Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a revenue of 7.129 billion yuan for 2024, representing an 18.45% year-on-year increase, and a net profit attributable to shareholders of 254 million yuan, up 493.77% year-on-year [1]. - The company is focusing on its humanoid robot business, having invested in Martin Robotics, and is positioned to become a joint integrator in the humanoid robot industry [2]. - The company has established a semi-automated production line for planetary roller screws, with a daily capacity of 50 sets, and is expanding its production capabilities to meet market demand [2]. Financial Summary - The company's revenue is projected to grow from 7.129 billion yuan in 2024 to 12.957 billion yuan in 2027, with corresponding net profits increasing from 254 million yuan to 642 million yuan [3][9]. - The expected net profit for 2025, 2026, and 2027 is 409 million yuan, 566 million yuan, and 642 million yuan, respectively, with price-to-earnings (PE) ratios of 44.75, 32.36, and 28.55 [2][3]. - The gross margin is expected to improve, with a forecasted gross margin of 14.8% for 2026 and 2027 [10]. Business Segment Performance - The motor core segment generated 1.509 billion yuan in revenue, down 11.78% year-on-year, while the lithium battery structural components segment saw a revenue increase of 29.84% to 4.240 billion yuan [1]. - The company is experiencing a significant increase in revenue from its other business segments, which grew by 32.24% to 963 million yuan [1]. Production and Development - The company has built a semi-automated production line for planetary roller screws and is planning to construct a fully automated production line to enhance production consistency and stability [2]. - The company is also developing capabilities to provide component processing for harmonic reducers used in rotating joints, leveraging its existing core processing capabilities [2]. Market Position and Future Outlook - The humanoid robot business is expected to become a key growth driver, with the company aiming to capture a significant position in the humanoid robot supply chain [2]. - The company anticipates a recovery in its motor core segment in 2025 due to new customer acquisition and the introduction of new production techniques [1].

Group 1: Company Overview and Financial Performance - Ningbo Zhenyu Technology Co., Ltd. specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision structural components [3] - In 2024, the company achieved a revenue of CNY 7.129 billion, a year-on-year increase of approximately 18.45%, and a net profit attributable to shareholders of CNY 254 million, up about 494% [3] - For Q1 2025, the company reported a revenue of CNY 1.793 billion, a year-on-year growth of approximately 24.24% [3] Group 2: Business Segments and Growth - Revenue from lithium battery structural components grew by 30% year-on-year, with a gross profit margin increase of 42.4% [3] - The motor core segment saw a revenue decline of approximately 12%, but gross profit increased by 2.41% [3] - The mold segment's revenue increased by about 33% year-on-year, with a gross profit margin rise of 4.97% [3] Group 3: Strategic Initiatives and Future Outlook - The company plans to enhance production line automation and expand its customer base to achieve scale benefits [3][4] - A focus on R&D investment to develop new products and improve gross margins is part of the strategic plan [3] - The company aims to establish a subsidiary to focus on precision components for emerging fields like humanoid robots, despite the long development cycles and associated risks [3][11] Group 4: Risk Management and Market Conditions - The company acknowledges the risks associated with the long development cycles in emerging industries and the need for significant investment in technology and team building [3] - Recent changes in payment methods from a key customer have led to an increase in accounts receivable, which the company plans to manage more effectively [5] - The impact of recent tariff increases on the company's business is minimal, as direct export revenue has been low, accounting for 1.9%, 2.96%, and 2.22% over the past three years [5] Group 5: Shareholder Returns and Profit Distribution - The company has consistently returned at least 10% of its net profit to shareholders as cash dividends in recent years [5] - A proposal for a stock split of 10 shares for every 4 shares is under consideration to enhance stock liquidity [5]

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]

民生证券股份有限公司关于 宁波震裕科技股份有限公司 首次公开发行股票并在创业板上市 之持续督导保荐总结报告书 一、发行人基本情况 | 项目 | 基本情况 | | --- | --- | | 发行人名称 | 宁波震裕科技股份有限公司 | | 法定代表人 | 蒋震林 | | 董事会秘书 | 彭勇泉 | | 证券简称 | 震裕科技 | | 证券代码 | 300953 | | 注册资本 | 人民币 元 102,784,211 | | 注册地址 | 宁海县西店 | | 办公地址 | 浙江省宁波市宁海县滨海新城东港南路 6 号 | | 经营范围 | 模具、电机的研发、制造、加工；五金件、塑料件的制造、加工； 自营和代理货物和技术的进出口，但国家限定经营或禁止进出口的 | | | 货物和技术除外。 | 二、本次发行情况概述 宁波震裕科技股份有限公司（以下简称："震裕科技"或"公司"）经中国证 券监督管理委员会证监发行字[2021]354 号文核准，由主承销商民生证券股份有 限公司（以下简称："民生证券"、"保荐人"或"保荐机构"）通过深圳证券交易 所所系统采用向战略投资者定向配售、网下向符合条件的网下投资者询价配售和 网上 ...

