核心观点 市场表现： 2025年4月7日-4月11日，我们构建的国信人形机器人指数下跌8.43%，弱于沪深300指数5.55pct，弱于上证综合指数5.32pct，年初至今上涨14.1%。拓普集团下跌 12.49%，三花智控下跌10.57%，中鼎股份下跌11.22%，银轮股份下跌9.45%，北特科技下跌13.07%，双林股份上涨6.35%，贝斯特下跌8.98%，浙江荣泰下跌10.47%，祥鑫科技 下跌8.64%，双环传动下跌6.9%，斯菱股份下跌11.77%，豪能股份下跌9.05%，精锻科技下跌10.06%，蓝黛科技下跌12.18%，凌云股份下跌5.32%，旭升集团下跌11.79%，肇民 科技下跌12.19%，爱柯迪下跌9.84%。均胜电子下跌10.93%，征和工业下跌7.3%，美力科技下跌4.98%。 资料来源:wind,国信证券经济研究所整理 注:机器人股票指数 所选择公司为 50 家在公告或公开发布的投资者交流记录或交易所 互动平台信息中披露机器人相关业务的公司,如拓普集团、三花智 控、北特科技、鸣志电器等,并以 23/1/1 为 100 基点进行设置, 按照市值加权,后续本指数股票池会保持更新、调整。 ...

核心观点 市场表现： 2025年4月7日-4月11日，我们构建的国信人形机器人指数下跌8.43%，弱于沪深300指数5.55pct，弱于上证综合指数5.32pct，年初至今上涨14.1%。拓普集团下跌 12.49%，三花智控下跌10.57%，中鼎股份下跌11.22%，银轮股份下跌9.45%，北特科技下跌13.07%，双林股份上涨6.35%，贝斯特下跌8.98%，浙江荣泰下跌10.47%，祥鑫科技 下跌8.64%，双环传动下跌6.9%，斯菱股份下跌11.77%，豪能股份下跌9.05%，精锻科技下跌10.06%，蓝黛科技下跌12.18%，凌云股份下跌5.32%，旭升集团下跌11.79%，肇民 科技下跌12.19%，爱柯迪下跌9.84%。均胜电子下跌10.93%，征和工业下跌7.3%，美力科技下跌4.98%。 行业动态 ：1）宇树发布人形机器人G1拳击视频，王兴兴为浙江省干部上课；2）长城汽车与宇树科技达成战略合作；3）均胜集团与智元合资成立宁波普智未来机器人有限公 司；4）智元创始人彭志辉参加总理座谈会；5）傅利叶发布其首款开源人形机器人Fourier N1；6）特斯拉机器人团队成员杨硕离职创业机器人；7）广汽集 ...

进录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢各位投资者大家上午好我是东吴证券的电信首席曾朵红 那香花昨天公布了年报然后年报的业绩和收入尤其是收入段应该明显的超预期然后香花也一直是我们非常看好的标的也是人行七千百块里面首推的标的那我们非常荣幸邀请到了公司的副总裁兼董秘胡总以及公司的副总裁兼财务总监余总一起来就年报的情况一起做一个交流 我想首先是请胡总简单的跟我们分享一下年报的情况然后主要的话还是由大家一起来交流提问胡总好的大家好我是三花的董秘胡凯晨欢迎大家来参加我们2020年度的年度业绩年华会 呃首先我把那个我们公司的2024年的那个呃财务数据啊跟大家简单的介绍2024年整年我们三花滞控共实现营收279.47亿元啊跟去年同期相比呃上升13.8%啊那么我们实现那个规模净利润是30.99亿元 啊跟去年同期相比是同比上升6.1%那么我们的营业毛利率是27.47%啊跟去年同期相比啊略有微幅的下滑啊基本持平啊那个下滑0.15个百分点嗯那么我们的规模净利率呢是啊11.09%啊跟去年同期有 近近利润规模近利润为15.88亿元啊跟去年同比上升6.76%那么毛利率啊也有微幅下滑是2 ...

