Summary of Conference Call Records Industry Overview - The focus is on the humanoid robot market and related companies, highlighting significant developments and projections for 2025. Key Companies and Financial Projections 1. Green Harmony (绿的谐波) - Projected net profit for 2025 is between 115 million to 130 million yuan, representing a year-on-year increase of 104.74% to 131.45% [1] - Expected non-recurring net profit is between 90 million to 105 million yuan [1] - Anticipated revenue contribution from humanoid robots is approximately 100 million yuan [1] - The company is experiencing full order books, with monthly production capacity expected to increase from 50,000 to over 100,000 units by 2026 [1] 2. Zhejiang Rongtai (浙江荣泰) - Signed PPA agreements for body and hand screw components, indicating confirmed specifications [1] - Projected weekly production capacity in 2026 is between 1,500 to 2,000 units, including 44 hand screws and 6-8 body screws [1] 3. Peak Technology (峰岹科技) - Focuses on motor driver chips with self-developed ME core and dual-core architecture, achieving FOC computation in just 6-7 microseconds without ARM licensing, providing significant cost advantages [2] - Established a joint venture with Sanhua to penetrate the supply chain of leading robot manufacturers, with recent additions to the supply chain expected to significantly increase market share in the robot MCU sector [2] 4. Yutai Micro (裕太微) - Developed Ethernet communication products suitable for robot motion control, including humanoid robots [2] - Current applications are primarily focused on industrial collaborative robots and humanoid robot prototypes, addressing customer needs in prototype development and testing stages [2] 5. Rijing Electronics (日盈电子) - Strongest product is the dexterous hand covering component with an ASP of 1,000 to 2,000 yuan [2] - Engaged in sending samples to the U.S. for further development [2] - Other potential products include upper body covering components and joint protection components, with ASPs of 2,000 to 3,000 yuan and 1,600 yuan respectively [2] 6. Kent Co. (肯特股份) - Expected to follow leading Tier 1 suppliers into the T-chain, with hand component designs already acquired [3] - The value of single hand PTFE products is approximately 1,000 to 2,000 yuan, with a total value of over 3,000 yuan for both hands [3] - Involves PEEK gears and components for overseas leading robot gearboxes, with a single robot value of around 6,000 yuan [3] 7. Gaomei Co. (高测股份) - Projected net profit for 2025 is between -48 million to -35 million yuan, with a year-on-year change of -8.5% to +20.9% [3] - Plans to launch composite metal tendon products in 2025, with leading industry order volumes and demo stage for grinding machines and reducers [3] 8. Xingyu Co. (星宇股份) - Positive feedback from North American exchanges, with procurement executives showing significant interest [3] - North American production capacity is being developed, with a research team set to move into the San Francisco office and a factory in North Carolina signed for future production of automotive lights and robot business [3] Additional Notes - All information is based on market rumors and has not been modified or personally interpreted, thus should be approached with caution [1][2][3]

事件：绿的谐波发布公告，预计2025 年实现归母净利润1.15-1.30 亿元，同比增长104.74%-131.45%；扣 非净利润0.90-1.05 亿元，同比增长94.78%-127.25%。 机器人业务是增长重要引擎，持续推进海外市场拓展。2025 年公司业绩高速增长得益于多方面因素协 同发力： 减速器产品获机器人客户认可，行星滚柱丝杠已小规模量产。在具身智能机器人领域，公司积极推进减 速器产品的研发与商业化进程。部分头部客户已进入小批量试生产阶段，公司产品凭借过硬的品质获得 了客户的认可，相关收入实现大幅增长。此外，公司行星滚柱丝杠已步入小规模量产阶段。在机器人领 域，公司正与客户紧密协同，开展研发迭代工作，致力于打造更契合行业需求的优质产品。公司也在积 极扩充研发团队，大力推进行星滚柱丝杠在非机器人应用场景的研发探索。 投资建议：预计公司25-27 年分别实现营收5.86/9.38/14.06 亿元，归母净利润分别为1.24/1.92/2.90 亿 元。考虑到公司主业快速增长，深度布局人形机器人产业链，减速器和丝杠在人形机器人领域应用有望 提供重要增长引擎，维持"推荐"评级。 风险提示：下游需求不及 ...

