Core Viewpoint - The company, Leisai Intelligent (雷赛智能), has announced the establishment of a wholly-owned subsidiary, Dongguan Leisai Robot Technology Co., Ltd., with an investment of 10 million yuan, to serve as the main implementation body for a project aimed at building a regional headquarters and a core component R&D and manufacturing base for humanoid robots in South China, with a total investment of no less than 500 million yuan [1]. Group 1 - The company will invest 10 million yuan to establish a wholly-owned subsidiary in Dongguan, Guangdong Province [1]. - The total investment for the project is set to be no less than 500 million yuan [1]. - The project aims to develop a regional headquarters and a core component R&D and manufacturing base for humanoid robots [1].

Core Insights - The company reported a third-quarter revenue of 409 million yuan, representing a year-on-year growth of 23.21% [1] - The net profit for the third quarter was 41.22 million yuan, showing a year-on-year increase of 47.62% [1] - For the first three quarters, the total revenue reached 1.3 billion yuan, with a year-on-year growth of 12.57% [1] - The net profit for the first three quarters amounted to 160 million yuan, reflecting a year-on-year increase of 11.01% [1]

深圳市雷赛智能控制股份有限公司 2025 年第三季度报告 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 2025 年第三季度报告 证券代码：002979 证券简称：雷赛智能 公告编号：2025-062 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述 或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准 确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | 非流动性资产处置损益（包括已计提资产减 | 8,855.96 | 80,647.43 | | | 值准备的冲销部分） | | | | | 计入当期损益的政府补助（与公 ...

Core Insights - The optical encoder market is experiencing growth due to increased automation and new application scenarios, with global sales expected to reach approximately $13.31 billion in 2024, an increase of $670 million from 2023, and projected to exceed $14 billion in 2025, with a potential to surpass $18 billion in the next five years [1][4][6] Market Overview - The North American optical encoder market holds a significant share at 35.5%, while the Asia-Pacific region, particularly China, has surpassed North America with a market share of 39.1% due to its large manufacturing scale [4][6] - Europe accounts for 20.1% of the market, with Latin America, the Middle East, and Africa holding shares of 2.9%, 2.4%, respectively [4][6] Industry Definition and Classification - Optical encoders are electromechanical devices that convert mechanical position or motion into electrical signals, categorized into incremental and absolute encoders [2][4] Industry Development Status - The optical encoder market is expanding, driven by rising automation rates and new applications, with significant growth expected in the coming years [4][6] - The Chinese CNC machine tool market is projected to reach 432.5 billion yuan in 2024, an increase of 23.5 billion yuan from 2023, and is expected to exceed 450 billion yuan in 2025 [6][7] Industry Chain - The upstream of the optical encoder industry includes components such as light sources, optical glass, specialized encoding chips, and precision bearings, while the midstream involves the manufacturing of optical encoders [5][6] - The downstream applications span various sectors, including CNC machine tools, healthcare, consumer electronics, industrial robots, and new energy vehicles [5][6] Competitive Landscape - The optical encoder industry in China is competitive, with foreign companies like Heidenhain (Germany) and Renishaw (UK) dominating the high-end market, while domestic companies such as Changchun Yuheng Optical and Huichuan Technology are enhancing their R&D capabilities [7][8] - Changchun Yuheng Optical is recognized as a national high-tech enterprise specializing in encoder and grating scale manufacturing, while Aopu Optoelectronics has a strong presence in the defense optical measurement field [8] Industry Development Trends - Optical encoders are widely used in healthcare, machine tools, consumer electronics, and industrial equipment, with demand driving market growth [8] - Future developments will focus on higher precision, smaller size, lower power consumption, and smarter functionalities, supported by innovations in nanotechnology and new materials [8]

Group 1 - A significant breakthrough in robot algorithm has been achieved by a Chinese research team, introducing the world's first unified theory of "force-position hybrid control algorithm" [1] - The new algorithm allows robots to learn both position and force control without relying on force sensors, increasing task success rates by approximately 39.5% compared to strategies using only position control [1] - The algorithm enables robots to perform six types of operations, including position tracking and compliant force application, without sensors, significantly improving task quality [1] Group 2 - The algorithm enhances real-time interaction capabilities, allowing robots to adjust their motion states immediately when subjected to external forces, thereby improving human-robot collaboration safety [1] - The generalization ability of the algorithm allows it to operate stably across different robot platforms, breaking equipment limitations [1] - This advancement positions China at the international forefront of intelligent control in robotics, providing critical technological support for industries such as smart manufacturing and rehabilitation healthcare [1] Group 3 - Related A-share concept stocks include Leisai Intelligent and Hechuan Technology [2]

