证券代码：002979 证券简称：雷赛智能 公告编号：2025-054 深圳市雷赛智能控制股份有限公司 第五届监事会第十六次会议决议公告 本公司及监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"）第五届监事会第十 六次会议于 2025 年 9 月 2 日在公司会议室召开，本次会议通知于 2025 年 8 月 22 日以书面、电话沟通等形式发出。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席杨立望先生主持，公司全体监事出席了会议，符合国家有 关法律、法规及公司章程的规定。经全体监事一致同意，形成决议如下： 一、审议通过了《关于调整 2022 年限制性股票激励计划回购价格、2022 年 股票期权激励计划行权价格的议案》 经审核，监事会认为：公司本次对 2022 年限制性股票激励计划回购价格、 2022 年股票期权激励计划行权价格调整符合《上市公司股权激励管理办法》等 相关法律法规的规定以及公司《2022 年限制性股票激励计划（草案修订稿）》 《2022 年股票期权激励计划（草案修订稿）》的相关规定，不存在 ...

证券代码：002979 证券简称：雷赛智能 公告编号：2025-055 深圳市雷赛智能控制股份有限公司 第五届董事会第二十一次会议决议公告 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。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2025 年 9 月 2 日在公司会议室以现场方式召开第五届董事会第二十一次会议。本次会议通知于 2025 年 8 月 22 日以书面、电话沟通等形式发出。会议应到董事 7 人，实到 7 人。 会议由董事长李卫平先生主持，监事会成员及有关高级管理人员列席了会议。会 议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。经全体董 事一致同意，形成决议如下： 一、审议通过了《关于调整 2022 年限制性股票激励计划回购价格、2022 年 股票期权激励计划行权价格的议案》 鉴于公司 2024 年年度权益分派方案已实施完毕，根据《上市公司股权激励 管理办法》以及公司《2022 年限制性股票激励计划（草案修订稿）》及《2022 年股票期权激励计划（草案修订稿）》的相关规定，董事会拟对 2022 年股票期 权激励计划的行权价格 ...

Market Overview - The automation equipment sector experienced a decline of 0.9% on September 2, with Sytack leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Kaidi Co., Ltd. (605288) with a closing price of 95.48, up 10.00% and a trading volume of 52,100 shares [1] - Bojie Co., Ltd. (002975) also rose by 10.00% to close at 58.08 with a trading volume of 20,100 shares [1] - Efort Intelligent Equipment Co., Ltd. (688165) increased by 8.93% to 27.93 with a trading volume of 527,900 shares [1] - Conversely, Sytack (301568) saw a significant decline of 8.27%, closing at 48.39 with a trading volume of 103,700 shares [2] - Other notable decliners included: - Jiejin Technology (688025) down 7.97% to 134.83 [2] - Zhihua Laser (300747) down 7.41% to 31.36 [2] Capital Flow - The automation equipment sector saw a net outflow of 1.957 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.172 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite institutional selling [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - TuoSiDa (300607) with a net inflow of 164 million yuan from institutional investors [3] - Green Harmonic (688017) had a net inflow of 119 million yuan [3] - Efort (688165) experienced a net inflow of 82 million yuan [3] - In contrast, Sytack (301568) faced a net outflow of 540 million yuan from institutional investors [3]

Market Performance - The A-share market showed strong performance in August, with the Shanghai Composite Index surpassing 3800 points and achieving a monthly increase of 7.97% [1] - The Shenzhen Component Index rose by 15.32%, while the ChiNext Index led the market with a remarkable increase of 24.13% [1] Investment Recommendations - Multiple brokerages released monthly investment portfolio suggestions covering various sectors such as consumption, technology, and finance [1] - ZTE Corporation received unanimous recommendations from three brokerages, highlighting its strong performance [1] - Other favored stocks include Kingsoft Office, New Yisheng, Jingchen Technology, and Leisai Intelligent, each receiving recommendations from two brokerages [1][2] Sector Focus - Brokerages believe the A-share market is likely to continue its upward trend, focusing on technology, cyclical sectors, and "anti-involution" manufacturing [4] - Shenwan Hongyuan noted a bullish market atmosphere with limited correction, suggesting investors pay attention to breakthroughs in the domestic technology chain and trends in advanced manufacturing [4] - Zhongyuan Securities observed a market style favoring small-cap stocks and growth over value, anticipating increased risk appetite due to a higher probability of interest rate cuts by the Federal Reserve [4] Specific Stock Highlights - New Yisheng achieved an impressive increase of over 88% in August, with its latest closing price reaching 356.2 yuan, boosting investor confidence [3] - Other stocks recommended multiple times include ZTE Corporation, Kingsoft Office, and Jingchen Technology, indicating strong market interest [2][3]

