PCB 设备及机器人重点更新 20250818 摘要 银龙股份估值较低，预计未来有 50%上涨空间，受益于业绩增长、西部 开发项目（如墨脱和新藏铁路）、与上海核心机器人公司合作及深海科 技应用（钢丝绳产品向锁具拓展），2026 年保守利润预期为 6 亿元， 对应市值 120 亿元。 永创智能在机器人应用领域具有优势，尤其在轮式双臂机器人方面，已 成功将订单转化为农夫山泉等客户，并正在开发二代和三代机器人产品。 预计 2025 年主业利润将达到 2 亿元，对应市值应达到 30 亿元，存在 较大的上涨空间。 福利旺主要生产微型丝杠，是机器人灵巧手的关键零部件，与华辰装备 定制设备，并与知名 TIER one 公司对接。同时，公司涉足苹果耳机 Pro 项目，提供超高精密结构件，有望受益于苹果下一代耳机出货量增 加。 恒立液压在国内外进展顺利，特别是在小米和小鹏等项目上表现突出， 其主业近期也有明显修复，市值预计可达 1,200 亿以上。 Q&A 最近在机器人领域有哪些重点推荐的品种？ 近期在机器人领域重点推荐了几个品种，包括银龙股份、永创智能和福莱旺。 银龙股份与机器人有较强的关联，因为其钢丝绳产品在机器人手部应用 ...

Group 1 - The company achieved significant revenue growth in its 3C precision metal components business, with a revenue of 793 million yuan in 2024, representing a year-on-year increase of 40.26%. The wearable precision metal components, especially for headphones, showed strong performance [1] - The automotive precision metal components business also saw growth, with revenue reaching 223 million yuan in 2024, a year-on-year increase of 21.12%, and a gross margin of 14.22%, up by 2.77 percentage points. The company successfully expanded into various new projects in this sector [1] - The company has established a subsidiary focused on humanoid robotics, investing 1 billion yuan in the project, which is set to commence construction on May 8, 2025. This initiative aims to leverage the company's expertise in precision metal manufacturing [2] Group 2 - The company possesses 13 core technologies focused on high-precision and high-efficiency forming of components, which are crucial for its long-term quality development [2] - Revenue projections for the company are optimistic, with expected revenues of 1.758 billion yuan, 2.426 billion yuan, and 3.190 billion yuan for the years 2025 to 2027, alongside net profits of 163 million yuan, 249 million yuan, and 308 million yuan respectively [3] - The company is well-positioned for future growth through its humanoid robotics initiatives and expected improvements in average selling prices (ASP) in its main business [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company is experiencing significant revenue growth in its 3C precision metal components, particularly in the wearable sector, with a projected revenue of 793 million yuan in 2024, representing a year-on-year increase of 40.26% [1]. - The automotive components segment also shows promising growth, with revenue expected to reach 223 million yuan in 2024, a 21.12% increase, and an improved gross margin of 14.22%, up by 2.77 percentage points [1]. - The company has established a subsidiary focused on humanoid robotics, investing 1 billion yuan to develop components such as micro screws and springs, indicating a strategic shift towards diversifying its product offerings [2]. Financial Summary - Revenue is projected to grow from 1.285 billion yuan in 2024 to 3.190 billion yuan by 2027, with corresponding net profits increasing from 55 million yuan to 308 million yuan over the same period [4][12]. - The company’s earnings per share (EPS) is expected to rise from 0.26 yuan in 2024 to 1.19 yuan in 2027, reflecting a strong growth trajectory [12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 57.12 in 2024 to 21.61 by 2027, indicating improving valuation metrics as the company scales [12].

Group 1 - The stock price of Fuliwang (688678) closed at 25.67 yuan on August 8, 2025, down 2.95% with a turnover rate of 4.68% and a trading volume of 121,300 hands, amounting to 312 million yuan [1] - The latest financial report for Fuliwang shows total revenue of 338 million yuan for Q1 2025, a year-on-year increase of 37.60%, while net profit attributable to shareholders was 14.09 million yuan, a decrease of 48.04% [1] - The company has a current ratio of 1.431, a quick ratio of 1.061, and a debt-to-asset ratio of 48.00% [1] Group 2 - Fuliwang has made investments in 4 companies and participated in 85 bidding projects [2] - The company holds 24 trademark registrations and 723 patents, along with 65 administrative licenses [2] - Fuliwang was established in 2006 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [1][2]