Group 1: Performance Highlights - Nanwang Energy (600995.SH) expects net profit of 1.5-1.8 billion CNY, a year-on-year growth of 55%-85% driven by large-scale energy storage projects and favorable electricity pricing policies[4] - Transsion Holdings (688036.SH) anticipates net profit of 4.2-4.8 billion CNY, with a year-on-year increase of 75%-100% due to market share growth in emerging markets and product optimization[6] - Green Harmonic (688017.SH) forecasts net profit of 150-180 million CNY, reflecting an 80%-116% year-on-year growth driven by demand for humanoid robots and improved product margins[7] Group 2: Significant Losses - Qidi Environment (000826.SZ) projects a net loss of 2.8-3.5 billion CNY, with losses widening due to substantial investment losses and increasing receivables[40] - Meike Home (600337.SH) expects a net loss of 1.2-1.8 billion CNY, attributed to the downturn in the real estate sector and significant inventory write-downs[41] - Zhaopu Technology (300203.SZ) anticipates a net loss of 200-250 million CNY, facing potential delisting risks due to declining revenue and significant asset impairments[49] Group 3: Industry Trends - The report identifies three core drivers of market performance: technological breakthroughs, cost control, and price cycles[65] - The lithium battery supply chain shows signs of stabilization, with leading companies like Tianqi Lithium (002466.SZ) and Enjie (002812.SZ) returning to profitability, indicating a recovery phase[69] - The automotive sector exhibits a trend where upstream components outperform downstream integrators, highlighting the competitive landscape in the electric vehicle market[68]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [8][9]. Core Insights - The company is expected to achieve a net profit of RMB 1.2-1.3 billion in 2025, representing a year-on-year growth of 105%-131%. The adjusted net profit is projected to be RMB 0.9-1.1 billion, with a growth of 95%-127% [9][12]. - The growth is attributed to the recovery in the domestic industrial robot market, with a year-on-year production increase of 28%. The company has also gained market share due to its strong product competitiveness [12]. - The company is expanding its production capacity, with a current capacity of 790,000 harmonic reducers per year and plans to add 1 million harmonic reducers and 200,000 mechatronic products through new projects [12]. Summary by Sections Company Overview - The company operates in the mechanical equipment industry, with a current A-share price of RMB 212.46 and a market capitalization of RMB 38.95 billion [2]. Recent Ratings - The company has received "Buy" ratings in previous reports dated August 18, 2025, and October 31, 2025, with respective closing prices of RMB 148.3 and RMB 159.9 [3]. Product Portfolio - The product mix includes harmonic reducers and metal components (78.3%), mechatronic products (16.6%), and intelligent automation equipment (3.2%) [4]. Financial Performance - The company forecasts a net profit of RMB 124 million in 2025, with a significant increase in earnings per share (EPS) to RMB 0.68, reflecting a year-on-year growth of 103.28% [11][12]. - The projected net profits for 2026 and 2027 are RMB 181 million and RMB 253 million, respectively, with corresponding EPS of RMB 0.99 and RMB 1.38 [12]. Market Position - The company is positioned as a leader in the harmonic reducer market, benefiting from the anticipated surge in humanoid robot production, with global shipments expected to increase by approximately 508% [12].

Core Viewpoint - The report highlights the performance forecasts of various A-share listed companies, indicating potential investment opportunities and risks across different sectors, with a focus on companies showing significant profit growth and those facing substantial losses [4]. Group 1: Companies with Notable Profit Growth - **Southern Power Storage (600995.SH)**: Expected net profit of 1.5-1.8 billion yuan, a year-on-year increase of 55%-85%, driven by large-scale energy storage projects and favorable electricity pricing policies [7]. - **Transsion Holdings (688036.SH)**: Anticipated net profit of 4.2-4.8 billion yuan, a year-on-year increase of 75%-100%, due to increased market share in emerging markets and product optimization [8]. - **Green Harmonic (688017.SH)**: Projected net profit of 150-180 million yuan, a year-on-year increase of 80%-116%, supported by rising demand for humanoid robots and improved product margins [10]. - **Shengyi Technology (600183.SH)**: Expected net profit of 3.25-3.45 billion yuan, a year-on-year increase of 87%-98%, attributed to the recovery in the PCB