Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Insights - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Market Trends - The humanoid robot sector has completed the basic functionality phase and is now focusing on software and hardware upgrades [3]. - The report highlights the need for improvements in load capacity, lightweight design, heat dissipation, energy efficiency, stability, flexibility, and cost reduction in hardware [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report discusses the advantages and disadvantages of various reducer types, including harmonic, planetary, RV, and cycloidal reducers, emphasizing the unique benefits of cycloidal reducers in high-load applications [22][23]. Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to capitalize on the growth in the humanoid robot market [6][7].

豪能股份 20250701 预计 2025 年公司收入达 29 亿元，同比增长 22%以上；归母净利润预 计 4.9 亿元，同比增长 50%以上，主要受益于新产品规模扩大后毛利率 快速提升。 Q&A 摘要 豪能股份通过收购及自建，已形成同步器、差速器、汽车及机器人减速 器、航空零部件四大业务板块，各业务分别由不同子公司负责运营，实 现专业化布局。 2024 年公司营收 24 亿元，同步器占比 50%，差速器和航空零部件分 别贡献 4.7 亿元和 2.8 亿元；毛利率维持在 33%-34%，归母净利润 3.2 亿元，受益于差速器等业务放量。 公司是国内乘用车同步器龙头，市场占有率超 30%，具备全产业链供应 能力，客户包括上汽、一汽、大众、比亚迪等，预计 2025 年国内汽车 同步器市场规模达 80 亿元。 差速器业务全产业链布局，通过合资加快技术迭代，已进入放量阶段， 客户包括比亚迪、理想、吉利等，并引进高精度加工中心增强竞争力。 公司积极布局减速机业务，包括机器人和汽车减速机，预计 2027 年形 成 200 万套产能，主要客户为采埃孚和舍弗勒，已买断核心设备产能。 航空航天领域，2024 年昊亿强营收 2 ...

证券代码：603809 证券简称：豪能股份 公告编号：2025-037 转债代码：113690 转债简称：豪 24 转债 成都豪能科技股份有限公司 本公司董事会及全体董事保证公告内容不存在虚假记载、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。 ? 累计转股情况："豪 24 转债"自 2025 年 4 月 29 日开始转股，截至 2025 年 6 月 30 日，累计共有 166,388,000.00 元"豪 24 转债"转换成公司股票，累计 因转股形成的股份数量为 26,284,873 股，占可转债转股前公司已发行股份总额的 ? 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"豪 24 转债" 金额为 383,612,000.00 元，占"豪 24 转债"发行总量的 69.7476%。 一、可转债发行上市概况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于成都豪能 科技股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2024〕374 号），成都豪能科技股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日向不特定对象 ...

累计转股情况："豪 24 转债"自 2025 年 4 月 29 日开始转股，截至 2025 年 6 月 30 日，累计共有 166,388,000.00 元"豪 24 转债"转换成公司股票，累计 因转股形成的股份数量为 26,284,873 股，占可转债转股前公司已发行股份总额的 3.1533%。 | 证券代码：603809 | 证券简称：豪能股份 | | 公告编号：2025-037 | | --- | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 | 转债 | | 成都豪能科技股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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： 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"豪 24 转债" 金额为 383,612,000.00 元，占"豪 24 转债"发行总量的 69.7476%。 一、可转债发行上市概况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于成都豪能 科技股份有限公司向不特定对象发行可转换公 ...

Core Viewpoint - The Chengfei concept stock has shown a significant increase, ranking fourth in the concept sector with a rise of 3.82% as of the market close on June 30, 2023 [1][2]. Group 1: Market Performance - Within the Chengfei concept sector, 40 stocks experienced an increase, with Chengfei Integration, Lijun Shares, and *ST Lihang hitting the daily limit up [1]. - Notable gainers include Qifeng Precision (up 17.25%), Huawu Shares (up 9.40%), and AVIC Chengfei (up 6.98%) [1]. - The sector's performance is contrasted by declines in ST Tiexin and Quanxin Shares, which fell by 1.13% and 0.25%, respectively [1]. Group 2: Capital Flow - The Chengfei concept sector attracted a net inflow of 1.019 billion yuan, with 23 stocks receiving net inflows, and 9 stocks exceeding 10 million yuan in net inflow [2]. - Chengfei Integration led the net inflow with 725.36 million yuan, followed by Lijun Shares (311.99 million yuan) and Haoneng Shares (45.32 million yuan) [2]. - The net inflow ratios for Lijun Shares, Chengfei Integration, and *ST Lihang were 57.78%, 31.83%, and 16.69%, respectively [3]. Group 3: Stock Performance Metrics - Chengfei Integration recorded a daily increase of 10.00% with a turnover rate of 16.57% and a net capital flow of 725.36 million yuan [3]. - Lijun Shares also saw a significant rise of 9.97% with a turnover rate of 8.08% and a net capital flow of 311.99 million yuan [3]. - Other notable performers include Huawu Shares (up 9.40%, turnover rate 24.90%) and Chuanhuan Technology (up 3.32%, turnover rate 11.24%) [4].

