Group 1 - The China Securities Robot Index decreased by 0.50% as of May 21, 2025, with mixed performance among constituent stocks, including Xunbang Intelligent reaching a 20% limit up and Dongjie Intelligent rising by 3.67% [1] - The Robot Index ETF (159526) has seen a cumulative increase of 9.45% over the past month, ranking first among comparable funds [1] - The Robot Index ETF recorded a turnover rate of 3.18% during trading, with a transaction volume of 17.47 million yuan, and an average daily transaction volume of 39.89 million yuan over the past week, ranking in the top three among comparable funds [3] Group 2 - The Robot Index ETF has experienced a significant growth of 127 million yuan in scale over the past three months, ranking in the top three among comparable funds [3] - The ETF's share count increased by 37.4 million shares over the past six months, also ranking in the top three among comparable funds [3] - The latest financing buy-in amount for the Robot Index ETF reached 1.37 million yuan, with a financing balance of 12.27 million yuan [3] Group 3 - Tesla's Optimus showcased its capabilities in California, demonstrating applications such as dancing, with the company stating that the robot learned in a simulated environment without additional real data adjustments [4] - Elon Musk mentioned at the Saudi-US Investment Forum that the number of humanoid robots could eventually reach hundreds of billions, potentially transforming the global economy [4] - Minsheng Securities reported that humanoid robot technology is rapidly evolving, becoming a new frontier in technological competition and a key driver for future industries and economic development [4]

Core Viewpoint - The industrial mother machine industry is poised for high-quality development, with significant growth potential driven by the demand for humanoid robots and the need for equipment upgrades in downstream industries [2][4][10]. Group 1: Policy and Industry Development - The Ministry of Industry and Information Technology (MIIT) emphasizes the importance of high-quality development in the industrial mother machine sector, aiming to avoid "involution" and homogeneous competition [2][3]. - A strategic cooperation agreement was signed between the National Industrial Mother Machine Industry Investment Fund and local industrial departments to promote the clustering and upgrading of the industrial mother machine industry [3]. - The industrial mother machine market is characterized by overcapacity in the low-end market and heavy reliance on imports in the high-end market, indicating a need for domestic innovation and production [3][4]. Group 2: Market Opportunities and Growth Drivers - The upgrade of downstream industries and policies promoting equipment renewal are accelerating the localization of high-end machine tools [4][8]. - The automotive and aerospace industries are significant growth drivers for domestic high-end machine tools, with the automotive sector showing notable demand due to the rapid growth of new energy vehicles [6][8]. - The industrial mother machine market is projected to exceed 300 billion yuan by 2025, with an expected increase in the import substitution rate in high-end fields to over 25% [9]. Group 3: Humanoid Robots and Equipment Demand - The mass production of humanoid robots is expected to drive demand for core components, with machine tools playing a crucial role in the production of these components [10][13]. - The estimated market space for machine tools related to humanoid robots could reach 23.54 billion yuan with the production of 1 million units [14]. - Key components such as harmonic reducers and planetary screw rods are essential for humanoid robots, indicating a strong correlation between the growth of humanoid robots and the demand for industrial mother machines [12][14]. Group 4: Investment Recommendations - Companies such as Qin Chuan Machine Tool, Huachen Equipment, and others are highlighted as potential investment opportunities in the industrial mother machine sector [15][16]. - The expansion of the humanoid robot market is expected to enhance the profitability of industrial mother machine companies through cost dilution and scale effects [16].

证券代码：300809 证券简称：华辰装备 公告编号：2025-018 华辰精密装备（昆山）股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决议案的情形； （一）会议召开情况 1、会议召开的日期、时间： （1）现场会议召开时间：2025年5月14日（星期三）下午14:30； （2）通过深圳证券交易所交易系统进行网络投票的具体时间为2025年5月14 日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网投 票系统进行网络投票的具体时间为2025年5月14日上午9:15至下午15:00期间的任 意时间。 2、会议地点：江苏省昆山市周市镇横长泾路333号华辰精密装备（昆山）股 份有限公司四楼会议室。 3、会议的召开方式：现场与网络投票相结合的方式。 4、会议召集人：董事会 5、会议主持人：董事长曹宇中先生 2、本次股东大会不涉及变更前次股东大会决议； 3、本次股东大会以现场投票和网络投票相结合的方式召开； 4、为尊重中小投资者利 ...

北京市金杜律师事务所上海分所 关于华辰精密装备（昆山）股份有限公司 2024 年年度股东大会 之法律意见书 致：华辰精密装备（昆山）股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受华辰精密装备（昆山） 股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称 《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国 境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范 性文件和现行有效的《华辰精密装备（昆山）股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师现场出席了公司于 2025 年 5 月 14 日召开的 2024 年年度股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法 律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年第四次临时股东大会审议通过的《公司章程》； 2. 公司 2025 年 4 月 24 日 ...

