南财智讯12月17日电，铁流股份公告，为满足全资子公司广东省运通四方汽车配件有限公司经营发展需 求，公司于2025年12月16日与中国工商银行股份有限公司广州从化支行签订《最高额保证合同》，为其 提供最高不超过1,000万元的连带责任担保。本次担保范围为主合同项下的主债权本金及利息等实现债 权的费用，保证期间为债务履行期限届满之次日起三年。该事项已履行内部决策程序，属于公司2025年 度为子公司提供担保额度内的授权范围，无需另行召开董事会及股东会审议。截至公告日，公司及其控 股子公司对外担保总额为27,802.47万元，占上市公司最近一期经审计净资产的16.51%，无逾期担保。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a projected stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company has established a wholly-owned subsidiary for robotics with a registered capital of 100 million yuan, marking a strategic extension into the embodied intelligence sector, leveraging its high-precision manufacturing technology from the automotive parts industry [1][2]. - The new subsidiary, Jierfu Intelligent Robotics, aims to cover the entire industry chain, from R&D to product delivery, and is expected to create synergies with existing automotive and commercial vehicle services, enhancing the company's core competitiveness and profitability [3]. - The company has signed a collaborative R&D agreement with the Yangtze River Delta Hart Robotics Industry Technology Research Institute to develop key robotic components, which is expected to lower the costs associated with trial and error during the transition [2][3]. Financial Summary - The company forecasts revenue growth from 2.2 billion yuan in 2023 to 2.965 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.03% [4]. - The net profit attributable to the parent company is projected to increase from 98 million yuan in 2023 to 190 million yuan in 2027, reflecting a significant growth rate of 24.22% in 2027 [4]. - Earnings per share (EPS) are expected to rise from 0.43 yuan in 2023 to 0.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 29.09 in 2024 and decreasing to 19.76 by 2027 [4][11].

伐谋-中小盘信息更新 铁流股份（603926.SH） 设立子公司全面进军具身智能，深度合作哈特研究院 2025 年 12 月 12 日 投资评级：买入（维持） | 日期 | 2025/12/12 | | --- | --- | | 当前股价(元) | 15.99 | | 一年最高最低(元) | 19.11/7.72 | | 总市值(亿元) | 37.53 | | 流通市值(亿元) | 36.91 | | 总股本(亿股) | 2.35 | | 流通股本(亿股) | 2.31 | | 近 3 个月换手率(%) | 125.81 | 中小盘研究团队 哈特研究院在机器人环境感知、智能控制等领域拥有扎实的学术底蕴与前沿的科 研能力，不仅承接过多项国家级重点研发计划项目，更构建了国家级博士后工作 站、国家工业机器人检验检测中心等高端科研平台。 公司具备领先的精密加工能力，账上现金充裕有望通过并购整合先进产业 公司主业以离合器为主，下游覆盖国内部分整车厂，产能规模及市场份额均处于 国内领先地位。2018 年通过收购德国 Geiger 进入高精密零部件领域，在新能源 车电机轴等方面具备领先的技术工艺。公司历史上通过多次并购实 ...

Core Viewpoint - The report from Aijian Securities indicates that Tieliu Co., Ltd. is undervalued compared to its peers, with a stable automotive transmission system business and upcoming growth in high-precision component manufacturing for new energy vehicles, leading to a "buy" rating for the company [1] Group 1: Business Segments - The company operates in the automotive parts industry, covering three main segments: automotive transmission systems (including clutches, hydraulic bearings, torque converters, and brake pads), high-precision component manufacturing (such as engine high-pressure common rail system injectors and new energy vehicle motor shafts), and comprehensive service for commercial vehicle parts [1] - The automotive industry is accelerating towards electrification and intelligence, with high-precision components expected to become a core necessity, indicating significant growth potential [1] Group 2: Market Strategy - The company is actively entering the robotics sector, which aligns with the industry's trend towards embodied intelligence represented by humanoid robots [1] - Two subsidiaries, Yuntong Sifang and Guolian Qipei, are utilizing an online automotive service platform to create a new economic model for the supply chain of commercial vehicle aftermarket parts, potentially forming new growth points [1]

