45]. - Tesla's third-generation dexterous hand has replaced some hollow cup motors with brushless gear motors, indicating a potential shift in motor solutions [3][11]. Transmission Solutions - Transmission solutions encompass gear/worm gear, linkages, screws, and tendon-driven systems, each with its advantages and disadvantages. The tendon + screw composite transmission can enhance transmission precision while maintaining flexibility, exemplified by Tesla's third-generation dexterous hand [4][5][51]. Perception Solutions - Multi-modal perception is a defined trend, with force/torque sensors evolving towards strain gauge types and flexible sensors focusing on enhancing sensitivity and stability. MEMS pressure sensors, particularly resistive types, are becoming more prevalent in dexterous hand applications [6][66][74]. Industry Trends - Both domestic and international products are increasingly pursuing high degrees of freedom and multi-modal perception, highlighting the industry's development trends. Investment recommendations include companies involved in reducers and screw chains, such as Fuda Co., Zhejiang Rongtai, and Wuzhou Xinchun [8][11]. Future Outlook - The iteration of Tesla's dexterous hand clearly indicates a mainstream shift towards tendon-driven systems, achieving a doubling of degrees of freedom, transmission upgrades, drive switching, and breakthroughs in multi-modal perception [7][11].

Overview - Guilin Fuda Co., Ltd. has signed two equity transfer agreements with Maschinenfabrik Alfing Kessler GmbH (ALFING) to transfer a total of 50% equity in Guilin Fuda Alfing Large Crankshaft Co., Ltd. in two phases, with the first phase involving a 25% transfer completed by May 23, 2025 [1][3] Progress Update - The company has agreed to make efforts to release its guarantee obligations for the joint venture within 60 working days after the signing of the equity transfer agreement. As of December 31, 2024, the actual guarantee amount for the joint venture was not disclosed, but the company has completed the necessary procedures to release these guarantees [3] - The company currently has no external guarantees other than those for its wholly-owned subsidiaries, and there are no overdue external guarantees [3]

本报告依据中国资产评估准则编制 桂林福达股份有限公司拟对外投资涉及的 桂林福达股份有限公司部分资产价值 资产评估业务报告备案回执 (可扫描二维码查询备案业务信息) | 报告编码: | 1142020031202500487 | | | --- | --- | --- | | 合同编号: | HBBM2025-103 | | | 报告类型: | 非法定评估业务资产评估报告 | | | 报告文号: | 京信评报字(2025)第400号 | | | | 桂林福达股份有限公司拟对外投资涉及的桂林福达股份有限公司 部分资产价值资产评估报告 | | | 评估结论: | 420,280,031. 15元 | | | 评估报告日: | 2025年06月23日 | | | 评估机构名称: | 中京民信(北京)资产评估有限公司 | | | 签名人员: | 张峰 (资产评估师) | 正式会员 编号: 11130010 | | | 李新星 (资产评估师) 出版 E < > > E B > | 正式会员 编号: 42190022 | | 报告名称: | | | 张峰、李新星已实名认可 京信评报字（2025）第 400 号 中京| 评估 ...

关于转让合资公司股权进展暨解除关联担保的公告 本公司董事会及全体董事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个别及连带责任。 一、概述 桂林福 达股份有 限公司（ 以下简称 "公司" ）于 2025 年 4 月 27 日与 Maschinenfabrik Alfing Kessler GmbH（以下简称"ALFING"）签署了两份《股 权转让协议》，协议约定，公司拟分两期（第一期转让 25%股权、第二期转让 25%股 权）将所持有的"桂林福达阿尔芬大型曲轴有限公司"（以下简称"合资公司"） 全部 50%股权转让给 ALFING。股权转让完成后，公司将不再持有合资公司的股权。 该事项经公司第六届董事会第二十四次会议审议通过，并同意授权公司管理层负责 办理本次股权转让的具体事宜。 截至 2025 年 5 月 23 日，第一期转让 25%股权的交易已完成。合资公司股权结构 调整为：ALFING 持有 75%股权，公司持有 25%股权。 证券代码：603166 证券简称：福达股份 公告编号：2025-033 桂林福达股份有限公司 具体内容详见公司分别于 202 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-035 桂林福达股份有限公司 关于以非货币资产出资设立全资子公司 并注销全资子公司和分公司的公告 本公司董事会及全体董事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个别及连带责任。 重要内容提示： ●对外出资标的：桂林福达驱动科技有限公司（暂定名）。 ●对外出资金额：公司拟以非货币资产出资新设全资子公司，即以桂林福达股 份有限公司新能源电驱科技分公司业务所涉固定资产、在建工程及无形资产进行出 资。根据中京民信（北京）资产评估有限公司出具的《桂林福达股份有限公司拟对 外投资涉及的桂林福达股份有限公司部分资产价值资产评估报告》〔京信评报字 （2025）第 400 号〕，该部分资产于评估基准日 2025 年 5 月 31 日所表现的市场价 值为 47,491.65 万元（含税）。据此，公司拟以非货币资产出资金额 47,491.65 万 元，其中 47,000.00 万元计入新设全资子公司注册资本、剩余 491.65 万元计入资本 公积（相关税费按行政主管部门认定计入）。 ●拟注销的子、分公司：全资子 ...