编号：2025-001 | 投资者关系活动类别 | 特定对象调研 分析师会议 | | --- | --- | | | 媒体采访 业绩说明会  | | | 新闻发布会 路演活动 | | | 现场参观 其他（电话会议） | | 参与单位 | 通过"价值在线"（www.ir-online.cn）线上参与公司 年 2024 | | | 度网上业绩说明会的投资者 | | 会议时间 | 2025 年 04 月 29 日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长 曹宇中 总经理 许少军 | | 上市公司接待人员 | | | 姓名 | 董事、副总经理、董事会秘书兼财务总监 徐彩英 | | | 独立董事 彭连超 1.请问下目前公司经营状况怎样，在手订单多少？ | | | 将按照年度既定计划，坚持创新驱动，持续聚焦主业发展，不断拓 | | | 答:尊敬的投资者，您好！公司目前整体生产经营情况良好，公司 | | | 展产品应用市场，做好各项经营管理工作，保障公司健康可持续发 | | | 展。公司业务相关情况您可以关注公司定期 ...

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]

公司研究 证 券 研 究 报 告 华辰装备（300809）2024 年报及 2025 年一季报点评 强推（维持） 与多家人形机器人零部件企业达成合作，新 品有望贡献业绩增量 当前价：41.40 元 事项： ❖ 公司发布 2024 年年度和 2025 年一季度报告，2024 年实现营业总收入 4.46 亿 元，同比减少 6.92%，归母净利润 0.62 亿元，同比减少 47.36%。2025 年一季 度实现营业总收入 1.26 亿元，同比增长 0.89%，归母净利润 0.24 亿元，同比 减少 13.11%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 446 | 583 | 931 | 1,189 | | 同比增速(%) | -6.9% | 30.8% | 59.5% | 27.7% | | 归母净利润(百万) | 62 | 120 | 192 | 256 | | 同比增速(%) | -47.4% | 93.2% | 60. ...

增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 479.16 | 445.99 | 520.82 | 696.83 | 984.08 | | 同比（%） | 42.48 | (6.92) | 16.78 | 33.80 | 41.22 | | 归母净利润（百万元） | 117.75 | 61.98 | 99.23 | 144.32 | 219.18 | | 同比（%） | 149.41 | (47.36) | 60.10 | 45.44 | 51.87 | | EPS-最新摊薄（元/股） | 0.46 | 0.24 | 0.39 | 0.57 | 0.86 | | P/E（现价&最新摊薄） | 89.14 | 169.35 | 105.78 | 72.73 | 47.89 | [Table_Tag] [投资要点 Table_Summary] ◼ 业绩短期承压，出口业务起步进展顺利 2024 年公司实现营收 4.4 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but the export business is progressing smoothly [2] - In 2024, the company achieved revenue of 446 million yuan, a year-on-year decrease of 6.92%, and a net profit attributable to shareholders of 62 million yuan, down 47.36% year-on-year [2] - The decline in revenue is primarily due to longer installation and debugging cycles for some orders, which have not yet been recognized as revenue [2] - The company is increasing R&D investment to expand new products, with a focus on internal/external thread grinding machines and semiconductor precision grinding [3] Financial Performance - In 2024, the company's gross margin was 28.54%, a decrease of 5.76 percentage points year-on-year, while the gross margin for Q1 2025 was 34.4%, an increase of 2.6 percentage points year-on-year [3] - The net profit margin for 2024 was 14.41%, down 11.20 percentage points year-on-year, mainly due to increased R&D expenses and asset/credit impairment losses [3] - As of the end of 2024, the company's contract liabilities were 248 million yuan, an increase of 3.65% year-on-year, indicating a good order backlog [4] Business Development - The company is entering the screw processing equipment field and has signed a contract to provide 100 precision internal/external thread grinding machines to a partner [5] - A joint venture is planned with a partner to engage in ultra-precision optical component grinding and semiconductor precision machining services [5] Profit Forecast and Valuation - The profit forecast for the company is maintained at 99 million yuan for 2025 and 144 million yuan for 2026, with an expected net profit of 219 million yuan in 2027 [5] - The current market value corresponds to P/E ratios of 106, 73, and 48 times for 2025, 2026, and 2027 respectively [5]

2024 年度独立董事述职报告 彭连超 各位股东及股东代表： 本人作为华辰精密装备（昆山）股份有限公司（以下简称"公司"）独立董事， 严格遵循《公司法》《上市公司独立董事管理办法》《深圳证券交易所创业板股票上 市规则》等法律法规及《公司章程》《独立董事工作制度》相关规定。在 2024 年度履 职期间，本人持续关注公司财务及运营状况，恪守独立董事职责规范，积极参与公司 召开的各类会议，严谨审核各项议案及会议文件，就董事会审议事项提出专业意见， 切实发挥独立董事监督职能，全力维护公司及全体股东尤其是中小投资者合法权益。 现根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等规范性文件要求，将 2024 年度独立董事履职情况汇报如下： 华辰精密装备（昆山）股份有限公司 一、基本情况 本人彭连超，1981 年生，中国国籍，无境外永久居留权，硕士，中级会计师，中国 注册会计师，注册税务师。历任昆山动点投资咨询财务主管，常州海拓汽车部件财务主 管，昆山安致勤资管理顾问有限公司经理，铭凯益电子税务经理。现任铭凯益电子财务 总监、伟时电子独立董事，公司独立董事。 报告期内，本人任职符合《上市公司 ...