Core Viewpoint - The company, New Times Da (002527), clarified that its main business does not involve the express delivery industry, focusing instead on elevator control products, robotic products, and general control and drive products [1] Group 1 - The company's main business segments include elevator control products and systems [1] - The company also engages in robotic products and systems [1] - General control and drive products and systems are part of the company's offerings [1]

格隆汇9月5日丨新时达(002527.SZ)在互动平台表示，公司的主营业务主要包括电梯控制产品及系统业 务、机器人产品及系统业务、通用控制与驱动产品及系统业务，不涉及快递业务。 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The report emphasizes the transformation and elevation of the company under Haier's leadership, focusing on integrated solutions and embodied intelligence [2][12] - The company is positioned as a leading domestic robot manufacturer, with a strong emphasis on upgrading from industrial robots to comprehensive solutions [7][12] - Financial forecasts indicate a significant recovery in profitability, with expected net profits turning positive in 2025 and substantial growth in subsequent years [3][7] Summary by Sections Financial Summary - Projected revenues for 2024A, 2025E, 2026E, and 2027E are 3,357 million, 3,543 million, 3,798 million, and 4,153 million respectively, with growth rates of -0.9%, 5.5%, 7.2%, and 9.3% [3] - Expected net profit for 2025E is 13 million, with a significant increase to 84 million in 2026E and 190 million in 2027E, reflecting growth rates of 567.3% and 127.6% respectively [3] - Earnings per share are projected to be -0.4, 0.0, 0.1, and 0.3 for the years 2024A to 2027E [3] Business Overview - The company is a leader in industrial automation and robotics, with a focus on elevator controllers and SCARA robots, holding the second position globally in elevator controllers and fourth in domestic SCARA robot shipments [20][25] - The report highlights the company's strategy to capture structural demand in the elevator industry, particularly in urban rail and renovation projects, with a projected growth in elevator procurement in 2025 [29][34] - The company is also expanding into semiconductor robotics, targeting high-end markets with low domestic production rates [41][42] Haier's Empowerment - Haier's acquisition is expected to enhance the company's product offerings and financial performance, leveraging Haier's industrial internet ecosystem to provide integrated manufacturing solutions [12][51] - The partnership is anticipated to improve operational efficiency and reduce costs through shared supply chains and management practices [63][66] - The report notes that Haier's investment of 12.19 billion yuan in new shares will bolster the company's liquidity and strategic initiatives [67] Profitability Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 290% in net profit from 2025 to 2027, with price-to-earnings ratios projected at 860, 129, and 57 for the respective years [7][12] - The report indicates that the company's gross margin is expected to improve, as it benefits from Haier's global supply chain and operational efficiencies [66]

Group 1 - The core logic indicates that industrial robots are upgrading to comprehensive solutions, with profit revisions and potential implementation of embodied intelligence within the year [1] - The company is a leading domestic player in industrial robots, with significant market share in elevator controllers and SCARA industrial robots [1] - The company is a pioneer in domestic automation product substitution, breaking foreign monopolies in elevator control and achieving integrated robot drive control [1] Group 2 - The elevator controller market is expected to see long-term stable growth, driven by new demands in the elevator industry such as urban transit, old elevator upgrades, and international expansion [1] - The domestic elevator procurement market is projected to grow over 45% year-on-year by 2025, with significant increases in exports to regions like the Middle East and Southeast Asia [1] - The semiconductor robot sector has a low domestic substitution rate of less than 10%, with potential acceleration in equipment localization as domestic wafer fabs emerge [1] Group 3 - Haier's empowerment strategy includes enhancing automation products, improving financial metrics, and implementing embodied intelligence [2] - The company is expected to benefit from a recovery in industrial automation demand, with a projected 2.4% year-on-year growth in Q1 2025 [2] - The company plans to launch embodied intelligence controllers and machines in 2025, with support from Haier's industrial internet data and models [3] Group 4 - Profitability is expected to improve with optimized gross margins and cash flow, supported by Haier's global supply chain and efficient management [3] - The company anticipates significant net profit growth from 2025 to 2027, with a projected CAGR of approximately 290% [3] - Despite a high current valuation compared to peers, the company's semiconductor robot initiatives and Haier's involvement are seen as positive factors for future growth [3]