Market Overview - The Shanghai Composite Index rose by 0.15% on April 15, with 12 sectors experiencing gains, led by the beauty and personal care sector at 2.27% and the banking sector at 1.50% [1] - The home appliance sector ranked third in terms of gains for the day [1] - Conversely, the defense and military industry and retail sector saw declines of 1.78% and 1.37%, respectively [1] Capital Flow - The main capital flow showed a net outflow of 19.301 billion yuan across both markets, with 11 sectors experiencing net inflows [1] - The media sector led the net inflow with 800.2 million yuan and a daily increase of 0.96%, followed by the banking sector with a net inflow of 780 million yuan and a daily increase of 1.50% [1] - A total of 20 sectors experienced net outflows, with the electronics sector leading at 3.841 billion yuan, followed by the computer sector at 2.799 billion yuan [1] Home Appliance Sector Performance - The home appliance sector increased by 1.35% with a net inflow of 278 million yuan, comprising 95 stocks, of which 51 rose and 38 fell [2] - The top three stocks with the highest net inflow were Midea Group at 187 million yuan, Gree Electric Appliances at 161 million yuan, and Shenzhen Konka at 143 million yuan [2] - The stocks with the highest net outflows included Sanhua Intelligent Control at 63.297 million yuan, Stone Technology at 60.431 million yuan, and Starlight Shares at 45.593 million yuan [2] Notable Stocks in Home Appliance Sector - Midea Group: Increased by 2.23% with a turnover rate of 0.50% and a main capital flow of 187.256 million yuan [2] - Gree Electric Appliances: Increased by 2.21% with a turnover rate of 0.94% and a main capital flow of 160.982 million yuan [2] - Shenzhen Konka: Increased by 7.58% with a turnover rate of 17.10% and a main capital flow of 143.227 million yuan [2]

Investment Rating - The report indicates a strong investment outlook for the automotive sector, particularly in the areas of advanced driving and humanoid robotics, driven by technological advancements and market dynamics [3][7]. Core Insights - Embodied intelligence is identified as the strongest industrial trend in the automotive sector, with smart driving and humanoid robots being the two key directions [3]. - The report forecasts a significant increase in the penetration rate of advanced driving systems, expected to exceed 15% by 2025, with a year-on-year growth of 200% [3][10]. - The supply chain for smart driving components, including chips and lidar, is highlighted as a high-value investment area due to its explosive growth potential [4][27]. Summary by Sections Advanced Driving - Advanced driving is entering a phase of explosive growth, with a projected penetration rate of over 70% in the next 2-3 years [3]. - The report emphasizes the importance of the Tier0.5 model versus full-stack self-research in data acquisition and customer response speed, with full-stack self-research expected to gain a competitive edge [3][20]. - The Robotaxi segment is anticipated to reach a tipping point by 2025, with operational costs aligning with traditional ride-hailing services [3][26]. Humanoid Robotics - The humanoid robotics sector is on the verge of commercialization, with significant advancements expected by 2025, particularly in high-cost scenarios [5][35]. - The report identifies key components such as dexterous hands and sensors as critical to the humanoid robotics supply chain, with high average selling prices (ASP) and barriers to entry [5][48]. - The Chinese supply chain is expected to rise significantly, contributing to the cost reduction and mass production of humanoid robots [5][48]. Supply Chain Dynamics - The report highlights the increasing penetration and localization rates of smart driving chips, with Nvidia and Tesla leading the market [27][29]. - The laser radar market is also projected to see significant growth, with major players like Hesai and RoboSense capturing substantial market shares [31][33]. - The anticipated reduction in costs for smart driving systems is expected to make advanced driving features standard in vehicles priced above 200,000 RMB by 2025 [30][34].

Core Viewpoint - The China Securities Index for automotive parts has shown a mixed performance, with a recent increase but a significant decline over the past month [1][2] Group 1: Index Performance - The China Securities Automotive Parts Index rose by 0.49% to 904.3 points, with a trading volume of 30.114 billion yuan [1] - Over the past month, the index has decreased by 15.30%, while it has increased by 0.83% over the last three months and has declined by 1.01% year-to-date [1] Group 2: Index Composition - The index comprises 100 listed companies involved in automotive systems, interior and exterior parts, automotive electronics, and tires [1] - The top ten weighted companies in the index are: Huichuan Technology (10.59%), Fuyao Glass (9.07%), Sanhua Intelligent Control (5.81%), Top Group (3.46%), Sailun Tire (3.44%), Desay SV (2.96%), Huayu Automotive (2.75%), Bertly (2.49%), Shuanghuan Transmission (2.2%), and Yinlun Co. (2.11%) [1] - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (53.44%) and the Shanghai Stock Exchange (46.56%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that consumer discretionary accounts for 77.34%, industrials for 14.41%, information technology for 5.32%, communication services for 2.41%, and materials for 0.52% [2] Group 4: Index Adjustment and Funds - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Public funds tracking the automotive parts index include various funds from Bosera, E Fund, Tianhong, and Huaxia [2]

