证券日报网讯2月13日，恒帅股份（300969）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司股东总数(含信用账户合并)为9768户。 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Core Viewpoint - The humanoid robot sector is expected to gradually converge by 2026, with Tesla's Optimus moving from the laboratory phase to mass production, highlighting the need to focus on mass production certainty and new technological directions for efficiency improvement or significant cost reduction [1][2]. Industry Core Changes - The humanoid robot industry in 2025 saw significant order placements, primarily from government, data collection, and life service scenarios, with companies like Yuzhu, Zhiyuan, and UBTECH leading in shipment volumes [2]. - The prices of core robot components have significantly decreased due to industrial capital support, although there is still room for improvement in precision and lifespan [2]. - The model end has confirmed the correct path for VLA, with some models beginning to show intelligence, but the lack of sufficient data has prevented the formation of a scaling law cycle in the short term [2]. 2026 Strategy Outlook - The successful iteration of Tesla's Optimus is expected to lead to a large-scale production year in 2026, with key focus areas including Tier 1 suppliers, lead screws, and harmonic reducers, as the supply chain enters a contraction phase [3]. - For flexible robot targets, attention should be paid to technological iterations and cost reduction, with key drivers including improvements in dexterous hands, motors, and lightweight materials [3]. Investment Recommendations - For certainty in direction, focus on Tier 1 suppliers such as Sanhua Intelligent Control and Top Group, lead screws from Hengli Hydraulic and Zhejiang Rongtai, and harmonic reducers from Lide Harmonic and Siling Intelligent Drive [4]. - For technological transformation and cost reduction, key companies to watch include Zhaowei Electromechanical and Hanwei Technology for dexterous hands and electronic skin, Hengshuai Co. and Buke Co. for motors, and Hengbo Co. and Xingyuan Zhuomei for lightweight materials [4].

| 证券代码：300969 | 证券简称：恒帅股份 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123256 | 债券简称：恒帅转债 | | 宁波恒帅股份有限公司 | 1.基本情况 | | | --- | --- | | 信息披露义务人（一） | 宁波恒帅投资管理有限公司 | | 住所 | 浙江省宁波市江北区慈城镇民权路 20 号 202 室 | | 信息披露义务人（二） | 俞国梅 | | 住所 | | 浙江省宁波市海曙区**** | | | | | --- | --- | --- | --- | --- | --- | | 信息披露义务人（三） | | 宁波玉米股权投资管理合伙企业（有限合伙） | | | | | 住所 | | 浙江省宁波市江北区慈城镇慈湖人家 336 号 1022 | | | 室 | | 权益变动时间 | | 2026 年 2 月 12 日 公司实际控制人俞国梅女士及其一致行动人宁波玉 | | | | | | | 股，占公司总股本的 0.18%，公司控股股东、实际控 | | | | | | | 米因自身资金需求，于 2026 价交易方式减持其 ...

