机器人：三大零部件布局，第二曲线全面发力：公司从2024 年起将机器人零部件作为第二主业方向， 主要为机器人金属外壳压铸、行星滚柱丝杠与机器人电机三个方面。2025 年公司滚柱丝杠新专利攻克 行业难题，降低振动噪音、制造难度及生产成本，有利于机器人和新能源汽车领域的大规模量产。 投资建议：公司汽车业务外延发展，机器人全面发力。我们预计公司2025-2027 年实现营业收入 30.50/40.55/44.65 亿元，归母净利润2.2/3.0/3.6 亿元。对应PE 分别为41/30/25 倍，首次覆盖，给予"买 入"评级。 由汽车压铸向外延伸，切入机器人赛道：公司是国内领先的汽车精密压铸件生产企业之一，主要产品包 括汽车转向系统、传动系统等铝合金精密压铸件。 公司2022 年以来收入利润连续增长，2025 年前三季度营业收入同比增长19%，归母净利润同比增长 17%。公司近年来由汽车压铸向外拓展，并切入机器人赛道。2022 年公司收购力准机械53%股权，业务 拓展到非标智能制造装备。2025 年4 月公司与润孚动力成立合资公司，专业生产机器人和汽车的行星滚 柱丝杠。2025 年9 月公司购买中山澳多51%股权， ...

Investment Rating - The report rates the automotive parts industry as "Positive" (First Time) [1] Core Viewpoints - The loosening of regulations is expected to accelerate the mass production of electronic mechanical brakes (EMB) and steer-by-wire (SBW), leading to a significant market expansion [3] - The domestic market for line-controlled chassis is projected to exceed 100 billion by 2030, driven by advancements in high-level autonomous driving [3][30] - The report emphasizes the importance of focusing on high-quality Tier 1 suppliers and upstream components such as motors and lead screws [4][9] Summary by Relevant Sections Line-Controlled Chassis - The pursuit of human-machine decoupling in line-controlled chassis is fundamental for achieving L3/L4 autonomous driving [9] - The market for line-controlled braking systems is expected to reach 50 billion by 2030, with EMB projected at 16.4 billion [3][30] - The line-controlled steering market is anticipated to reach 50 billion by 2030, with SBW projected at 21.5 billion [3][30] Regulatory Developments - Regulations allowing EMB to be implemented in vehicles will officially take effect on January 1, 2026 [3][26] - New policies regarding SBW are expected to be catalyzed within the year, although specific certification details remain unclear [3][26] Market Dynamics - The report highlights that the penetration rate of line-controlled chassis is expected to rise from 5% in 2025 to 30% by 2030 [31] - The overall market for intelligent chassis in China is projected to exceed 100 billion by 2030, with a compound annual growth rate (CAGR) of 37% from 2025 to 2030 [30][29] Key Companies to Watch - The report suggests focusing on leading Tier 1 suppliers with comprehensive platform capabilities, such as NEXTEER, ZF, and others [4][9]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry and humanoid robotics sector [2][4][6]. Core Insights - The humanoid robotics sector is expected to reach a pivotal point in the next one to two years, with significant advancements anticipated in the field of embodied intelligence [3][4]. - The automotive industry has achieved record monthly production and sales figures, with a notable increase in the production of new energy vehicles [5][6]. Summary by Sections Humanoid Robotics Sector - The Huaxin humanoid robotics index decreased by 0.94% this week, but has a cumulative return of 94.3% year-to-date [16]. - The sensor segment within the humanoid robotics sector showed positive performance, increasing by 1.1%, while other segments like actuators and reducers experienced declines [19]. - Key companies in the robotics sector, such as Zhongjian Technology and Zhongding Shares, saw significant stock price increases [24]. Automotive Sector - The CITIC automotive index rose by 0.1%, outperforming the broader market by 0.2% [32]. - The motorcycle and other segments within the automotive sector performed well, with a 1.6% increase, while automotive sales and services dropped by 3.5% [35]. - The automotive industry's PE ratio is at 31.8, placing it in the 36.4% percentile over the past four years, indicating a relatively stable valuation [48]. Key Companies and Profit Forecasts - Recommended companies include: - New Spring Co., Ltd. (EPS: 0.68, PE: 16.22, Rating: Buy) [8] - Shuanglin Co., Ltd. (EPS: 1.24, PE: 30.45, Rating: Buy) [8] - Jianghuai Automobile (EPS: 0.12, PE: 412.83, Rating: Buy) [8] - Other notable mentions include KaiDi Co., Ltd. and Kete Co., Ltd. [7][10].

