Investment Rating - The report maintains a "Positive" investment rating for the humanoid robotics industry [2]. Core Insights - The humanoid robotics industry is rapidly advancing, yet it still faces application pain points. The focus is on the integration of visual, motion control, and hand-eye coordination as critical sub-architectures for development [7][9]. - The domestic humanoid robotics development is expected to exceed expectations due to supportive policies and active participation from component manufacturers in global supply chains [29][33]. Summary by Sections Industry Progress and Challenges - The humanoid robotics industry is progressing quickly, with significant advancements in product forms and diversity. However, there are still application pain points that need to be addressed [9][34]. - Tesla's Optimus hardware design has set a benchmark, with expectations of a global market demand of over 100 million units [11][13]. Policy and Innovation Centers - High-level policies and the establishment of innovation centers are crucial catalysts for the development of humanoid robotics in China. The government is actively promoting industrialization through various initiatives [21][23]. - Multiple innovation centers have been established across China, focusing on key technologies and fostering collaboration between government, industry, and academia [22][23]. Component Supply Chain - The supply chain for humanoid robotics components is diversifying, with more manufacturers entering the market. Core components like servo motors and harmonic reducers are becoming standardized industrial products [26][34]. - Domestic manufacturers are increasingly involved in the supply chains of international players like Tesla and Figure AI, enhancing the competitive edge of local firms [33][34]. Functional Development and Bottlenecks - The current capabilities of humanoid robots are limited by functional bottlenecks, particularly in achieving generalized capabilities across various applications. The integration of visual systems and motion control is essential for overcoming these challenges [45][49]. - The report emphasizes the importance of developing functional components, as the capabilities of humanoid robots are closely tied to the performance of their "brain" and "body" systems [60][61]. Visual Systems and Hand-Eye Coordination - The humanoid robots require advanced visual systems to achieve perception and measurement functions, which are critical for tasks like navigation and interaction [64][67]. - The integration of visual and motion control systems is highlighted as a key area for development, enabling robots to perform complex tasks in dynamic environments [90].

Core Viewpoint - The company reported strong financial performance for 2024, driven by rapid growth in the automotive sector and product structure optimization, with revenue reaching 1.52 billion and a year-on-year increase of 26.4% [2] Group 1: 2024 Financial Performance - Revenue for 2024 was 1.52 billion, up 26.4% year-on-year - Net profit attributable to shareholders was 230 million, an increase of 25.1% year-on-year - Non-recurring net profit was 180 million, up 37.6% year-on-year - Gross margin improved to 31.4%, a rise of 2.4 percentage points year-on-year, while net margin was 14.8%, down 0.2 percentage points [2] Group 2: Business Highlights for 2024 - **Smart Automotive**: Collaborations with major automotive clients like Bosch, BYD, and Li Auto have progressed, with successful applications of products such as in-car screens and electronic parking brakes [3] - **Consumer and Medical Technology**: The company is actively involved in the automation and intelligence of medical devices, focusing on AR&VR, smart home products, and insulin pumps [3] - **Robotics**: The company launched a pioneering dexterous hand product at the Shenzhen High-Tech Fair, featuring advanced control and sensing capabilities [3] - **Advanced Industry and Manufacturing**: The company is developing lighter and more functional industrial drive systems for various applications [3] Group 3: Q1 2025 Performance - Q1 2025 revenue was 370 million, a year-on-year increase of 17.7% but a quarter-on-quarter decrease of 21.3% - Net profit attributable to shareholders was 55 million, down 1.2% year-on-year and 17.0% quarter-on-quarter - Non-recurring net profit was 47 million, up 6.9% year-on-year but down 14.8% quarter-on-quarter - Gross margin was 31.7%, down 1.1 percentage points year-on-year, while