industry [11]. - **Century Huatong (002602.SZ)**: Forecasted net profit of 5.55-6.98 billion yuan, a year-on-year increase of 357.47%-475.34%, driven by strong performance in mobile gaming [12]. - **Shenzhen Huaqiang (000062.SZ)**: Expected net profit of 426-490 million yuan, a year-on-year increase of 100%-130%, due to deepening collaborations in key product lines [13]. - **Jiumuwang (601566.SH)**: Projected net profit of 250-280 million yuan, a year-on-year increase of 65%-85%, supported by brand upgrades and improved online sales [14]. - **Panjiang Coal (600395.SH)**: Anticipated net profit of 2.5-2.8 billion yuan, a year-on-year increase of 50%-68%, due to rising coal prices and effective cost control [15]. - **Tongkun Co. (601233.SH)**: Expected net profit of 1.5-1.8 billion yuan, a year-on-year increase of 70%-104%, driven by the recovery in the PTA-polyester chain [16]. - **Shenghe Resources (600392.SH)**: Projected net profit of 800-1,000 million yuan, a year-on-year increase of 120%-175%, supported by rising rare earth prices [17]. - **Wanfeng Aowei (002085.SZ)**: Expected net profit of 850-1,050 million yuan, a year-on-year increase of 85%-128%, driven by increased demand for magnesium alloy wheels [18]. - **Biosan (688796.SH)**: Projected net profit of 80-120 million yuan, turning profitable due to progress in new drug development [19]. - **Wantai Biological Pharmacy (603392.SH)**: Expected net profit of 53-159 million yuan, a year-on-year increase of 60%-140%, driven by the recovery of vaccine sales [20]. - **Ninebot (689009.SH)**: Anticipated net profit of 1.67-1.85 billion yuan, a year-on-year increase of 54.04%-70.64%, due to growing demand for smart mobility products [22]. - **China Shipbuilding (600150.SH)**: Expected net profit of 7-8.4 billion yuan, a year-on-year increase of 65.89%-132.42%, due to an upgrade in order structure [23]. - **Foton Motor (600166.SH)**: Projected net profit of 1.33 billion yuan, with a significant year-on-year increase of approximately 1551%, driven by sales growth in new energy vehicles [24]. - **Youyan New Materials (600206.SH)**: Expected net profit of 255-280 million yuan, a year-on-year increase of 73%-90%, supported by growth in target markets [26]. - **Huakang Clean (301235.SZ)**: Anticipated net profit of 280-320 million yuan, a year-on-year increase of 85%-111%, due to increased demand in the biopharmaceutical sector [28]. - **Mars Man (300894.SZ)**: Expected net profit of 180-220 million yuan, a year-on-year increase of 60%-95%, driven by strong sales of integrated stoves [29]. - **Jifeng Co. (603997.SH)**: Projected net profit of 410-495 million yuan, turning profitable due to increased orders in the automotive sector [30]. - **Fosda (603173.SH)**: Expected net profit of 180-220 million yuan, a year-on-year increase of 55%-90%, driven by demand for deep-cooling equipment [32]. - **Zhongshun Jierou (002511.SZ)**: Anticipated net profit of 300-330 million yuan, a year-on-year increase of 288.69%-327.56%, due to effective cost control [33]. - **Shunbo Alloy (002996.SZ)**: Expected net profit of 210-270 million yuan, a year-on-year increase of 222.96%-315.23%, driven by rising aluminum prices [35]. - **Ruitai New Materials (301238.SZ)**: Projected net profit of 185-240 million yuan, a year-on-year increase of 118.67%-183.68%, due to significant non-recurring gains [36]. - **Goodway (688390.SH)**: Expected net profit of 125-162 million yuan, turning profitable due to the domestic photovoltaic installation surge [37]. - **Gao De Infrared (002414.SZ)**: Projected net profit of 700-900 million yuan, turning profitable due to expanded applications of infrared thermal imaging [39]. Group 2: Companies with Significant Losses - **Qidi Environment (000826.SZ)**: Expected net loss of 2.8-3.5 billion yuan, with losses widening due to substantial investment losses and increased credit impairment [44]. - **Meike Home (600337.SH)**: Projected net loss of 1.2-1.8 billion yuan, with losses widening due to a downturn in the home furnishing industry [46]. - **Shapais (603168.SH)**: Expected net loss of 319-213 million yuan, with losses widening due to goodwill impairment [47]. - **Zhixiang Jintai (688443.SH)**: Projected net loss of 400-500 million yuan, with losses widening due to high clinical trial costs and limited revenue [48]. - **Jinpu Titanium Industry (000545.SZ)**: Expected net loss of 490-430 million yuan, with losses widening due to intense competition in the titanium dioxide market [50]. - **Guozhong Water (600187)**: Projected net loss of 10.4-13 million yuan, with losses due to asset impairment and operational challenges [51]. - **Juguang