Group 1: Company Overview and Financial Performance - Ningbo Zhenyu Technology Co., Ltd. specializes in precision progressive stamping molds and downstream precision components, with a comprehensive manufacturing system [1][2] - 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 of CNY 254 million, up about 494% [2] - The revenue from lithium battery components reached CNY 4.24 billion, a growth of 30%, while the motor core revenue was CNY 1.51 billion, a decline of about 12% [2] Group 2: Business Strategy and Development - The company has established a subsidiary focused on the design and manufacturing of precision components for humanoid robots, leveraging its expertise in ultra-precision manufacturing [1][2] - The strategic framework is described as "one body, two wings, and four dimensions," indicating a diversified approach to growth [2] - The company plans to build a fully automated production line for planetary roller screws in 2025, enhancing production consistency and scalability [5][7] Group 3: Risk Management and Future Outlook - The company warns that the growth in emerging industries, such as robotics, may involve significant investment risks due to long development cycles and market uncertainties [1][4] - Despite the promising growth in the lithium battery sector, the company anticipates that the revenue contribution from robotics will remain small in the near term [7][8] - The management expects continued revenue growth across all business units in 2025, driven by domestic economic recovery [8] Group 4: Operational Efficiency and Cost Management - The company has improved operational efficiency through refined management practices, resulting in a decrease in employee numbers while increasing revenue [4] - The first quarter of 2025 saw a revenue of CNY 1.793 billion, a year-on-year increase of approximately 24.24% [2] - The company is focused on enhancing cash flow management, with expectations of improvement in operating cash flow due to better profitability and receivables management [7]

5月28日下午，震裕科技（300953）举行机器人执行器及周边产品发布会，展示了公司在人形机器人零 部件领域研发的最新成果。 目前，震裕科技机器人业务目前已布局行星滚柱丝杠、线性执行器、机器人灵巧手及骨架精密零部件。 先来看反向式行星滚柱丝杠，此前披露的调研信息显示，公司在2024年已具备设计、生产及检测的全套 成熟工艺，已建立峰值推力覆盖100N到12000N范围、导程精度覆盖C3/C5的标品库，完成量产SOP验 证，一周以内能够完成样品开发及测试，相关产品已经得到下游多个客户验证并已实现销售收入。 记者从发布会上获悉，震裕科技目前已建成两条行星滚柱丝杠半自动产线并投入批量生产，日平均产能 100套，自建的丝杠综合测试实验室也已投入使用，可自主完成对丝杠导程精度、传动效率、万次寿命 跑合等关键参数的检测及验证。 作为专业从事精密级进冲压模具及下游精密结构件的研发、设计、生产和销售的高新技术企业，震裕科 技以精密级进冲压模具的设计开发生产为核心，并向客户提供精密结构件产品：驱动电机铁芯、锂电池 精密结构件，广泛应用于家电、新能源锂电池、汽车、工业工控等行业领域，逐渐形成了"一体两翼四 维"的发展战略格局。 2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability from lithium battery structural components and has a promising outlook for its robotics business [4][6]. - The company has established a solid foundation in precision manufacturing and is expanding into the emerging field of humanoid robotics, with successful product testing and small-scale deliveries [4][6][58]. Summary by Sections Company Overview - The company, Zhenyu Technology, started as a precision mold manufacturer and has evolved to focus on precision lithium battery structural components and electric motor cores, while also venturing into humanoid robotics [4][19]. - The company was listed on the Shenzhen Stock Exchange in 2021 and has been expanding its business since then, including the establishment of a subsidiary for robotics in 2024 [4][6]. Financial Performance - In 2023, the company reported revenue of 6,019 million yuan, a year-on-year increase of 4.63%, but a net profit of 43 million yuan, down 58.73% year-on-year due to various operational challenges [4][23]. - The company expects significant revenue growth in the coming years, with projected revenues of 91.14 billion yuan in 2025, 114.54 billion yuan in 2026, and 140.51 billion yuan in 2027 [12][25]. Market Position and Growth - The company has maintained a stable market share in the lithium battery structural component sector, with revenues from this segment increasing from 23.7 billion yuan in 2021 to 57.5 billion yuan in 2024 [7][43]. - The global market for lithium battery structural components is projected to grow significantly, with estimates of 557.4 billion yuan by 2025 [42]. Robotics Business Development - The company has made strides in the robotics sector, establishing a subsidiary and developing key components such as planetary roller screws and linear actuators, with successful testing and initial deliveries to clients [58][63]. - The humanoid robotics market is expected to grow substantially, with projections indicating a market size of 642.22 billion yuan by 2030 [54][56].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability from lithium battery structural components and has a promising outlook for its robotics business [4][6]. - The company has established a solid foundation in precision manufacturing and is expanding into the emerging field of humanoid robotics, with successful product testing and small-scale deliveries [4][6][58]. Summary by Relevant Sections Company Overview - The company, Zhenyu Technology, started as a precision mold manufacturer and has evolved to focus on precision lithium battery structural components and electric motor cores, while also venturing into humanoid robotics [4][19]. - The company was listed on the Shenzhen Stock Exchange in 2021 and has been actively expanding its business since then [4][19]. Financial Performance - In 2023, the company reported revenue of 6,019 million yuan, a year-on-year increase of 4.63%, but a net profit of 43 million yuan, down 58.73% year-on-year due to various operational challenges [4][25]. - The company expects significant revenue growth in the coming years, with projected revenues of 9,114 million yuan in 2025, 11,454 million yuan in 2026, and 14,051 million yuan in 2027 [1][12]. Market Position and Growth - The company has maintained a stable market share in the lithium battery structural component sector, with revenue from this segment increasing from 23.7 billion yuan in 2021 to 57.5 billion yuan in 2024 [7][43]. - The global market for lithium battery structural components is projected to grow significantly, with estimates of 557.4 billion yuan by 2025 [42][43]. Robotics Business Development - The company established a wholly-owned subsidiary, Martin Robotics, in 2024 to focus on the robotics sector, achieving breakthroughs in actuator transmission modules and drive modules [4][58]. - The humanoid robotics market is expected to grow substantially, with projections indicating a market size of 642.22 billion yuan by 2030 [54][56]. Profitability and Valuation - The company anticipates a rebound in profitability, with net profits expected to reach 4.09 billion yuan in 2025, corresponding to a PE ratio of 32 times, which is above the average for comparable companies [4][12]. - The report highlights the company's ongoing efforts to improve cost efficiency and maintain competitive pricing in the face of market challenges [11][31].

