东兴证券指出，市场充分认可慢牛趋势。建议重点关注人工智能领域的投资机会，除了上游硬件公司之 外，建议关注 AI 应用端后续的进展，对商业航天建议给予高度重视，行业能见度非常好，未来发射数 量预期明确，非常适合增量机构资金配置，有望成为除 AI 之外，最具想象力的科技主线。 卫星ETF（159206）是当前唯一跟踪国证商用卫星通信产业指数的ETF产品，也是全市场首支、规模最 大的卫星ETF，其联接基金（A类：024194，C类024195）也是目前跟踪指数唯一成立的场外基金。当 前，卫星制造是我国卫星互联网本阶段的发展核心，从成分股看，国证商用卫星通信产业指数重点聚 焦"卫星制造+卫星发射"，超配卫星制造（占比约64%），更契合新质生产力发展方向。 近期卫星通信行业利好政策频出，得益于国家层面的战略推动，产业发展呈现加速态势。 长江证券指出，卫星互联网在商业领域除了可对现有地面网络进行补充外，亦可衍生出诸多全新应用场 景，如智能驾驶、星际通信与太空探索、全球卫星算力集群等，应用潜力巨大。中国卫星互联网正逐步 从传统航天的任务式发展迈向商业化发展，产业链开放度大幅提升，卫星生产成本显著降低，新技术亦 在持续突破中 ...

德邦高端装备混合发起式A（023566）成立日期2025年3月14日，最新规模1325.97万。成立以来收益 8.45%。 德邦高端装备混合发起式A（023566）基金经理为陆阳。 截至发稿，陆阳累计任职时间1年316天，现任基金资产总规模11.98亿元，任职期间最佳基金回报 201%， 任职期间最差基金回报8.33%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月4日，隆盛科技跌5.07%，截至发稿，报43.10元/股，成交5.00亿元，换手率6.32%，总市值98.15亿 元。 资料显示，无锡隆盛科技股份有限公司位于无锡市新吴区珠江路99号，成立日期2004年6月16日，上市 日期2017年7月25日，公司主营业务涉及发动机废气再循环（EGR）系统板块、新能源板块和精密零部 件板块。主营业务收入构成为：其他62.71%，EGR产品及喷射系统37.29%。 从基金十大重仓股角度 数据显示，德邦基金旗下1只基金重仓隆盛科技。德邦高端装备混合发起式A（023566） ...

分红方面，隆盛科技A股上市后累计派现1.77亿元。近三年，累计派现1.14亿元。 机构持仓方面，截止2025年6月30日，隆盛科技十大流通股东中，鹏华碳中和主题混合A（016530）位 居第二大流通股东，持股1085.62万股，相比上期增加328.66万股。永赢先进制造智选混合发起A （018124）位居第三大流通股东，持股586.25万股，相比上期增加258.43万股。前海开源嘉鑫混合A （001765）位居第八大流通股东，持股227.20万股，相比上期减少92.56万股。永赢低碳环保智选混合发 起A（016386）退出十大流通股东之列。 资料显示，无锡隆盛科技股份有限公司位于无锡市新吴区珠江路99号，成立日期2004年6月16日，上市 日期2017年7月25日，公司主营业务涉及发动机废气再循环（EGR）系统板块、新能源板块和精密零部 件板块。主营业务收入构成为：其他62.71%，EGR产品及喷射系统37.29%。 隆盛科技所属申万行业为：汽车-汽车零部件-底盘与发动机系统。所属概念板块包括：机械、国六概 念、汽车零部件、汽车热管理、人形机器人等。 截至7月10日，隆盛科技股东户数2.25万，较上期减少1. ...

9月3日，无锡隆盛科技股份有限公司接待了民生证券、上海合远基金、华夏基金等10家机构的特定对象 调研，公司董事长、总经理倪铭，蔚瀚智能总经理顾志军参与接待，调研透露了公司多项业务的重要信 息。 据了解，本次投资者关系活动类别为特定对象调研，时间为2025年9月3日10:00 - 12:00，地点在全资子 公司无锡隆盛新能源科技有限公司会议室 。参与单位及人员包括民生证券崔琰、马天韵；上海合远基 金吴思农；华夏基金蓝一阳；中银基金张欣怡；浙商资管陈一；建信养老王国信、纪石；运舟资产郑青 青；民生加银基金范明月 。 在调研中，公司介绍了2025年半年度经营情况。公司长期围绕国家战略产业发展方向，依托自主研发实 力与上下游精准并购策略，形成了以发动机废气再循环（EGR）系统、新能源汽车驱动电机铁芯及汽车 精密零部件为核心的业务矩阵。其中，发动机废气再循环系统、新能源驱动电机核心零部件已进入行业 头部序列，精密零部件在特定细分领域成为隐形冠军。公司产品广泛覆盖商用车、乘用车及非道路机械 等领域。上半年，公司整体营业收入同比增长约4.63%。 EGR板块方面，2025年上半年该板块业务营业收入同比增长约28%。下半年， ...

