Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [1] Core Insights - The humanoid robot industry is expected to experience significant growth, with the potential to open up broader market opportunities beyond the automotive sector. The industry is poised for a critical investment opportunity as it transitions from "0 to 1" [22] - Tesla's recent earnings call indicated confidence in achieving an annual production of 1 million units of the Optimus robot by 2029-2030, which serves as a strong market signal [22] - The Shanghai Auto Show showcased Xiaopeng's humanoid robot IRON, highlighting ongoing advancements in the industry [22] - The first "Robot Industry Connection Conference" in Shenzhen gathered over 200 companies, showcasing the latest technological developments in the humanoid robot sector [22] Summary by Sections Industry Dynamics - Xiaopeng's humanoid robot IRON was unveiled at the Shanghai Auto Show, demonstrating capabilities such as walking and waving [5] - The first Embodied Intelligent Robot Sports Games opened in Wuxi, aiming to foster innovation and collaboration in the humanoid robot sector [6] - BYD invested in humanoid robot company Pasini, enhancing its capabilities in the intelligent robotics field [7] - Yunnan Electric Power Company utilized humanoid robots for construction tasks, marking a first in the industry [8] Company Announcements - Tesla reported a revenue of $19.3 billion in Q1 2025, a 9% year-over-year decline, with a net profit of $410 million, down 70.6% [9] - Yijia achieved a 216.9% year-over-year revenue increase in Q1 2025, with a net profit of $752 million [10] - Keda Li reported a 20.5% year-over-year revenue increase in Q1 2025, with a net profit of $390 million [11] - Zhenyu Technology's revenue grew by 18.5% year-over-year in 2024, with a net profit of $250 million [12] Investment Focus - The report suggests focusing on companies with core component expertise and active involvement in humanoid robotics, including Sanhua Intelligent Control, Top Group, and Zhongjian Technology [22]

Core Viewpoint - The company, Shenzhen Keda Li Industrial Co., Ltd., has announced that its wholly-owned subsidiary, Fujian Keda Li Precision Industry Co., Ltd., has received the High-tech Enterprise Certificate, which allows it to enjoy tax benefits for three years [9]. Financial Data - The quarterly report has not been audited [3][8]. - There are no adjustments or restatements of previous accounting data required [4]. - The company does not have any non-recurring profit and loss items [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders have not changed due to any lending or borrowing of shares [6]. Other Important Matters - The company confirms that the financial information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [2][9].

Core Insights - The company reported Q1 2025 earnings with revenue of 3.02 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 253 million yuan, up 19.5% year-on-year [1] Operational Analysis - The company's gross margin stood at 22.2%, remaining flat year-on-year but down 5 percentage points quarter-on-quarter, primarily due to a decline in utilization rates. The expense ratio was 9.16%, up 0.1 percentage points year-on-year but down 1.7 percentage points quarter-on-quarter. Credit impairment reversals amounted to 20 million yuan, with other income at 23 million yuan. The net profit margin, excluding non-recurring items, was 11.68%, down 0.1% year-on-year and 1.7% quarter-on-quarter [2] - The impact of tariffs is limited, with the main business gradually expanding overseas. The company is actively developing a second growth curve in robot components. It is expected that the overseas base will see growth rates exceeding overall business growth by 2025, potentially turning profitable. Recently, the company launched seven new core transmission technology robots, focusing on lightweight and high performance, and has established a product matrix including harmonic reducers and intelligent joint modules, continuing customer sample testing [2] - Looking ahead, the company anticipates that revenue growth in the main business for 2025 will exceed last year's levels, with industry price declines expected to be weaker than in 2024. The company remains optimistic about profit margin resilience, with the robot business expected to contribute tens of millions in revenue [2] Profit Forecast, Valuation, and Rating - As a global leader in structural components, the company maintains its leading position with stable profitability validated by performance. The expansion into robot components is viewed positively as a second growth curve. The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.81 billion, 2.08 billion, and 2.36 billion yuan, respectively, corresponding to price-to-earnings ratios of 20, 18, and 16 times. The rating is maintained as "Buy" with a strong recommendation [3]