Group 1 - The humanoid robot sector in A-shares experienced explosive growth, with multiple stocks hitting the daily limit up, including Qin Chuan Machine Tool, Longxi Co., Giant Wheel Intelligent, and Zhejiang Rongtai [1] - Several listed companies disclosed progress in humanoid robot-related businesses, such as Jiechang Drive's development of linear actuators and joint modules, and New Times' plans to launch a general-purpose controller by the end of 2025 [2] - Zhejiang Rongtai announced a stock trading anomaly due to a cumulative price increase exceeding 20% over three trading days, confirming stable operations and no undisclosed significant information [3] Group 2 - New Times highlighted its unique position in the field of embodied intelligence, focusing on customized development for industrial applications and planning to provide complete machine products in humanoid robotics [2] - Zhejiang Rongtai has been active in the robotics sector, acquiring stakes in companies related to intelligent robotics and establishing a wholly-owned subsidiary in Jiaxing [3] - As of June 30, 2025, notable shareholder Zhang Jianping held 3.00% of Zhejiang Rongtai's shares, entering the top ten circulating shareholders [3]

（文章来源：证券日报） 证券日报网讯新时达9月2日在互动平台回答投资者提问时表示，目前海尔已完成对新时达的控股，海尔 集团作为公司的实际控制人，更注重通过长期赋能提升公司核心竞争力，而非短期合同数量，双方正围 绕供应链管理、技术协同、市场与渠道拓展以及运营管理等方面，加速释放协同效应。（1）供应链管 理方面，海尔将与新时达共同强化工业自动化领域上下游产业链的协同，借助海尔的供应链资源，优化 新时达的成本与质量控制，从而提升盈利能力；（2）技术协同方面，依托卡奥斯工业互联网生态资源 与新时达技术根基，重点布局具身智能核心技术研发与场景落地，推动具身智能体升级；（3）市场与 渠道拓展方面，海尔还将利用自身的市场渠道和品牌影响力，帮助新时达拓展国内外市场，加强市场推 广和品牌建设，提升市场知名度和影响力，进而提升市场价值；（4）运营管理方面，通过导入海尔智 能制造管理体系、共享数字化管理经验，提升新时达的运营效率。 ...

Group 1 - The company plans to launch a general controller for embodied intelligence by the end of 2025 [2] - The focus is on industrial applications, specifically developing customized humanoid robots with a wheeled configuration [2] - The product will feature modular design allowing for switching between wheeled and footed configurations, with prototype development progressing as scheduled [2] Group 2 - The main applications for the new product include adaptive grasping robot sorting systems, smart welding, flexible automated PCB quality inspection, and dual-arm collaborative assembly [2] - Data collection and training for these applications are expected to be conducted using the developed prototypes by the end of the year [2]

（文章来源：证券日报） 证券日报网讯新时达9月2日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东总户数 为45779户。 ...

（文章来源：证券日报） 证券日报网讯新时达9月2日在互动平台回答投资者提问时表示，在具身智能的赛道里，新时达是"脑"领 域的稀缺公司，也是较少实现了专用控制的横向迭代并且拓展到通用控制领域的控制公司。基于"小 脑"控制技术，未来公司在具身智能/人形机器人领域主要提供整机产品。 ...

公司最新毛利率为18.38%，较上季度毛利率增加1.42个百分点。最新ROE为0.15%，较去年同期ROE增 加1.38个百分点。 公司摊薄每股收益为0.00元，较去年同报告期摊薄每股收益增加0.03元。 2025年8月30日，新时达(002527.SZ)发布2025年中报。 公司营业总收入为16.44亿元，在已披露的同业公司中排名第37，较去年同报告期营业总收入增加1.28亿 元，同比较去年同期上涨8.45%。归母净利润为186.54万元，较去年同报告期归母净利润增加2061.59万 元。经营活动现金净流入为4399.07万元，在已披露的同业公司中排名第67，较去年同报告期经营活动 现金净流入增加3964.01万元，实现3年连续上涨，同比较去年同期上涨911.15%。 公司最新资产负债率为68.54%，较上季度资产负债率减少0.31个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 纪德法 | 13.42% | | 2 | 青岛海尔卡奥斯工业智能有限公司 | 10.00% | | 3 | 纪录 | 4.06% | | 4 | 朱强华 | 2.98% | ...