证券研究报告·公司点评报告·自动化设备 雷赛智能（002979） 发布股权激励&员工持股计划彰显业绩增长 信心，机器人业务风正时济 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,415 | 1,584 | 2,071 | 2,599 | 3,236 | | 同比（%） | 5.79 | 11.93 | 30.74 | 25.49 | 24.48 | | 归母净利润（百万元） | 138.57 | 200.47 | 281.52 | 367.58 | 480.28 | | 同比（%） | (37.10) | 44.67 | 40.43 | 30.57 | 30.66 | | EPS-最新摊薄（元/股） | 0.45 | 0.65 | 0.92 | 1.19 | 1.56 | | P/E（现价&最新摊薄） | 112.25 | 77.59 | 55.25 | 42.32 | 32.39 | [Table_Tag ...

Summary of LeiSai Intelligent Conference Call Company Overview - LeiSai Intelligent focuses on the humanoid robot industry, particularly in the field of hand-eye-brain coordination, achieving significant advancements in integrated arm and visual feedback technology, leading among domestic component companies [2][4][6] Key Points Industry and Market Position - The humanoid robot industry is experiencing rapid growth, with significant policy support from the government, aiming to promote the application of humanoid robots [14][16] - LeiSai's servo system has become the largest revenue source, accounting for 45% of total revenue in 2024, with a market share reaching 3.6% and positioned as the second among domestic competitors [3][13] Financial Performance - Despite a challenging macro environment, LeiSai maintained positive revenue growth, with a projected 12% increase in revenue and over 40% increase in profit for 2024 [2][11] - Gross margin is close to 39%, and net margin is 13%, with control technology gross margin stable above 65% [2][11] Research and Development - LeiSai emphasizes R&D, with over one-third of its workforce dedicated to this area and R&D investment exceeding 12%, which is high compared to industry peers [2][7] - The founder has a strong academic background, ensuring technological leadership [7] Employee Incentives - The company has implemented a stock incentive and employee shareholding plan covering 292 employees, enhancing motivation and confidence in company growth [2][8] Product and Technology Development - LeiSai has expanded its product offerings, including high-density frameless motors and drive systems, with plans for further innovations in linear and rotational modules [17][18] - The company is also developing new retail solutions, including a series of dexterous hands with varying degrees of freedom [19] Marketing and Distribution Strategy - The marketing model has shifted from direct sales to a distribution model, increasing the distribution ratio from 2% in 2021 to 48% in 2024 [12] - This strategy aims to enhance sales efficiency and profit margins through a collaborative approach across regional, industry, and product lines [12] Future Directions - LeiSai plans to continue investing in mobile robots and key components, focusing on high-power density frameless motors and micro servo systems [22] - The company aims to leverage its motion control technology to empower the humanoid robot industry and explore new market opportunities [22] Additional Insights - The company has a strong commitment to expanding its capabilities in the humanoid robot sector, with significant investments in technology and product development [14][22] - The competitive landscape includes other players like ZhaoWei and YingShiJunZhu, but LeiSai stands out for providing comprehensive solutions [20]

