智通财经APP讯，德昌股份(605555.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利 润为1.6亿元到2亿元，同比减少61%到51%。 ...

Group 1 - The 2026 International Consumer Electronics Show (CES 2026) in Las Vegas showcases advancements in humanoid robots from companies like Boston Dynamics and UTree Technology, with major tech firms launching next-generation humanoid robots [1] - Qualcomm introduced a next-generation robotics architecture that integrates hardware, software, and composite AI, along with a new high-performance robotics processor aimed at industrial AMRs and full-sized humanoid robots [1] - Hyundai Motor Group's Boston Dynamics presented a mass-production version of the Atlas humanoid robot, with plans to integrate it into a global network for real-world tasks starting in 2028 [1] Group 2 - Domestic companies are accelerating their entry into the humanoid robot sector through mergers, fundraising, and strategic collaborations, covering the entire industry chain from core components to applications [2] - By 2025, several humanoid robot manufacturers, including UTree Technology and UBTECH, are expected to achieve mass production, with more companies expanding capacity in 2026 [2] - Tesla is projected to produce between 50,000 to 100,000 humanoid robots in 2026, marking the industry’s transition into a phase of mass production and commercial exploration [2] Group 3 - The humanoid robot market is expected to reach $5 trillion by 2050, with a deployment of 1 billion units, indicating significant market potential that attracts automotive companies [3] - There are 31 humanoid robot concept stocks predicted to have a net profit growth rate exceeding 20% in 2026 and 2027, according to consensus from five or more institutions [3] - Stocks with over 30% upside potential include Zhiwei Intelligent, Softcom Power, Zhenyu Technology, Leisai Intelligent, and Xiangxin Technology, with Zhiwei Intelligent having the highest upside at 43.6% [3] Group 4 - As of January 6, five stocks have a rolling P/E ratio below 40, including Huqin Technology, Jihong Co., Tuobang Co., Dechang Co., and Jiechang Drive [4] - Huqin Technology has the lowest rolling P/E ratio at 24.25, with expectations of continued revenue growth in data business and optimization of product structure [4]

Core Insights - Dechang Co., Ltd. has confirmed that EPS motors are critical components for automotive steering execution, affecting precision, response, and safety in steering control [2] - The distinction between L3 and L4 autonomous driving and traditional vehicles lies in the steering commands originating from the autonomous driving controller, with higher redundancy, safety levels, and performance requirements compared to traditional models [2] - Currently, the company has established designated projects for EPS motors in domestic and international autonomous vehicle models, but has not yet entered the mass production phase [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 6610Z6 | 倍益康 | 58.44 | 29.98% | 3.43万 | 2.00亿 | | 688169 | 石头科技 | 161.29 | 3.26% | 6.39万 | 10.16亿 | | 603219 | 富佳股份 | 17.57 | 2.93% | 8.52万 | 1.48亿 | | 605555 | 德昌股份 | 19.45 | 2.91% | 20.28万 | 3.91亿 | | 920926 | 鸡智科技 | 17.70 | 1.72% | 1.16万 | 2034.98万 | | 002403 | 爰仕达 | 12.80 | 1.67% | 6.24万 | 7963.88万 | | 002959 | 小能电器 | 43.15 | 1.10% | 1.90万 | 8143.64万 | | 003023 | 彩虹集团 | 22.85 | 1.06% | 2.36万 | 5418.67万 | | 603486 | 科沃斯 | 8 ...

Group 1 - The company has confirmed that Zhejiang Shibao is one of its customers for EPS automotive steering motor products [2] - The company has established partnerships for its EPS automotive steering motor products with several other companies, including Nidec, ZF, JTEKT, and Schaeffler [2]

Core Viewpoint - The company is engaged in the development of EPS (Electric Power Steering) motors, which are critical components for steering execution in L3 and L4 autonomous driving vehicles, highlighting the increasing importance of steering systems in the context of advanced driving technologies [1]. Group 1: Company Collaboration and Projects - The company has been asked about potential collaborations with steering system suppliers like Zhejiang Shibao for L3 autonomous driving projects [1]. - Currently, the company has established EPS motor projects for domestic and international autonomous vehicle models, but these projects have not yet entered the mass production stage [1]. Group 2: Technical Specifications and Market Position - The EPS motor significantly influences steering control precision, response, and safety, with L3 and L4 autonomous driving requiring higher safety levels and performance compared to traditional vehicles [1]. - The steering commands in L3 and L4 vehicles can originate from the autonomous driving controller, indicating a shift from traditional vehicle steering systems [1].

Group 1 - Humanoid robots are emerging as a highly promising frontier in technology, attracting attention from global tech giants and investors [1] - The 2026 CES will showcase a significant number of humanoid robots, with companies like Boston Dynamics and others presenting their latest advancements [2] - The CEO of Creative Strategies highlighted that the CES will feature a surge in humanoid robots, particularly from China, indicating a robust ecosystem [2] Group 2 - Hyundai Motor Group announced that Boston Dynamics will showcase a mass-produced version of the Atlas humanoid robot at CES 2026, aiming to integrate it into their global network for practical tasks [3] - The humanoid robot industry is entering a mass production phase, with several companies expected to achieve production milestones by 2025 and 2026 [4] - Tesla is projected to produce between 50,000 to 100,000 humanoid robots by 2026, marking the industry’s transition into a phase of mass production and commercial exploration [4] Group 3 - A significant number of A-share market stocks are positioned within the humanoid robot industry, with 31 stocks expected to see net profit growth exceeding 20% in 2026 and 2027 [5] - Stocks such as Zhimi Intelligent and Softcom Power are identified as having substantial upside potential, with predicted price increases exceeding 30% [5] - Zhimi Intelligent leads with a projected upside of 46.17%, focusing on embodied intelligence and various robotic applications [5][6] Group 4 - The rolling P/E ratio for Huqin Technology is noted to be the lowest at 24.3 times, with expectations of continued revenue growth in AI and server sectors [6] - The report indicates that the humanoid robot market is expected to reach a size of $5 trillion by 2050, with a deployment of 1 billion units, suggesting a significant market opportunity [4]

