Core Viewpoint - Zhaowei Electromechanical (003021.SZ) reported a strong performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first three quarters reached 1.255 billion yuan, representing an 18.70% increase year-on-year [1] - The net profit attributable to shareholders was 181 million yuan, showing a year-on-year growth of 13.86% [1] - The net profit excluding non-recurring gains and losses was 160 million yuan, reflecting a 24.95% increase year-on-year [1]

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating a positive outlook compared to the market [1]. Core Views - The machinery sector continues to show resilience, with a focus on high-growth areas such as construction machinery, shipbuilding, robotics, and AIDC [1][5]. - The report highlights a market uptrend, with traditional sectors like mining and metallurgy machinery gaining attention due to favorable market sentiment [5]. Summary by Sections 1. Machinery Sector Performance - In October, the CITIC machinery sector declined by 0.32%, underperforming the CSI 300 index by 1.94 percentage points, ranking 19th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as mining and metallurgy machinery, nuclear power equipment, and shipbuilding saw significant gains, with increases of 8.2%, 6.05%, and 4.92% respectively [4][10]. 2. Engineering Machinery - In September, excavator sales reached 19,858 units, a year-on-year increase of 25.4%, while loader sales were 10,530 units, up 30.5% [22][31]. - The report suggests that the engineering machinery sector is in a recovery phase, with leading companies expected to see performance improvements [43]. 3. Robotics - Industrial robot production in September was 76,287 units, reflecting a year-on-year growth of 28.3% [44]. - The report emphasizes the upward cycle in the robotics industry, particularly in humanoid robots, which are gaining traction in the market [53]. 4. Shipbuilding - The shipbuilding sector is experiencing a period of adjustment, with new orders declining by 23.5% year-on-year, while the completion volume increased by 6% [54]. - Despite the decline in new orders, the profitability of shipbuilding companies is expected to continue recovering [54].

Financial Performance - The company's operating revenue for Q3 2025 reached ¥468,619,861.13, representing a 13.65% increase compared to ¥412,345,867.91 in the same period last year[4] - Net profit attributable to shareholders was ¥67,956,444.38, up 4.01% from ¥65,337,578.36 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥63,532,844.60, reflecting a 13.98% increase from ¥55,740,359.51 in the previous year[4] - Operating revenue for the current period reached ¥1,255,188,562.02, up from ¥1,057,458,316.60, representing an increase of about 18.68%[25] - Net profit for the current period was ¥181,227,607.30, compared to ¥159,164,724.15 in the previous period, indicating a growth of around 13.87%[26] - Total comprehensive income for the period reached ¥178,218,260.55, an increase from ¥158,147,723.18 in the previous period, reflecting a growth of approximately 12.9%[27] - Basic and diluted earnings per share increased to ¥0.76 from ¥0.67, representing a growth of 13.4%[27] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to ¥4,236,374,601.49, a 2.78% increase from ¥4,121,910,305.98 at the end of the previous year[5] - The company's total liabilities decreased to ¥829,407,980.61 from ¥895,699,546.11, a reduction of approximately 7.41%[23] - The total non-current assets increased to ¥1,243,787,521.46 from ¥1,182,512,942.87, reflecting a growth of approximately 5.18%[22] Shareholders' Equity - Shareholders' equity increased by 5.60% to ¥3,406,966,620.88 from ¥3,226,210,759.87 at the end of the previous year[5] - The equity attributable to shareholders increased to ¥3,406,966,620.88 from ¥3,226,210,759.87, showing a growth of about 5.59%[23] - The total number of ordinary shareholders at the end of the reporting period was 50,990[17] - The largest shareholder, Shenzhen Qianhai Zhaowei Financial Holdings Co., Ltd., holds 35.36% of shares, totaling 85,120,000 shares[18] Cash Flow - Cash flow from operating activities decreased by 35.55% to ¥102,236,472.07 compared to ¥158,628,339.17 in the same period last year[4] - Net cash flow from operating activities decreased to ¥102,236,472.07, down from ¥158,628,339.17[15] - Cash inflow from operating activities totaled ¥1,301,288,022.25, compared to ¥1,186,029,535.11 in the previous period, marking an increase of approximately 9.7%[29] - Cash outflow from operating activities was ¥1,199,051,550.18, up from ¥1,027,401,195.94, reflecting an increase of about 16.6%[30] - Net cash flow from investing activities turned negative at -¥79,436,735.02 compared to a positive ¥51,089,842.03 in the previous year[15] - Cash inflow from investing activities decreased to ¥1,157,660,762.29 from ¥1,208,834,958.70, a decrease of approximately 4.2%[30] - Cash outflow from financing activities increased to ¥371,441,505.16 from ¥141,569,785.15, indicating a significant rise of about 162.5%[30] - The ending cash and cash equivalents balance was ¥211,312,271.08, down from ¥228,844,021.72, a decrease of approximately 7.7%[31] Expenses and Losses - Total operating costs rose to ¥1,090,005,432.93 from ¥918,809,169.69, marking an increase of approximately 18.59%[25] - Research and development expenses increased to ¥127,914,418.09 from ¥108,393,535.73, reflecting a rise of about 18.19%[26] - Tax and additional fees increased by 61.77% to ¥12,740,934.98 due to higher VAT payments[13] - Investment income decreased by 53.71% to ¥12,003,036.81 as a result of reduced returns from idle fund investments[13] - Credit impairment losses increased by 250.19% to ¥2,027,006.98 due to a decrease in bad debt provision[13] - Asset impairment losses rose by 216.09% to ¥5,290,026.67 primarily from reduced inventory impairment provisions[13] Other Information - The company reported a significant increase of 420.99% in receivables financing, reaching ¥107,303,879.76, primarily due to an increase in bank acceptance bills[10] - The company’s construction in progress rose by 171.06% to ¥48,826,956.15, attributed to increased investment in the Suzhou Industrial Park renovation project[10] - The weighted average return on equity for the reporting period was 2.04%, a slight decrease from 2.09% in the previous year[5] - The company recorded a government subsidy of ¥2,103,002.32 during the reporting period, contributing to its other income[8] - The company’s third-quarter financial report was not audited, which may impact the reliability of the reported figures[32]