民生证券股份有限公司关于 宁波震裕科技股份有限公司 向特定对象发行股票并在创业板上市 之持续督导保荐总结报告书 一、发行人基本情况 | 项目 | 基本情况 | | --- | --- | | 发行人名称 | 宁波震裕科技股份有限公司 | | 法定代表人 | 蒋震林 | | 董事会秘书 | 彭勇泉 | | 证券简称 | 震裕科技 | | 证券代码 | 300953 | | 注册资本 | 人民币 102,784,211 元 | | 注册地址 | 宁海县西店 | | 办公地址 | 浙江省宁波市宁海县滨海新城东港南路 6 号 | | 经营范围 | 模具、电机的研发、制造、加工；五金件、塑料件的制造、加工； 自营和代理货物和技术的进出口，但国家限定经营或禁止进出口的 | | | 货物和技术除外。 | 二、本次发行情况概述 经中国证券监督管理委员会《关于同意宁波震裕科技股份有限公司向特定对 象发行股票注册的批复》(证监许可[2022]1879 号)核准，并经深圳证券交易所同 意，宁波震裕科技股份有限公司（以下简称："震裕科技"或"公司"）向 2 名特 定对象发行人民币普通股(A 股) 9,702,850.00 股(每股面 ...

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 宁波震裕科技股份有限公司 关于披露《2025 年第一季度报告》的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 宁波震裕科技股份有限公司（以下简称"公司"）于2025年4月24日召开了 第五届董事会第六次会议、第五届监事会第四次会议，审议通过了《关于<2025 年第一季度报告>的议案》。 公司《2025年第一季度报告》于2025年4月28日在中国证监会指定的信息披 露网站巨潮资讯网站（www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 宁波震裕科技股份有限公司董事会 2025年4月28日 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,792,743,904.10, representing a 24.24% increase compared to ¥1,442,965,206.55 in the same period last year[5] - Net profit attributable to shareholders was ¥72,861,040.92, up 38.90% from ¥52,457,241.26 year-on-year[5] - The net profit excluding non-recurring gains and losses increased by 71.01%, amounting to ¥65,232,165.08 compared to ¥38,144,642.31 in the previous year[5] - The basic earnings per share rose to ¥0.60, a 17.65% increase from ¥0.51 in the same period last year[5] - Net profit for the current period was ¥72,966,384.92, representing a 39.2% increase from ¥52,457,241.26 in the previous period[26] - Basic earnings per share increased to ¥0.60 from ¥0.51, while diluted earnings per share rose to ¥0.54 from ¥0.42[27] - The company reported a total comprehensive income of ¥76,384,750.60, compared to ¥52,457,241.26 in the previous period, reflecting a significant increase[27] Cash Flow - The company reported a net cash flow from operating activities of -¥47,843,852.30, an improvement of 76.12% from -¥200,388,702.57 year-on-year[5] - Cash inflow from operating activities totaled ¥781,513,913.48, down 29.5% from ¥1,108,618,636.72 in the previous period[28] - The net cash flow from operating activities was -47,843,852.30, compared to -200,388,702.57 in the previous period, indicating an improvement[29] - The company reported a total cash outflow from operating activities of 829,357,765.78, compared to 1,309,007,339.29 previously[29] - The cash received from investment recoveries was 1,194,358,396.65, significantly higher than 708,000,000.00 in the previous period[29] - The company incurred cash payments for investments totaling 1,177,503,000.00, compared to 499,000,000.00 previously[29] - The cash flow impact from exchange rate changes was 1,087,055.15, compared to 594,882.62 in the prior period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,319,845,495.26, a slight decrease of 0.93% from ¥11,425,589,229.33 at the end of the previous year[5] - Current assets amounted to CNY 6,312,397,253.84, down from CNY 6,570,873,420.69, indicating a decline of approximately 3.93%[22] - Cash and cash equivalents decreased to CNY 930,118,738.28 from CNY 1,025,516,234.53, reflecting a reduction of about 9.28%[21] - Accounts receivable increased to CNY 3,320,482,275.01 from CNY 3,034,039,445.43, representing a growth of approximately 9.46%[21] - Inventory rose to CNY 1,002,615,865.61 from CNY 990,163,679.48, showing an increase of about 1.45%[22] - Total liabilities decreased to ¥7,591,273,501.72 from ¥8,432,309,417.02, reflecting a reduction of approximately 10%[23] - Total equity attributable to shareholders increased to ¥3,728,466,649.54 from ¥2,993,279,812.31, marking a growth of 24.5%[23] Research and Development - Research and development expenses increased by 48.45% to ¥7,831.46 million, driven by the need to develop new market products[10] - Research and development expenses rose to ¥78,314,605.98, up 48.6% from ¥52,755,564.45 in the previous period, indicating a focus on innovation[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,282[13] - The total number of shares repurchased as of March 31, 2025, was 2,648,525, accounting for 2.19% of the total share capital[15] Other Financial Metrics - The weighted average return on equity improved to 6.67%, up 4.67% from 2.00% in the previous year[5] - The company decided to exercise the early redemption right for "Zhenyu Convertible Bonds" based on current market conditions[19] - The company’s fixed assets increased to CNY 3,812,736,302.47 from CNY 3,787,278,264.09, reflecting a growth of about 0.67%[22]

