Investment Rating - The report maintains a "Positive" investment rating for the humanoid robotics industry [2]. Core Insights - The humanoid robotics industry is rapidly advancing, yet it still faces application pain points. The focus is on the integration of visual, motion control, and hand-eye coordination as critical sub-architectures for development [7][9]. - The domestic humanoid robotics development is expected to exceed expectations due to supportive policies and active participation from component manufacturers in global supply chains [29][33]. Summary by Sections Industry Progress and Challenges - The humanoid robotics industry is progressing quickly, with significant advancements in product forms and diversity. However, there are still application pain points that need to be addressed [9][34]. - Tesla's Optimus hardware design has set a benchmark, with expectations of a global market demand of over 100 million units [11][13]. Policy and Innovation Centers - High-level policies and the establishment of innovation centers are crucial catalysts for the development of humanoid robotics in China. The government is actively promoting industrialization through various initiatives [21][23]. - Multiple innovation centers have been established across China, focusing on key technologies and fostering collaboration between government, industry, and academia [22][23]. Component Supply Chain - The supply chain for humanoid robotics components is diversifying, with more manufacturers entering the market. Core components like servo motors and harmonic reducers are becoming standardized industrial products [26][34]. - Domestic manufacturers are increasingly involved in the supply chains of international players like Tesla and Figure AI, enhancing the competitive edge of local firms [33][34]. Functional Development and Bottlenecks - The current capabilities of humanoid robots are limited by functional bottlenecks, particularly in achieving generalized capabilities across various applications. The integration of visual systems and motion control is essential for overcoming these challenges [45][49]. - The report emphasizes the importance of developing functional components, as the capabilities of humanoid robots are closely tied to the performance of their "brain" and "body" systems [60][61]. Visual Systems and Hand-Eye Coordination - The humanoid robots require advanced visual systems to achieve perception and measurement functions, which are critical for tasks like navigation and interaction [64][67]. - The integration of visual and motion control systems is highlighted as a key area for development, enabling robots to perform complex tasks in dynamic environments [90].

证券代码：002979 证券简称：雷赛智能 公告编号：2025-026 截至 2025 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价方式回 购公司股份 1,696,800 股，占公司总股本比例的 0.55%，最高成交价为 17.14 元 /股，最低成交价为 16.82 元/股，支付的总金额为 28,799,972.65 元（不含交易 费用）,回购均价 16.97 元/股。 本次回购股份资金来源为公司自有资金，回购价格未超过回购方案中拟定的 人民币 25.00 元/股（含），本次回购符合相关法律法规的要求，符合既定的回 购股份方案。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时段符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份（2023 年修订）》第十七条、第十八条的相关规定。具体如下： 深圳市雷赛智能控制股份有限公司 关于回购公司股份的进展公告 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"）于 2024 年 2 月 2 日召开第五届董事会第 ...

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

Industry Overview - The general motion control (GMC) industry in China is experiencing a significant transformation towards high-end and intelligent manufacturing, leading to increased demand for motion control technology [1][13] - The market size of the general motion control industry in China is projected to reach 28.233 billion yuan in 2024, representing a year-on-year growth of 11.76% [1][13] - High-performance, multi-axis synchronous, and intelligent motion control systems are becoming mainstream, aligning closely with the core needs of manufacturing upgrades [1][13] Industry Development History - The development of the general motion control industry in China has gone through five stages, starting from the introduction of automation technology in the late 20th century to the current phase of deep integration with emerging technologies like AI and IoT [4][5][6] - The initial stage (1990s to 2001) saw reliance on imported technology, while the period from 2001 to 2005 marked the emergence of domestic brands like GSK Technology, which broke foreign monopolies [4][5] - The rapid development phase (2005 to 2014) was characterized by increased R&D investment and improvements in product performance, allowing domestic companies to enter mid-to-high-end markets [5][6] Industry Chain - The upstream of the general motion control industry includes raw materials, core components, and production equipment, while the midstream focuses on manufacturing motion control products [8][9] - The downstream consists of industries such as industrial robots, machine tools, semiconductors, and packaging machinery, which are the primary customers for motion controllers [8][9] Market Size - The demand for general motion control technology is significantly driven by the acceleration of China's manufacturing sector towards high-end and intelligent solutions [1][13] - The integration of new sensors, actuators, and control chips enhances control precision and response efficiency, facilitating the transition from traditional dedicated controllers to open and reconfigurable controllers [1][13] Key Companies' Performance - The market is currently characterized by a "three-legged" competition among domestic and foreign brands, with companies like Inovance Technology and GSK Technology making significant strides in the mid-to-high-end market [15][20] - GSK Technology reported a revenue of 251 million yuan in 2023 for its core control components, while Inovance Technology achieved a market share of 28% in the servo system market by 2024 [15][20] Industry Development Trends - The future of the general motion control industry in China is expected to focus on high performance, multi-axis synchronization, and intelligent adaptive control, driven by the push for smart manufacturing and Industry 4.0 [22] - The application of motion control technology is expanding beyond traditional sectors to include new energy vehicles, medical devices, and smart home technologies [23][24] - Domestic brands are projected to capture over 70% of the market share, with an accelerated pace of domestic substitution and intensified competition against foreign brands [25]