Summary of Key Points from the Conference Call Industry Overview - The robotics sector is entering a critical phase from 2021 to 2026, with Tesla's robots gaining significant attention due to their leading advantages. Domestic robotics development is limited, primarily following strategies rather than innovating. [1][4] - The market is cautious about "designated points," which are interpreted differently by various companies, with a focus on stable businesses capable of securing formal bulk orders. [2] Core Insights and Arguments - Tesla plans to begin mass production of robots in the second half of 2026, which is expected to trigger market anticipation for the release of the third-generation robots and a beta market. Investment opportunities are identified in certain supply chain segments and new technology iterations, such as AI and scalable manufacturing. [1][5] - The second half of 2026 is anticipated to bring sustained opportunities for application-related companies, contrasting with previous years where opportunities were short-lived due to a lack of production support. [6] - Key recommendations include Dechang Co. and Hengshuai Co., which are involved in the robotics motor segment. Dechang has rapidly grown its automotive EPS motor business, breaking Japan's Nidec monopoly, while Hengshuai is positioned to become a significant supplier for Tesla. [3][9][10] Investment Opportunities - Domestic robotics companies are expected to go public or enter counseling phases in the second half of the year, presenting merger and acquisition opportunities. However, caution is advised as many stock prices may already reflect these opportunities. [7] - The selection criteria for recommended companies include real progress in the robotics field, stable core business, strong cash flow, and the ability to meet overseas production capacity requirements for clients like Tesla. [8][17] Company-Specific Highlights - Dechang Co. is projected to grow its revenue from 70 million in 2020 to 400 million in 2024, with expectations of reaching 700 million by 2025. The company has also expanded into brake motors and has secured orders from a major brake system company. [9][10] - Hengshuai Co. specializes in non-safety motor components and has a gross margin exceeding 30%. The company collaborates with Tesla on the Robotaxi project, enhancing its investment appeal. [14] - Keda Li and Fengdiao Technology are also highlighted for their strong performance and potential in the robotics sector, with Keda Li expected to exceed 2 billion in net profit. [13] Market Predictions - The market outlook for the second half of 2026 is optimistic, with expectations of sustained opportunities for application-related companies as mass production begins. [6] - Current stock prices of recommended companies are seen as having limited downside potential, making it a favorable time for long-term investors to enter. [11] Conclusion - The selection of recommended companies is based on their robust business models, leading positions in niche markets, and stable partnerships with industry giants like Tesla, ensuring their growth potential and investment value. [17]

Company Overview: 恒帅股份 (Hengshuai Co., Ltd.) Key Industry and Company Updates - 恒帅股份 has been recognized as a primary supplier for body and hand motors, entering the exclusive list of first-tier suppliers for electric motors, leading in T-chain robotic motors [1] - The company is set to become the fifth core supplier to sign a framework cooperation agreement with a major North American client, following 三花 (Sanhua), 拓普 (Top), 荣泰 (Rongtai), and 长盈精密 (Changying Precision) [1] Core Insights and Arguments - The framework cooperation agreement allows suppliers to autonomously select their supply range within their capacity, indicating a significant status that surpasses standard order contracts [1] - The company is expected to supply 36 large motors for the body at a mass production price of 500 (currency not specified) and approximately 40 small motors for the hand at a mass production price of 300 [1] - The value of motors per robotic unit is estimated to be between 20,000 to 30,000 [1] - The market for robotic motors is projected to be worth 20 billion, with 恒帅股份 expected to capture a 50% market share as the sole first-tier supplier [1] - The anticipated net profit margin is 15%, leading to an expected profit of 1.5 billion [1] - The total market capitalization for robotic motors is estimated at 45 billion, with the main business valued at 6 billion, targeting a total market capitalization of 51 billion [1] Additional Important Insights - The company maintains a bullish outlook on its market position and growth potential, emphasizing its unique status as the only first-tier supplier in the electric motor sector for robotics [1]

#行业：V3聚焦在北美工厂自用（B端机器人），基本定型；现阶段，一定要重视V4，是马斯克最为重视的一个版 本，目标打造成为一个爆款的产品（B端+C端）。 【HA新兴产业】机器人现阶重视V4版本！ 今年出货预计超过5万台，重视放量的节奏！ #行业：V3聚焦在北美工厂自用（B端机器人），基本定型；现阶段，一定要重视V4，是马斯克最为重视的一个版 本，目标打造成为一个爆款的产品（B端+C端）。 今年出货预计超过5万台，重视放量的节奏！ #逻辑思路：V3量产定型了，股票逻辑重在订单；V4作为一个准爆款的成熟产品，要挖掘V4的预期差，目前在电 机/减速器环节变化最大。 建议关注V4重大变化个股：【恒帅股份】、【科达利】、【双环传动】 1、恒帅股份：即将成为V4电机唯一一个电机一级供应商，覆盖范围包括手部电机+身体电机（最少7个位置）。 #逻辑思路：V3量产定型了，股票逻辑重在订单；V4作为一个准爆款的成熟产品，要挖掘V4的预期差，目前在电 机/减速器环节变化最大。 < 【HA新兴产业】机器人现阶重视V4版本！ 确定性+预期差+空间最大，重点关注； 2、科达利：减速器+轻量化丝杠，进展顺利，有望成为潜在的增量； 3、双环 ...

