华鑫证券研报指出，自动化行业迎结构性机遇，智能化与国产替代驱动增长。尽管2024年OEM行业规 模同比下滑5%，但"新质生产力"政策与智能制造转型仍为行业开辟广阔空间，公司通过技术突破与渠 道优化，有望在结构性机遇中实现持续增长。作为运动控制领域的领军企业，公司依托国家级高新技术 企业和专精特新"小巨人"企业的双重资质，构建了强大的技术护城河。公司独创的"三轮驱动"战略 和"六化"产品体系，不仅优化了现有产品结构，更为未来发展提供了清晰路径，展现出技术领先与商业 落地的双重优势。此外，公司稳步推进海外布局，以科技创新驱动高端化，成熟产品线通过CE、UL等 国际认证，远销欧美、东南亚等地区，关键技术达国际领先水平，助力业务持续增长。考虑雷赛智能运 动控制领域核心技术优势明显，多元化布局拉动海外收入增长，首次覆盖，给予"买入"投资评级。 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Dongcai Technology, Seres, and Gree Electric, showing target price increases of 51.97%, 37.62%, and 36.96% respectively [1][3] - On September 25, a total of 12 target price adjustments were made by brokerages, with the highest target price set at 32.43 yuan for Dongcai Technology [1][3] - A total of 35 listed companies received brokerage recommendations on September 25, including Sanyuan Shares, Anhui Weaving High-tech, and Yixin Pharmacy [1][3] Group 2 - On the same date, two companies had their ratings upgraded, with Renfu Pharmaceutical's rating raised from "Hold" to "Buy" by Shouchuang Securities, and Sanhuan Group's rating upgraded from "Hold" to "Buy" by Huazheng Securities [4][6] - A total of 10 companies received initial coverage from brokerages, with Frontier Biotech receiving a "Buy" rating from Kaiyuan Securities and Jiete Biotech also receiving a "Buy" rating from Xinda Securities [4][7] - Other companies receiving initial coverage include Bowei Alloy with a rating of "Hold" and Leisai Intelligent with a "Buy" rating, indicating a diverse range of sectors being covered [4][7]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The automation industry is experiencing structural opportunities driven by intelligentization and domestic substitution, with the market expected to reach 300 billion yuan by 2024 [4]. - The company has established a strong technological moat with 1,441 independent intellectual property rights, including 541 valid patents, and is focusing on key technology breakthroughs [5]. - The company's revenue forecast for 2025-2027 is projected at 18.64 billion, 21.90 billion, and 25.29 billion yuan respectively, with corresponding EPS of 0.81, 0.98, and 1.17 yuan [8]. Summary by Sections Industry Overview - The automation sector is undergoing a transformation towards intelligent, high-precision, and green technologies, with industrial automation and robotics as core growth drivers [4]. - The market for humanoid robots is expected to grow significantly, from 2.76 billion yuan in 2024 to 30 billion yuan by 2035, indicating a substantial compound annual growth rate [4]. Company Positioning - The company is a leader in motion control, leveraging its dual qualifications as a national high-tech enterprise and a specialized "little giant" to build a robust technological barrier [5]. - The company’s revenue from stepper systems is 606 million yuan, while servo systems generate 709 million yuan, showcasing its competitive edge in the market [5]. Strategic Initiatives - The company employs a "three-line collaboration" strategy, integrating regional, industry, and product lines to enhance its market position and expand its distribution network [6][7]. - The company is also advancing its international presence, with products certified for international markets, contributing to sustained business growth [7]. Financial Projections - The company anticipates a revenue growth rate of 11.9% in 2024, with net profit growth projected at 44.7% [10]. - Key financial metrics indicate a steady increase in return on equity (ROE), expected to rise from 13.3% in 2024 to 16.5% by 2027 [10].

9月18日，雷赛智能大宗交易成交10万股，成交额481.1万元，占当日总成交额的0.37%，成交价48.11 元，较市场收盘价51.53元折价6.64%。 | 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-09-18 | 002979 | 雷赛智能 | 48.11 | 10.00 | 481.10 | 招商证券股份有限 | 中信建投证券股份 | | | | | | | | 公司深圳新湖路壹 | 有限公司深圳深南 | | | | | | | | 方中心证券营业部 | 中路证券营业部 | ...

