周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The humanoid robot industry is on the verge of mass production, with significant advancements expected in 2024, marking a pivotal year for the sector [7][13] - Automotive companies are accelerating their entry into the humanoid robot market, leveraging their existing supply chain advantages and expertise in AI and automation [7][41] - Investment opportunities are identified in companies with strong overlaps in existing automotive business and humanoid robot capabilities, particularly in the midstream supply chain [7][55] Summary by Sections Humanoid Robots Overview - Major global players in the humanoid robot sector are making significant progress, with many products entering pilot testing phases in 2024 [13] - Humanoid robots consist of five main modules, with the joint components representing a significant cost portion [16][19] - The estimated BOM cost for humanoid robots is approximately 316,200 CNY per unit, with joint components accounting for about 50% of the total cost [22][31] Automotive Sector - Automotive companies are uniquely positioned to commercialize humanoid robots due to their existing supply chains and expertise in AI from autonomous driving research [41][42] - The demand for humanoid robots in automotive manufacturing is driven by the need for automation in complex assembly processes that currently rely heavily on human labor [41][42] Parts Suppliers - Automotive parts suppliers are encouraged to explore humanoid robot business opportunities, particularly those with strong customer overlaps and technological synergies [53] - Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having potential advantages in expanding into the humanoid robot market [55]

无锡贝斯特精机股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 无锡贝斯特精机股份有限公司（以下简称"公司"）于 2024 年 8 月 7 日召 开第四届董事会第十一次会议、2024 年 12 月 31 日召开第四届董事会第十四次 会议分别审议通过了《关于变更注册资本及修订<公司章程>的议案》及《关于因 完成股权激励计划部分股票归属登记而变更注册资本及修订<公司章程>的议案》； 并于 2025 年 1 月 17 日召开了 2025 年第一次临时股东大会，审议通过了上述两 项议案。具体内容详见公司刊登在巨潮资讯网（ http://www.cninfo.com.cn） 上的《第四届董事会第十一次会议决议公告》（公告编号：2024-026）、《关于 变更注册资本及修订<公司章程>的公告》（公告编号：2024-023）、《第四届董 事会第十四次会议决议公告》（公告编号：2024-040）、《关于因完成股权激励 计划部分股票归属登记而变更注册资本及修订<公司章程>的公告》（公告编号： 2024-041）、《2025 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 34.8 CNY over the next six months [6][9]. Core Insights - The company has established a clear three-tier business layout based on precision machining, focusing on turbocharger components, new energy vehicle parts, and linear motion components, demonstrating robust operational quality [1][19]. - The company has strong cash flow from sales and operations, indicating high revenue quality and stable business performance [1][30]. - The turbocharger component business is expected to continue as a cornerstone for the company, with projected revenues of 1.114 billion, 1.239 billion, and 1.371 billion CNY from 2024 to 2026 [2][40]. - The new energy vehicle parts business is anticipated to grow significantly, with expected revenues of 250 million, 340 million, and 450 million CNY from 2024 to 2026 [3]. - The screw rod business is also expected to see growth, with projected revenues of 5 million, 80 million, and 180 million CNY from 2024 to 2026 [4]. Summary by Sections 1. Business Overview - The company was founded in 1997 and has leveraged precision machining technology to enter the turbocharger component manufacturing sector, later expanding into new energy vehicle parts and linear motion components [1][19]. - The company has a stable shareholding structure, with the actual controller holding 55.7% of shares, and has implemented effective employee stock ownership and incentive mechanisms [25][27]. 2. Turbocharger Component Business - The turbocharger industry is mature and concentrated, benefiting leading companies. The company has established deep ties with Tier 1 suppliers like Garrett and Cummins, ensuring a stable revenue stream [2][40]. - The company’s turbocharger component revenues are projected to grow at rates of 9.83%, 11.23%, and 10.68% from 2024 to 2026 [40]. 3. New Energy Vehicle Parts Business - The company has focused on lightweight structural components and precision parts for new energy vehicles since 2018, benefiting from the trend towards vehicle lightweighting [3][41]. - The expected revenue growth for this segment is significant, with projections of 250 million, 340 million, and 450 million CNY from 2024 to 2026 [3]. 4. Screw Rod Business - The screw rod market is expanding, with the company establishing a subsidiary to produce high-precision screw rods and linear guides, targeting various industries including robotics and machine tools [4][60]. - Revenue projections for the screw rod business are 5 million, 80 million, and 180 million CNY from 2024 to 2026 [4].

