证券代码：002979 证券简称：雷赛智能 深圳市雷赛智能控制股份有限公司 投资者关系活动记录表 编号：2026-01 | 投资者关系活动 | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | 现场参观 ☑ | | | □其他 （券商策略会） | | 参与单位名称及 | 中信建投证券、中金证券、彼得明奇私募基金管理有限公 | | 人员姓名 | 司 、 Boci-Prudential Asset Management 、 RIMECAPITAL 、 | | | Harmolands、CloudAlpha Capital Management、野村资管、 | | | Millennium Partners 、 William Blair Investment 、 | | | Synergy Fund Management（以上排名不分先后） | | 时间 | 2026年3月25日 | | 地点 | 深圳市南山区西丽街道曙光社区智谷研发楼B栋会议室 | | 上市公司接待人 | 董事会秘书：向少华先生 | | 员姓 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and power equipment sectors [6] Core Insights - The humanoid robot motor industry is experiencing rapid development driven by technological iterations and industrialization, with motors expected to benefit significantly from the mass production of humanoid robots [1][3] - The global market for humanoid robot motors is projected to reach 91.76 billion yuan by 2030, with a compound annual growth rate (CAGR) of 119.9% from 2026 to 2030 [3][13] - The report emphasizes that domestic motor companies are on par with international counterparts in terms of R&D capabilities and technological strength, with a focus on the advantages of domestic firms in responsiveness and cost control [4][16] Summary by Sections Humanoid Robot Motors - The humanoid robot motor market is expected to grow significantly, with annual production projected to increase from 238,000 units in 2026 to 11.765 million units by 2030 [3][13] - Key motor types for humanoid robots include: 1. **Frame-less Torque Motors**: Currently the mainstream choice for joint drives due to their compact size and high torque output [14][44] 2. **Axial Flux Motors**: Suitable for high torque density applications, particularly in large rotational joints [14][48] 3. **Harmonic Field Motors**: Utilize magnetic field modulation for enhanced performance [53][56] 4. **Hollow Cup Motors**: Feature a design that eliminates the iron core, resulting in reduced weight and size [58] 5. **Brushless Slotless Motors**: Offer cost advantages with simpler structures [14] 6. **Micro Frame-less Motors**: Highly integrated designs for compact applications [14] Market Dynamics - The report highlights a divergence in technology routes for joint motors and dexterous hand motors, each with distinct advantages [2] - The global humanoid robot motor market is expected to reach 39.2 billion yuan in 2026, growing to 91.76 billion yuan by 2030 [3][13] - The report argues that the barriers to mass production for humanoid robot motors are high, favoring leading companies with strong R&D and supply chain capabilities [4][15] Investment Recommendations - The report recommends focusing on companies with comprehensive product matrices and deep industry collaborations, including: - **Weichuang Electric**: Complete product matrix in humanoid robot motors [5] - **Leisai Intelligent**: High precision control technology for industrial applications [5] - **Huichuan Technology**: Leading in industrial automation [5] - **Xinjie Electric**: Strategic partnerships in frame-less motor technology [5] - Other notable companies include Mingzhi Electric and Zhaowei Electromechanical, along with domestic firms like Buke Co., Dechang Electric Holdings, and others [5]

关于向特定对象发行 A 股股票申请获得 深圳证券交易所受理的公告 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。 深圳市雷赛智能控制股份有限公司（以下简称"公司"或"雷赛智能"）于 2026 年 3 月 11 日收到深圳证券交易所出具的《关于受理深圳市雷赛智能控制股 份有限公司向特定对象发行股票申请文件的通知》（深证上审〔2026〕45 号）。 深圳证券交易所对公司报送的向特定对象发行股票的申请文件进行了核对，认为 申请文件齐备，决定予以受理。 证券代码：002979 证券简称：雷赛智能 公告编号：2026-002 深圳市雷赛智能控制股份有限公司 公司将按照有关规定和要求，根据该事项的进展情况及时履行信息披露义 务，敬请广大投资者注意投资风险。 特此公告。 深圳市雷赛智能控制股份有限公司 董事会 2026 年 3 月 13 日 公司本次向特定对象发行 A 股股票事项尚需深圳证券交易所审核通过，并获 得中国证券监督管理委员会（以下简称"中国证监会"）同意注册后方可实施。 上述事项最终能否通过深圳证券交易所审核，并获得中国证监会同意注册的决定 及时间尚存在不确定性 ...

