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]

| 证券代码：300553 | 证券简称：集智股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：123245 | 债券简称：集智转债 | | 杭州集智机电股份有限公司 经审核，监事会认为：公司《2025 年第一季度报告全文》的编制和审核符 合法律法规和相关制度的有关规定，报告内容真实、准确、完整的反映了上市公 司的财务状况、经营成果，不存在虚假记载、误导性陈述或重大遗漏。具体内容 详见同日刊登在中国证监会指定的创业板信息披露网站上的公告。 表决结果：3 票同意,0 票反对,0 票弃权。 特此公告。 第五届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭州集智机电股份有限公司（以下简称"公司"）第五届监事会第七次会议 于 2025 年 4 月 25 日在公司会议室召开，会议通知于 2025 年 4 月 21 日以电子邮 件、书面文件等方式送达全体监事。会议应到监事 3 人，实到监事 3 人。本次会 议由陈旭初先生召集并主持，会议召开符合《公司法》《公司章程》的有关规定， 合法、有效。 经与会监事 ...

| 证券代码：300553 | 证券简称：集智股份 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：123245 | 债券简称：集智转债 | | 杭州集智机电股份有限公司 第五届董事会第十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭州集智机电股份有限公司（以下简称"公司"）第五届董事会第十次会议 于 2025 年 4 月 25 日在公司会议室采取以现场和通讯相结合的方式召开，会议于 2025 年 4 月 21 日以书面、电子邮件等方式向全体董事进行了通知，会议应到董 事 9 人，实到董事 9 人。公司监事和高级管理人员列席了本次会议。本次会议由 公司董事长楼荣伟先生召集并主持。会议召开符合《公司法》《公司章程》的有 关规定，合法、有效。 杭州集智机电股份有限公司董事会 2025 年 4 月 26 日 本议案已经公司审计委员会审议通过。董事会认为：公司《2025年第一季度 报告全文》能够真实、准确、完整地反映公司的实际情况，不存在虚假记载、误 导性陈述或者重大遗漏。 表决结果：9票同意，0票反对，0票弃权 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥78,639,277.64, representing a 54.89% increase compared to ¥50,772,215.25 in the same period last year[5] - Net profit attributable to shareholders was ¥8,426,341.56, a significant increase of 196.74% from ¥2,839,594.49 year-on-year[5] - Basic earnings per share increased by 150.00% to ¥0.1, up from ¥0.04 in the same quarter last year[5] - The net profit for the current period is 10,109,075.29, compared to a net loss of -346,096.60 in the previous period, indicating a significant turnaround[23] - The operating profit for the current period is 10,873,497.70, a substantial increase from 358,520.58 in the previous period[23] - The total comprehensive income attributable to the parent company is 8,426,341.56, compared to 2,839,594.49 in the previous period, showing a significant increase[24] Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥16,855,500.56, a turnaround of 180.29% from a negative cash flow of -¥20,993,990.04 in the previous year[5] - The cash flow from investment activities shows a net inflow of 12,090,014.32, compared to a net outflow of -49,274,066.72 in the previous period, indicating improved investment performance[25] - Cash and cash equivalents increased to ¥303,455,726.33 from ¥276,034,306.20, marking a growth of approximately 10%[18] - The cash and cash equivalents at the end of the period amount to 302,078,238.14, up from 160,791,839.94 at the end of the previous period, indicating strong liquidity[25] Operating Costs and Income - The company reported a 66.38% increase in operating costs, amounting to ¥49,156,160.90, primarily due to revenue growth[9] - Total operating costs amounted to ¥75,526,955.72, compared to ¥51,729,878.06 in the prior period, indicating an increase of about 46%[22] - The net profit margin improved, with net income from other gains rising to ¥8,795,392.67 from ¥1,165,997.86, reflecting a growth of over 650%[22] - Other income surged by 654.32% to ¥8,795,392.67, largely driven by increased government subsidies[9] - The company has experienced a significant increase in other income, with operating income from other sources rising to 3,495.54 from 2,297.56 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,359,186,448.74, a decrease of 1.95% from ¥1,386,264,070.46 at the end of the previous year[5] - Total liabilities decreased significantly to ¥524,275,105.49 from ¥657,079,502.38, a reduction of approximately 20%[20] - The company's equity attributable to shareholders increased to ¥826,078,747.16 from ¥719,246,966.18, reflecting a growth of about 15%[20] - Accounts receivable decreased to ¥65,996,149.82 from ¥74,772,129.03, a decline of about 11.5%[18] - Inventory levels decreased to ¥159,987,114.81 from ¥168,355,599.13, representing a reduction of approximately 5%[18] Strategic Initiatives - The company plans to focus on emerging industries, developing balancing equipment and automation production lines to meet new market demands[15] - The company successfully introduced new balancing machine products to the market, establishing partnerships with leading motor manufacturers for products like hollow cup rotor balancing machines and laser radar testing machines[15] - The subsidiary, Hangzhou Diting Intelligent Technology Co., received special funds of 7.79 million RMB to support its intelligent water sound business development[16] - The company is aware of the long development cycles in emerging industries, which may introduce uncertainty in product demand[15] - The company's subsidiary, Cohui Intelligent, has undertaken a project for a single hollow cup electronic rotor line, indicating a strategic move towards automation[15] Shareholder Information - The top shareholder, Lou Rongwei, holds 23.31% of the shares, while Hangzhou Jizhi Investment Co., Ltd. controls an additional 5.29%, totaling 28.6%[12] - A total of 957,711 "Jizhi Convertible Bonds" were converted into company shares, amounting to a face value of 95,771,100.00 RMB, resulting in the issuance of 4,067,857 shares[16] - The remaining convertible bonds as of March 31, 2025, totaled 1,588,289, with a total face value of 158,828,900.00 RMB[16] - The total number of restricted shares at the end of the period was 23,777,473, with 1,137,560 shares released from restriction during the period[14]

