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 ...

Core Insights - The performance of funds heavily invested in AI, robotics, and computing power has been outstanding in the first quarter, with significant inflows into these funds [1] - Notable funds include Penghua Carbon Neutral Theme and Yongying Advanced Manufacturing, achieving quarterly returns of 60.26% and 52.32% respectively, with both funds surpassing 10 billion yuan in scale by the end of the quarter [1] - The market is experiencing a divergence in opinions among fund managers regarding the future of the robotics sector, with some optimistic about its growth potential while others caution about increased volatility [7][8] Fund Performance - Penghua Carbon Neutral Theme and Yongying Advanced Manufacturing made substantial adjustments to their portfolios, adding 6 and 5 new stocks to their top ten holdings respectively [3] - The top holdings for these funds include companies like Zhongdali De (002896.SZ), Zhenyu Technology (300953.SZ), and Zhaowei Electromechanical (003021.SZ) [3][4] - The first quarter saw significant stock price increases for these companies, with Zhongdali De's stock price rising by 126% and Zhaowei Electromechanical's by 141% [4] Sector Insights - The human-robot industry is expected to grow significantly over the next few years, with fund managers highlighting its potential to become a major growth sector akin to smartphones and electric vehicles [8] - The complexity of the robotics supply chain, which involves multiple disciplines and high barriers to entry, is noted as a factor that may lead to increased market volatility [7] - Fund managers emphasize the importance of understanding the risks and characteristics of investments in this sector, suggesting a cautious approach to investing [9]

Group 1 - Northern Rare Earth (600111.SH) reported a Q4 net profit of 1.004 billion yuan, the highest quarterly profit for the year, with a 53.5% growth target for total profit in 2025. The 2024 revenue was 32.966 billion yuan, down 1.58% year-on-year, and net profit decreased by 57.64% due to falling rare earth product prices, despite an increase in sales volume of major products. The company is advancing green smelting upgrades and is awaiting an industry turnaround as rare earth prices are at a low point [3][4]. - Xiamen Xiangyu (600057.SH) achieved a revenue of 366.7 billion yuan in 2024, a decrease of 20.12% year-on-year, with a net profit of 1.419 billion yuan, down 9.86%. The decline in revenue was influenced by falling commodity prices, although overall operating volume remained stable year-on-year [3][4]. - Zhenan Technology (300767.SZ) reported a revenue of 420 million yuan and a net profit of -140 million yuan for 2024, compared to 690 million yuan and -40 million yuan in the previous year. In Q4 2024, the company achieved a revenue of 100 million yuan and a net profit of -80 million yuan [4]. - Zhenyu Technology (300953.SZ) saw a revenue increase of 18.45% to 7.129 billion yuan in 2024, with a net profit of 254 million yuan, up 493.77%. The company proposed a cash dividend of 2.1 yuan per share and a stock bonus of 4 shares for every 10 shares held [4]. - Yingweitong (002334.SZ) reported a Q1 2025 revenue of 840 million yuan, down 11% year-on-year and 29% quarter-on-quarter, with a net profit of 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [4]. Group 2 - Jiangxin Home (301061.SZ) achieved a revenue of 2.55 billion yuan in 2024, an increase of 32.6% year-on-year, with a net profit of 680 million yuan, up 67.6%. In Q4 2024, the revenue was 700 million yuan, a year-on-year increase of 49.8%, and net profit was 250 million yuan, up 197.2% [5]. - Ziyan Food (603057.SH) reported a revenue of 3.363 billion yuan in 2024, down 5.28% year-on-year, with a net profit of 346 million yuan, up 4.50%. In Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, and net profit was 15 million yuan, down 71.80% [6].

Core Viewpoint - The company has shown significant growth in revenue and profit, driven by automation upgrades and cost reduction strategies, particularly in the lithium battery and mold businesses [3][4][5]. Financial Performance - In 2024, the company achieved a revenue of 7.129 billion yuan, representing a year-on-year growth of 18.45%. The net profit attributable to shareholders was 254 million yuan, a remarkable increase of 493.77%. The non-recurring net profit reached 231 million yuan, soaring by 2528.14% [3]. - For Q4 2024, the company reported a revenue of 2.114 billion yuan, up 21.26% year-on-year and 12.31% quarter-on-quarter. The net profit for this quarter was 82 million yuan, marking a turnaround from losses, with a quarter-on-quarter growth of 100.37% [3]. - The company forecasts a net profit of 69-75 million yuan for Q1 2025, indicating a year-on-year growth of 31.54%-42.97% [4]. Business Segments - The revenue from lithium battery precision structural components reached 4.24 billion yuan in 2024, growing by 29.84%, with a gross margin of 11.28%, an increase of 2.75 percentage points [5]. - The mold business generated 416 million yuan in revenue, up 32.70%, with a high gross margin of 53.85%, reflecting improvements from technological innovation and cost reduction [6]. - The revenue from motor iron cores was 1.509 billion yuan, down 11.78%, but the gross margin improved to 18.85%, an increase of 2.41 percentage points, attributed to the rising proportion of adhesive iron cores [7]. Technological Advancements - The company has developed advanced manufacturing capabilities, including reverse planetary roller screws and linear actuators, with plans to expand production lines to meet increasing demand [8][9].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母净利 润2.31亿元，同比增长2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 单季度来看，公司2024Q4营业收入21.14亿元，同比增长21.26%，环比增长12.31%；归母净利润0.82亿 元，同比扭亏为盈，环比增长100.37%。公司24Q4毛利率为15.59%，环比增长4.32pcts，同比增长 6.38pcts，净利率为3.86%，环比增长1.70pcts，同比增长4.55pcts。 25Q1业绩同比持续提升 公司发布25Q1业绩预告，实现归母净利润0.69-0.75亿元，同 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