证券代码：300680 证券简称：隆盛科技 无锡隆盛科技股份有限公司 投资者关系活动记录表 编号：2025-002 | 形成"核心部件攻坚 | + 整机研发迭代"的双轮驱动发展模式：一方面， | | --- | --- | | 立足自身丰富的工业应用场景开展机器人整机研发并持续迭代优化；另一 | | | 方面，凭借对机器人产业链上下游的深度理解与洞察，聚焦灵巧手总成、 | | | 谐波减速器、关节模组等关键核心部件，全力攻坚并实现多点技术突破。 | | | 6、公司谐波减速器技术迭代的进展？ | | | 2025 | 年上半年，公司在传动技术领域研发成果显著，成功推出结构 | | 紧凑的轻量化谐波减速器。该产品在保证抗冲击性能、刚性等核心指标不 | | | 下降的前提下，重量较传统产品大幅减轻 | 30%-40%，不仅实现了"减重不 | | 降质"的突破，更有效弥补了传统谐波减速器在刚性与抗冲击能力上的固 | | | 有短板。同时，公司同步开发了 | Peek 材料谐波减速器等一体化关节模组， | | 已熟练掌握摆线减速器关键制造技术，为下游客户提供更全面的传动解决 | | | 方案。 | | | 7、公司谐 ...

9月2日，隆盛科技涨5.54%，截至发稿，报46.68元/股，成交8.32亿元，换手率10.76%，总市值106.30亿 元。隆盛科技股价已经连续3天上涨，区间累计涨幅3.9%。 资料显示，无锡隆盛科技股份有限公司位于无锡市新吴区珠江路99号，成立日期2004年6月16日，上市 日期2017年7月25日，公司主营业务涉及发动机废气再循环（EGR）系统板块、新能源板块和精密零部 件板块。主营业务收入构成为：其他62.71%，EGR产品及喷射系统37.29%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 广发招利混合A（015838）基金经理为段涛。 截至发稿，段涛累计任职时间5年109天，现任基金资产总规模22.79亿元，任职期间最佳基金回报 68.06%， 任职期间最差基金回报-45.66%。 数据显示，广发基金旗下1只基金重仓隆盛科技。广发招利混合A（015838）二季度持有股数7.85万股， 占基金净值比例为3.77%，位 ...