Investment Rating - The report gives an "Overweight" rating for the robotics industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - Planetary roller screws are expected to become standard components in humanoid robots, offering high efficiency, precision, load capacity, and longevity [3]. - The market potential for roller screws is significant, with Tesla's Optimus humanoid robot projected to require over 14 screws per unit, leading to a potential market space of 14 billion if production reaches 1 million units by 2027 [3]. - Current challenges in screw production include processing techniques, equipment availability, and material quality, which may hinder scaling [3]. - Domestic companies are accelerating industrialization efforts, with several firms making strategic investments and partnerships to enhance screw production capabilities [3]. Summary by Sections Market Potential - The roller screw market is vast, with Tesla's demand alone potentially exceeding 14 billion [3]. - Tesla plans to ramp up production of humanoid robots significantly by 2027, which will drive demand for roller screws [3]. Production Challenges - Processing methods for screws are not fully optimized, with various techniques having trade-offs in efficiency and cost [3]. - High-end equipment for screw production is limited and expensive, impacting domestic production capabilities [3]. - Material quality for screws is currently inferior to international standards, affecting performance and durability [3]. Industry Developments - Companies like Rongtai Co., Zhejiang Rongtai, and others are actively pursuing partnerships and investments to enhance their screw production capabilities [3]. - Significant investments are being made in R&D and production facilities to meet the growing demand for planetary roller screws [3].

| 证券代码：300953 | 证券简称：震裕科技 公告编号：2025-060 | | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | 宁波震裕科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 欢迎广大投资者积极参与。 特此公告。 宁波震裕科技股份有限公司（以下简称"公司"）已于2025年4月22日在巨 潮资讯网（http://www.cninfo.com.cn/）上披露《2024年年度报告》及《2024年年 度报告摘要》。 宁波震裕科技股份有限公司董事会 为便于广大投资者进一步了解公司2024年年度经营情况，公司定于2025年4 月29日（星期二）下午15:00至16:00在"投关易"小程序举行2024年度网上业绩 说明会。本次网上业绩说明会将采用网络互动的方式举行，投资者可登陆"投关 易"小程序参与互动交流。为广泛听取投资者的意见和建议，提前向投资者征集 问题，投资者可登入"投关易"小程序进行会前提问，公司将在2024年度业绩说 明会上，对投资者普遍关注的问题进行回答。 投资者依据提示，授权登入"投关易"小程 ...

智通财经记者 | 杜萌 今年Deepseek和机器人热点共振，重仓AI、机器人、算力等板块的基金一季度业绩较为出色。 鹏华碳中和主题、永赢先进制造智选凭借单季度60.26%、52.32%的出色业绩疯狂吸金，两只基金季末规模均突破100亿元。此外，平安先进制造主题A一季 度的规模增幅超过26倍，从0.48亿元的迷你基摇身一变迈进10亿元级别，季末规模达到13.21亿元。 | 证券代码 | 证券简称 | | --- | --- | | 016530.OF | 鹏华碳中和主题A | | 019457.OF | 平安先进制造主题A | | 018124.OF | 永赢先进制造智选A | | 001765.OF | 前海开源嘉鑫A | | 021489.OF | 中航趋势领航A | | 016243.OF | 广发成长领航一年持有A | | 470888.OF | 汇添富香港优势精选A | | 016303.OF | 中信建投北交所精选两年 | | | 定开A | | 014283.OF | 华夏北交所创新中小企业 | | | 精选两年定开 | | 005541.OF | 前海开源盛鑫A | | 007713.OF | ...