据了解，中证浙江企业综合指数与中证浙江民营企业指数分别选取注册地在浙江省的全部上市公司证券 与民营上市公司证券作为指数样本，以反映浙江省上市公司证券和民营上市公司证券的整体表现。该指 数以2004年12月31日为基日，以1000.0点为基点。 金融界4月14日消息，上证指数高开高走，中证浙江民营企业指数 (浙江民企，000840)报7165.72点。 数据统计显示，中证浙江民营企业指数近一个月下跌12.68%，近三个月上涨3.32%，年至今下跌 1.28%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证浙江民营企业指数十大权重分别为：同花顺（2.27%）、三花智控（2.22%）、 华友钴业（1.69%）、恒生电子（1.58%）、拓普集团（1.32%）、华东医药（1.31%）、新和成 （1.3%）、大华股份（1.23%）、中控技术（1.22%）、卫星化学（1.15%）。 从中证浙江民营企业指数持仓样 ...

| R&D Innovation | 27 | | --- | --- | | Intellectual Property Protection | 34 | | | | | About the Report | 01 | | --- | --- | | Statement of the Chairman | 03 | | About Sanhua Intelligent 01 | | | --- | --- | | Controls | 05 | | Company Overview | 07 | | Business Layout | 08 | | Corporate Culture | 10 | 04 Feature: Innovating for the Future, Leading the Technological Frontier 25 | Sanhua Intelligent Controls 02 | | 05 | Feature:Low-Carbon Transition | | 08 | | --- | --- | --- | --- | --- | --- | | 2024 High ...

证券代码：002050 证券简称：三花智控 公告编号：2025-031 浙江三花智能控制股份有限公司 关于举办 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内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）已于 2025 年 3 月 27 日 在巨潮资讯网上披露了《2024 年年度报告》及《2024 年年度报告摘要》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司将举办 2024 年度业绩说明会，现将有关事项公告如下： 一、本次业绩说明会安排 1、召开时间：2025 年 4 月 16 日（星期三）15：00-16：00 2、召开方式：本次业绩说明会将以网络远程形式方式举行，投资者可登录 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn），进入"云访谈"栏目参 与本次业绩说明会。 3、出席人员：董事长兼首席执行官张亚波先生、董事会秘书胡凯程先生、 财务总监俞蓥奎先生、独立董事潘亚岚女士。 二、公开征集问题 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会 ...

每经记者 胥帅 每经编辑 张海妮 客户要求保密，因此未公布人形机器人的相关收入数据 4月10日晚间，翔楼新材披露了2024年年报：去年公司营业收入达14.85亿元，同比增长9.74%；扣非净利润达2.03亿元，同比增长12.26%。4月11日，翔楼新 材受到投资者追捧，盘中股价一度大涨超10%。 翔楼新材之所以被投资者看重，是因为其属于人形机器人概念股。翔楼新材是国内精密冲压材料龙头企业，专注于定制化精密冲压新材料的研发、生产和销 售，其产品下游应用领域已从精密汽车零部件逐步扩展至轴承、人形机器人材料、传感器材料等领域。 然而在营收结构一栏里，翔楼新材并未提及人形机器人的具体收入。公司营收结构主要分三类：汽车零部件精冲材料实现营收12.47亿元，同比增长 10.05%；工业用精冲材料实现营收1.51亿元，同比增长13.76%；其他业务收入为0.73亿元，同比增长2.8%。 资本市场的机器人赛道很火，但"量"是否起来了？这是一个疑问。 最近一段时间，多家机器人热门股披露了2024年年报，包括三花智控（002050.SZ）、肇民科技（301000.SZ）、翔楼新材（301160.SZ）等。但上述3家上市 公司在2 ...