[Table_Page] 深度分析|专用设备 证券研究报告 [Table_Title] AI 设备系列 光模块&服务器双轮驱动，自动化设备需求迫切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-26 [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 01/26 03/26 专用设备 沪深300 | [分析师： Table_Author]孙柏阳 | | | --- | --- | | SAC 执证号：S0260520080002 | | | 021-38003680 | | | sunboyang@gf.com.cn | | | 分析师： | 汪家豪 | | SAC 执证号：S0260522120004 | | | SFC CE No. BWR740 | | | 021-38003792 | | | wangjiahao@gf.com.cn | | | 分析师： 王宁 | | | SAC 执证号：S0260523070004 | | | ...

广东安达智能装备股份有限公司 2026 年第一次临时股东会会议资料 证券代码：688125 证券简称：安达智能 广东安达智能装备股份有限公司 2026 年第一次临时股东会 会议资料 广东省东莞市寮步镇向西东区路 17 号 二〇二六年四月 1/9 广东安达智能装备股份有限公司 2026 年第一次临时股东会会议资料 2026 年第一次临时股东会会议须知 根据《中华人民共和国公司法》《中华人民共和国证券法》以及《公司章程》 《股东会议事规则》等相关规定，为维护股东合法利益，确保股东会的正常秩序 和议事效率，广东安达智能装备股份有限公司（以下简称"公司"）特制定会议 须知如下，请出席股东会的全体人员共同遵守： 1、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、高级管理人 员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进入会场。 2、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理签 到手续，并请按规定出示身份证明文件或法人单位证明、授权委托书等，经验证 后，方可出席会议。会议开始后，由会议主持人宣布现场出席 ...

中国国际金融股份有限公司 关于广东安达智能装备股份有限公司 调整部分募投项目实施内容、部分募投项目延期及暂时调整 部分募投项目闲置场地用途的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为广 东安达智能装备股份有限公司（以下简称"安达智能"、"公司"）首次公开发行 股票并在科创板上市的保荐机构，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》《上海证券交易所科创板股票上市规则》以及《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对 安达智能调整部分募投项目实施内容、部分募投项目延期及暂时调整部分募投项 目闲置场地用途的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意广东安达智能装备股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]400 号），公司由主承销商中国国 际金融股份有限公司采用余额包销方式，向社会公众公开发行人民币普通股（A 股 ） 20,202,020 股 ， 发 行 价 格 为 60.55 元 / 股 ， 募 集 资 金 ...

证券代码：688125 证券简称：安达智能 公告编号：2026-006 广东安达智能装备股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2026年第一次临时股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2026 年 4 月 2 日 15 点 00 分 召开地点：广东安达智能装备股份有限公司三楼董事会议室（地址：广东省 东莞市寮步镇向西东区路 17 号） （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 2 日 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关规定执行。 （七） 涉及公开征集股东投票权 不适用 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 ...

证券代码：688125 证券简称：安达智能 公告编号：2026-005 广东安达智能装备股份有限公司 关于调整部分募投项目实施内容、部分募投项目延期 及暂时调整部分募投项目闲置场地用途的公告 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、准确性和完整性依法承担法律责任。 广东安达智能装备股份有限公司（以下简称"公司"）于 2026 年 3 月 16 日召开了第二届董事会第十七次会议，审议通过了《关于调整部分募投项目实施 内容的议案》，同意调整"流体设备及智能组装设备生产建设项目"实施内容， 调整后项目名称变更为"流体设备及其他智能制造产品生产建设项目"，该议案 尚需提交公司股东会审议；审议通过了《关于部分募投项目延期的议案》，同意 公司根据实际情况，综合考虑当前募集资金投资项目的实施进度等因素，对首次 公开发行股票募集资金投资项目"流体设备及其他智能制造产品生产建设项目"、 "研发中心建设项目"、"信息化建设项目"进行延期，该议案在董事会审批权 限范围内，无需提交公司股东会审议；审议通过了《关于暂时调整部分募投项目 闲置场地用途的议案》，同意公司将部分募 ...

