Financial Performance - The company's operating revenue for 2024 was ¥504,688,742.11, representing a 17.56% increase compared to ¥429,320,938.05 in 2023[22] - The net profit attributable to shareholders for 2024 decreased by 30.28% to ¥16,795,344.52 from ¥24,090,737.82 in 2023[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥15,657,328.46, down 23.50% from ¥20,466,648.13 in 2023[22] - The basic earnings per share for 2024 was ¥0.14, a decrease of 30.00% from ¥0.20 in 2023[22] - The total assets at the end of 2024 were ¥1,314,959,663.58, reflecting a 7.46% increase from ¥1,223,642,062.66 at the end of 2023[22] - The net assets attributable to shareholders at the end of 2024 were ¥976,683,948.45, a slight increase of 0.66% from ¥970,308,851.37 at the end of 2023[22] - The cash flow from operating activities for 2024 was ¥43,305,895.58, a decrease of 5.68% compared to ¥45,914,621.09 in 2023[22] - The weighted average return on equity for 2024 was 1.73%, down from 2.50% in 2023[22] Market Outlook - The global electric tool market is projected to reach $28.52 billion in 2024, with a compound annual growth rate (CAGR) of 4.4% expected until 2032[32] - The smart home market in China is expected to grow to 784.8 billion yuan in 2024, reflecting a 10% increase from 2023[33] - The annual production and sales of new energy vehicles in China are expected to exceed 10 million units for the first time in 2024, with a projected total vehicle sales of 31.5 million units[34] Business Strategy and Development - The company plans to distribute a cash dividend of ¥0.67 per 10 shares to all shareholders, based on a total of 120,100,000 shares[5] - The company has outlined potential risks and countermeasures in its future development outlook section, which investors should pay attention to[5] - The company is focusing on the development of precision reducers and power transmission gears for the new energy vehicle sector, which is a key area for future growth[31] - The company is focusing on new fields and customers in 2024, particularly in humanoid robots and automotive sectors[37] - The company aims to expand its product line into sectors like industrial robots, smart homes, and medical devices, leveraging its brand and quality advantages[56] Research and Development - The company has achieved normal mass production of its new energy power division's products, with a focus on equipment investment in 2023 and customer product development in 2024[35] - The company is investing in a new high-precision transmission gear project in Malaysia, which is progressing steadily[35] - The company plans to enhance its R&D capabilities and talent acquisition to strengthen its market position and drive future growth[56] - The company is actively pursuing technology innovation, with a focus on developing new products such as harmonic reducers and advanced gear systems[62] Corporate Governance - The company adheres to the governance structure as per the Company Law and relevant regulations, ensuring compliance and protecting shareholder rights[130] - The company maintains independence in assets, personnel, finance, organization, and business from controlling shareholders and related parties[131] - The company has established a structured governance framework that includes a board of directors, supervisory board, and management team[132] - The company has made commitments to avoid competition with its actual controllers[133] Environmental and Social Responsibility - The company has established a comprehensive set of environmental protection facilities, which are well-maintained and operated effectively in 2023[169] - The company has not faced any administrative penalties due to environmental issues during the reporting period and has implemented measures to ensure compliance with environmental regulations[175] - The company donated a total of 62,000 yuan to cultural activities in surrounding villages and participated in "rural assistance" with a contribution of 30,000 yuan in 2024[189] Risk Management - The company faces risks from international trade disputes, particularly with the U.S., but has strategies to adapt and expand its market presence[122] - The company is exposed to raw material price fluctuations, which significantly impact production costs, and plans to optimize its product structure to mitigate this risk[123] - The company acknowledges the risk of rising labor costs and employee shortages, and is developing a compensation system to attract and retain talent[124] Shareholder Engagement - The company has a clear and complete profit distribution policy, ensuring the protection of minority shareholders' interests[159] - The company has not made any changes to its cash dividend policy during the reporting period, maintaining compliance with its articles of association[161] - The company will ensure timely disclosure of information in compliance with legal and regulatory requirements[104] Internal Controls - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, continuously improving it with business development[164] - The internal control audit report indicates that the company maintained effective financial reporting in all material aspects as of December 31, 2024[167] - The company has implemented measures to prevent insider trading and ensure fair information disclosure among stakeholders[181]

丰立智能（301368）公告，2025年第一季度营业收入1.17亿元，同比增长18.20%。净利润293.87万元， 同比下降35.98%。 ...