深圳市科达利实业股份有限公司（以下简称"公司"）全资子公司福建科达 利精密工业有限公司（以下简称"福建科达利"）于近日收到福建省科学技术厅、 福建省财政厅、国家税务总局福建省税务局联合颁发的《高新技术企业证书》， 证书编号：GR202435002643，发证时间：2024 年 12 月 4 日，有效期三年。 根据《中华人民共和国企业所得税法》等相关规定，福建科达利自本次通过 高新技术企业认定后，连续三年（即 2024 年、2025 年、2026 年）可享受国家关 于高新技术企业的相关税收优惠政策，即按 15%的税率缴纳企业所得税。 福建科达利 2024 年度已根据相关规定按照 15%的企业所得税税率进行财务 核算，上述税收优惠政策不会对公司此前已披露的《2024 年年度报告》相关财 务数据产生影响。 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-023 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 关于全资子公司福建科达利获得高新技术企业证书的公告 本公司及董事会全体成员保证信息披露的内容真实、 ...

Group 1 - The core point of the article is that Keda Li (002850) reported a revenue of 3.022 billion yuan for the first quarter of 2025, representing a year-on-year growth of 20.46% [1] - The net profit for the same period was 387 million yuan, showing a year-on-year increase of 25.51% [1]

Financial Performance - The company's revenue for Q1 2025 reached ¥3,021,730,958.60, representing a 20.46% increase compared to ¥2,508,509,695.36 in the same period last year[5] - Net profit attributable to shareholders was ¥387,310,638.95, up 25.51% from ¥308,582,801.62 year-on-year[5] - Basic earnings per share increased by 24.56% to ¥1.42, up from ¥1.14 in the same quarter last year[5] - The company reported a significant increase in operating income, which reached ¥3,021,730,958.60, primarily due to a rise in orders and sales[9] - Total operating revenue for the current period reached ¥3,021,730,958.60, an increase of 20.4% compared to ¥2,508,509,695.36 in the previous period[19] - Net profit for the current period was ¥385,829,188.90, representing a growth of 25.1% from ¥308,557,546.10 in the previous period[20] - Earnings per share (EPS) for the current period was ¥1.42, compared to ¥1.14 in the previous period, reflecting a 24.6% increase[21] Cash Flow - The net cash flow from operating activities surged by 198.89% to ¥678,594,071.03, compared to ¥227,034,867.42 in the previous year[5] - Cash flow from operating activities generated ¥678,594,071.03, significantly higher than ¥227,034,867.42 in the previous period[21] - The cash inflow from investment activities was ¥1,110,000,000.00, up from ¥930,000,000.00 in the previous period, indicating positive investment returns[21] - The net cash flow from financing activities improved to $145.51 million, compared to a negative $253.65 million in the previous period[22] - The cash and cash equivalents at the end of the period amounted to $1.64 billion, up from $1.05 billion in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥19,953,221,529.19, a 4.74% increase from ¥19,050,522,318.15 at the end of the previous year[5] - Total liabilities increased to ¥7,598,370,276.94 from ¥7,365,953,256.83, marking a rise of 3.2%[17] - The company's equity attributable to shareholders rose by 5.77% to ¥12,313,066,489.26 from ¥11,641,302,848.28 at the end of the last year[5] - Total current assets rose to ¥11,956,951,941.49 from ¥11,093,170,711.82, indicating an increase of about 7.8%[14] - Non-current assets totaled ¥7,996,269,587.70, slightly up from ¥7,957,351,606.33, reflecting a marginal increase of 0.5%[15] Research and Development - Research and development expenses increased by 16.44% to ¥153,976,938.09, driven by investments in new projects and products[9] - Research and development expenses for the current period were ¥153,976,938.09, an increase from ¥132,231,660.71 in the previous period, indicating a focus on innovation[19] Market and Shareholding - The company is focusing on expanding its market presence and enhancing product development strategies[13] - There are no significant changes in the shareholding structure among the top shareholders, with the largest shareholder holding 28.23%[12] Other Financial Metrics - The company reported a total comprehensive income of ¥432,932,057.06, compared to ¥276,333,675.62 in the previous period, showing strong overall performance[20] - The company experienced a 1928.45% increase in non-operating income, totaling ¥23,497,721.74, mainly due to increased customer compensation payments[9] - Total operating costs increased to ¥2,649,716,509.64, up 19.9% from ¥2,208,661,582.64 in the previous period[19] - The company reported an increase in accounts receivable from ¥3,818,181,593.53 to ¥3,376,825,698.53, a decrease of about 11.6%[14] - The company has maintained a stable level of inventory, with a slight increase from ¥832,327,075.18 to ¥848,422,988.72, representing a growth of approximately 1.1%[14] Audit and Reliability - The company’s first quarter report was not audited, which may affect the reliability of the financial data presented[23]