证券日报网讯 10月27日晚间，兆威机电（003021）发布公告称，截至本公告披露日，公司无逾期对外 担保、无涉及诉讼的对外担保及因担保被判决败诉而应承担损失的情形。 ...

证券代码：003021 证券简称：兆威机电 公告编号：2025-050 深圳市兆威机电股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 深圳市兆威机电股份有限公司（以下简称"公司"）于 2024 年 12 月 11 日和 2024 年 12 月 27 日分别召开的第三届董事会第七次会议和 2024 年第三次临时股 东会审议通过了《关于 2025 年度对外担保额度预计的议案》，同意公司 2025 年 在全资子公司东莞市兆威机电有限公司（以下简称"东莞兆威"）申请银行授信 及日常经营需要时为其提供对外担保，担保金额上限为人民币 1.5 亿元。具体内 容详见公司于 2024 年 12 月 12 日刊登在巨潮资讯网（http://www.cninfo.com.cn） 的《关于 2025 年度对外担保额度预计的公告》。 二、担保情况进展 近期，公司与中信银行股份有限公司深圳分行、中国工商银行股份有限公司 东莞望牛墩支行签订了《最高额保证合同》。上述担保事项在公司 2024 年第三次 临时股东会审议通过的担 ...

在深圳 提起宝安区 很多人第一反应会是宝安国际机场 是粤港澳大湾区核心枢纽 前海战略主阵地 这，是你知道的宝安 也是很多人印象里的宝安 但，这并不是全部的宝安 今天，就带你来看看宝安的另一面 这片贡献着深圳近35%机器人产值的产业"丰产田"，正步履铿锵地为这场全球竞速，写下宝安答案。 在《庄子·养生主》中，庖丁解牛，刀锋于牛体的筋骨缝隙间自在游走，十九年刀刃如新。两千年后， 当具身智能的澎湃浪潮席卷全球，一场机器人版的"庖丁解牛"，在宝安上演。 从1.0时代流水线上精准高效的"工业蓝领"，到2.0时代零帧起手转手绢、冲泡咖啡的智能伙伴，机器人 赛道的核心已然迭代—— 焦点不再是"自动化"，而是"智能化"，其核心命题，便是如何让机器自主完成复杂多变的任务。在这场 全球范围的激烈"排位赛"中，中国玩家们正蓄势"上分"。 在宏大的产业版图上，宝安的坐标愈发清晰，它亮出的"王牌"是全球范围内，能够将算法、软件、硬件 与应用场景进行融合与迭代的"试验场"和"产业化枢纽"。如果说具身智能是从"1到N"的产业革命，那么 宝安，正是在"1"这个关键节点上，试图将产业化的难度从"地狱模式"一键切换到"简单模式"，这背 后，是一 ...