Technology (300203.SZ)**: Expected net loss of 20-25 million yuan, with losses due to industry demand decline and increased competition [54]. - **Jingjin Electric (688280.SH)**: Projected net loss of 30-35 million yuan, with losses due to intense competition in the new energy vehicle sector [55]. - **Liaoning Energy (600758.SH)**: Expected net loss of 50-60 million yuan, with losses due to falling coal prices and increased environmental costs [57]. - **Huachang Chemical (002274.SZ)**: Projected net loss of 25-30 million yuan, with losses due to delayed project launches and rising raw material costs [58]. - **Hengyuan Coal Power (600971.SH)**: Expected net loss of 35-45 million yuan, with losses due to falling coal prices and increased costs [59]. - **Yuanjie Technology (688498.SH)**: Projected net loss of 12-15 million yuan, with losses due to high inventory and competitive pressures [61]. - **Hongchuan Wisdom (002930.SZ)**: Expected net loss of 44.3-47.5 million yuan, with losses due to declining demand in the chemical storage sector [62]. - **Haitian High-tech (002023.SZ)**: Projected net loss of 39-58 million yuan, with losses due to asset impairment [64]. - **Kew Flower Pharmaceutical (002737.SZ)**: Expected net loss of 24-38 million yuan, with losses due to channel adjustments and rising sales expenses [65]. - **Jinyuan Co. (000546.SZ)**: Projected net loss of 18-36 million yuan, with losses due to asset impairment [66]. - **Tianshun Wind Power (002531.SZ)**: Expected net loss of 19-25 million yuan, with losses due to asset impairment [67]. - **Rainbow Co. (600707.SZ)**: Projected net profit of 330-390 million yuan, a year-on-year decrease of 68.55%-73.39%, due to falling panel prices and high inventory [68]. - **Ningbo Huaxiang (002048.SZ)**: Expected net profit of 120-150 million yuan, a year-on-year decrease of 43.5%-56.34%, due to rising costs and competitive pressures [70]. - **Jingsheng Mechanical and Electrical (300316.SZ)**: Projected net profit of 878-1,255 million yuan, a year-on-year decrease of 50%-65%, due to cyclical fluctuations in the photovoltaic industry [71]. Group 3: Industry Trends and Drivers - **Driver One: Technological Breakthroughs and Domestic Substitution**: This is currently the most growth-oriented theme, with companies like Green Harmonic and Transsion Holdings benefiting from advancements in technology and market understanding [72]. - **Driver Two: Cost Reduction and Efficiency Improvement**: In stable demand sectors, companies with superior cost control and operational efficiency, such as Zhongshun Jierou and Foton Motor, are achieving significant alpha returns [73]. - **Driver Three: Price Cycles and Policy Benefits**: Price fluctuations in resource commodities and supportive policies continue to influence industry performance, with companies like Shenghe Resources and Panjiang Coal benefiting from price increases [74]. - **Trend Divergence and Potential Turning Points**: The new energy vehicle supply chain shows stronger performance in upstream components compared to downstream integrators, while the pharmaceutical sector is experiencing significant internal differentiation [75].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [8][9]. Core Insights - The company is expected to achieve a net profit of RMB 120-130 million in 2025, representing a year-on-year growth of 105%-131%. The adjusted net profit is projected to be RMB 90-110 million, with a growth of 95%-127% [9][12]. - The company is benefiting from a recovery in the domestic industrial robot market, with a year-on-year production increase of 28%. Additionally, the global humanoid robot shipment is expected to grow by approximately 508% [12]. - The company is expanding its production capacity, with a current capacity of 790,000 harmonic reducers per year and plans to add 1 million harmonic reducers and 200,000 mechatronic products through new projects [12]. - Profit forecasts for 2025-2027 have been raised, with expected net profits of RMB 120 million, RMB 180 million, and RMB 250 million respectively, reflecting year-on-year growth rates of 120%, 46%, and 40% [12]. Financial Summary - The company's revenue is projected to grow from RMB 356 million in 2023 to RMB 1,178 million in 2027, with a significant increase in operating profit from RMB 92 million to RMB 285 million over the same period [15]. - The earnings per share (EPS) are expected to rise from RMB 0.50 in 2023 to RMB 1.38 in 2027, indicating strong growth potential [11][15]. - The price-to-earnings (P/E) ratio is projected to decrease from 320.35 in 2023 to 153.82 in 2027, suggesting an improving valuation as earnings grow [11].