Group 1: Company Overview - The company, established in 1997, focuses on the R&D, production, and sales of precision components and intelligent equipment, extending its business into high-end aerospace manufacturing and industrial automation [1] - The core competitive advantage is based on four interconnected industries: tooling, casting, precision machining, and intelligent manufacturing [2] Group 2: Business Strategy - The company aims to leverage its core competitive advantages to build a three-tier industrial chain: - First tier: Strengthening existing businesses and expanding into range-extended and hybrid vehicle components [2] - Second tier: Targeting core components for electric vehicles, hydrogen fuel, and natural gas vehicles [2] - Third tier: Utilizing existing resources to enter new markets such as "industrial mother machines," humanoid robots, automotive transmission, and automation industries [2] Group 3: Product Range - The main products include core components for automotive turbochargers, new energy vehicle parts, aircraft cabin components, and intelligent manufacturing systems [3] - The company also offers high-precision ball/roller screw assemblies and high-precision rolling guideways for industrial mother machines and humanoid robots [3] Group 4: Market Outlook - The global trend towards stricter energy-saving and emission reduction standards is driving the growth of hybrid vehicle sales and increasing the penetration rate of turbochargers [4] - The company has established a strong reputation and customer base in the turbocharger industry, positioning itself well for future growth as new production capacity is released [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [3][9]. Core Insights - The company specializes in automotive precision components and is a leader in the turbocharger sector, actively expanding into linear rolling components, which is expected to become a new growth curve for the company [3]. - The company has established strong relationships with major clients and has received multiple awards for its product quality, positioning it well in the competitive landscape [3]. - The report highlights the company's strategic shift towards the new energy vehicle sector, which is anticipated to provide new opportunities for growth [3]. Summary by Sections Company Overview - The company has been focused on the turbocharger component industry since 2001, with products that enhance fuel efficiency by up to 20% [3]. - The company has a market capitalization of 133.10 billion RMB and a current stock price of 28.27 RMB [1]. Financial Performance - In the first half of 2024, the automotive components business generated revenue of 640 million RMB, reflecting a year-over-year increase of 8.1% with a gross margin of 32.7% [3]. - The net profit margin for the first three quarters of 2024 improved by 0.7 percentage points, with a gross margin of 34.9% [6]. Future Projections - The company is projected to achieve net profits of 300 million RMB, 340 million RMB, and 430 million RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 13%, 13%, and 27% [6][8]. - The report anticipates a steady increase in the global turbocharger installation rate, expected to rise from 54% in 2022 to 58% by 2025 [3]. Business Expansion - The company is expanding its linear rolling components business, targeting high-end machine tools and humanoid robots, with significant investments in technology and equipment [6]. - A new subsidiary, Wuxi Yuhua Precision Machinery Co., Ltd., was established to focus on high-precision rolling components, which are critical in advanced manufacturing sectors [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [3][8]. Core Insights - The company specializes in automotive precision components and is a leader in the turbocharger sector, actively expanding into linear rolling components, which is expected to drive new growth [3]. - The company has established strong relationships with major clients and has received multiple awards for supplier excellence, indicating a solid reputation in the industry [3]. - The report highlights the company's strategic move into the new energy vehicle sector, which is anticipated to provide additional growth opportunities [3]. Summary by Sections Company Overview - The company focuses on automotive parts, with 90.2% of its revenue coming from this sector, and has a market capitalization of 133.10 billion RMB [1]. - The stock price as of February 18, 2025, is 28.27 RMB, with a target price set at 34 RMB [1]. Financial Performance - The company reported a revenue of 6.4 billion RMB in the first half of 2024, reflecting a year-over-year growth of 8.1%, with a gross margin of 32.7% [3]. - The net profit margin for the first three quarters of 2024 improved by 0.7 percentage points, reaching 21.6% [5]. Market Position and Growth Potential - The global turbocharger installation rate is projected to increase from 54% in 2022 to 58% by 2025, with domestic rates for fuel vehicles expected to rise from 48% in 2018 to 71% by 2025 [3]. - The company is expanding its linear rolling components business, targeting high-end machine tools and humanoid robots, which are critical in precision transmission applications [5]. Earnings Forecast - The company is expected to achieve net profits of 3.0 billion RMB, 3.4 billion RMB, and 4.3 billion RMB for the years 2024 to 2026, representing year-over-year growth rates of 13%, 13%, and 27% respectively [5].

