Financial Performance - The company's operating revenue for 2024 reached ¥1,524,598,553.40, representing a 26.42% increase compared to ¥1,205,945,337.11 in 2023[19] - The net profit attributable to shareholders for 2024 was ¥225,094,344.84, up 25.11% from ¥179,923,314.35 in 2023[19] - The net profit after deducting non-recurring gains and losses was ¥183,641,510.60, reflecting a 37.57% increase from ¥133,487,169.63 in 2023[19] - The basic earnings per share for 2024 was ¥0.94, a 25.33% increase from ¥0.75 in 2023[19] - The total assets at the end of 2024 amounted to ¥4,121,910,305.98, an 8.36% increase from ¥3,804,043,861.54 at the end of 2023[20] - The net assets attributable to shareholders increased to ¥3,226,210,759.87, a 4.49% rise from ¥3,087,682,665.24 in 2023[20] - The weighted average return on equity for 2024 was 7.16%, an increase of 1.20% from 5.96% in 2023[19] - The company achieved operating revenue of 1,524.60 million yuan, a year-on-year increase of 26.42%[45] - The net profit attributable to shareholders was 225.09 million yuan, reflecting a growth of 25.11% compared to the previous year[45] Cash Flow and Investments - The net cash flow from operating activities for 2024 was ¥123,682,270.66, down 36.89% from ¥195,980,233.32 in 2023[19] - The net cash flow from operating activities decreased by 36.89% to ¥123.68 million in 2024, primarily due to increased employee expenses and the impact of discounted bank acceptance bills[97][99] - The net cash flow from investing activities improved by 61.51% to -¥69.78 million in 2024, attributed to a reduction in net outflow from financial investments[98] - The net cash flow from financing activities surged by 220.61% to ¥77.33 million in 2024, driven by increased funding from discounted bank acceptance bills and the issuance of restricted stock for equity incentives[98] - The overall cash and cash equivalents increased by 349.78% to ¥133.08 million in 2024, reflecting improved liquidity[97] - Cash and cash equivalents increased to ¥224,878,416.30, representing 5.46% of total assets, up from 3.46% at the beginning of the year, primarily due to cash management of idle funds[101] Market and Product Development - The company is focusing on the micro transmission and drive system solutions, targeting industries such as smart automotive, consumer technology, and medical technology, which are experiencing rapid growth[30] - In the smart automotive sector, the company has established partnerships with major clients like Bosch and BYD, enhancing its market presence and product demand[31] - The company is actively participating in the development of advanced industrial equipment, aiming to replace imported precision core components and enhance product functionality[33] - The robotics sector is identified as a key growth area, with the company developing smart robotic hands as a core component, which is crucial for the advancement of embodied intelligence[34] - The company launched the world's first dexterous hand product with built-in all-drive units at the Shenzhen High-Tech Fair, featuring 17 active degrees of freedom and the ability to expand configurations[35] - The company specializes in the research, production, and sales of micro-drive systems, with applications in smart vehicles, consumer and medical technology, advanced manufacturing, and robotics[36] - The company is currently developing a mid-mounted motor aimed at overcoming technical deficiencies such as assembly, durability, noise, and transmission stability, with the goal of enhancing its core technology patents and R&D experience[90] Research and Development - The company has maintained a strong focus on R&D capabilities, continuously improving its product offerings to meet the evolving demands of various industries[30] - The company has invested in R&D to improve production processes and technology, maintaining its leading position in the micro drive and transmission industry[49] - The company increased its R&D personnel from 453 in 2023 to 507 in 2024, representing an 11.92% growth[95] - R&D investment rose to approximately ¥155.14 million in 2024, a 20.53% increase from ¥128.71 million in 2023[95] - The company has established a robust R&D infrastructure, including precision testing centers and joint laboratories with renowned universities[66] Talent and Human Resources - The company is committed to talent development, establishing a talent management committee to enhance internal talent identification and training programs[53] - The company has established a comprehensive talent development system, enhancing employee skills across various departments[71] - The company has a total of 2,310 employees at the end of the reporting period, with 1,328 in the parent company and 982 in major subsidiaries[183] - The company has a diverse educational background among employees, with 127 holding master's degrees and 341 holding bachelor's degrees[183] - The average annual salary of employees is higher than the local average salary for private sector employees, reflecting the high skill requirements of the company's products[191] Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective operation and management[145] - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, and finance, with no competition issues present[147] - The company has a dedicated compensation and assessment committee to oversee the development and implementation of its compensation policies[193] - The company has established a market value management system to enhance investor confidence and promote sustainable development[140] - The company has disclosed its valuation enhancement plan to align with national policies aimed at boosting the capital market[141] Shareholder Relations - The company plans to distribute a cash dividend of ¥2.85 per 10 shares, based on a total share capital of 240,203,500 shares[5] - The total amount of cash dividends distributed accounts for 100% of the total profit distribution[199] - The company has conducted multiple investor relations activities to engage with institutional investors throughout 2024[137][139] - The annual shareholders' meeting held on May 8, 2024, had a participation rate of 69.74%[151] - The first interim shareholders' meeting on August 8, 2024, saw a participation rate of 70.05%[151]