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The humanoid robot concept index increased by 2.06% from February 22 to February 27, 2026, outperforming the CSI 300 index by 0.98 percentage points. Year-to-date, the humanoid robot index has risen by 7.52%, surpassing the CSI 300 index by 5.77 percentage points [11][15]. - Key developments include the release of China's first national humanoid robot and embodied intelligence standard system, which marks a new phase of standardized development in the industry [18]. - Significant financing activities were reported, including several companies securing substantial investments, indicating strong investor interest in the sector [20][21][22]. Weekly Market Review - The humanoid robot index outperformed the CSI 300 index, with notable individual stock performances such as Andar Intelligent, which saw a weekly increase of 37.86%, while Tianqi Co. experienced a decline of 11.84% [11][15]. - The report highlights the overall positive market sentiment towards humanoid robots, with a cumulative increase in the index since the beginning of the year [11]. Weekly Hotspot Review Policy Developments - The first national standard for humanoid robots and embodied intelligence was officially released, covering the entire industry chain and lifecycle, which is expected to facilitate standardized development [18]. - Shanghai is focusing on creating a comprehensive fund matrix to support emerging industries, including humanoid robots, and aims to establish benchmark application scenarios for new technologies [19]. Product and Technology Iteration - New product launches include the Unitree As2 quadruped robot and the Honor Robot Phone, showcasing advancements in humanoid and embodied intelligence technology [20]. Investment and Financing - Significant financing rounds were reported, including a multi-billion yuan investment in a humanoid robot company, making it the highest-valued company in the sector for 2026 [21]. - NIO's chip subsidiary completed a financing round exceeding 2.2 billion yuan, enhancing its capabilities in high-end chip development for autonomous driving and embodied intelligence [21]. Key Company Announcements - Haitai Technology has secured small batch orders for humanoid robots, indicating initial market traction [22]. - Green's Harmonic reported a 122.40% year-on-year increase in net profit for 2025, driven by a recovery in the industrial robot sector and significant growth in embodied intelligence robot business [24].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The humanoid robot concept index increased by 2.06% from February 22 to February 27, 2026, outperforming the CSI 300 index by 0.98 percentage points. Year-to-date, the humanoid robot index has risen by 7.52%, surpassing the CSI 300 index by 5.77 percentage points [11][15]. - Key developments include the release of China's first national humanoid robot and embodied intelligence standard system, which marks a new phase of standardized development in the industry [18]. - Significant financing activities were reported, including several companies securing substantial investments, indicating strong market interest and growth potential in the humanoid robotics sector [20][21][22]. Weekly Market Review - The humanoid robot index saw a weekly increase of 2.06%, with notable individual stock performances such as Andar Intelligent rising by 37.86% and Tianqi Co., Ltd. declining by 11.84% [11][15]. - The report highlights the performance of the humanoid robot index against the broader market, showcasing its resilience and growth trajectory [11][12]. Weekly Hotspot Review Policy Developments - The first national standard for humanoid robots and embodied intelligence was officially released, covering the entire industry chain and lifecycle, which is expected to facilitate standardized development [18]. - Shanghai is focusing on creating a comprehensive fund matrix to support emerging industries, including humanoid robotics, and aims to establish benchmark application scenarios for new technologies [19]. Product and Technology Iteration - New product launches include the Unitree As2 quadruped robot and the Honor Robot Phone, showcasing advancements in humanoid robotics technology [20]. - BMW has initiated pilot projects integrating humanoid robots into its production lines, demonstrating practical applications and value creation in real-world manufacturing environments [4]. Investment and Financing - Significant financing rounds were reported, including a multi-billion yuan investment in Self-Variable Robotics, which has become the highest-valued company in the embodied intelligence sector for 2026 [21]. - NIO's chip subsidiary secured over 2.2 billion yuan in financing, enhancing its capabilities in high-end chip development for autonomous driving and humanoid robotics [21]. - Qianxun Intelligent completed nearly 2 billion yuan in financing, with a valuation exceeding 10 billion yuan, indicating strong investor confidence in the sector [22]. Key Company Announcements - Haitai Technology has received small batch orders from humanoid robot clients, indicating initial market traction [23]. - Green's Harmonics reported a 122.40% year-on-year increase in net profit for 2025, attributed to the recovery of the industrial robot market and significant growth in its embodied intelligence robotics business [24].

Core Insights - The company reported a slight decline in revenue for 2025, with total revenue at 694.65 million yuan, down 2.32% year-on-year [2] - The company faced significant losses, with an operating profit of -152.68 million yuan and a net profit attributable to shareholders of -111.81 million yuan, indicating a worsening financial performance compared to the previous year [2] - The company is undergoing a critical transition period, shifting from traditional markets to new markets and products, which has impacted its overall performance [4] Financial Performance - Total assets at the end of 2025 were 2.36 billion yuan, reflecting a growth of 3.55% from the beginning of the year [2] - Shareholders' equity decreased by 3.77% to 1.83 billion yuan compared to the start of the year [2] - Basic earnings per share were reported at -1.38 yuan [2] Market Dynamics - The company is in a transitional phase, with new markets and products not yet achieving scale, particularly in sectors like AI servers and hydrogen energy [3] - The consumer electronics sector remains the largest revenue contributor, expected to account for over 60% of total revenue, but faced challenges due to insufficient innovation demand from international clients and intensified supply chain competition [3] - Emerging markets have shown some progress, but product shipments have not yet reached a scalable level [3] Strategic Response - The management is actively addressing the current challenges by conducting a systematic review of operations to identify pain points and difficulties [4] - Efforts are being made to enhance market expansion, optimize resource allocation, and reduce costs to improve overall profitability [4] - The company continues to invest in technological innovation and market development, which has led to increased operational expenses [3]

格隆汇2月27日丨安达智能(688125.SH)公布2025年度业绩快报，报告期内，公司实现营业收入69,465.44 万元，较上年同期减少2.32%；实现归属于母公司所有者的净利润-11,181.46万元，较上年同期增亏 8,106.94万元；实现归属于母公司所有者的扣除非经常性损益的净利润-10,381.83万元，较上年同期增亏 6,926.60万元。 ...

证券代码：688125 证券简称：安达智能 公告编号：2026-004 广东安达智能装备股份有限公司 2025 年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以广东安达智能装备股份有限公司（以下简称"公司"）2025年年度的 定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 报告期内，公司实现营业收入 69,465.44 万元，较上年同期减少 2.32%；实 现归属于母公司所有者的净利润-11,181.46 万元，较上年同期增亏 8,106.94 万元； 实现归属于母公司所有者的扣除非经常性损益的净利润-10,381.83 万元，较上年 同期增亏 6,926.60 万元。 报告期末，公司总资产为 236,011.15 万元，较期初增加 3.55%，归属于母公 司的所有者权益为 182,747.27 万元，较期初减少 3.77%。 单位：万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（ ...