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-059 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电（中国）股份有限公司 关于"福立转债"付息公告 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： 福立旺精密机电（中国）股份有限公司(以下简称"公司")于 2023 年 8 月 14 日发行的可转换公司债券将于 2025 年 8 月 14 日开始支付自 2024 年 8 月 14 日至 2025 年 8 月 13 日期间的利息。根据《福立旺精密机电（中国）股份有限 公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 根据中国证券监督管理委员会出具的《关于同意福立旺精密机电(中国)股份 有限公司向不特定对象发行可转换公司债券注册的批复》(证监许可[2023]1282 号)，福立旺精密机电(中国)股份有限公司(以下简称"公司") ...

Group 1 - The humanoid robot concept stocks experienced significant upward movement on August 6, with Huami New Materials and Changsheng Bearings rising over 15% [1] - Zhongdali De reached the daily limit increase, indicating strong investor interest [1] - Other companies such as Haosen Intelligent, Fuliwang, and Wanda Bearings also saw gains, reflecting a broader trend in the humanoid robotics sector [1]

Group 1 - Foxconn-related stocks have strengthened, with companies such as Keshine Technology and Jingquanhua hitting the daily limit up [1] - Other companies like Zhongshi Technology, Hongfuhan, Fuliwang, and Feirongda also experienced gains [1]

Core Viewpoint - The consumer electronics sector in the A-share market is showing strong performance, with several stocks experiencing significant gains, indicating positive market sentiment and potential investment opportunities [1]. Group 1: Stock Performance - Yidelong (易德龙) saw a price increase of 10.00%, with a total market capitalization of 5.312 billion and a year-to-date gain of 38.14% [2]. - Furi Electronics (福日电子) increased by 9.97%, with a market cap of 7.650 billion and a year-to-date rise of 44.24% [2]. - Feirongda (飞荣达) rose by 7.99%, with a market value of 15.5 billion and a year-to-date increase of 38.83% [2]. - Shenkeda (深科达) experienced a 7.39% increase, with a market cap of 2.553 billion and a year-to-date gain of 80.44% [2]. - Lian de Equipment (联得装备) increased by 5.94%, with a market capitalization of 5.968 billion and a year-to-date rise of 6.07% [2]. - Yitian Shares (易天股份) rose by 5.38%, with a market cap of 3.432 billion and a year-to-date increase of 11.16% [2]. - Fuliwang (福立旺) saw a 4.45% increase, with a market value of 6.202 billion and a year-to-date gain of 61.97% [2]. - Meige Intelligent (美格智能) increased by 4.27%, with a market cap of 12.7 billion and a year-to-date rise of 61.89% [2]. - The overall market trend is supported by the formation of MACD golden cross signals, indicating a positive outlook for these stocks [1].

公司控股股东 WINWIN 于 2025 年 5 月 30 日收到询价转让资金 2.28 亿元， 缴纳相关税费后，剩余资金约为 2.03 亿元。WINWIN 将剩余资金无偿借予公司 使用，其中 1 亿元为短期借款，借款期限为一年，已于 2025 年 6 月 30 日划转 至公司账户，另外 1.03 亿元为中长期借款，借款期限为两年，公司按照相关要 求办理中长期外债备案登记后，近日款项已划转至公司账户。 | 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电(中国)股份有限公司 关于收到控股股东向公司提供的无息借款公告 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。 综上，公司控股股东 WINWIN 本次询价转让扣除税费后实际所得的资金已 全部借予公司。 特此公告。 福立旺精密机电(中国)股份有限公司 为满足公司日常生产经营的资金需求，公司控股股东 WINWIN OVERSEAS ...

Group 1 - The company expects a net profit attributable to shareholders of approximately -17 million yuan for the first half of 2025, a decrease of 62.5% compared to the same period last year [1][2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is approximately -25 million yuan, representing a decrease of 171.23% year-on-year [1][2] - The previous year's net profit attributable to shareholders was 45.8 million yuan, with a net profit of 35.1 million yuan after deducting non-recurring gains and losses [2] Group 2 - The primary reason for the performance change is the significant increase in costs, with Nantong Fuliwang incurring a loss of approximately 31.9 million yuan during the reporting period [2] - Operating costs increased by approximately 87 million yuan, a year-on-year growth of about 24%, mainly due to the recruitment of production personnel and equipment purchases to meet the order demands of a new headphone project for a North American client [3]