Financial Performance - The company's revenue for Q1 2025 was ¥367,530,437.85, representing a 17.66% increase compared to ¥312,366,530.08 in the same period last year[3] - Net profit attributable to shareholders decreased by 1.19% to ¥54,709,914.92 from ¥55,371,497.12 year-on-year[3] - Total operating revenue for the current period reached ¥367,530,437.85, an increase of 17.7% compared to ¥312,366,530.08 in the previous period[19] - Net profit for the current period was ¥54,709,914.92, slightly down by 1.2% from ¥55,371,497.12 in the previous period[21] Cash Flow - The net cash flow from operating activities significantly dropped by 84.03% to ¥7,095,473.69, down from ¥44,434,033.96 in the previous year[3] - Cash inflow from operating activities totaled $452.32 million, an increase from $380.07 million year-over-year[24] - Cash outflow from operating activities was $445.22 million, compared to $335.63 million in the previous year[24] - Net cash flow from operating activities was $7.10 million, a significant decrease from $44.43 million year-over-year[24] - Investment activities generated a net cash outflow of ¥6,826,730.84, a decline from a net inflow of ¥75,444,986.85 in the same period last year[9] - Cash inflow from investing activities amounted to $592.67 million, up from $470.68 million year-over-year[25] - Cash outflow from investing activities was $599.50 million, compared to $395.24 million in the previous year[25] - Net cash flow from investing activities was -$6.83 million, a decline from $75.44 million year-over-year[25] - Cash inflow from financing activities reached $134.10 million, a substantial increase from $1.72 million year-over-year[25] - Cash outflow from financing activities totaled $304.86 thousand, down from $1.54 million in the previous year[25] - The net increase in cash and cash equivalents was $134.41 million, compared to $119.86 million year-over-year[25] - The ending balance of cash and cash equivalents was $359.23 million, up from $211.59 million in the previous year[25] Assets and Liabilities - Total assets as of March 31, 2025, were ¥4,213,545,457.52, a 2.22% increase from ¥4,121,910,305.98 at the end of the previous year[4] - Total liabilities rose to ¥920,320,453.13, up from ¥895,699,546.11, indicating a 2.8% increase[17] - The company's total equity attributable to shareholders increased by 2.08% to ¥3,293,225,004.39 from ¥3,226,210,759.87 at the end of the previous year[4] - The company's equity attributable to shareholders reached ¥3,293,225,004.39, an increase of 2.1% from ¥3,226,210,759.87[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 39,644[11] - The largest shareholder, Shenzhen Qianhai Zhaowei Financial Holdings Co., Ltd., holds 35.44% of shares, totaling 85,120,000 shares[11] - Li Haizhou, a significant shareholder, owns 18.18% of shares, amounting to 43,657,600 shares, with 32,743,200 shares pledged[11] - The total number of preferred shareholders is zero, indicating no preferred shares outstanding[13] Research and Development - Research and development expenses increased by 30.06% to ¥39,664,743.19, up from ¥30,497,261.27 in the same period last year[8] - Research and development expenses for the current period were ¥39,664,743.19, which is a 30.2% increase from ¥30,497,261.27 in the previous period[20] Other Financial Metrics - The weighted average return on equity decreased to 1.68% from 1.78% year-on-year[4] - The company reported a basic and diluted earnings per share of ¥0.23, consistent with the previous period[21] - The company has plans for market expansion and new product development, although specific details were not disclosed in the current report[19]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

