2025年一季度正式收官，在一场以AI、机器人领衔的结构性行情中，公募基金取得了不俗的战绩。 此外，值得一提的现象是，主动权益基金全面回暖，业绩排行榜重回主动权益的天下。一批主动权益基金凭借对行情的灵活把握以及对牛股的提前挖掘，业 绩大幅领先于被动产品。 机器人主题基金大赚60% 从业绩和重仓方向来看，公募基金2025年一季度的业绩排行榜由重仓机器人的基金霸屏。 其中，闫思倩管理的鹏华碳中和主题A以60.26%的收益率，成为2025年一季度业绩第一的基金。截至去年末，该基金重仓了北特科技、禾川科技、五洲新 春、步科股份、双林股份等多只机器人概念股，其中双林股份年内涨幅118.16%，股价翻倍，或为该基金贡献了丰厚的收益。 | 重要代码 | 基金简称 | | 2025年一季度 近一年收益 近三年收益 | | 直令经过 | | --- | --- | --- | --- | --- | --- | | | | 收益率 (%) | 率(%) | 率(%) | | | 016530.OF | 鹏华碳中和主题A | 60.26 | 80.98 | | 间患情 | | 019457.OF | 平安先进制造主题A | 53 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported better-than-expected performance in Q1 2025, with a significant increase in revenue and net profit, indicating a successful turnaround in 2024 [5] - The growth in revenue is driven by strong performance in core business segments, including seat components, wheel hub bearings, and new energy electric drive systems [5] - The company is focusing on new product development and market expansion, which is expected to enhance growth potential and profitability in the coming years [5] Financial Summary - For 2023, the company achieved a revenue of 4,139 million yuan, with a slight decline of 1.1% year-on-year. Projections for 2024, 2025, and 2026 show revenues of 4,678 million yuan (+13%), 5,664 million yuan (+21.1%), and 6,675 million yuan (+17.9%) respectively [4][6] - The net profit attributable to the parent company for 2023 was 81 million yuan, with a forecasted increase to 492 million yuan in 2024 (+508%), 525 million yuan in 2025 (+6.5%), and 648 million yuan in 2026 (+23.6%) [4][6] - The gross margin is expected to improve from 18.9% in 2023 to 22.0% by 2026, reflecting better cost management and product mix [4][6] - The company's P/E ratio is projected to decrease from 52.15 in 2023 to 37.27 in 2026, indicating a more attractive valuation as earnings grow [4][6] Business Development - The company has established deep collaborations with leading automotive brands, enhancing its market share in the seat components segment [5] - New projects in the wheel hub bearing sector and the establishment of a factory in Thailand are expected to boost production capacity and reduce export tariffs to North America [5] - The introduction of innovative products, such as the reverse planetary roller screw, positions the company favorably in the robotics and automation sectors [5]

风险提示：下游需求不及预期风险，行业竞争加剧风险，原材料价格波动风险等。 发布反向式行星滚柱丝杠，卡位人形机器人核心环节。行星滚柱丝杠可将旋转运动转化为直线运动，是 人形机器人实现灵活、精准动作的核心要素。由于人形机器人行星滚柱丝杠与公司核心产品HDM 具有 技术同源性以及加工工艺方面的相通性，公司积极布局相关产品并在2025 年3 月发布自研反向式行星滚 柱丝杠，产品具有高负载、高精度、长寿命的特点，完美契合人形机器人核心部件的国产化需求。公司 布局行星滚柱丝杠，卡位人形机器人核心关节，有望深度受益于人形机器人商业化进程。 携手科之鑫，垂直化战略进一步增强竞争优势。根据天眼查，公司已完成对无锡科之鑫的全资控股。科 之鑫主要产品为数控内外螺纹磨床，数控磨床技术长期受制于海外，欧洲、日本企业占据高端市场主导 地位，而国内磨床售价较低，产品单位折旧优势明显，在机器人降本需求的压力下，国内磨床有望成为 破局点。公司全资控股科之鑫，完成对丝杠产品的垂直化布局，在人形机器人产业化初期进一步打造差 异化竞争优势。 事件：2025 年3 月31 日，公司发布2024 年业绩快报及2025 年第一季度业绩预告，2024 年公 ...

2025 年 03 月 31 日 螺纹磨床自主可控，全产业链布局确立 买入(维持) 事件 -200 0 200 400 600 800 (%) 双林股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《双林股份（300100）：公司 2024H1 盈利超预期，三大业务助力 业绩成长》2024-08-10 2、《双林股份（300100）：公司出 台股权激励方案，困境反转趋势确 立》2024-06-16 3、《双林股份（300100）：二十载 耕耘汽车零部件，轻装再启航续写 —双林股份（300100.SZ）公司事件点评报告 2025 年 2 月，双林股份完成对无锡科之鑫的收购；3 月 13 日，双林股份举办新品发布会，正式推出国产首款"反向式 行星滚柱丝杠"。 投资要点 ▌双林股份全资收购无锡科之鑫，实现内螺纹磨床 自主可控 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-03-28 | | --- | --- | | 当前股价（元） | 60.81 | | 总市值（亿元） | 244 | | 总股本（百万股） | 401 | | 流通股 ...