深耕模具和结构件业务，切入机器人新兴赛道。震裕科技从传统精密制造起步，逐步形成了以精密级进 冲压模具为核心，以精密锂电池结构件、精密电机铁芯为两翼，同时向人形机器人等新兴领域拓展的发 展格局。2015 年，公司抓住新能源汽车产业发展契机，启动锂电池精密结构件项目。2021 年，震裕科 技在深交所创业板上市。此后，公司不断拓展业务，2024 年成立马丁机器人子公司，积极布局人形机 器人领域，在执行器的传动模块、驱动模块取得突破，并实现产品的小批量交付。 公司收入稳步增长，2024 年净利润显著改善。2023 年公司营业收入60.19 亿元，同比增长4.63%；归母 净利润0.43 亿元，同比下降58.73%，大幅下滑的主要原因：1）动力锂电池顶盖受2022 年质量赔偿影 响，叠加下游客户优先去库存，顶盖规模效益不足。2）面对市场日益激烈的竞争为保持公司核心竞争 力，持续加大研发投入，研发费用同比增长较大。3）公司工资薪酬支出增加，管理费用同比增长较 大。4）公司各生产基地及相关设备投入使用后，折旧费用同比上年增长较大。5）公司进行了产能扩张 和技术改造，向金融机构借款导致利息支出同比增加;并且2023 年10 ...

证券代码：300953 证券简称：震裕科技 公告编号：2025-070 宁波震裕科技股份有限公司 2024 年年度权益分派实施公告 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。 1、公司 2024 年年度股东会审议通过的利润分配方案为：拟以公司实施权益分 派时股权登记日的总股本扣除公司回购专用证券账户内回购的股份数为基数，向 全体在册股东按每 10 股派发现金股利 2.1 元（含税），不送红股，剩余未分配利 润结转以后年度分配，同时以资本公积金向全体在册股东每 10 股转增 4 股。以截 至第五届董事会第五次会议召开前一个交易日收盘公司总股本 124,543,649 股扣除 公司回购专用证券账户中股份 2,648,525 股进行测算：公司预计派发现金股利 25,597,976.04 元（含税），占公司 2024 年度合并报表归属于上市公司股东净利润 的比例为 10.08%，不送红股；为增加公司注册资本及股票流动性，以资本公积金 向全体在册股东转增 4 股，转增后公司总股本将增至 173,301,698 股（本次转增股 数系公司根据实际计算舍尾处理所得，具体数 ...

作者 | 刀锋 数据支持 | 勾股大数 据（www.gogudata.com） 5月25日晚8点半，《CMG世界机器人大赛•系 列赛》机甲格斗擂 台赛正式在杭州拉开序幕。本次格斗赛主要由表演赛、竞技赛两部 分组成， 其中 宇树机器人的表现格外引发市场关注。 今年 4月 ， 宇树机器人在北京半程机器人马拉松赛中 "翻车"， 引发了大众对其技术不成熟的质疑。然而，资本市场并不 care，宇树产业链 股价不跌反涨，开启了一波大幅拉升。 如果说马拉松更多检验的是人形机器人长时间运动控制能力，格斗比赛则比拼的是人形机器人感知等方面的技术，后者会不会成为新 一轮人形 机器人的引爆点？ 01 2025年以来，人形机器人其实是A股市场最重要的行情主线之一。 从 1月初至3月中旬，该板块累计大幅上涨约50%，较多识别 度高 的龙头都翻倍了。后来，在对等关税重大冲击下，市场风险偏好大幅收敛， 机器人板块也随大市暴跌，一度回到 今年初启动之时，多 数龙头 股 回撤 30%-50%。 伴随关税利空缓和，机器人行情卷土重来，大幅反弹至 5月7日前后，随后开启了本轮调整。 那么，如何看待接下来的人形机器人行情？ 首先，从 A股宏观大市来 ...

