Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the significance of tactile sensors in optimizing Tesla's Optimus robotic hand, emphasizing that the engineering effort for the hand constitutes half of the overall development [16][18] - Vision-tactile technology is identified as a key method for enhancing robotic interaction with the physical world, providing high-resolution tactile information through optical imaging and tactile perception [5][18] - Domestic companies are rapidly catching up with international leaders in tactile technology, leveraging local supply chains and application scenarios [7][47] Summary by Sections Section 1: Vision-Tactile Sensing - Tactile sensors are crucial for the optimization of Tesla's Optimus robotic hand, which features 22 degrees of freedom and tactile sensors on all fingers [16][17] - Vision-tactile technology captures microscopic deformations during contact with objects, converting them into high-resolution tactile data, enabling robots to perform delicate operations [18][22] - The technology allows for the simultaneous perception of normal force, shear force, object pose, and texture, closely mimicking human tactile capabilities [33] Section 2: Domestic Companies Catching Up - GelSight is recognized as the global leader in vision-tactile sensors, with significant advancements made by domestic startups in material design and deep learning models [7][47] - Notable companies include: - **叠动科技 (Diedong Technology)**: Innovated the integration of MEMS technology with vision-tactile sensing, receiving strategic investment from 隆盛科技 (Longsheng Technology) [49][50] - **帕西尼 (Paxini)**: A leader in multi-dimensional tactile technology, has received over 100 million yuan in strategic investment from BYD [56][61] - **一目科技 (Yimu Technology)**: Developed the world's first full-stack tactile system designed for precise operations, supported by 松霖科技 (Songlin Technology) [62] Section 3: Investment Recommendations - Recommended stocks include 隆盛科技 (Longsheng Technology) as a beneficiary of the advancements in vision-tactile technology [8]

Market Overview - The Shanghai Composite Index is at 3668.94 points, above the six-month moving average, with a slight increase of 0.07% [1] - The total trading volume of A-shares today is 932.665 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 132 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Keda Li (科达利) with a deviation rate of 7.15% and a price increase of 7.85% [1] - Green Harmony (绿的谐波) with a deviation rate of 5.23% and a price increase of 5.20% [1] - Longsheng Technology (隆盛科技) with a deviation rate of 5.01% and a price increase of 5.48% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Anlu Technology (安路科技) with a deviation rate just above the average [1] - Jiyang Precision (吉冈精密) and Nanbo A (南玻A) also recently crossed the six-month line [1] Detailed Stock Performance - A detailed table lists various stocks, their trading performance, turnover rates, six-month moving average prices, latest prices, and deviation rates [1][2] - For example, Shanhua Intelligent Control (三花智控) shows a deviation rate of 4.65% with a price increase of 4.60% [1]

通过天眼查大数据分析，无锡隆盛科技股份有限公司共对外投资了15家企业，参与招投标项目8次，知 识产权方面有商标信息2条，专利信息653条，此外企业还拥有行政许可27个。 来源：金融界 隆盛科技最新一期业绩显示，截至2025一季报，公司营业总收入6.06亿元、同比增长7.06%，归属净利 润5866.89万元，同比增长11.41%，扣非净利润5534.16万元，同比增长8.19%，流动比率1.245、速动比 率0.986、资产负债率50.26%。 天眼查商业履历信息显示，无锡隆盛科技股份有限公司，成立于2004年，位于无锡市，是一家以从事汽 车制造业为主的企业。企业注册资本23102.4278万人民币，实缴资本7431.2721万人民币。公司法定代表 人为倪铭。 金融界消息 截至2025年8月14日收盘，隆盛科技（300680）报收于39.4元，下跌5.06%，换手率8.79%， 成交量15.46万手，成交金额6.11亿元。 资金流向方面，今日主力资金净流出4178.85万元，占比成交额6.84%。其中，超大单净流出3116.54万 元、占成交额5.1%，大单净流出1062.30万元、占成交额1.74%，中单净 ...