Investment Rating - Stock Rating: Overweight [6] - Industry View: Attractive [6] - Price Target: Rmb122.00 [6] Core Insights - Shenzhen Kedali Industry Co Ltd reported robust results for 4Q24, with a net profit of Rmb455 million, reflecting a 23.6% quarter-on-quarter and 12.2% year-on-year increase [9] - The company aims for 20-30% year-on-year revenue and shipment growth in FY25, with overseas sales projected to exceed Rmb1 billion [9][3] - The company is expanding its production capabilities, including plans for a factory in the US to meet localized procurement demands [2][3] Summary by Sections Financial Performance - FY24 net profit was Rmb1.47 billion, up 22.6% year-on-year, with a gross profit margin of 27.3% in 4Q24, an increase of 3.9 percentage points quarter-on-quarter [9] - The FY24 dividend was Rmb2 per share, yielding 1.8% with a payout ratio of 36.9% [9] Market Expansion - Overseas sales are targeted to grow significantly, from Rmb574 million in 2024 to over Rmb1 billion in 2025 [3] - The Germany factory is expected to become profitable in 2Q25, while the US and Malaysia factories are anticipated to start generating sales in 2026 [3] Product Development - Kedali is focusing on humanoid robots as a significant industrial opportunity and is expanding its reducer capacity based on customer demand [4] - The company has initiated R&D on products beyond reducers, indicating a diversification strategy [4]

Core Viewpoint - The AI Fund Shenwan Lingxin New Energy Vehicle Theme Flexible Allocation Mixed A (001156) reported a profit of 48.76 million yuan in Q1 2025, with a net value growth rate of 2.83% for the period [2]. Fund Performance - As of April 21, the fund's net value growth rates were -3.44% over the past three months, -5.17% over the past six months, 9.50% over the past year, and -21.41% over the past three years, ranking 109/182, 98/182, 75/179, and 62/119 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.0817, ranking 61/116 among comparable funds [7]. - The maximum drawdown over the past three years was 57.59%, with the largest single-quarter drawdown occurring in Q1 2020 at 28.78% [9]. Fund Holdings and Strategy - As of Q1 2025, the fund's scale was 1.544 billion yuan [14]. - The fund has a high concentration of holdings, with the top ten stocks including BYD, CATL, Xinwangda, Keda Li, Xiamen Tungsten, Weir Shares, Jianghuai Automobile, Seres, BAIC Blue Valley, and Jingfang Technology [18]. - The fund manager indicated a strategic shift in Q1 2025, reducing exposure in the wind and solar storage sectors and focusing investments on the automotive sector, particularly in battery and materials, smart vehicles, and automotive components [2].

4月22日，赵诣旗下泉果旭源三年持有期混合型基金发布2025年度一季报。泉果旭源的前十大重仓股分 别为宁德时代（300750）(300750.SZ)、科达利（002850）(002850.SZ)、腾讯控股(00700)、美团- W(03690)、立讯精密（002475）(002475.SZ)、恩捷股份（002812）(002812.SZ)、新泉股份（603179） (603179.SH)、应流股份（603308）(603308.SH)、快手-W(01024)、德业股份（605117）(605117.SH)。相 比于2024年四季度，快手-W新进前十大，振芯科技（300101）则退出了前十大。 | 序号 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占基金资产净 | | --- | --- | --- | --- | --- | --- | | | | | | | 值比例(%) | | 1 | 300750 | 宁德时代 | 4, 982, 542 | 1, 260, 284, 17 | 9.33 | | | | | | 3. 48 | | | 2 | 002850 | 科达利 | 10, ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].