为支持宁波震裕科技股份有限公司（以下简称"公司"）各全资子公司经营 及业务发展需要，提高公司决策效率，公司于 2025 年 4 月 18 日、2025 年 5 月 16 日分别召开的第五届董事会第五次会议及 2024 年年度股东会审议通过《关于 公司 2025 年度担保额度预计的议案》，同意公司 2025 年度为公司全资子公司 的融资提供担保，担保额度预计不超过 30 亿元，融资业务包括但不限于综合授 信或单笔授信项下的流动资金贷款、银行承兑汇票、商业承兑汇票、信用证、现 金池、票据池、资产池等业务。具体内容详见公司于 2025 年 4 月 22 日在巨潮资 讯网（www.cninfo.com.cn）上披露的《关于公司 2025 年度担保额度预计的公告》 （公告编号：2025-051）。 二、对外担保进展情况 近日，公司与招商银行股份有限公司宁波分行签订了《最高额不可撤销担保 书》（以下简称"本担保书"），同意为全资子公司宁波震裕销售有限公司（以 下简称"震裕销售"）提供总额度人民币 30,000 万元的保证担保，公司对震裕 销售提供的担保总额度增加至 88,000 万元。 证券代码：300953 证券简称： ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has shown continuous improvement in operational efficiency, with steady progress in its humanoid robot and eVTOL new business segments [1] - The company achieved a revenue of 7.129 billion yuan in 2024, representing a year-on-year growth of 18.45%, and a net profit attributable to shareholders of 254 million yuan, a significant increase of 493.77% [4] - The company is expected to see revenues of 8.922 billion yuan, 10.968 billion yuan, and 13.329 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 381 million yuan, 522 million yuan, and 663 million yuan [10] Financial Performance - In 2024, the company reported a gross margin of 13.88%, an increase of 1.96 percentage points year-on-year, and a net margin of 3.56%, up by 2.85 percentage points [6] - The first quarter of 2025 saw a revenue of 1.793 billion yuan, a year-on-year increase of 24.24%, with a net profit of 72.861 million yuan, up 38.90% [4][6] - The company’s revenue from lithium battery structural components reached 4.240 billion yuan in 2024, a year-on-year increase of 29.84%, accounting for 59.48% of total revenue [5] Business Segments - The humanoid robot business is advancing rapidly, with the establishment of a subsidiary focused on precision components for humanoid robots, achieving small-scale supply to major clients [7] - The eVTOL segment is being developed with innovative adhesive processes for motor cores, establishing stable partnerships with leading manufacturers in the electric vehicle sector [9] Future Outlook - The company is expected to continue its growth trajectory with a focus on enhancing production efficiency and expanding its business platform in emerging sectors [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.06 yuan, 4.19 yuan, and 5.32 yuan respectively, indicating a strong growth potential [11]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has shown robust growth in its core business, with significant improvements in operational efficiency [5][6] - The company is actively advancing in the humanoid robot sector and eVTOL (electric Vertical Take-Off and Landing) business, indicating a strong potential for future growth [11][10] Financial Performance - In 2024, the company achieved a revenue of 7.129 billion yuan, representing a year-on-year growth of 18.45%, and a net profit attributable to shareholders of 254 million yuan, a remarkable increase of 493.77% [4] - For Q1 2025, the company reported a revenue of 1.793 billion yuan, up 24.24% year-on-year, with a net profit of 72.86 million yuan, reflecting a growth of 38.90% [4] Business Segments - Lithium battery structural components generated 4.240 billion yuan in revenue in 2024, a year-on-year increase of 29.84%, accounting for 59.48% of total revenue [5] - The motor core business saw a revenue of 1.509 billion yuan, a decline of 11.78% year-on-year, primarily due to falling raw material prices [5] - The mold business achieved a revenue of 416 million yuan, growing by 32.70% year-on-year, with significant breakthroughs in overseas markets [5] Profitability Metrics - The company's gross margin for 2024 was 13.88%, an increase of 1.96 percentage points year-on-year, while the net margin was 3.56%, up 2.85 percentage points [6] - For Q1 2025, the gross margin was 13.28%, with a net margin of 4.07%, indicating continued improvement in profitability [6] Future Projections - Revenue projections for 2025-2027 are estimated at 8.922 billion yuan, 10.968 billion yuan, and 13.329 billion yuan, respectively, with net profits expected to reach 381 million yuan, 522 million yuan, and 663 million yuan [11][12] - The report anticipates a continued increase in profitability, with projected PE ratios of 49, 35, and 28 for the years 2025, 2026, and 2027, respectively [11]