格隆汇2月10日丨恒帅股份(300969.SZ)涨5.38%，报160.900元，股价创历史新高，总市值180.21亿元。 ...

Summary of Conference Call Records Industry Overview: Humanoid Robotics Key Companies and Developments - **Hengshuai Co., Ltd.** - The North American robotics team has completed factory audits, confirming that the hand motors are on the direct supply list, with body motors expected to follow, potentially becoming the only tier-one supplier in the motor segment [1] - Estimated value of body and hand motors per unit exceeds 10,000 yuan [1] - Set to become the fifth core supplier to sign a framework cooperation agreement with major North American clients, following companies like Sanhua, Topband, Rongtai, and Changying Precision [1] - **Minshi Group and Lide Harmony** - Minshi Group announced a joint venture with Lide Harmony to design, manufacture, and commercialize humanoid robot joint modules in the U.S., with Minshi holding a 60% stake and Lide Harmony 40% [1] - **Changyuan Donggu** - Core supplier for quadruped robots, capable of large-scale supply; the biped robot subsidiary is expected to launch prototypes in Q1, with leg joint testing ongoing [2] - **Kedali** - Secured North American clients for harmonic reducers, rotary modules, and customized screw drawings, with positive feedback on sample tests leading to potential bulk procurement agreements [2] - **Wankai New Materials** - Participated in a technology innovation showcase in Beijing, receiving significant attention for its dexterous hand product capable of complex tasks [2] - **Shuanghuan Transmission** - The cycloidal pinwheel reducer is confirmed for use in the V4 C-end robot at two hip positions [2] - **Fule New Materials** - Signed a comprehensive strategic cooperation agreement with Lingxin Qiaoshou for the procurement of 100,000 tactile sensors [2] - **Hua Yi Technology** - IMU has been sent for testing, with no domestic competitors and a high probability of passing tests; the value per humanoid unit is several thousand yuan, with usage ranging from 3 to 10 units [3] - **Anpeilong** - Achieved breakthrough progress with North American clients, with positive feedback on single-dimensional sensors valued at 10,000 yuan per unit; discussions on expanding production in Thailand are ongoing [4] - **Siling Zhichui** - Confirmed harmonic agreements with a production capacity of 1 million harmonic drives, with significant progress in bearing products and a 70%+ increase in average selling price (ASP) [4] Industry Insights - The conference highlighted the rapid advancements and collaborations within the humanoid robotics sector, indicating a strong market potential and increasing demand for components and systems [4] - The emphasis on joint ventures and strategic partnerships suggests a trend towards consolidation and resource sharing among key players in the industry [1][2][4] Additional Notes - All information presented is based on market rumors and should be considered with caution, as it does not represent personal opinions or investment advice [5]

每经AI快讯，有投资者在投资者互动平台提问：公司当前各生产基地的总体产能利用率大概处于什么 水平？对于未来潜在的订单集中落地，是否对现有产能构成压力？公司为支持后续可能的产能扩张做了 哪些预先准备？ 恒帅股份（300969.SZ）2月3日在投资者互动平台表示，公司目前产能利用较为充分，公司储备的土地 和厂房面积可以满足当前的产能扩张需求，同时，公司积累了智能化全自动电机、清洗泵生产线自主研 发设计及开发能力，具备了根据产品开发进度搭建全自动化电机生产线的能力，可大幅缩短产能扩张周 期。公司会根据产能状况和客户订单情况配置相应产能，满足公司发展规划。 （文章来源：每日经济新闻） ...