net margin was 14.9%, down 2.8 percentage points year-on-year [4] Group 4: Future Outlook - The automotive electronics business is expected to continue its high growth trajectory, supported by the company's innovative "1+1+1" collaborative innovation system [5] - The company is positioned as a hidden champion in the micro-drive sector, with significant growth potential in robotics and humanoid robots [5] - The company anticipates sustained revenue growth in the automotive sector due to increased production capacity and rising average selling prices per vehicle [5]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2] Core Views - The company's performance in 2024 met expectations, with significant growth driven by the automotive business and product structure optimization. Revenue reached 1.52 billion, a year-on-year increase of 26.4%, and net profit attributable to shareholders was 230 million, up 25.1% year-on-year [6] - The company is well-positioned in the robotics sector, showcasing unique growth potential. The launch of innovative products, such as the dexterous hand with integrated drive units, highlights its competitive edge in the market [6] - The automotive electronics business is expected to continue its rapid growth, supported by the increasing adoption of various product categories in vehicles, which will enhance the average selling price per vehicle [6] Financial Performance Summary - In 2024, the company reported a revenue of 1.52 billion, with a gross margin of 31.4%, reflecting a 2.4 percentage point increase year-on-year. The net profit margin was 14.8%, slightly down by 0.2 percentage points [6] - For Q1 2025, the company achieved a revenue of 370 million, a year-on-year increase of 17.7%, while net profit was 55 million, down 1.2% year-on-year [6] - The company forecasts revenues of 1.98 billion, 2.65 billion, and 3.58 billion for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [11] Business Highlights - The company has made significant progress in the smart automotive sector, collaborating with major clients such as Bosch and BYD, and successfully applying its products in domestic automotive enterprises [6] - In the consumer and medical technology sectors, the company is actively involved in automation and smart solutions, focusing on areas like AR&VR and insulin pumps [6] - The robotics segment is highlighted by the introduction of a dexterous hand product, which features advanced capabilities and is expected to benefit from the rapid development of humanoid robots [6] Financial Ratios and Projections - The report projects a compound annual growth rate (CAGR) for total revenue of 30% from 2025 to 2027, with net profit expected to grow at a CAGR of 29% during the same period [15] - Key financial ratios indicate a gross margin of 31.8% and a net profit margin of 13.8% for 2025, with a return on equity (ROE) projected to reach 8.2% [15]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.525 billion yuan in 2024, representing a year-on-year growth of 26.42%, and a net profit attributable to shareholders of 225.09 million yuan, up 25.11% year-on-year [2] - The company is actively expanding into the humanoid robot sector, having launched a pioneering dexterous hand product with 17 degrees of freedom [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.525 billion yuan, with a year-on-year increase of 26.42%. The net profit attributable to shareholders was 225.09 million yuan, reflecting a 25.11% increase year-on-year. The net profit excluding non-recurring items was 184 million yuan, up 37.57% year-on-year [2] - The revenue breakdown shows that the micro drive system generated 966 million yuan (up 28.20%), precision injection parts contributed 467 million yuan (up 24.52%), and precision molds and others accounted for 91 million yuan (up 18.36%) [2] - The gross margin for 2024 was 31.43%, an increase of 2.38 percentage points year-on-year, driven by improved margins in the micro drive system and precision injection parts [3] - The company’s cash flow from operating activities was 124 million yuan in 2024, a decrease of 36.89% year-on-year, indicating some pressure on cash flow turnover [4] Strategic Initiatives Summary - The company has made significant strides in the humanoid robot market by introducing a dexterous hand product that integrates various advanced technologies, enhancing its competitive edge in complex grasping tasks [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.525 