Investment Rating - The investment rating for the mechanical equipment industry is "Standard" [1] Core Insights - The mechanical equipment industry has shown a dual-week performance of 0.00%, underperforming the CSI 300 index by 0.05 percentage points, ranking 16th among 31 industries [2] - The general equipment sector has the highest growth rate of 0.74% among the five sub-sectors, while the rail transit equipment II sector has the lowest decline of 1.15% [18] - The PE TTM for the mechanical equipment sector is 35.21 times, with the general equipment sector at 51.24 times, and the rail transit equipment II sector at 17.43 times [3] Market Review - As of January 29, 2026, the mechanical equipment sector has increased by 6.09% year-to-date, outperforming the CSI 300 index by 3.41 percentage points, ranking 15th among 31 industries [13] - The top three stocks in terms of dual-week growth are Tianzhong Precision Machinery, Deen Precision Engineering, and Fenglong Co., with growth rates of 73.80%, 66.72%, and 61.08% respectively [20] - The top three stocks in terms of year-to-date growth are Fenglong Co., Yujing Co., and Tianzhong Precision Machinery, with growth rates of 213.97%, 92.78%, and 80.82% respectively [20] Valuation Situation - The valuation for the mechanical equipment sector is 35.21 times, which is 18.76% higher than the one-year average of 29.65 times [25] - The general equipment sector's valuation is 51.24 times, which is 31.94% higher than its one-year average [25] - The rail transit equipment II sector's valuation is 17.43 times, which is slightly lower than its one-year average [25] Industry News - Tesla announced significant updates for the Optimus Gen3 robot, which is expected to launch in Q1 2026, potentially sparking a new technological revolution [4] - The domestic demand for construction machinery is expected to increase post-Spring Festival due to replacement and electrification upgrades [4] - The Beijing humanoid robot innovation center has officially launched, providing comprehensive testing services for humanoid robots [53] Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential [57][59] - Sany Heavy Industry and Hengli Hydraulic are highlighted for their expected performance improvements driven by infrastructure demand [57][59]

Group 1 - The Robot ETF (562500) experienced a slight rebound after a downward trend, with the latest price at 1.070 yuan, up 0.094% from the opening price [1] - Among the 66 constituent stocks tracked by the ETF, 40 stocks showed an increase, with Green Harmony leading the gains at 8.26%, while Huachangda fell by 5.84%, having limited impact on the overall market [1] - The trading volume for the Robot ETF reached 1.42 billion yuan, with a turnover rate of 5.81%, indicating high trading activity [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots [2] - Recent adjustments to the constituent stocks have increased the humanoid robot content in the index to nearly 70%, successfully removing underperforming stocks and retaining stronger ones [2] Group 3 - A humanoid robot testing platform was officially launched in Beijing, equipped with 500 sets of production and testing equipment, capable of producing 5,000 sets of embodied intelligent robots annually [1] - CITIC Securities anticipates favorable domestic policies for the robotics sector, with ongoing developments in new product releases and IPO progress for Yushu, suggesting a focus on quality segments for future investment [1]

Group 1 - The humanoid robot concept stocks in the A-share market have shown strong performance, with notable gains from companies such as Greentec Harmony, Tianqi Co., and Baida Precision, all reaching the daily limit increase [1] - The Beijing Humanoid Robot Innovation Center's pilot verification platform has officially launched, marking the first pilot platform for humanoid robots in Beijing, equipped with 500 sets of production and testing equipment and an annual production capacity of 5,000 humanoid robots [1] Group 2 - Greentec Harmony (688017) saw a price increase of 10.67%, with a total market value of 43.1 billion and a year-to-date increase of 22.40% [2] - Tianqi Co. (002009) experienced a 10.00% rise, with a market capitalization of 11.4 billion and a year-to-date increase of 25.46% [2] - Baida Precision (603331) increased by 9.99%, with a market value of 3.16 billion and a year-to-date increase of 9.68% [2] - Huayi Technology (688071) rose by 8.56%, with a market capitalization of 3.375 billion and a year-to-date increase of 20.02% [2] - Guanglian Aviation (300900) increased by 7.29%, with a total market value of 11.8 billion and a year-to-date increase of 1.33% [2] - Weichuang Electric (688698) saw a 6.33% increase, with a market value of 20.5 billion, but a year-to-date decrease of 3.01% [2] - Beite Technology (603009) rose by 6.07%, with a market capitalization of 19.3 billion and a year-to-date increase of 15.45% [2] - Feirongda (300602) increased by 5.87%, with a market value of 20.6 billion and a year-to-date increase of 6.54% [2] - Zhejiang Rongtai (603119) rose by 5.08%, with a market capitalization of 38.9 billion but a year-to-date decrease of 7.43% [2] - Xinzhi Group (002664) increased by 5.11%, with a market value of 10.5 billion and a year-to-date increase of 7.39% [2]

Group 1 - Tianqi Co., Ltd. and Baida Precision Engineering reached the daily limit increase in stock price [1] - Oke Yi saw a stock price increase of over 10% [1] - Huayi Technology, Kaibei Yi, and Green Harmony also experienced stock price increases [1]