Summary of Conference Call on Robotics Sector and Dechang Co., Ltd. Industry Overview - The robotics sector is expected to enter a critical phase in 2026, transitioning from 1 to 10 in development stages, with mass production anticipated in the second half of the year [2] - The focus will be on Tesla's robotics supply chain and domestic robotics body production, with potential investment opportunities arising from new marginal changes among leading companies [2][4] Key Points on Dechang Co., Ltd. - Dechang Co., Ltd. is a leader in the automotive EPS motor sector, with over 80% of its revenue coming from home appliances, yet it is rapidly expanding in the automotive EPS motor business, which is expected to reach 400 million RMB in revenue by 2024 [3][9] - The company has a gross margin of approximately 20% and a net margin of about 15%, with projected revenue of 700 million RMB this year, indicating strong growth potential [3][10] - Dechang's EPS motor products are competitive due to their strong performance, rapid response in joint R&D, and lower overall costs compared to competitors like Nidec, enhancing profitability [12] Investment Logic for Dechang Co., Ltd. - Dechang is recommended as a key investment due to its strong capabilities in EPS motors and its potential to replicate this success in the robotics motor segment, which is not yet fully reflected in its market valuation [7][13] - The company is expected to secure significant orders in the robotics sector, leveraging its established relationships with major EPS system manufacturers [7][8] Market Dynamics and Opportunities - The initial phase of Tesla's robotics supply chain may experience chaos, with a clearer picture expected by the second half of next year as companies secure their positions [4][5] - There are anticipated investment opportunities in various downstream applications, such as elder care and tourism, as the robotics sector moves towards mass production [6] Future Projections - Dechang's order book suggests a future business scale of 2 to 3 billion RMB, with revenue expected to reach 1.5 billion RMB by 2025 [11] - The company is positioned to expand into high-growth areas like humanoid robotics, which is seen as a significant growth avenue [13] Challenges and Considerations - Tariffs and exchange rate fluctuations have impacted the net profit of Dechang's home appliance business, but improvements are expected by 2025 as the company focuses on enhancing profit quality [15] - The overall market capitalization of Dechang is approximately 8 billion RMB, with a total market value of around 89 billion RMB, indicating a positive outlook for long-term growth [16]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [5][15]. Core Insights - The company has successfully transitioned from vacuum cleaner manufacturing to becoming a leader in domestic automotive EPS motor production, with a projected revenue of 4 billion yuan from automotive parts in 2024 [7]. - The company is also strategically investing in humanoid robotics, which is anticipated to become a significant growth driver alongside its automotive components business [7]. - The household appliance segment is expected to grow steadily, with revenues projected at 21 billion yuan in 2024, driven by new product categories despite short-term profit pressures from tariffs [7][12]. - The automotive parts segment is experiencing rapid growth, with revenues expected to reach 4 billion yuan in 2024, reflecting a significant increase from previous years [7][12]. - The company is diversifying its product offerings to reduce reliance on major clients, with the share of vacuum cleaner revenue decreasing from 71% in 2022 to an expected 52% in 2024 [7]. Financial Projections - Revenue projections for the company are as follows: 2,775 million yuan in 2023, 4,095 million yuan in 2024, 4,715 million yuan in 2025, 5,486 million yuan in 2026, and 6,478 million yuan in 2027, with growth rates of 43%, 48%, 15%, 16%, and 18% respectively [5][9]. - The net profit is forecasted to be 322 million yuan in 2023, 411 million yuan in 2024, 220 million yuan in 2025, 397 million yuan in 2026, and 632 million yuan in 2027, with growth rates of 8%, 28%, -47%, 81%, and 59% respectively [5][9]. - The earnings per share (EPS) are projected to be 0.87 yuan in 2023, 1.10 yuan in 2024, 0.45 yuan in 2025, 0.82 yuan in 2026, and 1.31 yuan in 2027 [5][9]. Valuation and Comparables - The company is compared with peers in the vacuum cleaner and small household appliance sectors, with an average P/E ratio of 30x for 2025, 24x for 2026, and 21x for 2027, indicating that the company has a favorable growth outlook with lower projected valuation multiples [10][11]. - The report highlights that the company's growth potential is significant, with a projected P/E of 40x for 2025, 22x for 2026, and 14x for 2027, which is lower than comparable companies, suggesting a margin of safety for investors [10][11].

中信证券股份有限公司 关于宁波德昌电机股份有限公司募投项目结项 并将节余募集资金永久补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为宁波 德昌电机股份有限公司（以下简称"德昌股份"或"公司"）首次公开发行股 票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第1号——规范运作》《上海证券交易所上市公司自律监管指引第11号— —持续督导》等有关规定，对公司募投项目结项并将节余募集资金永久补充流 动资金事项进行了审慎核查，具体核查情况如下： 一、募集资金基本情况 2021年9月17日，经中国证券监督管理委员会证监许可〔2021〕3062号文 《关于核准宁波德昌电机股份有限公司首次公开发行股票的批复》核准，公司 公开发行人民币普通股（A股）总量为50,000,000.00股，每股面值1.00元，每股 发行价格32.35元，募集资金总额为人民币1,617,500,000.00元；扣除发行费用后， 实际募集资金净额为人民币1,487,277,163.20元。上述资金已于2021年10月15 ...