Summary of Conference Call on Humanoid Robots and Precision Reducers Industry Overview - The humanoid robot market is experiencing explosive growth, significantly increasing the demand for precision reducers, with the market size expected to leap from billions to over a trillion [1][3] - The precision reducer industry has high technical barriers and low domestic production rates, but the domestic share is expected to rise with rapid industry growth and the development of China's supply chain, particularly in the harmonic and planetary reducer sectors [1][4] Key Points and Arguments - **Market Potential**: The global markets for harmonic, RV, and planetary reducers are all below $2 billion, with the Chinese market approximately $360 million, $620 million, and $520 million respectively, accounting for about half of the global share [1][6] - **Demand Variability**: Different humanoid robot designs have varying requirements for reducers; for instance, Tesla's design requires 14 harmonic reducers, while Fourier Technology needs 32 planetary reducers, and Yushu Technology requires 37 new-type reducers [1][7] - **Future Projections**: The ratio of harmonic to planetary reducers may shift from 7:3 to 9:1 as technology advances, with a potential market pull of $5 billion for planetary and over $40 billion for harmonic reducers when global humanoid robot sales reach 2 million [1][8] Technical and Market Status - **Reducer Types**: - Harmonic reducers are suitable for high-precision, lightweight applications like humanoid robot joints - RV reducers are used in high-rigidity, high-torque scenarios - Planetary reducers are known for high efficiency, precision, and longevity [4][5] - **Market Dynamics**: The harmonic reducer market is currently dominated by a few players, with Japan's Harmonic Drive holding 80% of the global market share and over 35% in China [9] Competitive Landscape - **Harmonic Reducers**: The market is characterized by oligopoly, with significant barriers to entry due to the need for high-purity alloy steel and specialized processing techniques [9] - **Planetary and RV Reducers**: The planetary reducer market is more fragmented, with Japanese and domestic companies holding 40%-50% of the market share. RV reducers have a high technical threshold, with domestic companies achieving rapid breakthroughs but still holding only 30%-40% of the market [10][11] Impact of Humanoid Robots - The rise of humanoid robots is driving explosive demand, similar to the transition seen in the electric vehicle components industry, pushing for higher investment, support, and technological iteration [12] Company Developments and Investment Recommendations - **Leading Companies**: Notable companies include Greenfield Harmonic, a leader in harmonic reducers, and Double Ring Transmission, which has rapidly grown its revenue from 3-4 billion in 2020 to nearly 10 billion [13] - **Emerging Players**: Longsheng Technology is also developing harmonic reducer products, indicating a promising future for domestic companies in this sector [14] - **Investment Outlook**: The humanoid robot sector is in a breakthrough phase, with strong expectations for the competitiveness of Chinese companies, making it a long-term investment focus [14]

Summary of Longsheng Technology Conference Call Company Overview - Longsheng Technology has achieved a compound annual growth rate (CAGR) of 46.8% in revenue from 2018 to 2023, with projected revenue of nearly 2.4 billion yuan in 2024, representing a year-on-year growth of 31% [2][8] - The company’s net profit attributable to shareholders is expected to reach 224 million yuan in 2024, a year-on-year increase of 53% [2] Business Expansion and Product Development - Longsheng Technology has expanded its business by integrating subsidiaries and establishing new companies, focusing on precision stamping and injection molding components to enhance product value [2][3] - The company has a leading position in the EGR (Exhaust Gas Recirculation) sector, holding a 40% market share in the light-duty diesel engine market and a 22% share in the gasoline engine market [2][6] - Major clients include Cummins, QuanChai, and Jiangling Motors, with expectations for the passenger car EGR market to reach 4 billion yuan and the commercial vehicle market to reach 1.5 billion yuan by 2026 [2][6] Market Position and Financial Performance - The revenue from the core business of EGR systems has significantly contributed to the overall financial performance, with total revenue increasing from 580 million yuan in 2020 to 1.83 billion yuan in 2023 [3][8] - The market for motor cores, a key component in electric vehicle drive motors, is projected to reach 10.3 billion yuan by 2026, with Longsheng supplying major clients like Tesla, Geely, and BYD [2][7] Shareholding Structure and Incentives - The controlling shareholder holds nearly 30% of the company, with clearly defined roles among subsidiaries focusing on precision components, new energy components, and aerospace precision manufacturing [4] - The company has successfully completed its stock incentive targets for the first two years and is expected to meet the target for the current year, which supports performance growth [4][5] Future Growth Potential - Longsheng Technology is expected to generate revenues of 3.2 billion yuan and 4 billion yuan in 2025 and 2026, respectively, with net profits projected to be slightly over 300 million yuan and 370 million yuan [4][16] - The company is also exploring opportunities in the aerospace sector, collaborating with institutions like Northwestern Polytechnical University to develop components for military drones and commercial aircraft [4][11][12] Investment Recommendations - The company is recommended as a strong investment opportunity, particularly in the robotics sector, with a suggested price-to-earnings (PE) ratio of 40 times for 2025 [4][16][17] - The ongoing development in the robotics field and the company's ability to adapt to market changes are seen as key factors for future valuation increases [17]

