Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights the long-term potential of the micro-drive market driven by AI innovations in terminal products. The company is expected to benefit from the growing demand for AI-enabled consumer technology [7] - The company has made significant advancements in XR core pupil distance adjustment modules, which are expected to enhance user experience and cater to diverse consumer needs [7] - The projected net profit for the company from 2025 to 2027 is estimated at 270 million, 329 million, and 419 million RMB, respectively, with corresponding EPS of 1.12, 1.37, and 1.74 RMB [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 1,206 million RMB - 2024A: 1,525 million RMB - 2025E: 1,849 million RMB - 2026E: 2,232 million RMB - 2027E: 2,859 million RMB - The revenue growth rates are projected at 4.6%, 26.4%, 21.3%, 20.7%, and 28.1% for the respective years [6][8] - The net profit is expected to grow at rates of 19.6%, 25.1%, 19.8%, 21.9%, and 27.3% from 2023 to 2027 [6][8] - The company's PE ratio is projected to decrease from 125.3 in 2023 to 68.3 in 2027, indicating improving valuation metrics over time [6][8] Market Performance - The company's stock has shown significant performance compared to the market, with a 270% increase over the last 12 months, outperforming the Shanghai Composite Index and the CSI 300 Index [4]

资料显示，深圳市兆威机电股份有限公司位于广东省深圳市宝安区燕罗街道燕川社区燕湖路62号办公楼 101,香港铜锣湾希慎道33号利园1期19楼1910室，成立日期2001年4月19日，上市日期2020年12月4日， 公司主营业务涉及微型传动系统、精密注塑件和精密模具的研发、生产与销售。主营业务收入构成为： 微型传动系统63.25%，精密零件30.44%，精密模具及其他产品6.31%。 兆威机电所属申万行业为：电力设备-电机Ⅱ-电机Ⅲ。所属概念板块包括：虚拟现实、小米概念、人形 机器人、具身智能、机器人概念等。 10月16日，兆威机电盘中下跌2.00%，截至13:08，报119.53元/股，成交3.25亿元，换手率1.31%，总市 值287.11亿元。 资金流向方面，主力资金净流出2923.06万元，特大单买入2297.44万元，占比7.08%，卖出4218.31万 元，占比12.99%；大单买入7117.72万元，占比21.93%，卖出8119.91万元，占比25.01%。 兆威机电今年以来股价涨62.35%，近5个交易日跌13.37%，近20日涨0.84%，近60日涨3.96%。 今年以来兆威机电已经7次登上龙 ...

专利摘要显示，本发明涉及汽车吸顶屏领域，公开了一种汽车吸顶屏掰屏检测方法、系统、设备及介 质。该方法包括：判断吸顶屏电机的状态，记录吸顶屏电机停止前的旋转方向，获取吸顶屏电机停止时 吸顶屏转轴的初始角度；获取吸顶屏转轴的当前磁编角度，根据当前磁编角度、初始角度和旋转方向确 定是否存在外力掰屏动作，根据外力掰屏动作的持续时间确定外力掰屏次数；当控制器上电后，获取控 制器掉电前吸顶屏转轴的第一磁编角度和控制器上电后吸顶屏转轴的第二磁编角度，根据第一磁编角度 和第二磁编角度确定是否存在下电掰屏动作和下电掰屏次数。 国家知识产权局信息显示，深圳市兆威机电股份有限公司申请一项名为"一种汽车吸顶屏掰屏检测方 法、系统、设备及介质"的专利，公开号CN120778393A，申请日期为2025年07月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，深圳市兆威机电股份有限公司，成立于2001年，位于深圳市，是一家以从事电气机械 和器材制造业为主的企业。企业注册资本24020.35万人民币。通过天眼查大数据分析，深圳市兆威机电 股份有限公司共对外投资了8家企业，参与招 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 003021 | 兆威机电 | 116.67 | -7.71% | 10.91万 | 13.19亿 | | 603728 | 鸣志电器 | 68.12 | -7.36% | 16.14万 | 11.42亿 | | 600580 | 卧龙电驱 | 43.69 | -5.84% | 133.54万 | 60.32 乙 | | 603988 | 中电电机 | 29.18 | -5.29% | 13.22万 | 4.01亿 | | 300907 | 康平科技 | 33.47 | -4.75% | 3.18万 | 1.09亿 | | 300660 | 江苏雷利 | 53.80 | -4.13% | 10.86万 | 6.09亿 | | 920100 | 三协电机 | 67.38 | -3.99% | 1.58万 | 1.10亿 | | 600416 | 湘电股份 | 15.55 | -3.83% | 43.21万 | 6.89 Z | | 002892 | ...