看好机器人行情，基本面更新和核心标的解析 20250917 摘要 机器人板块虽有上涨，但相较科创 50 和创业板指数仍滞涨，反映高切 低需求，符合 AI 产业链从上游向下游扩散规律，智能车、机器人等下游 应用领域显著增长。 特斯拉 9 月初释放积极信号，包括万亿美元薪酬目标和百万机器人交付 计划，马斯克增持股票，凝聚市场共识，推动机器人板块见底反弹，标 志性事件提振市场信心。 全球范围内，Figure、OpenAI 等公司在硬件层面有所突破，宇树智元 完成复杂动作，产业链扩张和硬件结构改型进入定型阶段，应用端落地 加速，供应链量产和扩张可期。 军胜电子作为特斯拉机器人链中新增且高价值量部件供应商，竞争较少， 成为本轮龙头。拓普、三花、星泉等公司在各自细分领域具备较强竞争 力。 东睦股份凭借粉末冶金技术降低机器人成本，轴向磁通电机具备轻量化、 高扭矩密度等优势，市场占有率高，客户群体广泛，财务表现强劲，估 值较低。 Q&A 为什么近期机器人板块出现了显著的涨幅？这一轮涨幅的持续性如何？ 近期机器人板块的显著涨幅主要有几个原因。首先，从今年一季度开始，机器 人板块经历了一波较为凌厉的涨幅，但在二季度横盘调整了一个 ...

Group 1 - The robotics sector is experiencing significant activity, with the robotics ETF (159770) rising by 1.61% and achieving a trading volume exceeding 270 million yuan, marking it as the top performer in the Shenzhen market [1] - As of September 16, the latest circulating shares of the robotics ETF (159770) reached 7.554 billion, with a total market size of 8.442 billion yuan, setting a historical high and leading in the Shenzhen market [1] - Fourier Intelligence announced the pre-sale of its humanoid robot "Carebot" GR-3, which integrates 31 sensors for auditory, visual, and tactile interaction, set to officially launch in October [1] Group 2 - Shenzhen Huizhi IoT and Zhifang have formed a strategic partnership to deploy over 1,000 embodied intelligent robots in Huike's global production base over the next three years, with an order value close to 500 million yuan [2] - According to Wanlian Securities, China's industrial robot production is projected to reach 63,700 units by July 2025, a year-on-year increase of 24%, while service robot production is expected to reach 1,489,900 units, growing by 12.8% [2] - The Chinese robotics industry is anticipated to continue its growth trajectory, driven by recovering domestic and international demand, ongoing policy support, and improved product performance [2] Group 3 - Tianhong's CSI Robotics ETF (159770) tracks the CSI Robotics Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robotics-related sectors [3] - The ETF covers key areas of the robotics industry chain, including core components, algorithm control modules, and motor battery modules [3] - Shanghai Securities highlights the imminent mass production of Optimus V3 and the deployment of the Miro robot in Midea's smart factory, indicating accelerated development in the humanoid robotics sector [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance in 2025 met expectations, with revenue and profit showing both year-on-year and quarter-on-quarter growth. The company capitalized on structural opportunities in emerging industries to offset declines in the photovoltaic sector while maintaining its position as the No. 2 player in the domestic servo system market. Overall profitability remains robust [2][11]. - The company has made significant progress in its humanoid robot core components, including joint modules, frameless torque motors, hollow cup motors, and dexterous hands. Most clients have achieved progress, and several large commercial orders have been secured, leading to substantial revenue growth. The company plans to initiate trial production and small-scale manufacturing of 15 new dexterous hand products in Q3 2025 [2][11]. Financial Performance - In H1 2025, the company achieved revenue of 891 million, a year-on-year increase of 8.28%. The net profit attributable to the parent company was 119 million, up 2.22% year-on-year. For Q2 2025, revenue reached 501 million, a year-on-year increase of 13.40%, with net profit of 63 million, up 2.19% year-on-year [6][11]. - The company's gross margin slightly improved to 38.78%, with a year-on-year increase of 0.67 percentage points. The sales net profit margin was 13.94%, down 0.42 percentage points year-on-year [11]. Business Segments - The company continues to deepen its customer needs in traditional advantageous industries while capturing structural opportunities in emerging sectors. The revenue growth rates for various segments in H1 2025 were 19.3% for servo systems, -4.1% for stepper systems, and 11.3% for programmable logic controllers [11]. - The control technology segment has seen significant growth, with PLC product revenue increasing by 44.09% year-on-year [11]. Future Outlook - The company is optimistic about the development of its humanoid robot business and plans to continue its innovation-driven strategy, focusing on high-end servo product research and solutions in cutting-edge fields. The projected net profits for 2025 and 2026 are 257 million and 317 million, respectively, with corresponding PE ratios of 60x and 48x [11].