billion yuan in 2024, representing a year-on-year growth of 26.42%, and a net profit attributable to shareholders of 225.09 million yuan, up 25.11% year-on-year [2] - The company is actively expanding into the humanoid robot sector, having launched a dexterous hand product with 17 degrees of freedom, showcasing significant innovation [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.525 billion yuan, with a year-on-year increase of 26.42%. The net profit attributable to shareholders was 225.09 million yuan, reflecting a growth of 25.11% year-on-year. The net profit after deducting non-recurring items was 184 million yuan, up 37.57% year-on-year [2] - The revenue breakdown by product shows that the micro drive system generated 966 million yuan, up 28.20% year-on-year, precision injection parts generated 467 million yuan, up 24.52%, and precision molds and others generated 91 million yuan, up 18.36% [2] - The company's gross margin for 2024 was 31.43%, an increase of 2.38 percentage points year-on-year, driven by improvements in the gross margins of the micro drive system and precision injection parts [3] - The company reported a net cash flow from operating activities of 124 million yuan in 2024, a decrease of 36.89% year-on-year, indicating some pressure on cash flow management [4] Strategic Initiatives Summary - The company has made significant strides in the humanoid robot market, launching a dexterous hand product that integrates advanced technologies such as micro gear reducers, motors, control units, and electronic skin sensors, enhancing its competitive edge in complex grasping tasks [5]

Financial Performance - In 2024, the company achieved a revenue of 15.25 billion yuan, representing a year-on-year growth of 26.42% [2] - The net profit for 2024 was 2.25 billion yuan, with a year-on-year increase of 25.11% [2] - The net profit after deducting non-recurring items was 1.84 billion yuan, showing a growth of 37.57% year-on-year [2] - In Q1 2025, the company reported a revenue of 3.68 billion yuan, reflecting a year-on-year growth of 17.66% [2] - The net profit after deducting non-recurring items for Q1 2025 was 47.19 million yuan, with a year-on-year increase of 6.86% [2] Profitability Metrics - The comprehensive gross margin for 2024 was 31.43% [4] - In Q1 2025, the comprehensive gross margin improved to 31.69% [4] - The company aims for a stable and improving gross margin as a key financial target [4] Dividend Policy - The company has consistently implemented cash dividends for five consecutive years, totaling 332 million yuan [5] - The proposed profit distribution for 2024 is 2.85 yuan per 10 shares, amounting to approximately 68.46 million yuan, which represents about 30.41% of the net profit for the period [5] Strategic Initiatives - The "1+1+1" strategy integrates transmission systems, micro-motor systems, and electronic control systems to enhance competitive capabilities [7] - The company aims to transition from a single component supplier to a comprehensive service provider offering integrated and customized high-performance solutions [7] - Future growth will focus on expanding market share through deepening existing customer relationships and accelerating the commercialization of core products [8] Operational Plans - The operational plan includes six key areas: 1. Expanding market share through brand building and customer penetration 2. Accelerating the commercialization of agile products 3. Increasing investment in AI-driven digital innovation 4. Optimizing production capacity to seize global growth opportunities 5. Expanding global presence and accelerating internationalization 6. Strengthening talent reserves through a global talent strategy [9][10]

Core Viewpoint - The competition between two leading companies in the industrial automation sector, Zhaowei Electromechanical and Raise Intelligent, is intensifying in the humanoid robot market, particularly focusing on the "dexterous hand" technology, which is considered the most valuable part of the upper body of humanoid robots [1][2]. Financial Performance - In 2024, Zhaowei Electromechanical achieved a revenue of 1.525 billion yuan, representing a year-on-year growth of 26.42%, with a net profit of 225 million yuan, up 25.11%. The overall gross margin was 31.43% [1]. - Raise Intelligent reported a revenue of 1.584 billion yuan, with a year-on-year increase of 11.93%, and a net profit of 200 million yuan, which grew by 44.67%. The overall gross margin