Investment Rating - The report maintains a "Buy" rating for the company [10][12]. Core Viewpoints - The company is a leading player in both the driver and controller sectors in China, with a strong focus on humanoid robots, which are expected to drive significant growth in the motion control industry [3][7]. - The company has launched new products, including high-power density motors and micro servo drivers, enhancing its capabilities in providing core components for robotic systems [3][9]. - The automation industry is anticipated to experience a cyclical recovery, driven by domestic substitution and emerging demand, which will likely contribute to the company's rapid growth [3][8]. Summary by Sections Company Overview - The company has undergone three entrepreneurial phases since its establishment in 1997, focusing on motion control technology and expanding into general automation and humanoid robotics markets [7][22][25]. - The founder, with a strong technical background, emphasizes R&D, with over 33% of employees in R&D and a research expense ratio exceeding 12% [7][27][28]. Product and Market Strategy - The company has transitioned from a controller-centric approach to a platform-based layout that includes drivers and motors, establishing a comprehensive product range [8][38]. - The company has seen a significant increase in its market share in the servo system sector, with a rise to 3.6% in Q1 2025, ranking second among domestic competitors [8][61]. Financial Performance - The company achieved a revenue of 1.584 billion yuan in 2024, marking an 11.93% year-on-year increase, with a net profit of 200 million yuan, up 44.7% [42][45]. - The gross margin for the control technology segment remains high at over 65%, reflecting the company's strong pricing power and customer loyalty [45]. Marketing and Sales Strategy - The company has shifted its marketing strategy from direct sales to a channel-based approach, increasing the proportion of revenue from distributors from 24.6% in 2021 to 48.3% in 2024 [49][50]. - The company is focusing on expanding its presence in emerging markets and enhancing its product offerings to drive sales growth [49][50]. Future Outlook - The humanoid robot market is expected to grow rapidly, with the company positioned to benefit from this trend through its advanced component solutions [9][65]. - The company forecasts net profits of 263 million, 335 million, and 420 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [10].

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Group 1 - The company has conducted a review of the "2025 Stock Option and Restricted Stock Incentive Plan (Draft)" and confirmed its eligibility to implement the stock incentive plan based on relevant laws and regulations [1][2][3] - The review indicates that the granting arrangements for restricted stocks comply with legal regulations and do not infringe on the interests of the company and all shareholders, pending approval from the shareholders' meeting [2][3] - The assessment indicators for the incentive plan are deemed scientific, reasonable, comprehensive, and operational, ensuring the plan's successful implementation and contributing to the company's sustainable development [2][3] Group 2 - The list of initial incentive recipients includes only formal employees of the company and its subsidiaries, excluding independent directors, supervisors, and shareholders holding more than 5% of the company's shares [3][4] - The review confirms that the incentive recipients meet the qualifications stipulated by the Company Law and Securities Law, ensuring the legality and validity of their selection [3][4] - The board's remuneration and assessment committee will disclose the review opinions and public comments on the incentive recipient list five days before the shareholders' meeting [3]

注：本表排名不分先后。 深圳市雷赛智能控制股份有限公司 深圳市雷赛智能控制股份有限公司 董事会 首次授予激励对象名单 序号 姓名 职务 序号 姓名 职务 一、 激励对象获授的股票期权分配情况 获授的股票期权 占本激励计划授予股 占本激励计划公 告 职务 数量（万份） 票期权总数的比例 日股本总额的比例 中层管理人员、技术骨干人 员、准核心人员等（292 人） 预留部分 49.3 8.22% 0.16% 合计 600 100% 1.95% 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票累计数均未 超过 公司总股本的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超过公司股本总额的 10%。 人及其配偶、父母、子女及外籍员工。 二、 激励对象获授的限制性股票分配情况 占本激励计 获授的第一 占本激励计 划授予第一 类限制性股 划公告日股 序号 姓名 国籍 职务 类限制性股 票数量（万 本总额的比 票总数的比 股） 例 例 董事、副总经 理 董事、财务总 监 （技术/业务）人员（120 人） 610 83.56% 首次授予部分合计 664 90.96% 2.18% 预留部分 ...

公司简称：雷赛智能 股票代码：002979 独立财务顾问：上海荣正企业咨询服务（集团）股份有限公司 是否存在该事项（ 序号 事项 备注 是/否/不适用） 上市公司合规性要求 最近一个会计年度财务会计报告是否未被注册会计师出具 是 最近一个会计年度财务报告内部控制是否未被注册会计师 是 上市后最近36个月内是否未出现过未按法律法规、公司章程 、公开承诺进行利润分配的情形 激励对象合规性要求 是否未包括单独或合计持有上市公司5%以上股份的股东或 实际控制人及其配偶、父母、子女 激励计划合规性要求 上市公司全部在有效期内的股权激励计划所涉及的标的股 票总数累计是否未超过公司股本总额的10% 单一激励对象通过全部在有效期内的股权激励计划累计获 授股票是否未超过公司股本总额的1% 激励对象预留权益比例是否未超过本次股权激励计划拟授 予权益数量的20% 激励对象为董事、高管的，股权激励计划草案是否已列明 其姓名、职务、获授数量 激励对象为董事、高管的，是否设立绩效考核指标作为激 励对象行使权益的条件 股权激励计划的有效期从首次授予权益日起是否未超过10 年 股权激励计划披露完整性要求 是否最近12个月内未被中国证监会及其 ...

