抢着上"春晚"的除了明星，还有机器人。 上述科技感十足的机器人集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产 业脉动的窗口。 《每日经济新闻》记者注意到，当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交 织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股权投资，早已锚定机 器人赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入其中。 这场"春晚集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的"春晚"舞台之 下，产业真实的"温度"究竟如何？ 从一线企业的反馈中，大家可以窥见乐观预期之外更需冷静面对的现实。多家被市场视为"概念股"的上 市公司坦言，相关业务大多仍处于市场开拓、试样或小批量订单阶段，对公司当前业绩贡献甚微。 多家公司参与机器人领域 芯联集成（SH688469）旗下CVC（企业风险投资）平台芯联资本于2025年参与魔法原子战略融资，公 司与魔法原子存在战略合作关系。公告显示，芯联集成主要提供一站式芯片系统代工服务，在机器人应 用领域，公司用于机器人激光雷达的光源VCSEL（垂直腔面发射激光芯片）和 ...

Group 1 - The 2026 CCTV Spring Festival Gala featured several robot manufacturers, showcasing the growing integration of robotics into mainstream entertainment and signaling potential investment opportunities in the embodied intelligence industry [1] - Companies like Magic Atom, Galaxy General, Yushu Technology, and Songyan Power are part of a collaborative ecosystem, with some firms investing in key players while others act as core suppliers or strategic partners [1] - Despite optimistic expectations, many companies identified as "concept stocks" reported that their robotics-related businesses are still in the market development phase, contributing minimally to current performance [1] Group 2 - ChipLink Integrated (688469.SH) has a strategic partnership with Magic Atom and is involved in the production of laser radar components for robotics, with mass production expected in Q1 2026 [2] - Xiaxia Precision (001306.SZ) has identified Magic Atom as a potential client and has developed precision gears and reducers for humanoid robots, with some products already supplied to well-known robotics companies [2] - Tianqi Co., Ltd. (002009.SZ) established a joint venture with Galaxy General to advance the application of embodied intelligence robots in industrial manufacturing, with both companies holding a 50% stake [3] Group 3 - Junyi Digital (301172.SZ) has formed a dual relationship with Galaxy General through equity investment and a partnership agreement to promote robotics in specific vertical industries [3] - Shoucheng Holdings (00697.HK) is a significant investor in Songyan Power and has supported multiple rounds of financing, focusing on the robotics sector [3] - Shengshi Technology (002990.SZ) signed a strategic cooperation agreement with Songyan Power to create a collaborative system across the entire value chain of research, production, and market [4] Group 4 - Companies like Weilan Lithium (002245.SZ) and Nasda (002180.SZ) have established supply relationships with Yushu Technology, contributing to the production of lithium batteries and other components [4][5] - The 2025 Spring Festival Gala showcased humanoid robots, leading to a surge in the robotics industry, but the sustainability of this growth remains uncertain [6] - Companies such as Hongchang Technology (301008.SZ) and Xiaxia Precision have expressed cautious optimism regarding market growth, noting that many clients are still in the sample and small-batch order stages [7] Group 5 - Green Harmonic (688017.SH) reported significant growth in its precision transmission device business, indicating a shift from research to small-scale production in the robotics sector [8] - Liard (300296.SZ) is involved in the embodied intelligence business, providing services to leading robotics manufacturers, although this segment currently represents a small portion of its overall revenue [8] - Meihu Co., Ltd. (603319.SH) is expanding into the embodied intelligence sector while maintaining its traditional automotive parts business, with new projects underway for major robotics clients [8]