Investment Rating - The report initiates coverage with a "Buy" rating for 隆盛科技, projecting a target market value of 11.1 billion yuan based on a 38x PE ratio for 2025 [8]. Core Insights - 比亚迪 is focusing on balancing growth quantity with development quality, recognizing the need for a transition to a higher quality operational state, with ongoing monitoring required for the success of this transformation [3][4]. - 优信 is benefiting from a stabilizing new car market, which is improving the profitability environment for its used car business, with a scalable and well-controlled business model showing effectiveness [3][4]. - 隆盛科技 has diversified into three main business segments: EGR systems, new energy electric drive core components, and precision parts, while also exploring potential growth areas in aerospace and humanoid robotics [5][6][7]. - 蔚来 has launched its new brand 乐道 with the L90 model, which has received a positive market response, indicating strategic importance for balancing sales and profitability [3][9]. Summary by Sections 比亚迪 and 优信 - 比亚迪 is aware of the necessity to transition towards higher quality operations and is actively planning for this change, although the success of this transition remains to be seen [4]. - 优信's business model is proving effective, with a 30-day inventory turnover rate enhancing confidence in its operational capabilities, and the used car market is expected to benefit from rising prices and government support [4]. 隆盛科技 - 隆盛科技 has established a stable market position in EGR systems, with projected revenue of 730 million yuan in 2024, and is expanding into new energy motor cores, which is expected to reach a market size of nearly 10 billion yuan by 2025 [5][6]. - The company is also pursuing opportunities in humanoid robotics and aerospace, leveraging its existing manufacturing capabilities and customer relationships to create a synergistic ecosystem [7]. 蔚来 - 蔚来 is implementing cost-cutting measures and efficiency improvements, with expectations of narrowing net losses in the second quarter due to a streamlined organizational structure and reduced R&D expenses [9]. - The introduction of the 乐道 brand is anticipated to significantly improve 蔚来’s overall profitability model through scale effects as sales of new models increase [3][9].

证券之星消息，8月5日汽车零部件板块较上一交易日上涨1.59%，华密新材领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。汽车零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 836247 | 华密新材 | 23.73 | 12.41% | 19.22万 | | 4.50亿 | | 873690 | 捷众科技 | 28.89 | 11.12% | 9.73万 | | 2.92亿 | | 600626 | 申达股份 | 4.46 | 10.12% | 29.06万 | | 1.27亿 | | 603089 | 正裕工业 | 17.66 | 10.03% | 21.90万 | | 3.83亿 | | 002921 | 联诚精密 | 17.77 | 10.03% | 21.20万 | | 3.59亿 | | 000901 | 航天科技 | 14.63 | 10.00% | 116.35万 | | 16.71 ...

