周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Viewpoints - The company is a leading enterprise in precision reducers and is expected to benefit significantly from the industrialization of humanoid robots [2][3] - The company has a strong focus on the production and R&D of reducers and motors, transitioning from single components to integrated electromechanical solutions [2][4] - The precision reducer market is projected to expand significantly due to the increasing demand for humanoid robots, with a forecasted market space for harmonic reducers reaching 751 billion yuan by 2027 [3][35] Summary by Relevant Sections Company Overview - The company, originally established as a motor manufacturer in 1998, has expanded into the reducer sector and was listed on the Shenzhen Stock Exchange in 2017 [2][13] - It specializes in the production of reducers, reducer motors, and other core components, leveraging its leading R&D capabilities and quality control to create an integrated business platform [2][4] Market Opportunity - The global humanoid robot market is expected to see substantial growth, with projected demand reaching 1,165 million units by 2034, significantly increasing the demand for precision reducers [3][35] - Major international players like Tesla and domestic companies are actively developing humanoid robots, which will drive the expansion of the reducer market [3][31] Financial Forecast - The company is expected to achieve steady revenue growth, with projected revenues of 1,085.99 million yuan in 2023, followed by a decline to 965.39 million yuan in 2024, and then a recovery to 1,108.28 million yuan in 2025 [1][41] - The forecasted net profit for 2024-2026 is estimated at 0.73 billion yuan, 0.83 billion yuan, and 0.98 billion yuan respectively, with corresponding P/E ratios of 199, 175, and 149 [1][42] Product Development - The company is expanding its product offerings in the reducer sector, including planetary reducers, harmonic reducers, and RV reducers, which are essential components for humanoid robots [4][38] - A new production line for intelligent execution units and large RV reducers has been planned with an investment of 175 million yuan [4][39] Competitive Position - The company holds a strong competitive position in the precision reducer market, characterized by high technical barriers and a long history of R&D experience [4][43] - The company is well-positioned to benefit from the trend of domestic substitution in the intelligent manufacturing sector [4][39]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Viewpoints - The company is a leading enterprise in precision reducers and is expected to benefit significantly from the industrialization of humanoid robots [1][4] - The company has a strong focus on the production and R&D of reducers and motors, transitioning from single components to integrated electromechanical solutions [2][4] - The precision reducer market is projected to expand due to the increasing demand for humanoid robots, with significant growth potential in the coming years [3][35] Summary by Sections Company Overview - The company, originally established as Cixi Zhongda Electric Motor Factory in 1998, has evolved into a key player in the reducer and motor industry, successfully listed on the Shenzhen Stock Exchange in 2017 [2][13] - It specializes in the production of reducers, geared motors, and other core components, leveraging its advanced R&D capabilities and manufacturing processes to provide comprehensive power transmission and control solutions [2][4] Market Potential - The global humanoid robot market is expected to see substantial growth, with projected demand reaching 3 million units in 2025 and 1.165 billion units by 2034, leading to a corresponding increase in the precision reducer market [3][35] - The company is well-positioned to capture this market growth due to its established relationships with domestic robot manufacturers and its comprehensive product offerings [4][35] Financial Projections - The company is expected to achieve a net profit of 0.73 billion CNY in 2024, with projections of 0.83 billion CNY in 2025 and 0.98 billion CNY in 2026, reflecting a strong growth trajectory [1][42] - Revenue forecasts for the company's main business segments include 4.36 billion CNY for smart execution units, 2.04 billion CNY for precision reducers, and 3.08 billion CNY for geared motors from 2024 to 2026 [41][42] Competitive Position - The company has a diverse product range, including planetary reducers, harmonic reducers, and RV reducers, which enhances its competitive edge in the market [4][38] - The company is actively expanding its production capacity and product offerings to meet the growing demand in the humanoid robot sector, with a recent investment of 175 million CNY in new production lines [4][39]

证券代码：002896 证券简称：中大力德 公告编号：2025-006 宁波中大力德智能传动股份有限公司 股票交易严重异常波动公告 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。 公司股票连续两个交易日（2025 年 2 月 26 日、2025 年 2 月 27 日）收盘价 格涨幅偏离值累计超过 20%。根据《深圳证券交易所交易规则》相关规定，属于 股票交易异常波动的情况。 公司股票连续三十个交易日（2025 年 1 月 9 日至 2025 年 2 月 27 日）收盘 价格涨幅偏离值累计超过 200%。根据《深圳证券交易所交易规则》的有关规定， 属于股票交易严重异常波动的情形。 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并通过书面、电 话问询方式，对公司控股股东及实际控制人就相关问题进行了核实，现将相关情 况说明如下： 1、公司前期披露的信息不存在需要补充、更正之处。 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 风险提示： 1、宁波中大力德智能传动股份有限公司（以下简称" ...