Group 1 - The A-share market is expected to continue its upward trend, with a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][6] - In August, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged by 24.13% [1] - Multiple brokerages have released their investment portfolios for September, covering various sectors including consumption, technology, and finance [1] Group 2 - The most frequently recommended stocks include ZTE Corporation, which received recommendations from three brokerages, while Kingsoft Office, New Yisheng, Crystal Morning, and Race Intelligent received two recommendations each [4] - ZTE Corporation's stock price increased by 32.52% in August, closing at 45.44 yuan, with a market capitalization of 207.15 billion yuan [5] - New Yisheng had the highest increase in August, with a rise of over 88%, closing at 356.2 yuan [4][5] Group 3 - Brokerages suggest focusing on technology and advanced manufacturing as key growth areas, with high-tech manufacturing maintaining strong profitability [7] - The "anti-involution" policy is expected to promote high-quality industrial development, with a focus on sectors like electric equipment and basic chemicals [8] - Domestic demand policies are anticipated to create opportunities in industries such as machinery, home appliances, automobiles, and consumer electronics [8]

Group 1 - The report highlights a shift in the macro narrative affecting the A-share market, driven by internal policies aimed at demand stimulation and external factors such as a weakening dollar [5][6]. - The report identifies a rotation in investment focus from TMT and manufacturing sectors to other areas, suggesting a potential shift in market dynamics [5][6]. - The report emphasizes the importance of high-low switching strategies in the technology sector, recommending stocks like Kunlun Wanwei, Leisai Intelligent, and Jingchen Co. for investment [5][10][14]. Group 2 - Kunlun Wanwei is focusing on AI business development, with significant advancements in AI chip research and application, leading to a positive outlook for its commercialization potential [10][11]. - Leisai Intelligent is expanding its market share in the automation sector, leveraging its strong product matrix and partnerships to capture growth opportunities [14][15]. - Jingchen Co. is experiencing robust growth in its AIoT and WiFi chip segments, with significant sales increases and a strong customer base [19][20]. Group 3 - Conch Cement is positioned to benefit from supply-side reforms and industry policy improvements, which are expected to enhance profitability and market conditions [24][25]. - Luzhou Laojiao is implementing proactive marketing strategies to adapt to market cycles, aiming to capture demand in emerging consumer segments [30][31]. - Jerry Holdings is poised for recovery as it capitalizes on the resurgence of high-end liquor demand and maintains a strong digital marketing framework [34][35]. Group 4 - New Hope Liuhe is leveraging its integrated supply chain advantages in the fine chemical sector, focusing on vitamin and amino acid production to enhance competitiveness [39][40]. - Xinhecheng is expected to benefit from rising prices in the vitamin market and increased demand for its amino acid products, supported by its strong production capabilities [39][41]. - Newnovel is projected to see significant revenue growth driven by its innovative drug pipeline, particularly in the oncology sector [43][44]. Group 5 - The report anticipates that the financial technology sector, represented by companies like Zhinan Zhen, will continue to grow as it transitions into comprehensive financial service providers [48][49]. - Zhinan Zhen's strategic acquisitions and capital operations are expected to enhance its market position and profitability in the coming years [48][50].