Core Viewpoint - The automation industry is experiencing structural opportunities driven by intelligence and domestic substitution, despite a projected 5% year-on-year decline in the OEM sector in 2024 [1] Industry Summary - The "new quality productivity" policy and the transformation towards intelligent manufacturing are expected to create significant space for growth within the industry [1] - Companies that leverage technological breakthroughs and optimize channels are likely to achieve sustained growth amid these structural opportunities [1] Company Summary - The company is a leading player in the motion control field, supported by dual qualifications as a national high-tech enterprise and a specialized "little giant" enterprise [1] - The company has developed a strong technological moat through its unique "three-wheel drive" strategy and "six modernization" product system, which not only optimizes the existing product structure but also provides a clear path for future development [1] - The company is steadily advancing its overseas expansion, driven by technological innovation towards high-end products, with mature product lines certified by CE, UL, and others, enabling sales to Europe, America, and Southeast Asia [1] - The company's key technologies are at an internationally leading level, contributing to continuous business growth [1] - Given the company's significant core technology advantages in the motion control field and diversified layout driving overseas revenue growth, it has been assigned a "buy" investment rating [1]

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].

Core Insights - On September 18, 2023, Leisai Intelligent executed a block trade of 100,000 shares, amounting to 4.811 million yuan, which represented 0.37% of the total trading volume for the day [1][2] - The transaction price was 48.11 yuan per share, reflecting a discount of 6.64% compared to the market closing price of 51.53 yuan [1][2] Summary by Category Trading Activity - The block trade involved 100,000 shares of Leisai Intelligent, with a total transaction value of 4.811 million yuan [1][2] - The trade was executed at a price of 48.11 yuan per share, which is lower than the market closing price [1][2] Market Impact - The block trade accounted for 0.37% of the total trading volume on that day, indicating a relatively small impact on the overall market activity [1][2] - The discount of 6.64% from the market closing price may suggest potential investor sentiment or market conditions affecting the stock [1][2]

Summary of Key Points from the Conference Call Industry Overview - The robotics sector has seen an increase, but it remains underperforming compared to the Science and Technology Innovation 50 and ChiNext indices, indicating high cuts and low demand, consistent with the trend of AI industry chain expansion from upstream to downstream applications such as smart vehicles and robotics [1][2][3] Core Insights and Arguments - Tesla's positive signals in early September, including a trillion-dollar compensation target and a plan for one million robot deliveries, have consolidated market consensus and boosted confidence in the robotics sector [1][2] - Global advancements in hardware by companies like Figure and OpenAI, along with domestic breakthroughs by Yushuzhiyuan, indicate that the industry chain expansion and hardware restructuring are entering a stable phase, accelerating application deployment and supply chain mass production [1][3] - The robotics market is expected to see a sustainable uptrend, with more catalysts anticipated in the coming months, particularly in humanoid robotics [2][3][10] Notable Companies and Competitive Landscape - Junsheng Electronics has emerged as a leading supplier of high-value components in Tesla's robotics chain, facing minimal competition [1][4] - Other notable companies include Top Group, Sanhua, Xingquan, Hengbo Technology, Weike Technology, Beite Technology, and Zhejiang Rongtai, each demonstrating strong competitiveness in their respective niches [4] - Dongmu Co., Ltd. leverages powder metallurgy technology to reduce robot costs significantly, with a market share exceeding 40% in the powder metallurgy sector and a strong financial performance [5][6] Financial Performance and Valuation - Dongmu's profits have grown from 200 million RMB two years ago to an expected 600-700 million RMB this year, with projections of reaching 900 million RMB next year, alongside a low valuation and a consistent dividend payout ratio of 64% over 21 years [6][8] Technological Developments - Visual sensors are highlighted as a critical area, with a humanoid robot requiring approximately 23,000 RMB worth of sensors, 30% of which are visual sensors valued at around 7,200 RMB [7][8] - Companies like Obsidian Light and Leisai Intelligent are recognized for their advancements in visual sensor technology, with Obsidian Light showing rapid growth in earnings [8] Market Trends and Future Outlook - The robotics industry is poised for significant growth, particularly driven by Tesla's supply chain catalysts, new product launches, and technological advancements [7][10] - The domestic industry is entering a phase of data and model freezing, with several strategic partnerships and agreements expected to be signed soon [12] Recommendations for Investors - Investors are advised to focus on companies with strong business layouts and competitive advantages, such as Junsheng Electronics, Dongmu, and Obsidian Light, while monitoring their order acquisition and technological strengths to capitalize on future growth opportunities [4][5][6]