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Key Points - Chengdu Haoneng Technology Co., Ltd. issued convertible bonds totaling RMB 550 million, with a net amount of RMB 542.39 million after deducting issuance costs [1][5][6] - The bonds, named "Haoneng 24 Convertible Bonds," will be traded on the Shanghai Stock Exchange starting November 20, 2024 [1][4] - The initial conversion price is set at RMB 8.43 per share, which has been adjusted to RMB 6.33 per share due to a profit distribution plan [4][6] - The company reported a revenue of RMB 2.36 billion in 2024, a year-on-year increase of 21.29%, and a net profit of RMB 321.84 million, up 76.87% [3][5] - The company’s credit rating is AA- with a stable outlook, as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [4][6] - The funds raised will be used for projects including the construction of a key component production base for new energy vehicles, with a total investment of RMB 710.38 million [3][5] - The company has seen significant growth in its new energy vehicle segment, with revenue from this sector increasing by 63.52% [3][5]

公司代码：603809 公司简称：豪能股份 转债代码：113690 转债简称：豪24转债 成都豪能科技股份有限公司 Chengdu Haoneng Technology Co., Ltd. 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 二零二五年六月 成都豪能科技股份有限公司向不特定对象发行可转换公司债券项目 受托管理事务报告（2024 年度） 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《成都豪能科技股份有限公司可转换公司债券受托管理协议》（以下简称"《受 托管理协议》"）《成都豪能科技股份有限公司 2023 年向不特定对象发行可转 换公司债券募集说明书》（以下简称"《募集说明书》"）《成都豪能科技股份 有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的 专业意见等，由本期债券受托管理人招商证券股份有限公司（以下简称"招商证 券"）编制。招商证券对本报告中所包含的从上述文件中引述内容和信息未进行 独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证 或承担任何责任。 本报告不构成对投资者进行或不进行某项行 ...

| 证券代码：603809 | 证券简称：豪能股份 | | 公告编号：2025-036 | | --- | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 | 转债 | | 成都豪能科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理 到期赎回并继续进行现金管理的进展公告 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法律责任。 重要内容提示： ● 风险提示：公司购买的现金管理产品经过严格的评估且属于安全性高、 流动性好、有保本约定的投资产品，整体风险可控。但投资的收益率水平受到宏 观经济及金融市场波动、货币政策调整等因素的影响，存在一定的不确定性。 一、前次使用部分暂时闲置募集资金进行现金管理到期赎回情况 公司子公司泸州长江机械有限公司（以下简称"长江机械"）于 2025 年 5 月 6 日使用部分暂时闲置募集资金 12,000 万元在兴业银行股份有限公司成都分 行（以下简称"兴业银行"）购买了"兴业银行企业金融人民币结构性存款产品"， 具体内容详见 2025 年 5 月 8 日刊载于上海 ...

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技股份有限公司 关于 2025 年度向银行申请授信额度的进展公告 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法律责任。 2025 年 3 月 21 日，成都豪能科技股份有限公司（以下简称"公司"）召开第六 届董事会第十一次会议，审议通过了《关于 2025 年度向银行申请授信额度的议案》， 并经 2025 年 4 月 11 日召开的 2024 年年度股东大会批准，同意公司及子公司向银行 申请总额不超过人民币 420,000.00 万元的授信额度（在不超过总授信额度范围内， 最终以各银行实际审批的授信额度为准）。本次向银行申请授信额度授权期限为公司 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会召开之日止。上述授信 额度仅由公司及子公司使用，授信期限内，授信额度可循环使用。具体内容请详见 2025 年 3 月 22 ...