Group 1 - The company reported a revenue of 1.584 billion yuan in 2024, an increase of 11.93% year-on-year, and a net profit of 200 million yuan, up 44.67% year-on-year [1] - In Q4 2024, the company achieved a revenue of 429 million yuan, representing an 18.68% year-on-year growth and a 29.25% quarter-on-quarter increase [1] - For Q1 2025, the company recorded a revenue of 390 million yuan, a 2.36% year-on-year increase but a 9.00% decrease quarter-on-quarter [1] Group 2 - The company increased its R&D investment in servo and PLC products, with R&D expenses of 195 million yuan in 2024 and 48 million yuan in Q1 2025, representing 12.30% and 12.40% of revenue respectively [2] - The servo system business generated a revenue of 709 million yuan in 2024, growing by 11.37% year-on-year, while the stepper system business revenue was 606 million yuan, up 3.01% year-on-year [2] - The control technology business saw a revenue of 252 million yuan, a significant increase of 46.68% year-on-year, with PLC product revenue soaring by 88.16% [2] Group 3 - The company has been focusing on the robotics industry since 2018, successfully developing key products such as high-density frameless torque motors and servo drives by the end of 2023 [3] - In March 2025, the company launched the DH series dexterous hand solutions, which include models with 11, 20, and 24 degrees of freedom, applicable in industrial, commercial, and home scenarios [3] - The company maintains a "buy" rating, with projected EPS for 2025, 2026, and 2027 at 0.86 yuan, 1.06 yuan, and 1.30 yuan, corresponding to PE ratios of 52x, 42x, and 35x respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company has shown an increase in profitability with a significant rise in PLC product revenue [6]. - The company continues to invest in R&D, enhancing its core competitiveness, particularly in servo and PLC products [6]. - The company is focusing on the robotics sector, particularly dexterous hand solutions, which are expected to drive growth [6]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.86, 1.06, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 52, 42, and 35 [6][7]. Financial Performance Summary - In 2024, the company achieved revenue of 1.584 billion yuan, a year-on-year increase of 11.93%, and a net profit of 200 million yuan, up 44.67% [6][7]. - For Q1 2025, the company reported revenue of 390 million yuan, a year-on-year increase of 2.36%, and a net profit of 56 million yuan, up 2.25% [6]. - The gross margin for 2024 was 38.45%, and the net margin was 13.22% [6]. Business Segment Performance - The servo system business generated revenue of 709 million yuan in 2024, growing by 11.37% year-on-year [6]. - The PLC product revenue saw a remarkable increase of 88.16% year-on-year [6]. - The company has successfully developed a range of core products in the robotics sector, including high-density motors and servo systems [6].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Insights - The company is a leading enterprise in the field of intelligent motion control, benefiting significantly from the development of humanoid robots [3]. - Revenue for 2024 is projected to be 1.584 billion yuan, representing a year-on-year growth of 11.93%, while net profit attributable to the parent company is expected to reach 200 million yuan, a 44.67% increase [1][4]. - The company has a strong focus on the intelligent manufacturing sector, with rapid growth in control technology-related revenues [2]. Financial Performance - In 2024, the company achieved a gross margin of 38.27% and a net margin of 12.65%, both showing improvements from the previous year [1]. - The company’s revenue is expected to grow to 1.994 billion yuan in 2025, with a net profit of 269 million yuan, reflecting a growth rate of 25.9% and 34.3% respectively [4][44]. - The company has maintained a stable growth trajectory, with a compound annual growth rate (CAGR) of 19.02% in revenue from 2019 to 2024 [17]. Business Segments - The company’s main business segments include servo systems, stepper systems, control technology, and mobile robots, with significant advancements in each area [10][11]. - In 2024, revenue from servo systems is expected to reach 709 million yuan, a year-on-year increase of 11.37%, while control technology revenue is projected to grow by 46.68% to 252 million yuan [2][41]. - The company has been actively developing products for the mobile robot sector, including high-density frameless torque motors and servo drivers [3][30]. Market Position and Strategy - The company has established a strong market presence in the intelligent manufacturing sector, particularly in the 3C and semiconductor equipment fields [2]. - The strategic focus on humanoid robots and related components positions the company as a key player in the emerging market for humanoid robotics [3][30]. - The company has received recognition for its innovative solutions, including awards for excellence in supply chain management [32]. Valuation - The report estimates a reasonable valuation range for the company between 52.62 and 61.27 yuan, based on projected earnings and market comparisons [54]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 52, 39, and 30 respectively, indicating strong growth potential [54].

