①推动"机器人+养老"产品研发应用，分析师测算中国陪伴机器人潜在市场需求近万亿且已实现量产， 并看好这两个核心部件具备较大投资前景； ②这个细分领域在AI服务器中有望从选配到标配，国内这 家公司有望切入台达、麦格米特等产业链，当前产品正在验证中。 《风口研报》今日导读 1、表情陪伴人形机器人（兆威机电、伟创电气、鸣志电器）：①国务院发布关于深化养老服务改革发 展的意见，重点推动人形机器人等技术产品研发应用，"机器人+养老"成为解决养老问题的可行方式之 一；②国泰君安证券肖群稀认为，表情陪伴人形机器人是AI陪伴的高级赛道，据测算出中国陪伴机器人 潜在市场需求近万亿，当前部分特定型号已经实现量产；③表情陪伴机器人的核心技术壁垒包括情感智 能与交互、面部表情控制与仿生皮肤设计，仿生皮肤与微特电机（舵机为主）是其区别于人形机器人的 核心零部件；④风险因素：技术进步慢、行业竞争激烈。 2、蔚蓝锂芯（002245）：①相较UPS（使用铅酸），BBU采用锂电池，优势在于电力转换效率高+空 间损耗少，应对瞬间大功率放电，BBU电芯更为适配，有望从选配到标配；②2024年普通IDC公司BBU 出货50万颗，天风证券电新孙潇雅跟 ...

Company Overview - The company operates in the electrical equipment industry with a current stock price of 72.60 as of December 25, 2024 [2] - The company's market capitalization is 14.97 billion yuan with a total of 240.2 million shares issued [2] - The company's product portfolio consists of micro transmission systems (64%), precision parts (31.9%), and precision molds and others (4.1%) [2] Investment Rating - The company is rated as "Buy" with a target price of 85 yuan [4][6] Core Business Analysis - The company specializes in micro transmission systems and has expanded into automotive electronics, XR, and robotics [4] - Automotive electronics revenue has grown significantly, with a CAGR of 49% from 2021 to 2023, reaching 3.4 billion yuan in H1 2024, accounting for 53% of total revenue [4] - The company is the exclusive supplier of the IPD module for Apple's Vision Pro, contributing to a 51.6% YoY growth in the smart consumer segment in H1 2024 [5] - The company has also developed a dexterous hand solution for humanoid robots, which is expected to become a new growth driver [10] Financial Performance - Revenue in 2023 was 1.21 billion yuan, a 4.6% YoY increase, with Q1-Q3 2024 revenue reaching 1.06 billion yuan, a 30% YoY increase [4] - Gross margin has remained stable at around 29% since 2021, with a slight increase to 31.6% in the first three quarters of 2024 [9] - Net profit margin has shown a steady increase, rising from 10.8% in 2021 to 12.1% in the first three quarters of 2024 [9] Future Outlook - The company is expected to achieve net profits of 220 million yuan, 260 million yuan, and 320 million yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.9 yuan, 1.1 yuan, and 1.4 yuan [11] - The company's PE ratios for 2024-2026 are projected at 81x, 67x, and 54x, respectively [11] - The company is well-positioned to benefit from the growth in automotive electronics, XR, and humanoid robotics sectors [11]

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-016 | --- | --- | --- | |-----------------------|--------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他（请文字说明其他活动内容） | | | 活动参与人员 | 7 家机构（共 9 者交流会，其中包括： 世润投资、隆象资本 | 人）参与公司于 2024 年 12 月 19 日举行的投资 华夏基金、重阳投资、中再资产、华泰证券、民生证券、上海喜 | | 时间 | ...

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-015 | --- | --- | --- | |-----------------------|----------------------------------------------|-------------------------------------------------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 ☑ 其他（投资者网上集体接待日活动） | | | | 通过"全景路演"网站（ | https://rs.p5w.net ）参与本次由深圳证监 | | 活动参与人员 | 有限公司联合举办的" 活动的广大投资者。 | 局和深圳证券交易所指导、深圳上市公司协会与深圳市全景网络 2024 年度深圳辖区上市公司集体接待日" | | 时间 | 2024 年 12 ...

①华为+人形机器人+虚拟现实+人工智能+无人机！这家公司成功开发并推出仿生机器人灵巧手产品， 与大疆在机器人及无人机项目有相关合作；②华为+多模态AI+数据中心+低空经济+信创+人工智能！这 家公司布局低空经济无人机网络安全防护；③芯片+人工智能！公司推出集成人工智能相关技术的芯片 产品。 【重点公告解读】 兆威机电：公司自研动态阻尼装置 兆威机电发布投资者关系活动记录表公告，公司自研动态阻尼装置，可使产品在运行过程中保持较低噪 音的状态，保证车辆行驶状态下翻转机构的平稳运行。 点评：公开资料显示，兆威机电的主营业务是微型传动系统、微型驱动系统的研发、生产和销售业务。 公司主要产品为微型传动系统、微型驱动系统等。 兆威机电11月21日发布投资者关系活动记录表公告，公司长期看好机器人行业的未来发展，并将其确 立为公司的重要业务发展方向之一。目前，公司组建了相应的技术与销售团队，人员综合覆盖结构、传 动、电机、电控等领域，专注于机器人相关产品及部件研发。截至目前，公司已取得阶段性成果，凭借 精密减速箱、高性能电机和电控系统的产品组合优势，成功开发并推出仿生机器人灵巧手产品。未来， 公司将持续聚焦于灵巧手产品及其关 ...