Core Viewpoint - The report by Guojin Securities on Leisai Intelligent highlights stable growth in its main business and the potential for its robotics segment, maintaining a "buy" rating for the company [1]. Financial Performance - In the first half of 2025, Leisai Intelligent achieved revenue of 889 million yuan, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 120 million yuan, up 2.2% year-on-year, with a gross margin of 38.8%, an increase of 0.7 percentage points [2]. - For Q2 2025, the company reported revenue of 500 million yuan, a year-on-year increase of 13.4%, and a net profit of 60 million yuan, also up 2.2% year-on-year, with a gross margin of 39.1%, remaining stable [2]. Operational Analysis - The industrial control main business is showing steady growth, driven by servo and PLC systems. The domestic OEM automation market grew by 2% year-on-year [3]. - Revenue from the servo system reached 430 million yuan in H1 2025, up 19.3% year-on-year, with a gross margin of 27.6% [3]. - Control technology revenue was 140 million yuan, an increase of 11.3% year-on-year, with PLC revenue growing by 44.1% [3]. - The stepping system faced increased competition, resulting in a revenue decline of 4.1% year-on-year to 310 million yuan, but the gross margin improved by 4.1 percentage points to 42.7% [3]. - The company is focusing on human-shaped robots as a second growth curve, with several large clients testing its products and achieving significant commercial orders [3]. Expense and Cash Flow - In H1 2025, the company's sales, management, and R&D expense ratios were 8.4%, 4.7%, and 11.6%, respectively, reflecting increases due to marketing and new equity incentive costs [4]. - The operating cash flow showed significant improvement, with a net amount of 50 million yuan, a year-on-year increase of 115.9% [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 260 million yuan, 330 million yuan, and 400 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30%, 25%, and 23% [5]. - The current price corresponds to a PE ratio of 57, 46, and 37 for the years 2025, 2026, and 2027 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.20 [1][5]. Core Views - The company's revenue for the first half of 2025 reached RMB 891 million, a year-on-year increase of 8.28%, while the net profit attributable to the parent company was RMB 119 million, up 2.22% year-on-year. The second quarter saw revenue of RMB 501 million, reflecting a year-on-year increase of 13.40% and a quarter-on-quarter increase of 28.27% [1]. - The company is expected to achieve steady growth in its main business through application expansion and sales transformation, with the humanoid robot product layout potentially creating a second growth curve [1]. - The servo system segment reported revenue of RMB 427 million, a year-on-year increase of 19.29%, while the PLC segment saw a significant growth of 44.09% year-on-year, indicating a successful expansion into the servo and PLC fields [2]. - The gross margin for the first half of 2025 was 38.78%, with a net margin of 13.94%. The company experienced a significant improvement in cash flow, with operating cash flow reaching RMB 50 million, a year-on-year increase of 115.87% [3]. - The humanoid business is being developed through subsidiaries focusing on core components and solutions, which is expected to drive revenue growth in this segment [4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of RMB 891 million and a net profit of RMB 119 million, with Q2 figures showing a revenue of RMB 501 million and a net profit of RMB 63 million [1]. - The gross margin for the first half was 38.78%, and the net margin was 13.94% [3]. Business Segments - The servo system segment generated RMB 427 million in revenue, up 19.29% year-on-year, while the PLC segment saw a 44.09% increase in revenue [2]. - The humanoid robot business is being developed through various subsidiaries, focusing on core components and solutions [4]. Profitability and Cash Flow - The company achieved a gross margin of 38.78% and a net margin of 13.94% for the first half of 2025, with significant improvements in cash flow [3]. Future Outlook - The company maintains its profit forecast for 2025-2027, expecting net profits of RMB 271 million, RMB 339 million, and RMB 389 million respectively, with corresponding EPS of RMB 0.86, RMB 1.08, and RMB 1.24 [5].

格隆汇8月27日丨雷赛智能(002979.SZ)公布2025年半年度报告，上半年公司实现营业收入8.91亿元，同 比增长8.28%；归属于上市公司股东的净利润1.19亿元，同比增长2.22%；归属于上市公司股东的扣除非 经常性损益的净利润1.16亿元，同比增长1.61%；基本每股收益0.38元。 ...

法定代表人：李卫平 主管会计工作的负责人：游道平 会计机构负责人：颜育新 单位：元 非经营性资金 占用 资金占用方 名称 占用方与上 市公司的关 联关系 上 市 公 司 核 算 的 会 计科目 2025 年期初 占用资金余 额 2025 年 半 年 度 占用累计发生金 额（不含利息） 2025 年半年度 占用资金的利 息（如有） 2025 年半年 度偿还累计 发生金额 2025 年半年 期末占用资 金余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 - - - 前控股股东、实际控 制人及其附属企业 小计 - - - 其他关联方及其附 属企业 小计 - - - 总计 - - - | 其他关联资金 | 资金往来方 | 往来方与上 | 上 市 司 | 公 | 2025 | 年期初 | 2025 年 年 | 半 | 度 | 2025 | 年半年度 | 2025 | 年半年 | 2025 | 年半年 | 往来形 | 往 来 性 质 （经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...