证券之星消息，10月13日电机板块较上一交易日下跌2.61%，鸣志电器领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。电机板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603728 | 鸣志电器 | 73.53 | -6.36% | 16.83万 | 12.26亿 | | 003021 | 兆威机电 | 126.42 | -4.73% | 8.44万 | 10.66亿 | | 300660 | 江苏富利 | 56.12 | -4.20% | 12.04万 | 6.68 Z | | 603344 | 星德胜 | 28.30 | -3.58% | ¥ 4.50万 | 1.27亿 | | 002801 | 微光股份 | 34.21 | -3.39% | 3.71万 | 1.26亿 | | 600580 ...

Core Viewpoint - The humanoid robot industry is projected to become a trillion-dollar market, with significant growth expected in China by 2025, marking the beginning of a new era for humanoid robots [2][3]. Market Size Forecast - By 2045, the humanoid robot market in China is expected to reach 10 trillion RMB, while global annual revenue for humanoid robots could exceed 5 trillion USD by 2050 [3]. - NVIDIA's CEO highlighted that the AI-enhanced robot industry represents a new 10 trillion USD market opportunity [3]. Technological and Industrial Maturity - The current state of the robot industry is likened to the prelude of the smartphone and electric vehicle revolutions, with advancements in AI and robotics driving automation and intelligence [4]. - Key components of robots are becoming increasingly localized and modular, significantly reducing costs while scaling production [4]. Leading Enterprises and Innovation - Prominent companies like Yushun, Zhiyuan, and UBTECH are emerging, fostering a vibrant ecosystem of innovation that accelerates the transition from technological innovation to industrial growth [4]. - Component manufacturers are experiencing increased production volumes due to rising demand [4]. Synergy with Intelligent Connected Vehicles - The automotive industry, particularly in intelligent connected vehicles, shares numerous synergies with the humanoid robot sector, enhancing hardware, software, and application scenarios [5]. - Similarities in foundational hardware between autonomous vehicles and humanoid robots facilitate mutual empowerment in technology [6]. Software and Supply Chain Collaboration - Algorithms used in humanoid robots and autonomous vehicles show significant overlap, particularly in path planning and motion control [6]. - Over 50% of supply chain resources are shared between the automotive and humanoid robot industries, especially in sensors and chips [7]. Cost Reduction and Production Efficiency - The adoption of high-quality, low-cost components from the automotive sector is expected to significantly lower production costs for humanoid robots [7]. - The automotive industry's advanced automated production methods can enhance the efficiency and consistency of humanoid robot manufacturing [7]. Sales Channels and After-Sales Service - The automotive sales and service networks can effectively support the distribution and maintenance of humanoid robots, addressing reliability concerns [9]. - The transition from B2B to B2C and B2H sales models for humanoid robots is anticipated, with automotive dealerships potentially playing a key role [9]. Integration into Automotive Production - Humanoid robots are already being integrated into automotive production lines, performing various tasks and enhancing efficiency [10][11]. - Companies like Tesla are leading the way in applying humanoid robots in manufacturing, achieving significant improvements in speed and accuracy [11]. Future Applications and Scenarios - Humanoid robots are expected to extend their roles beyond manufacturing to include tasks such as driving assistance and logistics in challenging environments [12].

Core Viewpoint - Zhaowei Electromechanical has developed a high-performance planetary gearbox series (SMDφ4～42mm) that works in conjunction with the new MC series brushless hollow cup motors, providing a compact and efficient micro-drive solution [1] Group 1: Product Features - The new 4mm brushless hollow cup motor can reach speeds of up to 100,000 rpm, and when paired with the gearbox, it offers flexible reduction ratios from 3.9:1 to 1526:1 [1] - The product boasts advantages such as small size, high torque density, low noise, precise control, and long lifespan [1] Group 2: Applications and Market Impact - Zhaowei Electromechanical's products are deeply applied in strategic emerging fields such as humanoid robots, high-end medical equipment, and aerospace [1] - The technology breakthrough helps support the intelligent upgrade of high-end equipment, overcoming foreign technological bottlenecks [1]

| 产业别 | | 电气设备 | | | --- | --- | --- | --- | | A 股价(2025/9/28) | | | 135.18 | | 深证成指(2025/9/28) | | 13209.00 | | | 股价 12 个月高/低 | | 168.33/41.14 | | | 总发行股数(百万) | | | 240.20 | | A 股数(百万) | | | 206.82 | | A 市值(亿元) | | | 279.59 | | 主要股东 | | 深圳前海兆威 | | | | | 金融控股有限 | | | | | 公司(35.44%) | | | 每股净值(元) | | | 13.69 | | 股价/账面净值 | | | 9.87 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 10.5 28.6 224.9 | | | | 近期评等 | | | | | 2025 年 09 月 29 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 160 | 公司基本信息 | 出刊日期 | ...