深圳市雷赛智能控制股份有限公司 向特定对象发行股票 募集说明书 （申报稿） 保荐人（主承销商） 声明 本公司及全体董事、审计委员会成员、高级管理人员承诺募集说明书及其他 信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准 确性及完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 本募集说明书中财务会计资料真实、准确、完整。 中国证券监督管理委员会、深圳证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 本募集说明书是本公司对本次向特定对象发行股票并上市的说明，任何与之 相反的声明均属不实陈述。 投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或其他 专 ...

中信建投证券股份有限公司 关于 深圳市雷赛智能控制股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人 二〇二六年三月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人胡松、田东阁已根据《中华 人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深圳 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 保荐人出具的上市保荐书 目 录 | 释 义 3 | | --- | | 一、发行人基本情况 4 | | 二、发行人本次发行情况 10 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地址、 | | 电话和其他通讯方式 13 | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 15 | | 五、保荐人按照有关规定应当承诺的事项 16 | | 六、保荐人关于发行人是否已就本次证券发行上市履行了《公司法》《证券法》 | | 和中国证监会及深圳证券交易所规定的决策程序的说明 17 | | 七、保荐人关于发行人是否符合板块定位及 ...

中信建投证券股份有限公司 关于 深圳市雷赛智能控制股份有限公司 向特定对象发行股票 之 发行保荐书 保荐人 二〇二六年三月 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人胡松、田东阁根据《中华人 民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会的 有关规定以及深圳证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按照 依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发行 保荐书的真实性、准确性和完整性。 3-1-1 | 释 义 3 | | | --- | --- | | 第一节 | 本次证券发行基本情况 4 | | 一、本次证券发行具体负责推荐的保荐代表人 4 | | | 二、本次证券发行项目协办人及项目组其他成员 4 | | | 三、发行人基本情况 6 | | | 四、保荐人与发行人关联关系的说明 9 | | | 第二节 保荐人承诺事项 10 | | | 第三节 对本次发行的推荐意见 11 | | | 一、发行人关于本次发行的决策程序合法 11 | | | 二、本次发行符合相关法律规定 12 | | | 三、发行人存在的主 ...

广东华商律师事务所 关于 深圳市雷赛智能控制股份有限公司 2025年度向特定对象发行A股股票的 法律意见书 二〇二六年三月 深圳市福田区深南大道 4011 号港中旅大厦 21-26 层 邮政编码（P.C.）：518048 21-26/F, China Travel Service Tower, 4011 Shennan Avenue, Futian District, Shenzhen, CHINA 电话（Tel）：0086-755-83025555 传真（Fax）：0086-755-83025068 网址（web）：www.huashang.cn 4-1-1 | 释义 3 | | --- | | 第一节 律师声明 7 | | 第二节 正 文 8 | | 一、本次发行的批准和授权 8 | | 二、发行人本次发行的主体资格 13 | | 三、本次发行的实质条件 14 | | 四、发行人的设立 18 | | 五、发行人的独立性 18 | | 六、发行人的主要股东、控股股东、实际控制人及其一致行动人 21 | | 七、发行人的股本及演变 23 | | 八、发行人的业务 24 | | 九、发行人的关联交易及同业竞争 ...

6-1-1 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1 - 7 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 - 5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9 - 10 | | 10 | 财务报表附注 | 11 - 135 | 6-1-2 审计报告 容诚审字[2025]518Z0919 号 深圳市雷赛智能控制股份有限公司全体股东: 一、审计意见 我们审计了深圳市雷赛智能控制股份有限公司(以下简称雷赛智能公司)财务 报表,包括 2024年12月31日的合并及母公司资产负债表,2024年度的合并及母 公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关 财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了雷赛智能公司 2024 年 12 月 31 日的 ...