Core Viewpoint - The company is positioned as a leader in EGR and core components for new energy drive motors, with a three-pronged growth strategy focusing on EGR, new energy and precision components, and aerospace robotics [1] Group 1: Business Segments - The company has established a strong presence in EGR, serving major clients such as BYD, Chery, and Geely [1] - In the robotics sector, the company is developing harmonic reducers, tactile sensors, and dexterous hands, with a focus on advanced designs and lightweight products [2] - The harmonic reducer production capacity is expected to reach 70,000 units by Q1 2026, leveraging superior design and materials [1][2] - The company has made a strategic investment in a technology firm to develop high-performance tactile sensors, which have received international recognition [1][2] Group 2: Electric Motor Components - The electric motor components business is transitioning to semi-assembly, enhancing product value and competitiveness [2] - The company has successfully launched its first rotor and stator semi-assembly product in June 2025, following a project agreement with a major client [2][3] Group 3: New Product Launches - The new Wanjie M7 model is set to launch in September 2025, expected to significantly contribute to the company's revenue growth [2] Group 4: Strategic Partnerships and Investments - The company plans to invest approximately 200 million yuan in a new lightweight component production base in Chongqing, focusing on electric vehicle parts [3] - A strategic partnership with Galaxy Aerospace has been established to develop key precision components for commercial aerospace applications, with significant growth in project volume expected [3] Group 5: Financial Projections - Revenue forecasts for 2025-2027 are projected at 3.238 billion, 4.233 billion, and 5.342 billion yuan, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% respectively [4] - Net profit estimates for the same period are 311 million, 419 million, and 513 million yuan, with growth rates of 38.4%, 34.9%, and 22.4% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is leveraging dual drivers from robotics and commercial aerospace, with comprehensive layouts in harmonic drives, dexterous hands, and sensors [1] - The company has established a three-tier growth curve focusing on EGR systems, new energy vehicle drive motors, and precision components, while actively expanding into aerospace and humanoid robotics [15] Summary by Sections Robotics: Layout of Harmonic Drives, Dexterous Hands, and Sensors - The company has strengthened its position in harmonic drives through its subsidiary, Weihan Intelligent, which focuses on precision harmonic drives and integrated joint actuators [16][19] - A strategic investment in Diedong Technology has been made to develop high-performance visual tactile sensors, which are crucial for robotic applications [29] - The dexterous hand developed by the company features a lightweight visual tactile skin, significantly enhancing performance compared to traditional sensors [35] New Energy Motor Components Business - The company has upgraded its motor core components to semi-assembly, significantly increasing product value and competitiveness [3] - The establishment of a new production base for lightweight components in Chongqing is set to enhance the company's capabilities in the new energy vehicle sector [42] Commercial Aerospace - The company has formed a strategic partnership with Galaxy Aerospace, focusing on the development of core precision components for satellite energy, communication, and control modules [50] - The business volume for satellite modules and drone projects has doubled in the first half of 2025, indicating strong growth potential [52] Financial Forecast - The company is projected to achieve revenues of 32.38 billion, 42.33 billion, and 53.42 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% [8][56] - The net profit attributable to shareholders is expected to be 3.11 billion, 4.19 billion, and 5.13 billion yuan for the same years, with growth rates of 38.4%, 34.9%, and 22.4% respectively [8][56] Market Position - The company has successfully integrated into the supply chains of major clients in the automotive and aerospace sectors, enhancing its market presence and competitive edge [7][53] - The company’s stock is currently valued at a PE ratio of 31.6 for 2025, which is competitive compared to similar companies in the industry [56]

Core Viewpoint - The company reported a revenue of 1.224 billion yuan in the first half of 2025, representing a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 105 million yuan, up 1.38% year-on-year [1] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, which is a year-on-year increase of 25.03%, while the net profit attributable to shareholders was 46 million yuan, showing a year-on-year decrease of 9.04% [1] - The revenue from the company's new energy vehicle components, EGR and injection systems, and precision automotive parts for the first half of 2025 was 485 million, 451 million, and 287 million yuan respectively, with year-on-year growth rates of 6.05%, 27.44%, and 19.61% [2] Margin and Cost Structure - The net profit margin for Q2 2025 was 7.45%, down by 2.79 and 2.23 percentage points year-on-year and quarter-on-quarter respectively [3] - The gross margin in Q2 2025 decreased by 1.46 percentage points to 18.01% year-on-year, primarily due to increased depreciation and slower revenue growth [3] - The company maintained a good control over selling expenses, with a selling expense ratio of 0.42%, down 1.02 and 0.35 percentage points year-on-year and quarter-on-quarter respectively [3] Strategic Developments - The company is progressively clarifying its "1+3" strategic layout in humanoid robotics, with "1" referring to the self-developed "Lansen" robot and "3" to three core components: harmonic reducers, dexterous hands, and tactile sensors [4] - The company successfully developed a lightweight harmonic reducer that reduces weight by 30%-40% compared to traditional products, with an expected production capacity of approximately 70,000 units by Q1 2026 [4] Future Outlook - The company anticipates a recovery in performance in the second half of 2025, driven by volume and price increases in its main business, alongside a well-established layout in the humanoid robotics sector [5] - The profit forecast for 2025-2027 has been adjusted to 327 million, 414 million, and 482 million yuan respectively, with the current stock price corresponding to PE ratios of 30.0, 23.8, and 20.4 times [5]

证券研究报告 汽车 报告日期：2025 年 09 月 01 日 Q2 营收增长业绩短暂承压，看好公司人形机器人领域战略布局 ——隆盛科技（300680.SZ）2025 年半年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 43.14 | | --- | --- | | 52 周价格区间（元） | 15.25-49.50 | | 总市值（百万元） | 9,823.67 | | 流通市值（百万元） | 7,585.66 | | 总股本（万股） | 22,771.61 | | 流通股（万股） | 17,583.81 | | 近一月换手（%） | 193.92 | 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：李浩洋 执业证书编号：S0230525080001 邮箱：lihy@hlzq.com 2025.04.22 2025.03.14 请认真阅读文后免责条款 事件： 公司发布 2025 年半年报：公司 2025 年上半年实现营收 12.24 亿 元，同比+15.44%，实现归母净利润 1.05 亿元，同比+1.38%； ...