兆威机电 20251106 摘要 2025 年第三季度，赵威机电营收 4.68 亿元，同比增长 13.65%，环比 增长 11.83%；净利润 6,796 万元，同比增长 4%，环比增长 16.04%；扣非净利润 6,353 万元，同比增长 13.98%，环比增长 28.31%，为 2020 年以来最佳季度表现，受益于智能汽车及先进工业 与制造业务。 2025 年前三季度，智能汽车业务占比超 60%，同比增长 30%，为公司 基本盘；智能消费及医疗占比约 30%，基本稳定；先进工业及制造业务 占比近 10%，同比增长约 8%；机器人业务收入超 1,500 万元。 机器人业务收入超过 1,500 万元，增幅达两到三倍，主要为模组收入。 与北美头部客户 F 公司、亚马逊和 Meta 等合作，国内与主机厂、研究 院校合作。少量零销售产品已于 9 月和 10 月开始交付，大部分零销售 收入将在四季度体现。 公司与北美头部客户在微型电机和微型齿轮箱方面保持高频次交流，目 前处于验证阶段。与另一北美大客户 F 公司的合作涉及电机模组、电机 减速器及相关结构件，目前也在有序交付中。 Q&A 赵威机电 2025 年前三季度的 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002196 方正电机 | | 1.95 Z | 13.72% | -1.34 Z | -9.43% | -6108.30万 | -4.29% | | 600580 卧龙电驱 | | 1.67亿 | 4.35% | -5327.11万 | -1.39% | -1.14 Z | -2.96% | | 002249 大洋电机 | | 1.16 Z | 5.23% | 1620.42万 | 0.73% | -1.32 乙 | -5.97% | | 003021 兆威机电 | | 7254.49万 | 8.59% | -2160.99万 | -2.56% | -5093.50万 | -6.03% | | 002823 凯中精密 | | 5190.14万 | 11.65% | -308.58万 | -0.69% | -4881.56万 | -10.96% | | 000922 佳 ...

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%。 责任编辑：小浪快报 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：灵巧手、医疗器械、人形机 器人、减速器、虚拟现实等。 11月6日，兆威机电盘中上涨2.02%，截至10:09，报113.96元/股，成交1.52亿元，换手率0.65%，总市值 274.31亿元。 资金流向方面，主力资金净流出933.37万元，特大单买入242.46万元，占比1.59%，卖出605.33万元，占 比3.98%；大单买入2475.03万元，占比16.26%，卖出3045.52万元，占比20.01%。 分红方面，兆威机电A股上市后累计派现3.33亿元。近三年，累计派现1.92亿元。 兆威机电今年以来股价涨54.78%，近5个交易日跌2. ...

11月5日，兆威机电盘中下跌2.01%，截至10:03，报110.97元/股，成交1.20亿元，换手率0.52%，总市值 267.11亿元。 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：灵巧手、医疗器械、虚拟现 实、人形机器人、减速器等。 截至9月30日，兆威机电股东户数5.10万，较上期减少8.28%；人均流通股4066股，较上期增加9.63%。 2025年1月-9月，兆威机电实现营业收入12.55亿元，同比增长18.70%；归母净利润1.81亿元，同比增长 13.86%。 分红方面，兆威机电A股上市后累计派现3.33亿元。近三年，累计派现1.92亿元。 机构持仓方面，截止2025年9月30日，兆威机电十大 ...

资金流向方面，主力资金净流出1535.26万元，特大单买入401.99万元，占比2.90%，卖出1101.89万元， 占比7.96%；大单买入2288.50万元，占比16.52%，卖出3123.86万元，占比22.56%。 兆威机电今年以来股价涨55.15%，近5个交易日跌3.34%，近20日跌17.64%，近60日跌0.93%。 11月4日，兆威机电盘中下跌2.03%，截至09:58，报114.23元/股，成交1.38亿元，换手率0.58%，总市值 274.96亿元。 今年以来兆威机电已经7次登上龙虎榜，最近一次登上龙虎榜为4月23日，当日龙虎榜净买入9353.71万 元；买入总计2.64亿元 ，占总成交额比19.95%；卖出总计1.71亿元 ，占总成交额比12.89%。 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3 ...

Core Insights - Zhaowei Electromechanical (003021.SZ) reported its Q3 2025 results, revealing that 22 institutional investors hold a total of 123 million shares, accounting for 51.26% of the company's total equity [1] - The top ten institutional investors collectively hold 50.81% of the shares, with an increase of 1.19 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Shenzhen Qianhai Zhaowei Financial Holdings Co., Ltd., and several investment partnerships, as well as major banks and funds [1] - The increase in holdings among the top ten institutional investors indicates growing confidence in Zhaowei Electromechanical [1] Public Fund Activity - Eight public funds increased their holdings, with a total increase of 1.39%, including notable funds like E Fund and Invesco Great Wall [2] - Three public funds reduced their holdings, with a decrease of 0.24%, including Penghua Carbon Neutral Theme Mixed A [2] - Five new public funds disclosed their holdings, while 171 funds were not disclosed in the current period [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.68% compared to the previous period [2]