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-014 | --- | --- | --- | |-----------------------|-----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □ ...

Investment Rating and Target Price - The report initiates coverage on Zhaowei Machinery & Electronics (003021 CH) with a "Buy" rating and a target price of RMB 78.81 [1][6] - The target price is based on a 2025 PE multiple of 71x, reflecting the company's strong customer resources and its strategic positioning in the humanoid robot dexterous hand motor module market [6] Core Investment Thesis - Zhaowei Machinery & Electronics is a leading domestic player in micro transmission systems, with products widely used in automotive electronics, XR, and other fields [1] - The company's automotive electronics business provides a solid revenue base, while its dexterous hand motor module products for humanoid robots are expected to open a second growth curve in the long term [1] - The report highlights the company's ability to leverage its existing customer base to expand into new fields, such as XR and humanoid robots, which is underestimated by the market [5] Automotive Electronics - The micro transmission system market in automotive electronics is expected to reach RMB 27.6 billion by 2025, with a YoY growth of 29% [2] - Zhaowei's product performance in automotive electronics is comparable to international leaders like IMS Gear, and the company has established long-term partnerships with major clients such as Bosch, BYD, and NIO [2] - The company's automotive electronics business is expected to maintain high growth, driven by the increasing adoption of micro transmission systems in new energy vehicles [2] XR (Extended Reality) - The global market for IPD (Interpupillary Distance) adjustment systems in VR devices is projected to reach RMB 2.8 billion by 2027, with a YoY growth of 108% [3] - Zhaowei's IPD system offers a wider adjustment range (58-72mm) and higher precision (0.05mm/s) compared to competitors, and the company has entered the supply chain of leading XR customers [3] - As the XR application ecosystem matures, Zhaowei's IPD products are expected to benefit significantly from the growth in VR device shipments [3] Humanoid Robots - The global market for dexterous hand motor modules in humanoid robots is expected to reach RMB 66 billion by 2030 [4] - Zhaowei has developed a complete hardware solution for dexterous hands, with high-performance micro motors as small as 6mm in diameter and 17 active degrees of freedom [4] - The company's dexterous hand products are expected to play a key role in the commercialization of humanoid robots, leveraging its existing customer resources and technical expertise [4] Financial Projections - The report forecasts Zhaowei's net profit attributable to the parent company to be RMB 216 million, RMB 268 million, and RMB 317 million for 2024, 2025, and 2026, respectively [6] - Revenue is expected to grow at a CAGR of 20.7% from 2024 to 2026, driven by the company's strong position in automotive electronics and its emerging businesses in XR and humanoid robots [6] - The company's ROE is projected to increase from 5.11% in 2022 to 8.97% in 2026, reflecting improved profitability and operational efficiency [6]

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-013 | --- | --- | --- | |-----------------------|-----------------------------------------------|--------------------------------------------------------------------------------------------------| | | | | | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 12 家机构（共 28 资者交流会，其中包括： | 人）参与公司于 2024 年 11 月 21 日举行的投 | | 活动参与人员 | 泰证券、中金公司、 才华资本、国海证券 | 兴证全球基金、财通基金、银华基金、景林资产、兴业证券、华 Artisan Partner ...

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-012 | --- | --- | --- | |----------------|-----------------------------------------|-----------------------------------------------------------| | | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 5 家机构（共 6 交流会，其中包括： | 人）参与公司于 2024 年 11 月 8 日举行的投资者 | | 活动参与人员 | | 富国基金、平安基金、中信建投证券、天风证券、建信养老 | | | | | | 时间 | 2024 年 11 月 8 日 | | | | 地点 深圳市宝安区燕罗街道燕川社区燕湖路 | 62 号办公楼 | | | | | | 形式 现场交流 | | | | ...

日前有消息称，华为将赋能具身智能技术，联合企业打造解决其实际问题的具身爆款产品，多家上市公 司也在其中，是否真的如此？ 上市公司回应 今年9月，华为与深圳市前海管理局、宝安区人民政府合作共创具身智能产业创新中心。据《科创板日 报》消息，其首期方案计划为：整合华为各部门的具身智能相关能力，共建具身智能大脑、小脑、工具 链等关键根技术。 同时，创新中心将开启联创项目，由华为赋能具身智能技术，联合本体厂商及制造企业解决企业技术难 题，打造解决企业实际问题的具身爆款产品，第一批项目的参与企业包括兆威机电、乐聚机器人等。 针对上述消息，兆威机电投资者服务部门工作人员对"V观财报"表示，"市场上传言的真实性没有办法 保证，具体进展以公告信息为准"。 虽然兆威机电并未直接确认相关合作内容，但华为一直是兆威机电的重要客户之一。 兆威机电是一家专业从事微型传动系统、微型驱动系统的研发、生产与销售的高新技术企业。在2024年 半年报中，兆威机电曾提到，客户的定制化微型传动及驱动方案需求对公司的方案设计能力提出更高要 求，凭借技术创新等能力，公司获得了包括华为、比亚迪、长城在内的多家下游行业知名企业的认可。 来源：兆威机电业绩报告 ...