Group 1: Market Reactions - Trump criticized Powell, suggesting he should be dismissed, leading to a significant market downturn with major US stock indices dropping over 2%, and the Nasdaq falling nearly 4% [1] - The 10-year US Treasury yield rose for two consecutive days, while the 2-year yield hit a one-week low [2] - The US dollar index fell over 1%, breaking below 98 for the first time in three years, while the offshore RMB rose over 200 points, surpassing 7.29 [3] Group 2: Domestic Developments - The Central Committee and State Council issued opinions to enhance the strategic implementation of free trade zones, supporting the testing and application of intelligent connected vehicles and the establishment of civilian drone testing bases [6] - The State Council approved a plan to accelerate the opening of the service industry, promoting new business models like "processing with incoming materials" [6] - The Shanghai International Financial Center's action plan aims to enhance cross-border financial services, providing insurance support for key export enterprises and improving the CIPS functionality [6] Group 3: Company Announcements - CATL launched its first sodium-ion battery product, "Sodium New," set to be mass-produced in June, with significant safety features and plans for a second-generation battery by 2025 [8][13] - Haiguang Information reported a net profit of 506 million yuan for Q1 2025, a 75.33% increase year-on-year, driven by strong R&D investment in general and AI computing markets [17] - Shenghong Technology's Q1 net profit surged by 339.2% to 920 million yuan [17] Group 4: Industry Insights - TrendForce predicts that the market value of humanoid robots in China will exceed 4.5 billion by 2025 [10] - The agricultural outlook report forecasts China's grain production to reach 710 million tons in 2025, with significant increases in rice, wheat, and corn production [14] - The intelligent connected vehicle market is expected to reach $830 billion globally by 2024, with a projected breakthrough of $1 trillion by 2025 [15]

丰立智能（301368）公告，公司与英搏尔（300681）签署了战略合作协议，旨在共同推动在新能源汽 车、关节模组、工程机械、eVTOL、智能制造等领域的深度合作。协议为意向性框架协议，不涉及实 质性交易，不涉及关联交易，亦不构成重大资产重组。合作将发挥双方产品优势和技术优势，实现优势 互补、互利共赢，预计对公司未来发展带来积极影响，但对本年度收入及利润无重大影响。 ...

证券代码：301368 证券简称：丰立智能 公告编号：2025-002 浙江丰立智能科技股份有限公司 关于签署战略合作协议的公告 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。 特别提醒： 1、本次与合作方签署的战略合作协议属于项目合作框架性协议，在具体 实施过程中尚存在不确定性，敬请广大投资者谨慎决策，注意投资风险； 2、本次签署的战略合作协议对公司本年度经营业绩不会构成重大影响， 对公司未来年度经营业绩的影响将视与合作方后续项目的实施情况确定。 一、协议签署概况 本协议为意向性框架协议，不涉及实质性交易，不涉及关联交易，亦不构 成《上市公司重大资产重组管理办法》规定的重大资产重组，无需提交董事会 、股东大会审议。公司将根据合作的进展情况，依据相关法律法规要求履行相 应的决策审批程序和信息披露义务。 二、协议对方的基本情况 公司名称：珠海英搏尔电气股份有限公司 统一社会信用代码：9144040077096114X2 企业类型：股份有限公司(上市、自然人投资或控股) 注册地址：珠海市高新区唐家湾镇科技六路6号1栋 法定代表人：姜桂宾 浙江丰立智能科技股份有限公 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on micro gearboxes and reducers for humanoid robots, indicating high elasticity in production capacity release [4][6] - The company has established high technical barriers in micro gear technology, gaining recognition from global quality clients such as Bosch Group, which is also its largest customer [5][42] - The company has deep collaborations with clients like Star Dynamics, enhancing its position in the humanoid robot transmission market [6][44] Summary by Sections 1. Small Modulus Gear Industry Leader, High Elasticity in Robot Production Capacity Release - The company specializes in small modulus gears, with a complete product system and leading global technology in gear design, heat treatment, and testing [4][12] - The company has invested nearly 600 million yuan since its listing, with over 140 million yuan in equipment, indicating significant capacity release potential [4][27] 2. High Technical Barriers in Micro Gear Technology, Backed by Quality Clients - Small modulus gears require micron-level precision, making their processing highly challenging, with only a few companies mastering the entire process chain [5][38] - The company has long-term partnerships with top global clients, including Bosch Group, which accounted for 26% of its revenue in 2023 [5][42] 3. New Star in Humanoid Robot Transmission, Deep Collaboration with Clients - The company’s small modulus gears are crucial components in humanoid robots, enabling flexible and precise movements [44][45] - The company has developed both harmonic and planetary reducer technologies, with significant advantages in cost reduction during mass production [6][44] 4. Profit Forecast and Investment Recommendations - The company’s projected net profits for 2024-2026 are 19 million, 43 million, and 94 million yuan, respectively, with corresponding P/E ratios of 441.4, 197.9, and 90.4 times [4][7] - The company’s revenue for the first three quarters of 2024 was 371 million yuan, a year-on-year increase of 17%, while net profit decreased by 46% due to increased costs from new business expansions [27][30]