Core Viewpoint - Elon Musk emphasized that Tesla is fully committed to scaling the Optimus project, defining it as the most important product in the company's history, with expectations that it will account for 80% of the company's future value [2][6]. Group 1: Production Timeline and Goals - Tesla aims for internal limited production and testing of thousands of Optimus units by 2025, ramping up to 50,000-100,000 units for external sales in 2026, and targeting an annual production of 1 million units within five years [2]. - The current supply chain for Optimus is based on the design of Optimus V2, with actuators and sensors each accounting for approximately 30% of material costs [4]. Group 2: Supply Chain and Component Suppliers - The supply chain for Optimus includes Tier 1 suppliers such as Sanhua Intelligent Controls and Top Group for actuators, and Mingzhi Electric and Zhaowei Electromechanical for dexterous hands [7]. - Key component suppliers include Shuanghuan Transmission and Lide Harmony for reducers, Best for lead screws, and Rongtai Health for insulation parts [7]. - International Tier 1 suppliers include Amphenol for cables, TE Connectivity for six-dimensional torque sensors, and THK for lead screws [8]. Group 3: Challenges and Development Needs - Current challenges for Optimus include hardware issues such as overload and overheating of joint motors, insufficient dexterity and load capacity of dexterous hands, and the lifespan of transmission components [10]. - There is a need for improved compatibility between hardware and software, particularly in complex dynamic environments and multi-task coordination [10]. Group 4: Thermal Management Solutions - The thermal management system for Optimus V3 is similar to that of electric vehicles, focusing on the management of key components like batteries and motors [11]. - Sanhua Intelligent Controls is developing liquid cooling modules for Optimus, leveraging its experience in electric vehicle thermal management to address overheating issues in robotic joints [13]. - Sanhua plans to deliver approximately 2,000 actuators to Tesla by Q3 2025, with an annual order forecast of 5,000-10,000 units [13]. Group 5: Industry Trends and Future Outlook - Domestic suppliers are increasing investments to meet the demand for high-performance, miniaturized thermal management components for robots [14]. - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with 2026 expected to be a critical turning point for the industry landscape [14]. - The upcoming iTherM 2025 conference will address advanced thermal management technologies and materials relevant to humanoid robots [15].

Investment Rating - The report suggests a focus on the robotics industry, particularly on whole machine manufacturers and core component suppliers, with an overall investment rating of "Neutral" for the industry [26]. Core Insights - The humanoid robotics sector is experiencing a dual momentum of "technological deepening" and "scene landing," indicating a positive outlook for the robotics industry [2]. - Google has launched the latest Gemini Robotics 1.5 series, enhancing robot autonomy and task execution capabilities through advanced models [4][16]. - The report highlights significant investment opportunities in various segments of the robotics supply chain, including motors, joints, sensors, and more [18]. Summary by Sections Industry News and Company Dynamics - Jiangsu Donghua Testing Technology Co., Ltd. signed a strategic cooperation agreement with Nantong Zhenkang Machinery Co., Ltd. to enhance collaboration in robotic joint module technology [6]. - Fourier's third-generation humanoid robot GR-3C made its debut at the 2025 Industrial Expo, showcasing advanced design and capabilities [7]. Investment and Financing Dynamics - 1X Robotics is seeking to raise up to $1 billion, aiming for a valuation of at least $10 billion, following the launch of its new home robot Neo Gamma [16]. - Quan Zhibo completed two rounds of financing exceeding 100 million yuan, focusing on talent development and R&D [16]. Investment Recommendations - The report recommends focusing on key robotics component suppliers, including: 1. Motors: Mingzhi Electric 2. Rotating joints: Zhongchen Technology, Shuanghuan Transmission, Landai Technology 3. Linear joints: Hengli Hydraulic 4. Dexterous hands: Zhaowei Electromechanical 5. Encoders: Yap Technology, Fengqiao Technology 6. Sensors: Donghua Testing, Keli Sensor, Anpeilong, Hanwei Technology 7. Screw equipment: Qinchuan Machine Tool, Huachen Equipment 8. Bearings: Longxi Co., Ltd. [18][19]