国信证券发布研报称，关注人形机器人进展带来的投资机遇。看好在技术升级迭代下人形机器人发展， 看好机器人量产后带来的潜在供应链零部件的需求和投资机会，推荐在六维力传感器等领域有持续布局 的公司凌云股份（600480）、中鼎股份（000887）等。 国信证券主要观点如下： 六维力传感器系人形机器人感知核心部件，重要性高、价值量大 传感器是人形机器人与外界交互的重要桥梁，人形机器人需搭载多种传感器(视觉、力觉、惯性、温度 等)，其中力传感器重要性高(感知并度量力)、价值量大(头豹研究院测算其在机器人中价值量占比16%); 力传感器按测量维度可分为一至六维，其中六维力可给出最全面力觉信息，在人形机器人上主要安装于 手腕、脚踝等部位，助力机器人实现精准感知和柔顺控制。 六维力传感器在结构设计、解耦能力、标定检测、工艺等方面具较高Know how，本质上是一项"系统工 程"：1)设计：涉及多个关键点，如弹性体选择与优化、应变片设计与选择等，弹性体需平衡刚度与灵 敏度，应变片种类较多且影响工艺路线选择;2)解耦：六维力需解决的核心问题，①结构解耦加工难度 高、成本较高;②算法解耦需对解耦模型改进，Know how较深;3) ...

Market Performance - The Guosen humanoid robot index decreased by 0.75% from May 5 to May 9, outperforming the CSI 300 index by 0.31 percentage points and the Shanghai Composite Index by 0.26 percentage points, with a year-to-date increase of 15.7% [1][4] - Notable stock performances include: - Top Group up 1.83% - Sanhua Intelligent Control up 5.3% - Zhongding Sealing up 7.66% - Silver Wheel up 2.75% - Xiangxin Technology up 12.17% - Siling Co. up 13.24% [1][4][6] Industry Dynamics - Huawei Hubble invested in humanoid robot developer Qianxun Intelligent [7] - Tesla reaffirmed its production target of 1 million units per year by 2030 for its humanoid robot [8] - Zhiyuan Robotics will host the AgiBot World Challenge, a high-level robotics competition [9] - Qiangnao Technology launched the Revo 2 dexterous hand, the lightest professional-grade dexterous hand globally [11] - Lenovo unveiled its first humanoid robot, "Silicon-based Employee" [12] - National and local innovation centers signed an intention order for 1,000 city service robots with Qiaoyin Co. [13] - Zhijidong Power released a new full-size humanoid robot CL-3 with advanced testing capabilities [15] - Fourier announced a strategic partnership with Shanghai International Medical Center to establish a rehabilitation demonstration base [15] - Zhongding accelerated its humanoid robot initiatives by establishing a joint venture [16] Government News - The Ministry of Industry and Information Technology emphasized strengthening the deployment of general and industry-specific large models [22] - The Financial Regulatory Bureau is promoting the development of insurance products for emerging fields such as robots and low-altitude aircraft [24] - Foshan released an action plan for accelerating the development of the intelligent robot industry from 2025 to 2030, targeting significant production and revenue milestones [25] Financing Dynamics - Qianjue Robotics completed several million yuan in Series A financing [27] - Blue Core Technology announced completion of C+ round financing amounting to hundreds of millions [28] - Yuejiang Technology acquired a stake in Zhongke Fifth Epoch [29] - Aoshark Intelligent completed two rounds of financing to expand its consumer-grade exoskeleton robot product line [30] Company Announcements - Ningbo Huaxiang signed a strategic cooperation agreement with Xiangshan Industrial Investment Group and Zhiyuan Robotics to enhance collaboration in humanoid robot ecosystems [31] - Wanxiang Qianchao established a technical task force for precision components related to humanoid robots [31] - Riying Electronics reported successful development of electronic skin samples [31]

Group 1 - The concept stocks related to reducers are experiencing a partial recovery, with Southern Precision (002553) hitting the daily limit up [1] - Xiangyang Bearing (000678) has increased by over 6%, indicating positive market sentiment [1] - Other companies such as Giant Wheel Intelligent (002031), Efort-U, and Zhongding Holdings (000887) are also seeing upward movement in their stock prices [1] Group 2 - There is a notable influx of dark pool funds into these stocks, suggesting increased investor interest and potential for growth [1]

证券代码：000887 证券简称：中鼎股份 公告编号：2025-027 安徽中鼎密封件股份有限公司 关于举行 2024 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 安徽中鼎密封件股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日在《中 国证券报》、《证券时报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn） 披露《2024 年年度报告》，为使投资者更加全面、深入地了解公司情况，加强公 司与投资者的沟通互动，公司定于 2025 年 5 月 15 日（星期四）下午 15:00-17:00 召开 2024 年度业绩说明会（以下简称"业绩说明会"），就投资者关心的问题进行 沟通和交流。 一、业绩说明会召开的时间、地点、方式 会议召开时间：2025 年 5 月 15 日（星期四）15:00-17:00。 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 路 演 中 心 （ 网 址 ： https://roadshow.cnstock.com/）。 会议召开方式：网络互动方式。 二、出席人员 ...