证券代码：300100 证券简称：双林股份 公告编号：2025-016 宁波双林汽车部件股份有限公司 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 本公告所载2024年度的财务数据仅为初步核算数据，未经会计师事务所审计， 与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2024年度主要财务数据和指标 报告期内，公司经营业绩实现稳步提升，营业收入与净利润同比均实现显著 增长，业绩变动主要得益于以下核心驱动因素： （1）公司管理层高效落实董事会战略部署，持续深化境内外业务协同布局， 通过资源整合与渠道拓展，进一步巩固行业竞争优势。 （2）国内汽车复苏态势强劲，终端需求持续回暖，带动公司主营业务收入同 比增长。 （3）公司加速布局新能源汽车领域，相关产品营收规模同比大幅提升，规模 效应逐步显现，成为业绩增长重要引擎。 （4）公司内部管理效能提升，强化成本费用管控，公司整体盈利能力不断增 强。 | | | 增减变动幅度 | | | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | ...

Financial Performance - The company's net profit attributable to shareholders is expected to rise by 93.35% year-on-year, with an estimated profit of between 150 million and 180 million yuan[2]. - The net profit after deducting non-recurring gains and losses is projected to increase by 65.21% year-on-year, with an estimated profit of between 120 million and 150 million yuan[2]. - The non-recurring gains and losses for the reporting period are expected to be 30 million yuan, compared to 4.94 million yuan in the same period last year[5]. Market Trends - The domestic new energy vehicle market penetration rate continues to rise, driving significant growth in the sales of the company's related products[4]. Competitive Strategy - The company is enhancing its competitive advantage through resource integration and channel expansion, as well as improving internal management efficiency and cost control[4].

Financial Performance - Total revenue for the reporting period reached CNY 4,677,736,388.26, an increase of 13.02% compared to the same period last year[3] - Operating profit was CNY 515,332,317.90, reflecting a significant growth of 313.59% year-on-year[3] - Net profit attributable to shareholders was CNY 492,112,546.88, up 508.43% from the previous year[3] - The company achieved a basic earnings per share of CNY 1.23, representing a 515.00% increase compared to the same period last year[3] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 6,278,280,322.52, a growth of 5.43% from the beginning of the period[3] - Shareholders' equity attributable to the company reached CNY 2,637,759,723.71, increasing by 20.12%[3] - The net asset value per share was CNY 6.58, which is a 20.51% increase from the beginning of the period[3] Revenue Growth Drivers - The company reported a significant increase in revenue from new energy vehicle products, contributing to overall performance growth[7] - The increase in operating performance was driven by strong domestic automotive recovery and improved internal management efficiency[7] - Non-recurring gains amounted to approximately CNY 17,628.36 million, primarily due to cash compensation received from a major asset restructuring project[7]

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 双林股份（300100）公司研究报告 2025 年 03 月 26 日 [Table_InvestInfo] 投资评级 无评级 首次 覆盖 股票数据 | 03[Table_StockInfo 月 25 日收盘价（元）] | 62.31 | | --- | --- | | 52 周股价波动（元） | 7.98-77.77 | | 总股本/流通 A 股（百万股） | 401/387 | | 总市值/流通市值（百万元） | 24972/24118 | 市场表现 风险提示。原材料价格波动，竞争加剧，人形机器人&丝杠业务开拓不及预期。 主要财务数据及预测 | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4185 | 4139 | 4925 | 5458 | 5923 | | (+/-)YoY(%) | 13.7% | -1.1% | 19.0% | 10.8% | ...

证券代码：300100 证券简称：双林股份 公告编号：2025-015 宁波双林汽车部件股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、公司目前的经营情况及内外部经营环境未发生重大变化。 特别提示： 1、宁波双林汽车部件股份有限公司（以下简称"公司"）股票交易连续 3 个 交易日内收盘价涨幅偏离值累计达到 30%，连续 3 个交易日（2025 年 3 月 14 日、 3 月 17 日、3 月 18 日）累计偏离 32.85%，根据《深圳证券交易所交易规则》有 关规定，属于股票交易异常波动的情况。 2、截至目前，公司的滚柱丝杠产品仅完成相关样品研发，尚未获得定点或 实现营业收入，请投资者注意投资风险。 3、公司指定的信息披露媒体为《证券时报》《中国证券报》《上海证券报》 和巨潮资讯网，有关公司的信息均以在上述指定媒体刊登的信息为准，敬请广大 投资者理性投资，注意风险。 一、股票交易异常 ...

Group 1 - The core viewpoint of the articles is that Shuanglin Co., Ltd. has launched a new reverse planetary roller screw product, which addresses the domestic demand for humanoid robot core components through technological innovation [1][2] - The reverse planetary roller screw is designed to enhance load capacity, speed, and lifespan while reducing mass production costs, thus overcoming the traditional limitations of screw transmission [1][2] - The global market for roller screws is expected to exceed 12 billion yuan by 2025 and reach a trillion-level market by 2030, indicating a significant growth opportunity in the humanoid robot industry [2] Group 2 - Shuanglin Co., Ltd. has evolved from a local mold factory established in 1987 to a leading automotive parts company with over 20 global production bases, covering various sectors including automotive interior and exterior parts, electromechanical systems, hub bearings, and new energy electric drives [2] - The company has over 300 patents and five R&D centers, and it has integrated the entire industry chain capability from "materials-design-processing-testing" through the acquisition of Wuxi Kezhixin [2] - Shuanglin Co., Ltd. aims to deepen the research and innovation of precision transmission technology and promote the application of reverse planetary roller screws in humanoid robot joint modules and other related industries [2]