Core Viewpoint - The competition between two leading companies in the industrial automation sector, Zhaowei Electromechanical and Raise Intelligent, is intensifying in the humanoid robot market, particularly focusing on the "dexterous hand" technology, which is considered the most valuable part of the upper body of humanoid robots [1][2]. Financial Performance - In 2024, Zhaowei Electromechanical achieved a revenue of 1.525 billion yuan, representing a year-on-year growth of 26.42%, with a net profit of 225 million yuan, up 25.11%. The overall gross margin was 31.43% [1]. - Raise Intelligent reported a revenue of 1.584 billion yuan, with a year-on-year increase of 11.93%, and a net profit of 200 million yuan, which grew by 44.67%. The overall gross margin was 38.27% [1]. R&D Investment - Both companies maintained high levels of R&D investment in 2024, with Zhaowei Electromechanical investing 155 million yuan, accounting for 10.18% of its total revenue, and holding 87 invention patents [1]. - Raise Intelligent invested 195 million yuan in R&D, representing 12.30% of its total revenue, with over 540 patents in its portfolio [1]. Product Differentiation - Zhaowei Electromechanical focuses on high precision and bionic features in its dexterous hand products, utilizing a micro harmonic reducer for 0.05mm positioning accuracy and 17-20 degrees of freedom [2]. - Raise Intelligent emphasizes high load capacity and industrial adaptability, with its DH116 dexterous hand capable of handling loads up to 40kg, targeting logistics and automotive assembly applications [2]. Market Positioning - Zhaowei Electromechanical positions itself as a high-end industrial dexterous hand solution provider, focusing on high freedom, high precision, and human-like products [2]. - Raise Intelligent positions itself as a supplier of core components and modular solutions for robots, targeting the mid-to-low-end market [2]. Supply Chain Strategy - Zhaowei Electromechanical adopts a "vertical integration" strategy, emphasizing the combination of AI algorithms with hand movement control [3]. - Raise Intelligent focuses on "core component breakthroughs," expanding its distribution network and increasing the proportion of its distribution partners [3]. Subsidiary Development - In 2024, both companies established subsidiaries to enter the robotics sector, with Raise Intelligent creating two subsidiaries focused on high-density motors and dexterous hand solutions [3]. - Zhaowei Electromechanical established a subsidiary in the U.S. and previously set up one in Germany [3]. Globalization Efforts - Zhaowei Electromechanical has a faster global expansion, with 14% of its revenue coming from international markets in 2024, growing at 35.15% [4]. - Raise Intelligent's international revenue accounted for only 4% of its total revenue in 2024 [4]. Competitive Outlook - Zhaowei Electromechanical is expected to leverage technological innovation and industrial-grade performance to gain an advantage in the high-end market [5]. - Raise Intelligent's modular solutions and cost control capabilities may provide a competitive edge in the mid-to-low-end market [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is a leading player in the motion control field, with rapid iterations of its dexterous hand solutions [1]. - The company reported a revenue of 1.584 billion yuan for 2024, representing a year-on-year growth of 12%, and a net profit of 200 million yuan, up 45% year-on-year [3]. - The servo system business has shown significant growth, with sales revenue reaching 709 million yuan in 2024, a 33% increase compared to the previous year [3]. - The company is focusing on dexterous hand solutions in line with the trend of humanoid robots, establishing subsidiaries to enhance its product offerings [3]. - Profit forecasts indicate that the company's net profit is expected to grow to 268 million yuan in 2025, 345 million yuan in 2026, and 438 million yuan in 2027, with respective growth rates of 34%, 29%, and 27% [3]. Financial Summary - Total revenue is projected to increase from 1.415 billion yuan in 2023 to 2.476 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [2]. - The company's gross profit margin is expected to remain stable, with slight fluctuations from 38.3% in 2023 to 37.9% in 2027 [2]. - The return on equity (ROE) is forecasted to improve from 10.5% in 2023 to 22.9% in 2027, indicating enhanced profitability [2]. - Earnings per share (EPS) are projected to rise from 0.45 yuan in 2023 to 1.42 yuan in 2027, reflecting strong earnings growth [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is a leading player in the motion control field, with rapid iterations of its dexterous hand solutions [1]. - In 2024, the company achieved a revenue of 1.584 billion yuan, a year-on-year increase of 12%, and a net profit attributable to the parent company of 200 million yuan, up 45% year-on-year [3]. - The servo system business continues to break through, with sales revenue of 709 million yuan in 2024, representing a 33% year-on-year growth [3]. - The company is focusing on dexterous hand solutions in line with the trend of humanoid robots, establishing subsidiaries to enhance its product offerings [3]. - Profit forecasts indicate net profits of 268 million yuan, 345 million yuan, and 438 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34%, 29%, and 27% [3]. Financial Summary - Total revenue is projected to grow from 1.415 billion yuan in 2023 to 2.476 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [2]. - The net profit attributable to the parent company is expected to increase from 139 million yuan in 2023 to 438 million yuan in 2027, reflecting a significant recovery and growth trajectory [2]. - The gross margin is expected to remain stable around 37.3% to 38.4% over the forecast period [2]. - The company's return on equity (ROE) is projected to rise from 10.5% in 2023 to 22.9% in 2027, indicating improved profitability [2]. - The earnings per share (EPS) is forecasted to grow from 0.45 yuan in 2023 to 1.42 yuan in 2027 [2].