人形机器人系列（九）： 从Components到Functions，看手 眼协作、大小脑协同的投资机会 长江证券研究所机械研究小组 2025-05-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师 赵智勇 分析师 倪蕤 分析师 刘晓舟 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490520030003 SAC执业证书编号：S0490524030001 SFC执业证书编号：BRP550 分析师及联系人 %% %% research.95579.com 2 01 人形机器人产业快速推进，仍存 在应用痛点 02 Functions仍有瓶颈约束，视觉+ 运控+手眼协同为重要细分架构 目 录 %% research.95579.com 3 01 人形机器人产业快速推进，仍存在应用痛点 %% %% %% %% %% %% research.95579.com 4 人形机器人首先是要造好一个人形机器人本体 01 ➢ 2022年10月特斯拉提出人形机器人OPtimus硬件设计方案，遵循第一性原理，包括14个旋转 ...

点击招商研究小程序查看PDF报告原文 事件：公司发布24年报及25年一季报，结合公司近况，我们点评如下。 24年业绩符合预期，快速增长主要系汽车业务高增、产品结构优化。 24年收入15.2亿同比+26.4%， 归母净利2.3亿同比+25.1%，扣非归母1.8亿同比+37.6%，毛利率31.4%同比+2.4pcts，净利率14.8% 同比-0.2pct，主要受益于汽车业务高增长和消费电子MR产品放量，以及公司产品结构优化带动毛 利率实现较大幅度提升。 投资评级定义 24年各业务亮点：1）智能汽车： 公司与博世、比亚迪、理想、长安等主要汽车行业客户均已取得 合作进展，公司车载运动屏幕、汽车隐藏门把手、汽车主动式升降尾翼、汽车热管理执行器、车载 雷达、电子驻车等相关产品在国内车企中成功应用。 2）消费及医疗科技： 医用医疗设备的自动 化、智能化趋势日益明显，公司积极参与消费及医疗科技应用领域，如AR&VR、智能家居、胰岛 素泵、吻合器等产品领域，进行研发创新生产，给予客户有竞争力的解决方案。 3）机器人： 公司 去年深圳高交会上首次发布了全球首创的指关节内置全驱动力单元的灵巧手产品，集成了微型减速 器、电机、控制单 ...

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 ...