证券代码：605133 证券简称：嵘泰股份 公告编号：2025-061 江苏嵘泰工业股份有限公司 关于 2022 年限制性股票激励计划首次授予部分第三个解除 限售及预留授予部分第二个解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 715,390股。 本次股票上市流通总数为715,390股。 本次股票上市流通日期为2025 年 12 月 15 日。 一、2022 年限制性股票激励计划批准及实施情况 （一）股权激励计划方案及履行的程序 1、2022 年 3 月 24 日，公司召开第二届董事会第六次会议，会议审议通过了 《关于公司 2022 年限制性股票激励计划（草案）及其摘要的议案》《关于公司 2022 年限制性股票激励计划实施考核管理办法的议案》以及《关于提请股东大会授权 董事会办理股权激励相关事宜的议案》等议案。公司独立董事就本激励计划相关 议案发表了独立意见。 同日，公司召开第二届监事会第六次会议，审议通过了《关于公司 2 ...

Core Viewpoint - Jiangsu Rongtai Industrial Co., Ltd. experienced a 5.05% decline in stock price, closing at 37.63 CNY per share, with a total market capitalization of 10.642 billion CNY [1] Company Overview - Jiangsu Rongtai Industrial Co., Ltd. was established on June 15, 2000, and went public on February 24, 2021. The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts [1] - The revenue composition of the company is as follows: automotive sector 81.14%, molds 8.61%, equipment 6.81%, others 3.24%, and motorcycles 0.20% [1] Fund Holdings - Hengyue Fund has one fund heavily invested in Rongtai shares. The Hengyue Smart Technology Mixed A Fund (019257) reduced its holdings by 14,500 shares in the third quarter, now holding 19,800 shares, which represents 4.95% of the fund's net value, ranking as the seventh largest holding [2] - The fund has experienced a floating loss of approximately 39,600 CNY today [2] Fund Performance - The Hengyue Smart Technology Mixed A Fund (019257) was established on November 17, 2023, with a current size of 10.8604 million CNY. Year-to-date returns are 9.61%, ranking 5761 out of 8122 in its category; the one-year return is 4.77%, ranking 6848 out of 8056; and since inception, the return is 20.5% [2]

Core Viewpoint - Rongtai Co., Ltd. is experiencing steady growth in its main business, with improved profitability and overall growth rate meeting expectations [1] Group 1: Business Performance - The company has achieved a record high in system product delivery volume, further solidifying its position as a global leader [1] - The production of shells is expected to exceed 17 million units in 2024, with a year-on-year sales increase of 16.3% [1] Group 2: Global Expansion - Rongtai continues to deepen its global layout, with Zhuhai Rongtai expanding its European export projects and securing several key project designations [1] Group 3: Financial Outlook - The company’s Leon factory reported a loss of 15.703 million yuan in 2024, but is expected to reduce losses in 2025 [1] - The acquisition of Zhongshan Aoduo supplements the company's motor business portfolio [1] Group 4: Innovation and Patents - A new patent for lead screws has been disclosed, laying the foundation for large-scale production [1] Group 5: Investment Rating - The investment rating is maintained at "Buy" [1]

Core Viewpoint - China is a significant player in the global aluminum die-casting alloy industry, with the market size expected to reach 215.26 billion yuan in 2024, reflecting a year-on-year increase of 3.67% driven by the automotive market, electronics industry, and high-end equipment manufacturing [1][10]. Industry Overview - Aluminum die-casting alloys are produced through die-casting processes, primarily composed of silicon, manganese, magnesium, and trace elements, with production involving melting, refining, molding, and pouring [3]. - The industry benefits from the lightweight, high strength, and corrosion resistance of aluminum die-casting alloys, which are widely used in automotive, aerospace, medical, military, and electronic sectors [3]. Market Size and Growth - The aluminum die-casting alloy market in China is projected to grow, supported by the country's large automotive market and rapid advancements in the electronics sector [1][10]. - The global aluminum die-casting alloy market is expected to reach $142.78 billion by 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031 [10]. Competitive Landscape - International companies like Nemak, Ahresty, and Ryobi dominate the industry due to their technological expertise and extensive market presence [10]. - Domestic companies such as Aikodi, Wencan Group, and Guangdong Hongtu are emerging as significant players, benefiting from China's market demand and industrial support [10]. Industry Trends - The industry is moving towards precision and high performance, driven by the increasing quality and performance requirements from the automotive sector, especially for electric vehicles [12]. - There is a growing demand for customized solutions, necessitating improved customer communication and tailored product designs [13]. - The industry is also expanding into international markets, seeking to enhance competitiveness and brand influence through global partnerships and participation in international events [14].