Market Performance - The Guosen humanoid robot index increased by 3.21% during the week (April 28 - May 2), outperforming the CSI 300 index by 3.64 percentage points and the Shanghai Composite Index by 3.7 percentage points, with a year-to-date increase of 16.5% [1][4] - Notable stock performances include: - Top Group up 1.83% - Sanhua Intelligent Control up 5.3% - Zhongding Seiko up 7.66% - Silver Wheel up 2.75% - Xiangxin Technology up 12.17% - S-Ling up 13.24% - Precision Forging Technology up 11.65% [1][4][7] Industry Dynamics - Chery delivered 220 humanoid robots globally for the first time, with Zhongding Seiko as a core component supplier [8] - Yushu's humanoid robot G1 completed a 13.2 km run in 118 minutes, showcasing its stability and endurance [9] - UBTECH signed a small batch humanoid robot procurement contract, marking a significant step in the humanoid robot industry [10] - Lingchu Intelligent released the Psi R1 model, enhancing autonomous decision-making capabilities in robots [11] - UPS is in discussions with Figure AI to deploy humanoid robots for specific tasks [12] - Digital Huaxia launched the world's first dual-mode humanoid robot, capable of switching between operational modes [13] - Strategic partnerships were formed between Magic Atom, Tianqi Automation, and the Wuxi government for humanoid robot applications [14] Government News - President Xi Jinping emphasized the need for Shanghai to become a global technology innovation hub during his visit [18] - The Shanghai Embodied Intelligence Fund was officially registered with a target size of 1 billion RMB [20] - Guangdong Province issued measures to stimulate market vitality and modernize the industrial system, focusing on key sectors including AI and robotics [21] - Guangxi announced the first batch of 16 "AI +" open scenarios for 2025, promoting the integration of AI with the economy [22] Financing Dynamics - Yinshi Robotics completed nearly 100 million RMB in B3 round financing [24] - IndustrialNext secured several million dollars in A round financing [25] - Minsheng Equity Fund led an investment in Faao Robotics [26] - Hangwei Intelligent received Pre-A round financing [27] - Jianzhih Robotics completed several million dollars in B1 round financing [28] - Beimi Sensor announced several million in B+ round financing [29]

Summary of Key Points from Conference Call Records Industry Overview - The automotive industry in Q1 2025 showed strong performance with several companies achieving record highs in revenue and net profit, including BYD, Zhongding, Foton, and Joyson [2][3] - The wind power industry is experiencing high growth in installed capacity, particularly in offshore wind, with significant improvements in component companies' profitability [9][10] Company Highlights BYD - BYD's Q1 2025 sales increased by 58% year-on-year, approaching one million units, with a significant rise in export volume of new energy vehicles to 73,000 units, doubling year-on-year [1][4] - The company is expected to see continued growth in its intelligent driving product line and expansion in the pure electric market through its e-platform, enhancing overall profit margins [4][3] Zhongding - Zhongding achieved record high performance in Q1 2025, driven by significant growth in lightweight chassis and air suspension businesses, benefiting from the demand for new energy vehicles and the high-end passenger car market [1][5] - The company is expanding its presence in the robotics sector and anticipates a growth rate of 11%-12% in the coming years, with a low valuation [5] Joyson - Joyson's automotive safety and electronics segments saw a recovery in profitability, supported by improved order quality and reduced costs, particularly in North America [1][6] - The company is positioned as a global leader in automotive safety and electronics, with a low valuation of around 14 times earnings [6] Foton - Foton's Q1 2025 performance was bolstered by a surge in exports and sales of new energy commercial vehicles, with overseas light truck sales leading the market [1][8] - The company reported a 35% year-on-year increase in new energy commercial vehicle sales, reaching 54,000 units, and is expected to maintain strong growth [8] Wind Power Industry - The wind power sector is entering a high-growth phase in 2025, particularly in offshore wind, with component companies showing improved profitability [9][10] - The domestic offshore wind market is expected to continue growing into the next five-year plan, with significant potential compared to onshore wind [9] Additional Insights - The semiconductor equipment, engineering machinery, and robotics sectors are experiencing rapid growth, indicating a shift towards technology-driven industries [3][16] - Companies like Feilihua are seeing substantial growth in their semiconductor business, with a 36% increase in net profit year-on-year, driven by the completion of the 14th Five-Year Plan [23][24] Conclusion - The automotive and wind power industries are poised for continued growth, with key players like BYD, Zhongding, Joyson, and Foton leading the charge. The semiconductor and robotics sectors also present significant investment opportunities as technology becomes a focal point for future development.