was 38.27% [1]. R&D Investment - Both companies maintained high levels of R&D investment in 2024, with Zhaowei Electromechanical investing 155 million yuan, accounting for 10.18% of its total revenue, and holding 87 invention patents [1]. - Raise Intelligent invested 195 million yuan in R&D, representing 12.30% of its total revenue, with over 540 patents in its portfolio [1]. Product Differentiation - Zhaowei Electromechanical focuses on high precision and bionic features in its dexterous hand products, utilizing a micro harmonic reducer for 0.05mm positioning accuracy and 17-20 degrees of freedom [2]. - Raise Intelligent emphasizes high load capacity and industrial adaptability, with its DH116 dexterous hand capable of handling loads up to 40kg, targeting logistics and automotive assembly applications [2]. Market Positioning - Zhaowei Electromechanical positions itself as a high-end industrial dexterous hand solution provider, focusing on high freedom, high precision, and human-like products [2]. - Raise Intelligent positions itself as a supplier of core components and modular solutions for robots, targeting the mid-to-low-end market [2]. Supply Chain Strategy - Zhaowei Electromechanical adopts a "vertical integration" strategy, emphasizing the combination of AI algorithms with hand movement control [3]. - Raise Intelligent focuses on "core component breakthroughs," expanding its distribution network and increasing the proportion of its distribution partners [3]. Subsidiary Development - In 2024, both companies established subsidiaries to enter the robotics sector, with Raise Intelligent creating two subsidiaries focused on high-density motors and dexterous hand solutions [3]. - Zhaowei Electromechanical established a subsidiary in the U.S. and previously set up one in Germany [3]. Globalization Efforts - Zhaowei Electromechanical has a faster global expansion, with 14% of its revenue coming from international markets in 2024, growing at 35.15% [4]. - Raise Intelligent's international revenue accounted for only 4% of its total revenue in 2024 [4]. Competitive Outlook - Zhaowei Electromechanical is expected to leverage technological innovation and industrial-grade performance to gain an advantage in the high-end market [5]. - Raise Intelligent's modular solutions and cost control capabilities may provide a competitive edge in the mid-to-low-end market [5].

Group 1 - The company reported a revenue of 1.525 billion yuan for the year 2024, representing a year-on-year growth of 26.42% [1] - The net profit attributable to shareholders reached 225 million yuan, an increase of 25.11% compared to the previous year [1] - Research and development investment amounted to 155 million yuan, up 20.53%, accounting for 10.18% of total revenue [1] Group 2 - The company has established a collaborative innovation system consisting of "transmission systems + micro-motor systems + electronic control systems" to provide integrated and customized high-performance drive solutions [1] - In the smart automotive sector, the company has long-term partnerships with major clients such as Bosch, BYD, Li Auto, and Changan, launching several innovative solutions in smart cockpits, chassis domains, and vehicle electronics [1] - The company plans to enhance the performance of its dexterous hand products in both hardware and software, accelerating the commercialization of the next generation of dexterous hand drive modules and complete hand systems [2] Group 3 - The humanoid robot industry is at a critical juncture of technological breakthroughs and commercialization, with policy support and increasing entrants driving rapid development [2] - The company aims to deepen cooperation with existing clients and develop customized solutions to meet complex application needs, capturing diverse growth opportunities [2] - The company will expedite the commercialization of its core products under its own brand, particularly in emerging high-growth industries [2]

深圳市兆威机电股份有限公司 章程 | | | | 第一章 总则 | 1 | | --- | --- | | 第二章 经营宗旨和范围 | 2 | | 第三章 股份 | 3 | | 第一节 股份发行 | 3 | | 第二节 股份增减和回购 | 4 | | 第三节 股份转让 | 5 | | 第四章 股东和股东会 | 6 | | 第一节 股东 | 6 | | 第二节 股东会的一般规定 | 10 | | 第三节 股东会的召集 | 14 | | 第四节 股东会的提案与通知 | 15 | | 第五节 股东会的召开 | 17 | | 第六节 股东会的表决和决议 | 20 | | 第五章 董事会 | 26 | | 第一节 董事 | 26 | | 第二节 董事会 | 29 | | 第三节 独立董事 | 36 | | 第四节 董事会专门委员会 | 39 | | 第六章 总经理及其他高级管理人员 | 41 | | 第七章 财务会计制度、利润分配和审计 | 43 | | 第一节 财务会计制度 | 43 | | 第二节 内部审计 | 47 | | 第三节 会计师事务所的聘任 | 48 | | 第八章 通知和公告 | 49 | | 第一节 ...