Group 1: Strategic Development Direction - The company aims to leverage its core competitive advantages in precision machining, casting industry support, and intelligent equipment to establish a three-tiered industrial development strategy [1] - The first tier focuses on strengthening existing businesses and expanding into range-extended and hybrid vehicle components [1] - The second tier targets core components for electric vehicles, hydrogen fuel, and natural gas fuel vehicles, facilitating a transition to new energy vehicle components [1] - The third tier involves utilizing existing resources to seize opportunities in new sectors such as "industrial mother machines," "humanoid robots," "automotive transmission," and "automation industry" [1] Group 2: Advantages in Third Tier Industry Layout - The company has established a scale and intelligent production management system for its automotive components business [2] - It utilizes an industrial verification platform to continuously improve the quality and efficiency of rolling functional components [2] - A skilled technical team with rich industry experience and strong innovation capabilities supports the understanding and development of rolling functional components [2] Group 3: Overseas Capacity Construction - The company is steadily advancing its overseas capacity construction, with the Thailand subsidiary having successfully laid the foundation in the second half of last year and is now officially under construction [2] - The project aims to achieve early completion and efficiency, injecting strong momentum into the company's international development [2]

Group 1: Company Overview and Strategy - The company, established in 1997, focuses on the R&D, production, and sales of precision components and intelligent equipment, extending its business into high-end aerospace manufacturing and industrial automation [1] - The core competitive advantage is built on four interconnected industries: tooling, casting, precision machining, and intelligent manufacturing [1] - The company aims to leverage its strengths in precision machining, casting, and intelligent equipment to develop a three-tiered industrial chain, focusing on traditional and new energy vehicle components [1][2] Group 2: Third-Tier Industry Advantages - The company has established a scale and intelligent production system for its automotive parts business, enhancing quality and efficiency through an industrial verification platform [2] - A skilled technical team with extensive experience in intelligent equipment and industrial automation supports the company's expansion into the third-tier industry [2] Group 3: Turbocharger Business Development - The global trend towards stricter energy-saving and emission standards has led to a significant increase in hybrid vehicle sales and turbocharger penetration rates [2] - The company has built a strong reputation in the turbocharger industry, achieving comprehensive business coverage with major clients and anticipating stable growth in this sector for 2024 [2]

Company Highlights - Best's stock price reached a historical high, increasing by 8.05% to 29.27 yuan, with a trading volume of 18.7354 million shares and a transaction amount of 534 million yuan [1] - The latest total market capitalization of Best in A-shares is 14.651 billion yuan, while the circulating market capitalization is 13.781 billion yuan [1] Industry Overview - The overall automotive industry has seen a rise of 1.40%, with 267 stocks experiencing price increases [1] - Leading gainers in the industry include Jun Chuang Technology, Xu Sheng Group, and Xin Zhi Group, with respective increases of 16.30%, 10.02%, and 10.00% [1] - Conversely, 19 stocks have reported declines, with the largest drops from Aima Technology, Yutong Bus, and SAIC Group, showing decreases of 2.49%, 1.79%, and 1.52% respectively [1]