Core Viewpoint - The automotive parts sector is experiencing a strong rally, with several stocks hitting the daily limit up, driven by favorable trade news regarding tariff exemptions for parts manufactured in Canada and Mexico under the USMCA agreement [1] Group 1: Stock Performance - Disenly has achieved three consecutive limit-up days over six trading days [1] - Other stocks such as Jin Qilin, Xin Zuo Biao, and Xin Zhi Group also reached their daily limit up [1] - Companies like Xingmin Zhitong, Rongtai Co., Fuda Co., and Zhongding Co. showed significant price increases [1] Group 2: Trade Policy Impact - The U.S. Customs and Border Protection confirmed that automotive parts made in Canada and Mexico are part of the USMCA and will be exempt from a 25% tariff [1] - This tariff exemption is set to take effect on May 3 [1]

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

Core Viewpoint - The automotive oil seal industry is experiencing rapid growth driven by increasing automotive production and technological advancements, with the market size expected to reach 30 billion yuan in 2024, reflecting a year-on-year increase of 6.62% [1][13]. Industry Overview - Automotive oil seals are essential components that prevent lubricant leakage and protect machinery from external contaminants. They are widely used in various parts of vehicles, including engines and transmission systems [3][11]. - The oil seal market is categorized into single and combination types, with various classifications based on sealing medium, rotational speed, pressure tolerance, and structural design [3][5]. Industry Chain - The automotive oil seal industry consists of three main segments: upstream raw material suppliers (providing materials like nitrile rubber), midstream manufacturers (producing oil seals), and downstream automotive and repair markets [7][9]. Market Dynamics - The demand for automotive oil seals is increasing due to the rising automotive ownership and production in China, with production expected to reach 31.28 million units in 2024 [11][13]. - The production of nitrile rubber, a key material for oil seals, is also on the rise, with an expected output of 24.8 million tons in 2023, marking a 5.5% year-on-year increase [9]. Competitive Landscape - The automotive oil seal market is becoming more concentrated, with leading companies increasing their market share. Domestic manufacturers are gradually achieving localization in mid to low-end products, while high-end products are also seeing increased domestic competition [15][16]. Key Companies - Major players in the automotive oil seal industry include: - Anhui Zhongding Holding Group Co., Ltd., a leading manufacturer of rubber sealing products [16]. - Shaanxi Fenghang Technology Co., Ltd., known for its high-performance sealing solutions [16]. - Zhejiang Oufu Sealing Parts Co., Ltd., specializing in PTFE and rubber seals [16]. - Qingdao Hailiwei New Materials Technology Co., Ltd., focusing on polymer materials [16]. - Guangdong Xinhui Technology Co., Ltd., a high-tech enterprise in rubber sealing products [16]. Development Trends - The industry is witnessing accelerated localization of high-end products, driven by technological advancements and increased domestic production capabilities [19]. - There is a growing emphasis on green and sustainable development, with companies focusing on environmentally friendly products and energy-efficient designs [20][21]. - Continuous technological upgrades and innovations are being pursued, including the development of new materials and smart sealing solutions to enhance performance and reliability [22].

Core Viewpoint - The company reported a revenue of 18.854 billion yuan for 2024, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year. The performance in Q4 2024 and Q1 2025 met expectations, with a focus on expanding lightweight and air suspension systems, as well as accelerating the development of its robotics business [2][3][6]. Financial Performance - In 2024, the company's revenue from various segments was as follows: air suspension systems (10.65 billion yuan, +29.52%), lightweight components (25.18 billion yuan, +30.95%), rubber business (40.60 billion yuan, +12.78%), cooling systems (50.72 billion yuan, -2.20%), and sealing systems (38.05 billion yuan, +4.72%) [3]. - For Q4 2024, the company achieved a revenue of 4.359 billion yuan, down 2.50% year-on-year and 9.68% quarter-on-quarter, with a net profit of 200 million yuan, down 21.84% year-on-year and 40.48% quarter-on-quarter. In Q1 2025, revenue reached 4.854 billion yuan, up 3.45% year-on-year and 11.37% quarter-on-quarter, with a net profit of 403 million yuan, up 11.52% year-on-year and 101.46% quarter-on-quarter [2][4]. Profitability and Cost Management - The gross margin for Q4 2024 was 24.52%, an increase of 1.22 percentage points year-on-year and 2.07 percentage points quarter-on-quarter. The net profit margin for Q4 2024 was 4.58%, down 1.13 percentage points year-on-year and 2.37 percentage points quarter-on-quarter. For Q1 2025, the gross margin was 23.32%, up 0.91 percentage points year-on-year and down 1.20 percentage points quarter-on-quarter, while the net profit margin was 8.29%, up 0.60 percentage points year-on-year and 3.71 percentage points quarter-on-quarter [4][5]. - The company reported a total asset impairment of 296 million yuan in 2024, primarily due to inventory write-downs and long-term equity investment impairments [5]. Business Expansion and Strategic Initiatives - The company is accelerating the introduction of air suspension systems into the domestic passenger car market, with total orders amounting to 15.2 billion yuan, including 1.7 billion yuan for assembly products. The robotics business, particularly humanoid robots, is a core strategic focus, with plans to expand into components like harmonic reducers and sensors [3][6]. - Strategic partnerships have been established with companies such as Wuzhou Xinchun and Efort to enhance the production capabilities of the company's robotics products [3]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 1.589 billion yuan and 1.807 billion yuan, respectively, with expected earnings per share of 1.21 yuan and 1.37 yuan. The expansion in air suspension, lightweight components, and robotics is anticipated to provide sustainable growth [6].