证券代码：605133 证券简称：嵘泰股份 公告编号：2025-060 江苏嵘泰工业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： ●投资者可于 2025 年 11 月 21 日（星期五）至 11 月 27 日（星期四），通 过公司邮箱 wei.chen@rtco.com.cn 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 江苏嵘泰工业股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日 发布了公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 28 日上午 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投 ...

Summary of the Conference Call on Humanoid Robot Supply Chain Industry Overview - The conference focused on the humanoid robot supply chain, involving nine companies including Sanhua, Tuopu, Rongtai, Shuanghuan, Minth, Joyson, Zhaowei, Best Precision, and Shuanglin [1][4][5] Key Takeaways Capacity Planning and Production - Most suppliers are actively planning capacity in China and overseas (primarily Thailand) to support potential mass production of humanoid robots, with current capacity planning ranging from approximately 100,000 to 1 million robot equivalent units per year [4][5] - Companies are optimistic about industry growth, with a global humanoid robot shipment forecast of 1.38 million units by 2035 [4] - Suppliers are broadening their product portfolios from single components to integrated modules, targeting ambitious market share gains [4] Company-Specific Insights - **Sanhua**: Maintains over 50% market share in actuator assemblies, focusing on a single leading global customer for now [9] - **Tuopu**: Plans to establish humanoid-related production capacity in Thailand, Mexico, and the U.S., with an annual capacity of 1 million units in Thailand, contingent on customer demand [9] - **Rongtai**: Emphasizes precision machining capabilities and aims to secure a position as a supplier for North American customers, with plans to increase capacity by 2025 [10] - **Minth**: Targets RMB 5 billion in humanoid-related revenue by 2030, with a completed production line for head and face assemblies expected to start commercial production in Q1 2026 [13] - **Joyson**: Focuses on head assembly and anticipates production ramp-up after Q2 next year, pending customer orders [15] - **Zhaowei**: Offers micro hardware components for humanoid robots and expects RMB 100 million revenue from dexterous hand-related business in 2026 [16] - **Best Precision**: Currently has limited sales contribution from humanoid applications, mainly from sampling demand [18] - **Shuanglin**: Plans to expand capacity for planetary roller screws, with a current capacity of 12,000 units for initial samples [20] Market Dynamics - Companies are showcasing technical capabilities and scalable production readiness as key competitive edges [4] - The ecosystem is evolving with companies eager to expand into robotics components to find new growth engines [4] - The competitive landscape includes various technologies for reduction gears, with companies exploring innovative solutions to enhance performance [15] Future Outlook - Key checkpoints include the Tesla Optimus Gen 3 launch by February/March 2026 and public disclosure of order/shipment targets by the end of 2025 [5] - The overall sentiment remains constructive on the long-term humanoid robot technology trend, with a need to monitor product performance and application developments [5] Additional Important Points - The conference highlighted the importance of collaboration among companies and the need for flexibility in production planning based on customer demand [9][10] - Companies are focusing on developing low-cost production equipment to reduce reliance on overseas equipment [18] - The anticipated growth in the humanoid robot market is driving companies to innovate and adapt their strategies to secure market share [4][5]

Group 1 - The core point of the news is that Rongtai Co., Ltd. experienced a decline of 5.04% in its stock price, reaching 40.12 CNY per share, with a trading volume of 377 million CNY and a turnover rate of 3.29%, resulting in a total market capitalization of 11.346 billion CNY [1] - Rongtai Co., Ltd. is located in Jiangdu District, Yangzhou City, Jiangsu Province, and was established on June 15, 2000, with its listing date on February 24, 2021. The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts [1] - The main business revenue composition of Rongtai Co., Ltd. includes automotive components at 81.14%, molds at 8.61%, equipment at 6.81%, other (supplementary) at 3.24%, and motorcycle components at 0.20% [1] Group 2 - From the perspective of the top ten heavy stocks held by funds, data shows that a fund under Puyin Ansheng holds a significant position in Rongtai Co., Ltd. The Puyin Ansheng Environmental New Energy A Fund (007163) held 141,400 shares in the third quarter, accounting for 4.3% of the fund's net value, making it the fifth-largest heavy stock [2] - The Puyin Ansheng Environmental New Energy A Fund (007163) was established on July 9, 2019, with a latest scale of 65.5531 million CNY. Year-to-date returns are at 47.95%, ranking 1274 out of 8148 in its category; the one-year return is 38.52%, ranking 1550 out of 8053; and since inception, the return is 131.54% [2] - The fund manager of Puyin Ansheng Environmental New Energy A Fund is Yang Dawei, who has been in the position for 4 years and 75 days, with a total asset scale of 136 million CNY. The best fund return during his tenure is -15.16%, while the worst is -52.3% [2]