Group 1 - The participation of robotics companies in the 2026 CCTV Spring Festival Gala highlights the growing integration of robotics into everyday life and the capital market's interest in the embodied intelligence industry [1] - Several listed companies have established strategic partnerships or investments in key players within the robotics sector, indicating a collaborative ecosystem [1][3] - Companies like ChipLink Integrated and Summer Precision are actively developing products for humanoid robots, with some already achieving mass production [3][4] Group 2 - Tianqi Co. and Galaxy General have formed a joint venture to promote the application of embodied intelligent robots in industrial manufacturing, particularly in automotive and new energy sectors [4] - Junyi Digital has established a dual relationship with Galaxy General, involving both capital investment and a partnership for market promotion in specific verticals [4] - Companies such as Shicheng Holdings are heavily investing in the robotics sector, supporting multiple core enterprises through various funds [4][5] Group 3 - The 2025 Spring Festival Gala showcased humanoid robots, which previously led to rapid growth in the robotics industry, raising questions about whether this year's event can reignite similar enthusiasm [6] - Companies like Hongchang Technology and Xiaxia Precision express cautious optimism about the market potential for humanoid robots, noting that many are still in the early stages of development and order fulfillment [7][8] - Green Harmonic and Liyade are also exploring opportunities in the embodied intelligence sector, with varying degrees of revenue contribution from these initiatives [9][10]

中邮证券研报指出，芯联集成预计2025年实现营业收入约为81.90亿元，同比增长约25.83%，归母净利 润约-5.77亿元，同比减亏约3.85亿元。四大产品线齐发力，构建多元增长格局。同时，公司业务布局从 传统晶圆代工向系统解决方案延伸，一站式系统代工平台的商业模式价值效能正逐步释放。随着整体营 收规模扩大，规模效应显现，生产精细化运营有效提升，折旧摊销等固定成本逐步摊薄；叠加产品结构 的不断优化和升级，2025年公司毛利率预计达到5.92%，同比提升约4.89个百分点，持续保持增长态 势；此外，公司在管理效率、资金管理、销售管理等方面实现了管控优化，期间费用率逐步降低。维 持"买入"评级。 ...

事件 公司发布业绩预告，预计2025 年实现营业收入约为81.90 亿元，同比增长约25.83%，归母净利润约-5.77 亿元，同比减亏约3.85 亿元。 投资要点 四大产品线齐发力，构建多元增长格局。在市场需求升级、国产替代提速与政策红利加持的多重利好 下，公司产能利用率持续保持高位；依托技术的持续创新迭代，叠加客户版图的稳步拓展与合作深度的 不断深化，公司市场竞争力实现稳步提升，四大核心应用领域收入实现快速增长，成功构筑起车载领域 收入领航增长、工业控制与高端消费领域收入稳健发力、AI 应用领域持续深度渗透的多元增长格局。 同时，公司业务布局从传统晶圆代工向系统解决方案延伸，一站式系统代工平台的商业模式价值效能正 逐步释放，预计2025 年实现营业收入约为81.90 亿元，同比增长约25.83%。 市场复苏不及预期；竞争格局加剧风险；客户导入不及预期。 投资建议： 我们预计公司2025/2026/2027 年营收分别为81.9/102.5/128.3亿元，归母净利润分别为-5.8/0.6/6.3 亿元， 维持"买入"评级。 风险提示： 规模效应显现，毛利率保持增长态势。随着整体营收规模扩大，规模效应显现， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, driven by market demand upgrades, accelerated domestic substitution, and policy benefits. The utilization rate of production capacity remains high, and the company is enhancing its market competitiveness through continuous technological innovation and deepening customer relationships [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, supported by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and other integrated circuits, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is recognized as a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio for 2026 is 3.51x, indicating potential undervaluation [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, benefiting from market demand upgrades, accelerated domestic substitution, and policy incentives. The utilization rate of production capacity remains high, and the company is expanding its customer base and deepening cooperation [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, driven by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and analog ICs, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio is 3.72x for 2026, indicating potential undervaluation [11]

