转自：新华财经 新华财经上海5月12日电 上周公募机构调研持续保持活跃态势。据公募排排网数据显示，上周（2025年 5月5日-5月11日）共有146家公募机构参与到A股公司调研，调研标的覆盖到24个申万一级行业中的156 只个股，合计调研频次达1198次，依旧维持了单周调研超千次的强劲势头。 | | | 上周公募调研次数前十个股 | | | --- | --- | --- | --- | | A 股间称 | 所属申万一级行业 | 周度涨跌幅(%) | 被调研次数(次) | | 雷寒智能 | 机械设备 | 3.41 | 54 | | 百济神州 | 矢药生物 | -6. 76 | 49 | | 怡和嘉业 | 医药生物 | 10.70 | 44 | | 德明利 | 电子 | -3.14 | 37 | | 祥鑫科技 | 汽车 | 5.32 | 36 | | 澳华内镜 | 医药生物 | 4. 30 | 35 | | 稳健医疗 | 美容护理 | -1. 47 | 35 | | 宏华数科 | 机械设备 | 8.77 | 33 | | 兴业银锡 | 有色金属 | -1.73 | 31 | | 周大生 | 纺织服饰 | 0. ...

机构简介： 上海健顺投资管理公司成立于2006年4月，是由北京大学校友合作发起的，致力于资本市场投资管理及 咨询服务的专业投资管理公司，公司资产管理投资范围覆盖国内A股和香港股票市场，并专注于为机构 客户和高端私人客户提供专业的财富管理服务。 根据市场公开信息及5月9日披露的机构调研信息，知名私募健顺投资近期对1家上市公司进行了调研， 相关名单如下： 1）雷赛智能 （健顺投资参与公司路演活动&东吴证券策略会） 调研纪要：雷赛智能2024年实现营业收入15.84亿元，同比上升11.93%，归属于上市公司股东净利润 2.005亿元，同比上升44.67%。公司通过'渠道为主，直销为辅，互补共赢'渠道策略，新增引入优秀渠道 合作伙伴超百家，累计引进超200家，建设办事处超30家。公司产品广泛应用于智能制造和智能服务领 域，聚焦'智能装备运动控制'产业方向，制定了坚守'智能制造'主航道+发展'移动机器人'辅航道的战略 规划。2025年经营目标是力争实现营业收入增长20%-30%，净利润实现30%-50%的业绩增长。公司业务 聚焦运动控制的两大核心市场，通用自动化市场和人形机器人市场，未来成长空间巨大。公司定位为核 心零 ...

| 投资者关系活动 | 公司高管与投资者交流主要内容： | | --- | --- | | 主要内容介绍 | | | | Q1:公司目前盈利水平如何？ | | | A:您好，2024年，在关税贸易战等局势复杂、技术变革加 | | | 速的背景下，行业竞争和市场内卷不断加剧，公司所处的OEM | | | 自动化行业有效需求不足，市场规模同比下降5%。 | | | 光伏、锂电行业需求的大幅下滑对公司业务增长也产生了 | | | 较大的不利影响，公司通过深耕传统优势的3C、电子制造、半 | | | 导体设备、特种机床等行业，拓展包装行业及优质渠道网络 | | | 等，在弥补光伏、锂电行业销售收入下滑的缺口的同时实现业 | | | 务稳步增长，业绩完成情况稍不及预期，2024年实现营业收入 | | | 15.84亿元，同比上升11.93%。 | | | 公司落地多项降本增效措施，减少前期管理变革成本等， | | | 取得较好的效果，成本费用增速低于销售收入增速；2024年实 | | | 现归属于上市公司股东净利润2.005亿元，同比上升44.67%， | | | 扣非归母净利润1.961亿元，同比上升57.61%。谢 ...

证券代码：002979 证券简称：雷赛智能 公告编号：2025-027 深圳市雷赛智能控制股份有限公司 关于召开 2024 年年度股东大会的提示性公告 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"）定于 2025 年 5 月 15 日（星期四）下午 14 时 30 分召开公司 2024 年年度股东大会，本次股东大会 通知已于 2025 年 4 月 25 日在《证券时报》《证券日报》《中国证券报》《上海 证券报》以及巨潮资讯网上刊登了《关于召开 2024 年年度股东大会的通知》（公 告编号：2025-024）。本次股东大会采用现场和网络投票相结合的方式召开，根 据相关规定，现将本次股东大会的相关事项提示如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会。 2、股东大会的召集人：公司第五届董事会。 3、会议召开的合法、合规性：本次股东大会会议的召开符合《公司法》《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 ...

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 ...

点评： 2025Q1 业绩延续同增趋势，盈利能力提升。2024 年公司实现营收为15.84亿元，同比+11.93%；归母净 利润为2.00 亿元，同比+44.67%。毛利率为38.45%，同比+0.20pct；净利率为13.22%，同比+3.42pct。 2024Q4 实现营收为4.29 亿元，同比+18.68%，环比+29.25%。归母净利润为0.56 亿元，同比+21.37%， 环比+101.21%。毛利率为37.93%，分别同环比-3.06pct、-2.02pct；净利率为14.44%，分别同环比 +1.90pct、+5.63pct。 2025Q1 实现营收为3.90 亿元，同比+2.36%，环比-9.00%；归母净利润为0.56 亿元，同比+2.25%，环 比-0.65%。毛利率为38.36%，分别同环比+1.44pct、+0.43pct，净利率为14.57%，分别同环比+0.20pct、 +0.13pct。 PLC 产品营收高增，步进业务市占率提升。公司持续加大对伺服、PLC 等产品研发投入，提升核心竞 争力。2024 年、2025Q1 公司研发费用分别为1.95 亿元、0.48 亿元，费用率分别为 ...

机械设备行业 买入（维持） 2025Q1 盈利能力提升，PLC 产品营收高增 雷赛智能（002979）2024 年报及 2025 年一季报点评 2025 年 4 月 30 日 投资要点： 事件：雷赛智能发布2024年报及2025年一季报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn | 主要数据 2025 年 | 4 月 | 29 | 日 | | --- | --- | --- | --- | | 收盘价(元) | | 46.49 | | | 总市值（亿元） | | 143.02 | | | 总股本(亿股) | 3.08 | | | | 流通股本(亿股) | 2.18 | | | | ROE（TTM） | | 13.04% | | | 12 月最高价(元) | | 57.40 | | | 12 月最低价(元) | | 17.34 | | 公 司 ...

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].