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1] Core Insights - The power equipment industry is experiencing a supercycle driven by electricity shortages, with a positive outlook for household energy storage systems [1] - The report highlights significant growth in energy storage demand, particularly in the U.S. and Australia, with expectations of over 60% growth in global energy storage installations in 2026 [3][6] - The electric vehicle sector is projected to recover in sales, with a forecasted 5% growth in domestic electric vehicle sales in 2026 [3][24] Industry Trends - Energy Storage: The National Energy Administration has approved 43 pilot projects for new power systems with a total investment of 3.968 billion yuan, indicating strong government support for energy storage [3] - Electric Vehicles: January 2026 saw domestic electric vehicle sales of 945,000 units, with expectations for recovery in March due to the arrival of subsidies [3][24] - Market Prices: Lithium carbonate prices have increased by 21.3% to 165,000 yuan/ton, reflecting rising demand in the battery sector [3] Company Performance - Ningde Times is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [3][5] - Trina Solar is expected to enter a harvest period for energy storage, with significant revenue projections for 2025 [3] - Other companies such as Gotion High-tech and BYD are also noted for their strong performance and growth potential in the electric vehicle and energy storage markets [3][5] Investment Strategy - The report recommends focusing on leading companies in energy storage and lithium battery sectors, including Ningde Times, Gotion High-tech, and others, due to their strong market positions and growth potential [3][5] - The report emphasizes the importance of technological advancements and market expansion opportunities in the robotics and automation sectors, particularly with the anticipated launch of Tesla's Gen3 robot [3][9]

Summary of Conference Call on Humanoid Robots and the Domestic Robotics Industry Industry Overview - The discussion centers around the domestic robotics industry, particularly humanoid robots, in the context of the US-China arms race in technology [1][7] - The competition is seen as a strategic battleground, with both countries having distinct advantages: the US in algorithms and chips, and China in supply chains, data, and engineering talent [7] Key Insights Performance of Humanoid Robots - The humanoid robots showcased during the Spring Festival were highlighted, particularly the performance of Yushu, which demonstrated advanced capabilities such as smooth movements and complex actions like backflips and jumps [1] - The hardware requirements for these robots are significant, particularly in terms of shock resistance and lightweight construction [1][2] Power Systems - The discussion emphasized the importance of the power systems in robots, noting that electric-driven robots need to achieve high instantaneous power output to perform complex movements [2][3] - The integration of AI algorithms for autonomous control and coordination among multiple robots was also discussed, showcasing the need for decentralized algorithms for task allocation and path planning [3][4] Adaptive Control - The need for adaptive joints and control systems was emphasized, allowing robots to respond to varying external forces and improve operational robustness [5][6] - The potential for these technologies to transition into industrial applications, such as inspection, sorting, and assembly, was noted as a significant opportunity [6] Market Outlook Domestic Robotics Market - The domestic robotics market is expected to see growth, with several companies like Zhiyuan, Yushu, Leju, and Ubtech projected to deliver thousands of units this year [8] - The Spring Festival performance has boosted confidence in the capabilities of domestic robots, indicating a promising outlook for the sector [8] Investment Opportunities - The report suggests investing in both the core robotics companies and their component suppliers, as the latter may offer better growth potential due to lower costs and higher scalability [8][17] - Specific companies mentioned as potential investment opportunities include: - **Zhongcheng Technology**: Specializes in low-voltage frequency converters and servo systems, with a stable business model [9][10] - **Leisai Intelligent**: Engaged in key components for humanoid robots, with expected revenues exceeding 300 million in 2026 [14][15] Conclusion - The domestic robotics industry is viewed as a collective entity with various companies specializing in different aspects, from data collection to hardware development [17] - The anticipated IPOs of several companies in the sector may lead to market volatility, suggesting a strategic approach to investment in component suppliers may be prudent [17][18]