Core Viewpoint - Zhaowei Electromechanical has shown significant stock performance with a year-to-date increase of 59.32%, despite recent fluctuations in trading volume and price [1][2]. Group 1: Stock Performance - As of October 24, Zhaowei Electromechanical's stock price increased by 2.01% to 117.30 CNY per share, with a trading volume of 2.93 billion CNY and a market capitalization of 28.175 billion CNY [1]. - The stock has experienced a 3.47% increase over the last five trading days, a 20.12% decrease over the last 20 days, and a 0.51% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on April 23, where it recorded a net purchase of 93.537 million CNY [1]. Group 2: Company Overview - Zhaowei Electromechanical, established on April 19, 2001, and listed on December 4, 2020, specializes in the research, production, and sales of micro transmission systems, precision injection parts, and precision molds [2]. - The revenue composition of the company includes micro transmission systems (63.25%), precision parts (30.44%), and precision molds and other products (6.31%) [2]. - The company operates within the electric equipment industry, specifically in the motor sector, and is associated with concepts such as virtual reality and humanoid robots [2]. Group 3: Financial Performance - For the first half of 2025, Zhaowei Electromechanical reported a revenue of 787 million CNY, reflecting a year-on-year growth of 21.93%, and a net profit attributable to shareholders of 113 million CNY, up by 20.72% [2]. - Since its A-share listing, the company has distributed a total of 333 million CNY in dividends, with 192 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 40.23% to 55,600, while the average circulating shares per person decreased by 28.69% to 3,709 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by Penghua Carbon Neutral Theme Mixed A and Hong Kong Central Clearing Limited, while Southern CSI 1000 ETF entered the list as a new shareholder [3].

Market Overview - The electric motor sector increased by 0.75% compared to the previous trading day, with Dayang Electric leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Dayang Electric (002249) closed at 11.48, rising by 2.96% with a trading volume of 2.67 million shares and a transaction value of 3.037 billion [1] - Other notable performers include: - Kaizhong Precision (002823) at 16.74, up 2.07% [1] - Bafang Electric (603489) at 24.88, up 1.97% [1] - Huayang Intelligent (301502) at 47.77, up 1.90% [1] - Kangping Technology (300907) at 33.04, up 1.63% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 252 million from institutional investors, while retail investors saw a net inflow of 103 million [2] - Notable stock fund flows include: - Jiangte Electric (002176) with a net inflow of 26.04 million from institutional investors [3] - Huayi Shares (300626) with a net inflow of 24.04 million from institutional investors [3] - Zhaowei Electromechanical (003021) with a net inflow of 13.15 million from institutional investors [3]

Core Viewpoint - Zhaowei Electromechanical has shown significant stock performance with a year-to-date increase of 57.15%, despite recent declines in the last five and twenty trading days [1][2]. Company Overview - Zhaowei Electromechanical, established on April 19, 2001, and listed on December 4, 2020, is based in Shenzhen, China. The company specializes in the research, production, and sales of micro drive systems, precision injection parts, and precision molds [2]. - The revenue composition of Zhaowei Electromechanical is as follows: micro drive systems account for 63.25%, precision parts for 30.44%, and precision molds and other products for 6.31% [2]. - The company operates within the electric equipment sector, specifically in the motor industry, and is associated with concepts such as virtual reality, Xiaomi, embodied intelligence, humanoid robots, and dexterous hands [2]. Financial Performance - For the first half of 2025, Zhaowei Electromechanical reported a revenue of 787 million yuan, representing a year-on-year growth of 21.93%. The net profit attributable to shareholders was 113 million yuan, reflecting a growth of 20.72% compared to the previous year [2]. - Since its A-share listing, Zhaowei Electromechanical has distributed a total of 333 million yuan in dividends, with 192 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, Zhaowei Electromechanical had 55,600 shareholders, an increase of 40.23% from the previous period. The average number of circulating shares per shareholder was 3,709, a decrease of 28.69% [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings, such as a decrease in shares held by Penghua Carbon Neutral Theme Mixed A and Hong Kong Central Clearing Limited [3].

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]