Market Overview - A-shares experienced a strong rally, with the Shanghai Composite Index rising by 0.5%, the Shenzhen Component Index up by 0.24%, and the ChiNext Index increasing by 0.26% as of midday [1] - The Hong Kong stock market opened high and continued to rise, with the Hang Seng Index surging over 2% and the Hang Seng Tech Index climbing more than 3% at one point [2] Robotics Sector - The humanoid robot concept stocks continued to surge, with the sector index increasing over 4% and reaching a historical high, marking the ninth record since February [4] - Several stocks, including Zhongdali De, Zhaowei Electromechanical, and Wuzhou New Spring, hit the daily limit and set new historical highs [4] Stock Performance - Notable stock performances included: - Zhongdali De (002896) up by 10% to 105.70 [5] - Zhaowei Electromechanical (003021) up by 10% to 157.94 [5] - Hengyang Precision (300539) up by 20% to 16.20 [6] - Hanyu Group (300403) up by 19.5% to 21.45 [6] AI Industry Developments - DeepSeek announced an "open-source week," releasing its third codebase and planning to release two more in the coming days [9] - Recent collaborations between Alibaba and Apple, as well as WeChat's integration with DeepSeek, are accelerating the exploration of AI application scenarios [10] IPO Highlights - Mixue Ice City achieved a record subscription rate of 5125 times, raising approximately 1.77 trillion HKD, making it a phenomenon in the IPO market [12] - The company plans to issue 17.06 million H-shares at a price of 202.5 HKD per share, with a total market value of approximately 76.35 billion HKD post-IPO [13] Market Outlook - Analysts express optimism regarding the ongoing "bull market" driven by AI, with Morgan Stanley upgrading China's stock market rating to "equal weight" and projecting significant index targets [15] - The anticipated average annual return for Chinese stocks over the next 10 to 15 years is estimated at 7.8% [15] - Domestic policies are expected to support the technology sector, with analysts noting a potential new cycle in the A-share market [16]

2024年10月28日公司发布的三季报数据显示，前三季度公司共实现营业总收入7.42亿元，同比下降 9.79%，实现净利润0.57亿元，同比下降0.68%。（数据宝） 近日该股表现 中大力德再度涨停，6个交易日内录得4个涨停，累计涨幅为44.18%，累计换手率为91.09%。截至 10:54，该股今日成交量1677.35万股，成交金额17.11亿元，换手率11.10%。最新A股总市值达159.79亿 元。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日跌幅偏离值达7%、日涨幅偏 离值达7%上榜龙虎榜3次，买卖居前营业部中，机构净卖出6226.24万元，深股通累计净卖出1.14亿元， 营业部席位合计净买入6099.29万元。 ...

证券代码：002896 证券简称：中大力德 公告编号：2025-005 宁波中大力德智能传动股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 宁波中大力德智能传动股份有限公司（以下简称"公司"，证券简称：中大 力德，证券代码：002896）股票连续三个交易日（2025 年 2 月 17 日、2025 年 2 月 18 日、2025 年 2 月 19 日）收盘价格涨幅偏离值累计超过 20%。根据《深圳 证券交易所交易规则》相关规定，属于股票交易异常波动的情况。 二、 公司关注并核实相关情况 5、经查询，公司控股股东、实际控制人在本公司股票交易异常波动期间未 买卖本公司股票。 6、公司不存在违反公平信息披露规定的情形。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据深圳证券交易所《股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉本公司有根据深圳证券交易所《股票上市规则》等有关规 定应予以披露而未披露的、对本公司股票 ...

宁波中大力德智能传动股份有限公司 关于投资建设生产线项目的公告 证券代码：002896 证券简称：中大力德 公告编号：2025-004 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。 一、投资概述 发展和战略规划，公司通过以减速器为核心、延伸布局机电一体化产品的方式， 给予终端下游提供更好更安心的解决方案及服务，实现公司产品结构升级。 本次公司拟投资建设项目不会对公司当期财务状况和经营成果造成重大影 响，不存在损害公司及其他股东合法利益的情形，并且从长远来看对公司的发展 有着积极的影响，符合全体股东的利益和公司长远发展战略。 宁波中大力德智能传动股份有限公司（以下简称"公司"）于 2025 年 2 月 10 日召开第三届董事会第二十二次会议审议通过了《关于投资建设生产线项目 的议案》，公司拟在慈溪智能家电高新技术产业园区投资建设精密核心组件生产 线项目，测算总投资约 20,000 万元。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《公司章程》等相关规定，本次事项在董事会的审议权限范围内，无需提 交股东大会审议。公司董事会授权 ...

宁波中大力德智能传动股份有限公司（以下简称"公司"）第三届董事会第 二十二次会议于 2025 年 2 月 10 日在公司会议室以现场及通讯方式召开。会议由 董事长岑国建先生主持，会议应出席董事 8 名，实际出席董事 8 名，公司高级管 理人员列席本次会议。本次会议的召集、召开符合《公司法》等有关法律、法规 及《公司章程》的规定。 二、董事会会议审议情况 证券代码：002896 证券简称：中大力德 公告编号：2025-003 宁波中大力德智能传动股份有限公司 第三届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 三、备查文件 1、宁波中大力德智能传动股份有限公司第三届董事会第二十二次会议决议； 2、宁波中大力德智能传动股份有限公司第三届董事会战略委员会第四次会 议决议。 特此公告。 宁波中大力德智能传动股份有限公司董事会 2025 年 2 月 11 日 （一）审议通过《关于投资建设生产线项目的议案》 表决结果：有效表决票 8 票，同意票 8 票，反对票 0 票，弃权票 0 票。 董事会同意公司拟投资 20,0 ...

证券代码：002896 证券简称：中大力德 公告编号：2025-002 宁波中大力德智能传动股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 宁波中大力德智能传动股份有限公司（以下简称"公司"，证券简称：中大 力德，证券代码：002896）股票连续两个交易日（2025 年 1 月 23 日、2025 年 1 月 24 日）收盘价格涨跌幅偏离值累计超过+20%。根据《深圳证券交易所交易规 则》相关规定，属于股票交易异常波动的情况。 6、公司不存在违反公平信息披露规定的情形。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据深圳证券交易所《股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉本公司有根据深圳证券交易所《股票上市规则》等有关规 二、 公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并通过书面、电 话问询方式，对公司控股股东及实际控制人就相关问题进行了核实，现将相关情 况说明如下： ...