Core Viewpoint - Shenzhen Laisai Intelligent Control Co., Ltd. has approved the 2025 Stock Option and Restricted Stock Incentive Plan draft, which is deemed beneficial for the company's sustainable development and does not harm the interests of shareholders [1][2][3] Group 1: Stock Option and Incentive Plans - The Supervisory Board unanimously approved the 2025 Stock Option and Restricted Stock Incentive Plan draft, which complies with relevant laws and regulations [1][2] - The plan will be submitted for shareholder meeting approval, with a voting result of 3 in favor, 0 against, and 0 abstentions [2][3] - The 2025 Stock Option and Restricted Stock Incentive Plan Implementation Assessment Management Measures were also approved, ensuring the plan's smooth execution and aligning interests between shareholders and management [2][3] Group 2: Incentive Object Review - The initial list of incentive objects for the 2025 Stock Option and Restricted Stock Incentive Plan was reviewed, confirming that all are formal employees without any disqualifying conditions [3][4] - The company will publicly disclose the names and positions of the incentive objects for at least 10 days before the shareholder meeting [4] Group 3: Employee Stock Ownership Plan - The Supervisory Board approved the draft of the 2025 Employee Stock Ownership Plan, which aligns with legal requirements and is beneficial for the company's sustainable development [5][6] - The 2025 Employee Stock Ownership Plan Management Measures were also approved, ensuring fair and transparent implementation [5][6]

证券代码：002979 证券简称：雷赛智能 公告编号：2025-032 深圳市雷赛智能控制股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 《证券法》、《上市公司股东大会规则》、《深圳证券交易所股票上市规则》、 《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》等 法律、法规、深圳证券交易所业务规则和《公司章程》等的规定。 （1）现场会议时间： 前 30 分钟到达开会地点，办理签到手续）。 （2）网络投票时间： 通过深圳证券交易所系统进行网络投票的时间为 2025 年 6 月 3 日（星期二） 即上午 9:15 至 9:25、9:30 至 11:30、下午 13:00 至 15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）进行网络 投票的时间为 2025 年 6 月 3 日（星期二）上午 9:15 至下午 15:00 的任意时间。 （1）现场投票：股东本人出席现场会议或者通过授权委托书委托他人出席 现场会议； （2）网络投票：公司 ...

深圳市雷赛智能控制股份有限公司 董事会关于 2025 年员工持股计划（草案）合规性的说明 深圳市雷赛智能控制股份有限公司（以下简称"公司"）2025 年员工持股计划 （草案）（以下简称"本员工持股计划"）依据《中华人民共和国公司法》《中 华人民共和国证券法》《关于上市公司实施员工持股计划试点的指导意见》（以 下简称"《指导意见》"）《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》（以下简称"《上市公司规范运作》"）等法律法规、规范 性文件和《公司章程》制订。 董事会现就本员工持股计划符合《指导意见》等相关规定说明如下： 一、公司不存在《指导意见》《上市公司规范运作》等法律、法规规定的禁 止实施员工持股计划的情形，公司具备实施本员工持股计划的主体资格。 二、本员工持股计划内容符合《指导意见》《上市公司规范运作》等有关法 律、法规及规范性文件的规定，公司推出员工持股计划前，通过职工代表大会充 分征询了员工意见。 三、本员工持股计划关联监事已根据相关规定回避表决，公司审议本员工持 股计划相关议案的决策程序合法、有效，不存在损害公司及全体股东利益的情形。 四、公司监事会对本员工持股计划名单进 ...