证券研究报告 人形机器人大规模量产在即，关注 核心环节投资机会 行业评级：看好 2025年4月27日 | 分析师 | 邱世梁 | 分析师 | 刘巍 | | --- | --- | --- | --- | | 邮箱 | qiushiliang@stocke.com.cn | 邮箱 | liuwei03@stocke.com.cn | | 证书编号 | S1230520050001 | 证书编号 | S1230524040001 | | 分析师 | 白浪 | 研究助理 | 张逸辰 | | 邮箱 | bailang@stocke.com.cn | 邮箱 | zhangyichen@stocke.com.cn | | 证书编号 | S1230525010003 | | | 投资摘要 ➢ 人形机器人核心环节投资机遇和设备规模梳理： 2 ✓ 丝杠：一种将电机端旋转运动转化为直线运动的机械部件。行星滚柱丝杠根据其运动关系的不同可分为标准式行星滚柱丝杠、反向式行星滚柱丝杠。其中反向式中螺母作为主动 件，适合更紧凑的应用场景，如人形机器人。 ✓ 精度、承载能力和使用寿命决定了行星滚柱丝杠产品的性能优劣；国内和海外厂商的差距主要 ...

头部本体厂商选择全栈自研，方案各异，如特斯拉(腱绳)、FigureAI(连杆)、智元(混合)、星动纪元(纯直 驱)等，是灵巧手的主力。独立第三方集成商，如因时机器人、强脑、傲意、灵心巧手、灵巧智能等进 展较快;此外零部件厂商延伸至整手集成，如兆威、雷赛、帕西尼等，同时兼售模组零部件。目前灵巧 手价格差异大，主流价格5-10万/只，中期价格预计降至0.5-3万/只，占本体成本比重20%左右。据东吴 证券测算，2030年人形机器人300万台+，市场空间约900亿，对应零部件市场空间较大的为触觉传感 器、空心杯电机、齿轮、丝杆。 手部多维感知是方向，促进手脑协同 灵巧手需通过触觉传感器、关节力控和编码器等将数据反馈至大脑，从而构建物体物性库和抓握数据库 等，并通过仿真平台，扩大数据集，从而优化大脑的运规的泛化性。触觉传感器追求高灵敏度、高集成 度、高延展性、成本低，目前多技术路线并行。压阻式力维度低(一维法向力)、灵敏性不足(阈值10g)， 在低端先放量;而电容式及电磁式性能更优，感知三维力，力分辨<1g，抗干扰能力提升和体积缩小后， 放量潜力大;视触觉传感器理论上限高，但对数据和算法要求高。 头部本体厂全栈自研， ...

深圳机器人全产业链接会集结了一批机器人"顶流"企业。 深圳商报首席记者 陈小慧 这几天的深圳，集结了一批机器人"顶流"企业，上演了一场现实版的"机器人总动员"。4月26日，为期3 天的机器人全产业链接会（FAIR plus 2025）在深圳圆满闭幕。记者获悉，本次活动观展近3.5万人次， 成功打造了集新品发布、产品呈现、产业展览、技术交流、学术研讨、供需对接于一体的国际级机器人 合作交流盛会。 本次活动由深圳市工业和信息化局、中国科学院深圳先进技术研究院指导，深圳市机器人协会主办， 以"智启未来、链动全球"为主题。作为深圳市内举办的机器人产业规模最大、品类最多的最新成果展， 本次活动成为揭示深圳机器人产业"创新密码"的重要窗口，全方位展示了深圳良好的机器人产业发展生 态，引领具身智能机器人产业发展新浪潮。 此外，据不完全统计，本次链接会累计促成近50家揭榜单位与发榜单位达成意向合作，涉及金额6000余 万元，成功推动产业上下游交流合作和机器人产品在多个实际场景中的落地应用。 多家展商发布新品 "链"接产业上下游 200余家机器人"论剑" 记者了解到，本次活动吸引了机器人产业链上下游企业积极参展，共计200余家 ...