Core Viewpoint - The stock of Leisai Intelligent has shown significant growth this year, with a year-to-date increase of 61.68%, indicating strong market interest and performance in the automation equipment sector [2]. Group 1: Stock Performance - As of September 15, Leisai Intelligent's stock price increased by 2.03%, reaching 49.27 CNY per share, with a trading volume of 1.86 billion CNY and a market capitalization of 154.78 billion CNY [1]. - The stock has experienced a 4.19% increase over the last five trading days, a 3.51% increase over the last 20 days, and an 18.04% increase over the last 60 days [2]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 14, where it recorded a net purchase of 85.09 million CNY [2]. Group 2: Financial Performance - For the first half of 2025, Leisai Intelligent reported a revenue of 891 million CNY, reflecting a year-on-year growth of 8.28%, and a net profit attributable to shareholders of 119 million CNY, which is a 2.22% increase year-on-year [3]. - Since its A-share listing, the company has distributed a total of 535 million CNY in dividends, with 226 million CNY distributed over the past three years [4]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Leisai Intelligent was 42,800, a decrease of 2.85% from the previous period, with an average of 5,101 circulating shares per person, an increase of 3.21% [3]. - The top ten circulating shareholders include notable institutional investors, with significant increases in holdings from several funds, indicating growing institutional interest [5].

Group 1 - Shanghai Xianji Semiconductor Technology Co., Ltd. has completed a B+ round of financing, with the amount undisclosed [1][2] - Investors in this round include Rease Intelligent, China Mobile Innovation, Pudong Venture Capital Group, Zhangjiang Science Investment, Zhang Kefei Kun, and Yuanhe Holdings [1][2] - Xianji Semiconductor focuses on developing high-performance embedded solutions, covering microcontrollers, microprocessors, and supporting peripheral chips, along with development tools and ecosystems [2] Group 2 - The company aims to collaborate with several world-renowned wafer foundries, packaging and testing factories, and other strategic partners to advance technological innovation in the semiconductor fields such as IoT, industrial automation, and consumer electronics [2]

（原标题：今日看点｜国新办将举行介绍"十四五"时期财政改革发展成效新闻发布会） 9月12日重点关注的财经要闻与资本市场大事： 1、国新办将举行介绍"十四五"时期财政改革发展成效新闻发布会 9月12日，国新办将举行两场新闻发布会。上午10时，中央政法委秘书长訚柏，全国人大常委会法工委主任沈春耀，最高人民法院副院长、二级大 法官贺小荣，最高人民检察院副检察长、二级大检察官张雪樵，公安部副部长杨维林，司法部副部长吴言军介绍"十四五"时期坚定不移走中国特 色社会主义法治道路有关情况，并答记者问。 下午3时，财政部部长蓝佛安介绍"十四五"时期财政改革发展成效，并答记者问。 2、2025中国文化旅游产业博览会将举行 9月12日至14日，2025中国文化旅游产业博览会将在武汉国际博览中心举办。本届博览会以"深化文旅融合 畅享美好生活"为主题，展览面积10万 平方米，融合"展、演、销、游"四大功能，同期还将举办多场洽谈交易活动。 3、3.08亿元市值限售股今日解禁 9月12日，共有7家公司限售股解禁，合计解禁量为464.78万股，按最新收盘价计算，合计解禁市值为3.08亿元。 从解禁量来看，雷赛智能、永杰新材、通合科技解禁量 ...