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， ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

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， ...

Core Insights - The Shenzhen Robot Industry Linkage Conference showcased over 200 leading robot companies, attracting nearly 35,000 attendees and serving as a significant platform for product launches, technical exchanges, and industry collaboration [2][3][4]. Group 1: Event Overview - The event, held from April 26 for three days, was themed "Intelligent Future, Global Linkage" and was the largest robot industry exhibition in Shenzhen, highlighting the city's robust robot industry ecosystem [2][4]. - The conference featured 23 supply-demand matchmaking sessions across various sectors, including industrial production and commercial services, facilitating collaboration between enterprises and institutions [4][7]. Group 2: Participation and Engagement - Over 200 international buyers from countries such as Malaysia, Thailand, Germany, and Russia attended, leading to significant engagement and potential partnerships in the robot components and systems market [5][6]. - The event resulted in nearly 50 intention-based collaborations, with a total value exceeding 60 million yuan, promoting the application of robot products in real-world scenarios [7]. Group 3: Product Launches and Innovations - Several companies launched new products, including eBots, which introduced a flexible assembly robot for the 3C manufacturing sector, receiving considerable attention from industry professionals [8]. - The establishment of national standards for humanoid robots was a focal point, aiming to enhance collaboration and break down technical barriers within the industry [8][9]. Group 4: Industry Development and Ecosystem - Shenzhen is evolving into a key global hub for the robot industry, with a projected total output value of over 200 billion yuan for its robot industry cluster by 2024, supported by nearly 4,000 patent-holding companies [10]. - The "Robot Valley" in Shenzhen is gradually taking shape, with numerous leading companies and research institutions congregating to foster a comprehensive robot industry ecosystem [10][11].

Industry Overview - The Shenzhen robot industry is rapidly forming a cluster effect, with a significant number of enterprises showcasing their innovations at the first Robot Industry Chain Conference (FAIR plus 2025) [1] - The total output value of Shenzhen's robot industry chain is projected to exceed 201.2 billion yuan in 2024, marking a year-on-year growth of 39.64% with 14,534 new robot companies established [5] Key Companies and Products - Notable participants at the conference included leading firms such as UBTECH, Yujin Robot, and others, showcasing advanced products like humanoid robots and collaborative robots [2] - Tencent's "Xiao Wu" robot features a hybrid design with wheels and legs, designed for complex environments, particularly in elder care scenarios [3] - UBTECH's "Tian Gong Xing Zhe" humanoid robot is the first research-grade full-size humanoid robot priced below 300,000 yuan, capable of navigating various terrains [3] Technological Innovations - The conference highlighted advancements in sensory technology, such as the high-resolution "visual tactile sensor" developed by Daimeng Robotics, which can accurately capture three-dimensional force distributions [5] - Shenzhen's companies are also innovating in robotic arms and mobility systems, with products designed for diverse applications, including security inspections and industrial automation [6][7] Ecosystem and Supply Chain - Shenzhen has established a complete ecosystem for robot manufacturing, encompassing core components like tactile sensors, laser radars, and servo electronics, facilitating efficient supply chain interactions [7] - The industry is characterized by a strong integration of hardware and software capabilities, with local firms excelling in both manufacturing and technological services [7]

Core Viewpoint - The article highlights the presence of Shenzhen Stock Connect seats in 17 stocks on the weekly leaderboard, indicating significant net buying activity and overall positive market performance for these stocks [1] Group 1: Net Buying Activity - A total of 17 stocks appeared on the leaderboard, with 12 showing net buying from Shenzhen Stock Connect seats [1] - The stocks with the highest net buying amounts were Satellite Chemical (58,960.09 million), Tuo Wei Information (23,414.60 million), and Lakala (8,096.46 million) [1] - The average increase for the stocks with net buying was 14.13%, outperforming the Shanghai Composite Index, which rose by 0.56% [1] Group 2: Stock Performance - The stock with the largest increase was Hai Lian Jin Hui, which saw a cumulative rise of 46.57% over the week [1] - Other notable performers included Satellite Chemical (21.43% increase) and Lakala (23.83% increase) [1] - The stocks with the highest turnover rates included Tuo Wei Information (68.12%) and Lakala (123.35%) [1] Group 3: Net Selling Activity - Five stocks experienced net selling, with the largest net sell amounts recorded for Ying Wei Ke (12,449.79 million) and Wuhan Fan Gu (4,295.78 million) [1] - The net selling stocks included Ying Wei Ke (-8.93% change) and Wuhan Fan Gu (28.87% increase despite net selling) [1]

Core Insights - The performance of funds heavily invested in AI, robotics, and computing power has been outstanding in the first quarter, with significant inflows into these funds [1] - Notable funds include Penghua Carbon Neutral Theme and Yongying Advanced Manufacturing, achieving quarterly returns of 60.26% and 52.32% respectively, with both funds surpassing 10 billion yuan in scale by the end of the quarter [1] - The market is experiencing a divergence in opinions among fund managers regarding the future of the robotics sector, with some optimistic about its growth potential while others caution about increased volatility [7][8] Fund Performance - Penghua Carbon Neutral Theme and Yongying Advanced Manufacturing made substantial adjustments to their portfolios, adding 6 and 5 new stocks to their top ten holdings respectively [3] - The top holdings for these funds include companies like Zhongdali De (002896.SZ), Zhenyu Technology (300953.SZ), and Zhaowei Electromechanical (003021.SZ) [3][4] - The first quarter saw significant stock price increases for these companies, with Zhongdali De's stock price rising by 126% and Zhaowei Electromechanical's by 141% [4] Sector Insights - The human-robot industry is expected to grow significantly over the next few years, with fund managers highlighting its potential to become a major growth sector akin to smartphones and electric vehicles [8] - The complexity of the robotics supply chain, which involves multiple disciplines and high barriers to entry, is noted as a factor that may lead to increased market volatility [7] - Fund managers emphasize the importance of understanding the risks and characteristics of investments in this sector, suggesting a cautious approach to investing [9]

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 ...