Group 1 - The company reported a significant increase in net profit for 2024, with a year-on-year growth of 494%, aiming to become a supplier of "limbs" for humanoid robots [1] - Total revenue for 2024 reached 7.13 billion yuan, representing an 18.4% increase compared to the previous year [1] - The company plans to increase its share capital by 40% and distribute a cash dividend of 2.1 yuan per 10 shares [1] Group 2 - The humanoid robot business is progressing rapidly, with expectations of benefiting from mass production of robots [1] - The company forecasts a net profit of 69 to 75 million yuan for Q1 2025, indicating a year-on-year growth of 32% to 43% [1] - Profit projections for 2025 to 2027 are set at 401 million, 603 million, and 761 million yuan respectively, with corresponding PE ratios of 41.6, 27.7, and 21.9 times [1] Group 3 - The company has established a wholly-owned subsidiary, Martin Robotics, to enter the humanoid robot components market [3] - The company has developed a complete set of mature processes for reverse planetary roller screw and has begun small-batch supply to leading humanoid robot manufacturers [3] - The company is leveraging its precision manufacturing capabilities and industry resources to become a key player in the humanoid robot supply chain [3] Group 4 - The company experienced a revenue increase in the lithium battery precision structural components segment, achieving 4.24 billion yuan in 2024, a year-on-year growth of 29.84% [2] - The gross margin for this segment improved by 2.75 percentage points to 11.28% due to optimized production processes [2] - The motor core segment saw a revenue decline of 11.78% to 1.51 billion yuan, but the gross margin increased to 18.85% due to a higher proportion of high-margin adhesive process cores [2] Group 5 - The mold business segment achieved a revenue of 416 million yuan, a year-on-year increase of 32.70%, with a gross margin of 53.85%, up by 4.93 percentage points [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][12]. Core Insights - The company is focused on becoming a supplier of humanoid robot "limbs" and has reported a significant increase in net profit by 494% year-on-year for 2024 [1][9]. - The company achieved a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 18.4% [7][10]. - The projected net profit for Q1 2025 is estimated to be between 69 million to 75 million yuan, indicating a year-on-year growth of 32% to 43% [7][10]. - The company has established a wholly-owned subsidiary, Martin Robotics, to accelerate its entry into the humanoid robot components market [9]. Financial Summary - The total market capitalization of the company is 166.66 billion yuan, with a circulating market capitalization of 120.09 billion yuan [3]. - The company's earnings per share (EPS) for 2024 is projected at 2.04 yuan, with estimates of 3.22 yuan for 2025 and 4.84 yuan for 2026 [10][14]. - The company’s revenue is expected to grow to 9.15 billion yuan in 2025, with a year-on-year growth rate of 28.4% [10][14]. - The gross profit margin for 2024 is reported at 13.9%, with projections of 13.4% for 2025 and 14.1% for 2026 [10][14].

2025.04. 23 作者 | 一财资讯 贵金属板块重挫，赤峰黄金跌停，四川黄金跌超9%，晓程科技、湖南黄金等大跌。 4月23日，三大股指收盘涨跌不一，沪指跌0.1%，深成指涨0.67%，创业板指涨1.07%。 | 板块名称 | 涨幅量 | 主力金额 | 板块名称 | 涨幅4 | 主力金额 | | --- | --- | --- | --- | --- | --- | | 人形机器人 | +4.58% | +62.847. | 贵金属 | -7.38% | -14.22 Z | | 电机 | +4.32% | +9.50 7. | 黄金概念 | -3.44% | -22.35 乙 | | 汽车零部件 | +3.92% | +43.53 7. | 食品加工制造 | -3.13% | -7.08亿 | | 汽车热管理 | +3.67% | +22.92 7 | 无米 | -2.88% | -8.93 乙 | | 飞行汽车[eVTOL] | +3.54% | +17.51 7. | 别 | -2.86% | -1.62 7. | | 一体化压铸 | +3.48% | +9.08 7. | 粮食概念 | -2.82 ...