记者在现场注意到，各家企业秀出"十八般武艺"，有会弹钢琴的人形机器人、能冲咖啡的协作机械臂、 弹跳力十足的机器狗和能歌善舞的"火星美女"机器人等，如同现实版的"机器人总动员"。 深圳机器人产业链正加速形成集群效应。4月24日至26日，由深圳市工业和信息化局指导，中国科学院 深圳先进技术研究院和深圳市机器人协会联合举办的首届机器人全产业链接会（FAIR plus 2025）在深 圳召开。 4月25日，深圳市机器人协会相关负责人向经济观察报记者表示，在工业机器人领域，深圳拥有控制系 统、伺服电机、精密减速器等上游核心零部件厂商；在非工业机器人领域，深圳拥有激光雷达、芯片、 舵机、移动底盘等大量核心零部件制造商；在人形机器人领域，平均每一个机器人就有60%至70%的硬 件由深圳及其周边城市的产业链企业提供。 寻找"确定性"场景 据了解，此次大会是深圳市目前举办的规模最大、品类最多的机器人产业成果展，共有180余家产业链 企业参与展出。其中，"人形机器人第一股"优必选（09880.HK）、"协作机器人第一股"越疆 （02432.HK）、"小巨人"企业乐聚机器人、普渡机器人、帕西尼感知科技、逐际动力，及来自杭州的 宇树 ...

深股通专用席位一周上榜龙虎榜个股 | 代码 | 简称 | 深股通专用席位净买入（万元） | 一周涨跌幅（%） | 一周换手率（%） | | --- | --- | --- | --- | --- | | 002648 | 卫星化学 | 58960.09 | 21.43 | 25.48 | | 002261 | 拓维信息 | 23414.60 | 3.93 | 68.12 | | 300773 | 拉卡拉 | 8096.46 | 23.83 | 123.35 | | 300468 | 四方精创 | 6572.22 | -3.14 | 123.37 | | 002537 | 海联金汇 | 3224.96 | 46.57 | 80.36 | | 002085 | 万丰奥威 | 3150.73 | 14.72 | 23.36 | | 000601 | 韶能股份 | 2917.95 | 17.03 | 74.90 | | 002693 | 双成药业 | 1446.05 | -27.74 | 48.70 | | 301558 | 三态股份 | 1083.21 | -4.43 | 154.25 | | 301486 | 致 ...

行 业 及 产 业 机械设备 2025 年 04 月 24 日 从实验室到竞技运动，迈向产业化 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@swsresearch.com 本期投资提示： 1）硬件关节：稳定性、刚性、抗冲击能力都很重要，实际上大部分问题都是硬件相关， 硬件短板将影响整体表现，需要逐一针对性解决； 2）运动控制算法：机器人面临上下坡、转弯、坑洼、井盖等复杂地形条件，对运控算法 的稳定性和抗干扰提出极高要求，否则会出现不平衡和摔跤问题； 3）自主导航和具身大脑：大部分采用遥控、无线通讯导航方式，而自主导航对路径跟 踪、环境适应、传感融合和智能决策提出挑战，是未来要重点突破的方向； 4）其他方面包括散热设计、电池续航、实时通讯等问题。竞技比赛相当于一次压力测 试，对机器人性能进行系统性考验，团队 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 投资要点 の 东吴证券 2 ◆ 灵巧手vs夹爪:场景落地不同,稳定性与泛化性的博弈。场景应用决定硬件需求，不同的场景匹配不同的硬件, 无论是灵巧手还是夹爪,都有英适合的应用场景。夹爪:泛化能力有限但稳定性高,更适合工业应用场景。夹 爪的泛化性弱于灵巧手,但低成本与高稳定性的特性使其更适配工业场景。一方面工业场景不会为多余的功能 买单,夹爪可以以最高的性价比满足工业端需求;另一方面夹爪泛化性差但操作简单,现有的控制算法已可以 赋予其较高的稳定性,这对于工业场景对高良率和高稳定性的要求比较友好。灵巧手:终局泛化能力强,适配 更复杂的应用场景。灵巧手相比夹爪能实现更多复杂的操作,例如需要抓握、手指联动的场景中,灵巧手是必 然选择。长期来看,人形机器人的最终目标就是融入人类的环境,因此灵巧手会是终局解决方案,能够适用于 更多的应用场景。 驱动模块/减速模块/传动模块是灵巧手的三大组成部分。1驱动 ...