Core Viewpoint - Zhaowei Electromechanical is a leading enterprise in the micro drive system sector, focusing on R&D and production, with a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Zhaowei Electromechanical reported revenue of 1.255 billion yuan, ranking 14th in the industry, significantly lower than the top competitors [2] - The main business composition includes micro drive systems at 498 million yuan (63.25%), precision parts at 239 million yuan (30.44%), and precision molds and other products at 49.639 million yuan (6.31%) [2] - The net profit for the same period was 181 million yuan, ranking 7th in the industry, outperforming the industry average [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 19.58%, lower than the industry average of 35.64%, indicating strong solvency [3] - The gross profit margin was 32.24%, higher than the industry average of 21.03%, reflecting robust profitability [3] Group 3: Executive Compensation - The chairman, Li Haizhou, received a salary of 1.7784 million yuan in 2024, an increase of 538,100 yuan from 2023 [4] - The general manager, Ye Shubing, had a salary of 1.7792 million yuan in 2024, also reflecting a significant increase from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.28% to 51,000 [5] - The average number of circulating A-shares held per shareholder increased by 9.63% to 4,066.22 [5] Group 5: Growth Drivers - The company experienced steady growth in automotive electronics, transitioning from precision components to system-level solutions, with long-term partnerships with major clients [6] - Humanoid robots emerged as a second growth engine, with breakthroughs in technology and the launch of the ZWHAND series products [6] - Plans for a new production base in Thailand with an investment of up to 100 million USD were approved by the board [6] - An application for H-share listing was submitted to the Hong Kong Stock Exchange to raise funds for global R&D and capacity expansion [6] Group 6: Market Outlook - The company is deeply engaged in the robotics sector, with innovative products in the pipeline, and projected net profits for 2025-2027 are estimated at 270 million, 328 million, and 418 million yuan respectively [7]

Core Viewpoint - The company reported continuous revenue and profit growth in Q3 2025, driven by strong demand in the smart automotive sector and advancements in humanoid robotics, maintaining a "buy" rating [1][2][5]. Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 469 million yuan, a year-on-year increase of 13.65%, and a net profit attributable to shareholders of 68 million yuan, up 4.01% year-on-year [1]. - For the first three quarters of 2025, total revenue reached 1.255 billion yuan, reflecting an 18.7% year-on-year growth, while net profit attributable to shareholders was 181 million yuan, a 13.86% increase year-on-year [1]. - The gross margin for Q3 2025 was 32.69%, up 0.63 percentage points year-on-year, while the net margin was 14.5%, down 1.35 percentage points year-on-year [3]. Group 2: Business Segments and Growth Drivers - The automotive electronics segment showed steady growth, with the company transitioning from precision components to system-level solutions, achieving full coverage in body, chassis, and intelligent cockpit domains [2]. - The company made significant advancements in humanoid robotics, launching the ZWHAND series, which has reached industry-leading performance levels, positioning the company as a core supplier for international manufacturers [2]. Group 3: Research and Development - The company maintained a high R&D investment rate of 9.93% of revenue in Q3 2025, focusing on micro-drives, electronic control, and soft perception systems to strengthen its core technology advantages [3][4]. - A strategic partnership with Tujian Technology was established to enhance the humanoid robot ecosystem, reinforcing the company's long-term competitive edge in high-end intelligent manufacturing [4]. Group 4: International Expansion and Capital Strategy - In August 2025, the board approved an investment of up to 100 million USD to establish a new production base in Thailand, aimed at enhancing overseas capacity and local service [4]. - The company submitted an application for a Hong Kong listing in June, intending to raise funds for global R&D, capacity expansion, and strategic acquisitions, facilitating a shift from "Made in China" to "Global Operations" [4]. Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025-2027, projecting net profits of 254 million, 315 million, and 393 million yuan respectively, supported by its technological capabilities in precision transmission and a growing product matrix in various innovative fields [5].

证券研究报告 兆威机电 (003021 CH) Q3 收入与归母净利润稳健增长 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 30 日│中国内地 | 专用设备 | | | 公司公布业绩：2025Q3 收入 4.69 亿元，同比+13.65%；归母净利润 0.68 亿元，同比+4.01%。前三季度公司实现收入 12.55 亿元，同比+18.7%；归 母净利润 1.81 亿元，同比+13.86%。公司 2025Q3 营收与盈利持续增长， 加码布局人形机器人"驱动-控制-感知"全链条生态，维持"买入"评级。 汽车电子稳健增长，人形机器人成为第二增长引擎 公司 2025Q3 营收与盈利持续增长，主要得益于智能汽车下游需求持续增 长。汽车电子作为传统核心业务，公司产品正由精密零部件向系统级解决方 案升级，已实现车身域、底盘域及智能座舱的全覆盖，并与博世、比亚迪等 头部客户保持长期合作。2025 年，公司在人形机器人灵巧手领域实现技术 突破，发布 ZWHAND 系列产品，性能达行业领 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with all board members assuming legal responsibility for any misstatements or omissions [2][3] - The company has made retrospective adjustments to its accounting policies due to changes in accounting standards, specifically regarding the accounting treatment of quality assurance liabilities [3][4] - The third-quarter financial report has not been audited, indicating that the financial data may not have undergone external verification [7] Financial Data Summary - The company has implemented changes in accounting policies as per the "Interpretation No. 18 of the Accounting Standards for Enterprises," which affects the recognition of estimated liabilities related to quality assurance [3][4] - The adjustments made do not impact the main financial data and indicators presented in the report [4] - The company reported no non-recurring gains or losses during the quarter, indicating stable operational performance [5][6] Shareholder Information - There are no changes in the shareholding structure of the top ten shareholders or any significant shareholders due to securities lending activities [6][7] - The company has not reported any preferred shareholders or changes in their holdings [6][7] Other Important Matters - No other significant matters were reported in the quarterly financial disclosures [7][8]