Core Viewpoint - The report from Aijian Co. indicates that Tieliu Co.'s valuation is below the average of comparable companies, with a stable automotive transmission system business and an upcoming increase in high-precision component manufacturing for new energy vehicle motor shafts, alongside an active entry into the robotics sector, leading to an initial coverage rating of "Buy" [1] Company Overview - The company operates in the automotive parts industry, with its main business segments including automotive transmission systems (clutches, hydraulic bearings, torque converters, brake pads), high-precision component manufacturing (engine high-pressure common rail system injectors, new energy vehicle motor shafts), and comprehensive service for commercial vehicle parts [1] Industry Trends - The automotive industry is accelerating towards electrification and intelligence, extending into embodied intelligence represented by humanoid robots, which may make high-precision components a core necessity with significant growth potential [1] Growth Opportunities - The company’s two commercial vehicle parts supply chain enterprises, Yuntong Sifang and Guolian Qipei, utilize an online automotive service platform to comprehensively build a new economic model for the aftermarket parts supply chain, which may gradually form new growth points [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company is positioned in the automotive parts industry, focusing on three main segments: automotive transmission systems, high-precision component manufacturing, and smart service for commercial vehicle parts. The ongoing transition towards electric and intelligent vehicles is expected to drive demand for high-precision components, presenting significant growth opportunities [5]. - The company has established a partnership with the Hart Robotics Research Institute to develop key components for robotics, indicating a strategic move into the robotics sector. This initiative is expected to leverage the company's existing capabilities in precision manufacturing [5]. - Financial projections indicate steady revenue growth, with total revenue expected to increase from 2,200 million yuan in 2023 to 3,225 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.3% [4][16]. Financial Data and Profit Forecast - Total revenue forecast for 2023 is 2,200 million yuan, with a year-on-year growth rate of 4.9%. By 2027, revenue is projected to reach 3,225 million yuan, with a CAGR of 14.3% [4][16]. - The company's net profit attributable to shareholders is expected to grow from 98 million yuan in 2023 to 191 million yuan by 2027, with a notable increase of 20.9% in 2025 [4][16]. - The earnings per share (EPS) is projected to rise from 0.42 yuan in 2023 to 0.81 yuan in 2027, indicating a positive trend in profitability [4][16]. Business Segments and Growth Drivers - The automotive transmission system segment is expected to maintain a stable growth trajectory, with revenue growth rates projected at 9% in 2025 and 14% in 2027 [5]. - The high-precision component manufacturing segment, particularly in electric vehicle motor shafts, is anticipated to experience significant growth, with revenue growth rates of 10% in 2025 and 25% in 2027 [5]. - The smart service for commercial vehicle parts is also expected to contribute to revenue, with a projected growth rate of 3% in 2025 and 13% in 2027 [5]. Valuation Metrics - The company's price-to-earnings (PE) ratio is forecasted to decrease from 37.4 in 2023 to 19.8 by 2027, suggesting an attractive valuation compared to industry peers [4][15]. - The report highlights that the company's valuation is below the average of comparable companies, indicating potential for upward price movement [5].

本报讯 （记者袁传玺）天眼查App显示，近日，吉尔福（杭州）智能机器人有限责任公司成立，注册资本1亿元，经营范 围包括服务消费机器人制造、服务消费机器人销售等。股东信息显示，该公司由铁流股份全资持股。 （编辑 张明富） ...

人民财讯12月11日电，企查查APP显示，近日，吉尔福(杭州)智能机器人有限责任公司成立，注册资本1 亿元，经营范围包含：智能机器人的研发；智能机器人销售；人工智能行业应用系统集成服务；人工智 能基础资源与技术平台；人工智能理论与算法软件开发等。企查查股权穿透显示，该公司由铁流股份 （603926）全资持股。 ...

作为人形机器人领域的"科研重镇"，哈特研究院在机器人环境感知、智能控制等领域拥有扎实的学术底 蕴与前沿的科研能力，肩负打造国际一流的机器人和智能制造产业技术研发平台及智能制造高层次人才 培养基地重任，依托4项国家级平台及10项省级平台的雄厚科研实力成为机器人核心技术研发、智能解 决方案提供领域的领军力量。通过此次深度合作，铁流股份有望进一步打通与哈工大的科研资源链路， 实现双方技术协同与资源联动的深度融合，为公司在人形机器人领域的核心技术突破与产业落地筑牢坚 实根基。 铁流股份（603926）通过其在减速器技术的深厚积累，以及合作开发高精度滚柱丝杠(精度等级P2级)的 能力，用1亿元全资子公司的重磅落子，新增"具身智能事业部"的公告，宣告了公司"All in人形机器 人"的战略决心——12月8日，吉尔福(杭州)智能机器人公司正式成立，业务线直接贯穿从技术研发到终 端产品交付的完整布局全生态，一场从汽车精密制造标杆到机器人核心玩家的跨越，已然提速。 坚定布局：绑定哈工大"智囊"，构建技术护城河 铁流股份的机器人决心是体系化的攻坚。9月3日，铁流股份宣布与有哈工大和安徽地方国资背景的长三 角哈特机器人产业技术研究 ...

Group 1 - The company held its ninth meeting of the sixth board of directors on December 10, 2025, with all nine directors present, confirming the legality and validity of the meeting [2][4] - The board approved the proposal to conclude the fundraising project and permanently supplement the remaining funds into working capital, which will be submitted for shareholder approval [3][5] - The board also approved the proposal to adjust the company's organizational structure to enhance management efficiency and support new business initiatives [6][7] Group 2 - The company announced the conclusion of the fundraising project for the production of 600,000 sets of electric motor shafts and other core components for new energy vehicles, with a surplus of 24.85 million yuan to be used for working capital [12][14] - The total net fundraising amount from a previous non-public offering was approximately 165.82 million yuan, with funds stored in a dedicated account [12] - The surplus funds resulted from cost-saving measures during project implementation, interest income, and pending payments for certain contracts [15][16] Group 3 - The company will hold its second extraordinary general meeting of 2025 on December 26, 2025, with both on-site and online voting options available for shareholders [25][28] - The meeting will address the proposals previously approved by the board, ensuring compliance with relevant regulations and providing a platform for shareholder participation [27][29] - Shareholders must register by December 17, 2025, to attend the meeting, with specific procedures outlined for both individual and institutional investors [35][36]