天眼查商业履历信息显示，无锡隆盛科技股份有限公司，成立于2004年，位于无锡市，是一家以从事汽 车制造业为主的企业。企业注册资本23102.4278万人民币，实缴资本7431.2721万人民币。公司法定代表 人为倪铭。 通过天眼查大数据分析，无锡隆盛科技股份有限公司共对外投资了15家企业，参与招投标项目8次，知 识产权方面有商标信息2条，专利信息653条，此外企业还拥有行政许可27个。 来源：金融界 金融界消息 截至2025年8月5日收盘，隆盛科技（300680）报收于41.69元，上涨6.22%，换手率 14.68%，成交量25.82万手，成交金额10.59亿元。 资金流向方面，今日主力资金净流入7013.21万元，占比成交额6.62%。其中，超大单净流入6525.25万 元、占成交额6.16%，大单净流入487.96万元、占成交额0.46%，中单净流出流出9472.36万元、占成交 额8.94%，小单净流入2459.15万元、占成交额2.32%。 隆盛科技最新一期业绩显示，截至2025一季报，公司营业总收入6.06亿元、同比增长7.06%，归属净利 润5866.89万元，同比增长11.41%，扣非净利润5 ...

Group 1 - The core viewpoint of the news is that Longsheng Technology (300680) has shown a positive performance in both stock price and financial results, indicating potential growth in the automotive manufacturing sector [1][3] - As of August 4, 2025, Longsheng Technology's stock closed at 39.25 yuan, up 6.72%, with a trading volume of 184,200 hands and a transaction amount of 712 million yuan [1] - The company experienced a net inflow of main funds amounting to 36.44 million yuan, representing 5.12% of the transaction amount, with significant contributions from large orders [1] Group 2 - Longsheng Technology reported total operating revenue of 606 million yuan for the first quarter of 2025, reflecting a year-on-year growth of 7.06% [1] - The net profit attributable to shareholders was 58.67 million yuan, an increase of 11.41% year-on-year, while the non-recurring net profit was 55.34 million yuan, up 8.19% [1] - The company's liquidity ratios are as follows: current ratio at 1.245, quick ratio at 0.986, and debt-to-asset ratio at 50.26% [1] Group 3 - Longsheng Technology, established in 2004 and located in Wuxi, primarily engages in the automotive manufacturing industry [2][3] - The company has made investments in 15 external enterprises and participated in 8 bidding projects [2] - Longsheng Technology holds 653 patents and has 2 trademark registrations, along with 27 administrative licenses [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is a core supplier of EGR systems and is actively exploring potential business opportunities in various sectors, including aerospace and humanoid robotics, which are expected to drive future growth [11][20] - The EGR product line is well-established, with stable revenue from commercial vehicles and increasing demand from hybrid vehicles, particularly PHEVs [11][12] - The company has successfully transitioned into the new energy sector, particularly in manufacturing motor cores, which is projected to see significant market growth [11][12] - The strategic layout in humanoid robotics and aerospace manufacturing is expected to create synergistic effects and open new growth avenues [11][12] Financial Data and Profit Forecast - Total revenue is projected to reach CNY 2,397 million in 2024, with a year-on-year growth rate of 31.2% [2] - Net profit attributable to the parent company is expected to be CNY 224 million in 2024, reflecting a year-on-year increase of 52.8% [2] - Earnings per share are forecasted to be CNY 0.98 in 2024, with a gross margin of 18.0% [2] - The company anticipates a net profit of CNY 296 million in 2025, with a growth rate of 32.1% [12] Market Data - The company has established a strong market position in the EGR sector, serving major clients such as BYD, Geely, and Chery, which positions it well to benefit from the increasing penetration of PHEVs [11][12] - The new energy motor core market is expected to reach nearly CNY 10 billion by 2025, with the company poised to capture significant market share [11][12] Business Segments - The company operates three main business segments: EGR systems, new energy motor cores, and precision components, with the new energy segment showing rapid growth [20][23] - The EGR system segment is projected to generate CNY 730 million in revenue in 2024, accounting for 30% of total revenue [23] - The new energy segment is expected to contribute CNY 1,034 million in revenue in 2024, representing 43% of total revenue [23] Valuation - The report estimates a target market capitalization of CNY 11.1 billion based on a 2025 price-to-earnings ratio of 38x, indicating a potential upside of 36% from current levels [12]