①如果科技成长高切低，哪些板块受益；②北京发布政策推动机器人替代危险和繁重等岗位，2027年 具身智能上下游产业链基本实现国产化，目前人形机器人进入工业场景已经成为确定性较高的应用趋 势，商业化落地可期；③今日全市场机构研报共发布366篇，生益科技评级得到上调，16家公司获得首 度覆盖，其中旗滨集团等5股获新财富分析师深度覆盖；④在个股机构关注度排行中，太阳纸业首次上 榜，前五名依次为同花顺>极米科技>太阳纸业>苏泊尔>传音控股。 | | | 《风口研报》 03月02日要点 | | --- | --- | --- | | 行业/公司 | 评级机构 | 核心逻辑 | | 云 商 | | 1DeepSeek发布文章《DeepSeek-V3/R1推理系统概览》,根据测算,如果所有token都按照 | | | | DeepSeek-R1的定价计费,每日总收入将达到56万美元,成本利润率为545%; | | | | ②西部证券郑宏达认为DeepSeek最新披露的运营成本利润率指标展现出显著竞争优势,同 | | | | 时其技术架构体系仍存在广阔的持续优化空间; | | (优刻得、海南华铁 | 西部证券 | 3混合云部署 ...

①清华团队突破算力难题，4090显卡单枪匹马就能跑"满血版"DeepSeek-R1，该公司参股了国内掌握 TPU架构训推一体AI芯片核心技术的企业； ②微信AI搜索功能接入DeepSeek-R1打造"超级入口"，腾讯 云和大模型合作公司有望受益，这家头部数据中心服务商已和腾讯云签订10年长约； ③海外映射：文 远知行涨超83%，英伟达的投资将加速双方合作。 【市场主线】 上周五市场全天震荡反弹，创业板指领涨。盘面上，市场热点继续围绕AI应用展开，云计算、数据要素 方向开盘表现活跃，此后AI医疗概念股集体爆发，而房地产、零售、机器人等板块则跌幅居前。指数层 面，"涨跌涨跌涨"就可以简单概括上周的指数，其实如果刨除掉去年春节前和国庆前的几个交易日，两 阶段牛市的多数交易日都还是以"震荡市"为主，连续上涨/下跌出现的频率都较低，叠加之前提到的港 股没拐头、量能没缩小、跌停数量没增多，因此像上周二和周四的下跌反倒是不错的博弈机会。目前创 业板指已经超过了去年年底的收盘价，而上证也就不到2%的距离。如果说上周五的大涨是延续了"涨跌 涨跌涨"的规律，那么这个周一就显得尤为关键了，因为按规律周一是不是要分歧了？但目前指数距 ...

证券研究报告·公司深度研究·电机Ⅱ 兆威机电（003021） ◼ 国内微型传动领军企业，近年来经营稳中向好 兆威机电成立于 2001 年，深耕微型传动领域已有 20 余年。公司主要 产品包括微型传动系统与精密零部件，产品可应用于汽车电子、医疗个护、 工业自动化、智能消费、通信、人形机器人等领域。2020-2023 年公司整体 收入规模稳定在 11-12 亿元上下，2024Q1-Q3 公司实现营收 10.57 亿元， 同比+30%，主要系汽车电子下游需求良好；2021-2023 年公司归母净利润 从 1.48 亿元稳步增长至 1.80 亿元，盈利能力有所改善。毛利率方面，2021- 2023 年综合毛利率维持在 29%上下，2024Q1-Q3 毛利率提升至 31.6%，主 要系微型传动系统毛利率有所回升。费用端方面，近年来公司费用率管控 稳定，研发费用率保持在 10%以上，研发投入持续加码。 ◼ 深耕精密传动领域，汽车电子与 XR 双轮驱动公司业绩增长 微型传动系统作为工业核心基础零部件，凭借其高效传递动力与精确 控制的特性，正逐步成为实现工业升级的核心要素。公司深耕精密传动领 域 20 余年，已形成了技术+渠 ...

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 | ...

Group 1: Company Performance - In the first half of 2024, the company achieved revenue of 64,511.24 million, a year-on-year increase of 28.10% [3] - The net profit attributable to shareholders reached 9,382.71 million, growing by 29.05% compared to the previous year [3] - Revenue breakdown: - Automotive electronics: 33,963.43 million (52.65% of total revenue) [4] - Smart consumer products: 15,298.81 million (23.71% of total revenue) [4] - Communication industry: 8,722.98 million (13.52% of total revenue) [4] - Medical and personal care: 1,549.34 million (2.40% of total revenue) [4] - Other sectors: 4,976.69 million (7.71% of total revenue) [4] Group 2: Strategic Focus and Innovation - The company emphasizes technological innovation as a key driver for performance, focusing on core technology and R&D investment [2] - Plans to extend product lines into motor drive control modules, aiming to provide integrated solutions of "precision components + transmission + control" [3] - The company is committed to expanding its product applications in automotive electronics, medical, and industrial automation sectors [5] Group 3: Market Adaptation and Customer Engagement - The company actively explores technology development and customer product needs to adapt to market changes [5] - It aims to enhance customer communication and identify industry demands to provide comprehensive solutions [6] - The company is focused on developing competitive products to mitigate pricing pressures from clients [6] Group 4: Future Growth and Investment - The company views the robotics industry as a significant growth area and plans to invest in this sector [5] - Future capital expenditures will be disclosed in accordance with relevant regulations [5] - The company is enhancing its capabilities in precision transmission products within the medical and personal care sectors [5]

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]