Group 1 - Core viewpoint: ChipLink Integrated Circuit Manufacturing Co., Ltd. has shown a significant increase in stock price, rising by 5.02% to 7.53 CNY per share, with a trading volume of 533 million CNY and a market capitalization of 63.122 billion CNY as of February 9 [1] - Company overview: ChipLink, established on March 9, 2018, and listed on May 10, 2023, is located in Shaoxing, Zhejiang Province. The company specializes in wafer foundry and module packaging testing services in the MEMS and power device sectors, providing one-stop system OEM solutions [1] - Revenue composition: The main business revenue breakdown is as follows: integrated circuit wafer manufacturing foundry at 85.96%, module packaging at 9.24%, other supplementary services at 3.58%, and research and development services at 1.21% [1] Group 2 - Major shareholder activity: E Fund's ETF, the E Fund SSE STAR 50 ETF (588080), reduced its holdings by 23.2142 million shares in the third quarter, now holding 182 million shares, which represents 4.1% of the circulating shares. The estimated floating profit from this transaction is approximately 65.4172 million CNY [2] - Fund performance: The E Fund SSE STAR 50 ETF, established on September 28, 2020, has a current scale of 70.597 billion CNY. Year-to-date returns are 5.81%, ranking 1592 out of 5579 in its category, while the one-year return is 41.36%, ranking 1365 out of 4289 [2] - Fund manager details: The fund manager Lin Weibin has a tenure of 12 years and 344 days, with a total asset scale of 119.408 billion CNY and a best return of 84.18% during his tenure. Co-manager Cheng Xi has a tenure of 9 years and 281 days, managing assets of 236.954 billion CNY, with a best return of 131.04% [3]

从芯联集成十大流通股东角度 数据显示，易方达基金旗下1只基金位居芯联集成十大流通股东。易方达上证科创板50ETF（588080） 三季度减持2321.42万股，持有股数1.82亿股，占流通股的比例为4.1%。根据测算，今日浮亏损失约 6905.14万元。连续3天下跌期间浮亏损失1.33亿元。 易方达上证科创板50ETF（588080）成立日期2020年9月28日，最新规模705.97亿。今年以来收益 12.29%，同类排名593/5580；近一年收益58.82%，同类排名823/4286；成立以来收益8.87%。 2月2日，芯联集成跌5.01%，截至发稿，报7.21元/股，成交12.60亿元，换手率3.86%，总市值604.39亿 元。芯联集成股价已经连续3天下跌，区间累计跌幅8.77%。 资料显示，芯联集成电路制造股份有限公司位于浙江省绍兴市越城区皋埠街道临江路518号，成立日期 2018年3月9日，上市日期2023年5月10日，公司主营业务涉及MEMS和功率器件等领域的晶圆代工及模 组封测业务,为客户提供一站式系统代工解决方案。主营业务收入构成为：集成电路晶圆制造代工 85.96%，模组封装9.24%，其 ...

Core Insights - The global power semiconductor market is undergoing significant technological iteration and restructuring, driven by the increasing demand for automotive-grade power devices due to the penetration of electric vehicles [1][3] - Chipone Technology has entered the top three in the power device installation ranking for the period from January to November 2025, indicating strong market performance [1][3] Industry Overview - Power devices are critical components supporting the electrification and intelligent transformation of vehicles, with installation rankings reflecting a company's recognition in the downstream vehicle market and supply chain integration capabilities [3] - The ranking is based on the sales statistics of domestic new energy passenger vehicles, covering mainstream domestic passenger car brands and new energy models [3] Company Performance - Chipone Technology's entry into the top three signifies that its technology and products have achieved stable supply to several leading automotive companies, marking a significant breakthrough in the automotive-grade power device sector [3] - Currently, Chipone Technology's products cover over 70% of automotive chip types, with automotive-grade products applied to 90% of new energy vehicle manufacturers in China [3] - The company aims to continue focusing on technological innovation in the power semiconductor field and expand its global market share, contributing to the electrification and intelligent transformation of the automotive industry, as well as the upgrade of the domestic semiconductor industry [3]