集智股份（300553）公告，2025年第一季度营收为7863.93万元，同比增长54.89%；净利润为842.63万 元，同比增长196.74%。 ...

| 证券代码：300553 | 证券简称：集智股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：123245 | 债券简称：集智转债 | | 杭州集智机电股份有限公司董事会 2025 年 4 月 26 日 2025 年第一季度报告披露的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭州集智机电股份有限公司 杭州集智机电股份有限公司 2025 年第一季度报告已于 2025 年 4 月 26 日在 中国证监会指定的创业板信息披露网站上披露，敬请投资者注意查阅！ 特此公告。 ...

Financial Performance - The company achieved a net profit of 19.10 million yuan in 2024, a decrease of 41.6% compared to the previous year [4] - The net profit after deducting non-recurring gains and losses was 14.44 million yuan, down 22.2% year-on-year [4] Shareholder Returns - The company plans to increase capital reserves by converting 3 shares for every 10 held, without distributing cash dividends or sending bonus shares [2] Business Development - The company has sufficient orders for balancing machines and is focusing on developing new applications in emerging industries, particularly in robotics [2] - New products such as hollow cup rotor balancing machines and laser radar testing machines have been successfully launched [2] Market Challenges - Increased market competition has led to a decline in gross profit margins [10] - The company is actively working to enhance product variety and market presence to improve profitability and market share [10] Future Outlook - The company aims to strengthen existing balancing and automation lines while developing new business opportunities [3] - There are no current plans for share buybacks, but any future plans will be disclosed as required [4] R&D Investment - The company will disclose its R&D investment plans for 2025 in its regular reports [7]

长江证券承销保荐有限公司 关于杭州集智机电股份有限公司 向特定对象发行股票之保荐工作总结报告书 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为杭 州集智机电股份有限公司（以下简称"集智股份"、"发行人"）2022 年向特定对 象发行股票的保荐机构，持续督导期限至 2024 年 12 月 31 日届满。根据《证券 发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号— —保荐业务》等相关法规和规范性文件的要求，保荐机构出具本保荐工作总结报 告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 | 项目 | 内容 | | | | --- | --- | --- | --- | | 保荐机构 | 长江证券承销 ...

机械设备/通用设备 集智股份（300553.SZ） 动平衡设备隐形冠军，机器人、深海再造新集智 2025 年 04 月 15 日 动平衡设备隐形冠军，机器人、深海再造新集智 人形机器人赛道"金铲子"，资本开支浪潮助力腾飞 | 孟鹏飞（分析师） | 罗悦（分析师） | | --- | --- | | mengpengfei@kysec.cn | luoyue@kysec.cn | 公司是国内动平衡设备领域的隐形冠军，与博世、比亚迪、特斯拉汽车电机供应 商万都博泽等头部客户深度合作。公司核心产品动平衡机用于旋转零部件的精度 校准与修正，覆盖机器人核心部件如电机、减速器、丝杠及灵巧手齿轮箱等，是 测试打样及量产阶段的必备设备。公司早期以电动工具业务起家，未来深海、汽 车新业务放量趋势明确；在机器人领域，公司卡位全品类核心部件关键生产设备， 竞争格局优异，机器人客户与主业客户协同，受益从小批量试制到大规模量产全 产业周期，具有稀缺性。因此，我们预计 2025-2027 年归母净利润分别为 0.48/1.05/1.76 亿元，对应 PE 为 77.5/35.4/21.2 倍，首次覆盖给予"买入"评级。 luoyue@k ...

机械设备/通用设备 集智股份（300553.SZ） 动平衡设备隐形冠军，机器人、深海再造新集智 2025 年 04 月 15 日 投资评级：买入（首次） | 孟鹏飞（分析师） | 罗悦（分析师） | | --- | --- | | mengpengfei@kysec.cn | luoyue@kysec.cn | luoyue@kysec.cn 证书编号：S0790524090001 动平衡设备隐形冠军，机器人、深海再造新集智 公司是国内动平衡设备领域的隐形冠军，与博世、比亚迪、特斯拉汽车电机供应 商万都博泽等头部客户深度合作。公司核心产品动平衡机用于旋转零部件的精度 校准与修正，覆盖机器人核心部件如电机、减速器、丝杠及灵巧手齿轮箱等，是 测试打样及量产阶段的必备设备。公司早期以电动工具业务起家，未来深海、汽 车新业务放量趋势明确；在机器人领域，公司卡位全品类核心部件关键生产设备， 竞争格局优异，机器人客户与主业客户协同，受益从小批量试制到大规模量产全 产业周期，具有稀缺性。因此，我们预计 2025-2027 年归母净利润分别为 0.48/1.05/1.76 亿元，对应 PE 为 77.5/35.4/21.2 ...