开源证券近日发布丰立智能（301368）首次覆盖报告：小模数齿轮翘楚，人形机器人传 动新星。 人形机器人传动新星，与星动纪元等客户深度合作 小模数齿轮被广泛应用于减速器、微型齿轮箱及身体关节等领域，帮助机器人实现灵活 运动。在减速器领域，公司兼具行星及谐波减速器两种技术方案，其中行星减速器深耕多 年，与头部客户长期合作；谐波减速器技术路线与哈默纳科一致，包括齿形设计、加工设 备、铜轮材料等，在量产降本阶段具备明显优势。在灵巧手领域，公司开发出微型齿轮箱 （减速箱）和蜗轮蜗杆，具备微传动系统全套解决能力。公司与星动纪元等客户深度合作， 星动纪元已在国内外头部客户中取得的大量五指灵巧手订单，公司的机器人传动能力得到市 场验证。公司产能前置布局机器人赛道，随着人形机器人走向量产，成长天花板全面打开。 以下为研究报告摘要： 小模数齿轮行业翘楚，机器人产能释放高弹性 公司为国内小模数齿轮制造领军企业，主要业务为小模数齿轮及相关部件（精密减速 器、微型齿轮箱等）；齿型技术包括锥形齿、伞齿、蜗轮蜗杆等，产品体系完备性全球领 先，核心技术覆盖从齿形设计、热处理到检测全周期闭环，正向研发能力增强了客户粘性。 微型齿轮作为减速器 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on precision gearboxes and related components, and has a complete product system that is globally competitive [4][12] - The company has established deep collaborations with high-profile clients such as Bosch and Siemens, which enhances its credibility and market opportunities in the robotics sector [5][42] - The company has significant production capacity and investment in the robotics field, with a projected increase in net profit from 0.19 billion to 0.94 billion from 2024 to 2026, indicating high earnings elasticity [4][27] Summary by Sections 1. Small Modulus Gear Industry Leader - The company specializes in small modulus gears, which are critical components in precision gearboxes and reducers, and has a strong technological foundation [4][12] - The company has invested nearly 6 billion in production capacity since its listing, with over 1.4 billion in equipment investments, indicating a robust expansion strategy [4][27] 2. High Technical Barriers in Micro Gear Technology - Small modulus gears require micron-level precision and are difficult to manufacture, creating high entry barriers for competitors [5][38] - The company has received recognition from top global clients, including Bosch, which accounts for 26% of its revenue, enhancing its market position [5][42] 3. New Star in Humanoid Robot Transmission - The company has developed key components for humanoid robots, including precision gearboxes and reducers, and has established partnerships with clients like Star Dynamics [6][44] - The company’s products are essential for the flexible movement of robotic joints, leveraging its expertise in small modulus gears [44][46] 4. Financial Forecast and Investment Recommendations - The company’s revenue is projected to grow from 4.29 billion in 2022 to 9.29 billion by 2026, with a significant increase in net profit expected [7][28] - The company’s P/E ratio is expected to decrease from 441.4 in 2024 to 90.4 by 2026, indicating a potential undervaluation compared to peers [7][28]

Investment Rating - The report does not explicitly provide an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company, Fengli Intelligent, specializes in the research, production, and sales of small modulus gears, precision reducers, and related components, positioning itself as a leader in the small modulus gear industry [19]. - Fengli Intelligent has established long-term partnerships with international companies such as Bosch, Siemens, and Makita, which enhances its market credibility and customer resource advantages [21]. - The company is actively expanding its product offerings to include various types of reducers and gears, catering to diverse applications in sectors like new energy vehicles, robotics, and medical devices [21][25]. Summary by Sections 1. Basic Research Information - The research was conducted on February 17, 2025, focusing on the general equipment industry, specifically on Fengli Intelligent [13]. 2. Detailed Research Institutions - Various institutions participated in the research, including Guangfa Fund, Changjiang Securities, and Rongtong Fund, among others [14][15]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [17]. 4. Main Content Information - Fengli Intelligent has nearly 30 years of experience in the small modulus gear industry, with a focus on gear shape design and production consistency as its technical advantages [19][21]. - The company has developed three main types of reducers: planetary reducers, harmonic reducers, and small micro reducers, with ongoing expansion in production capacity [24]. - The demand for harmonic reducers in humanoid robots is projected to be significant, with estimates of 140,000 units needed by 2026 [25]. - Fengli Intelligent is also expanding its presence in the new energy vehicle sector, with projects in Malaysia and Vietnam aimed at increasing production capacity for precision gears [25].

Company Overview - Fengli Intelligent is a high-tech enterprise specializing in the research, production, and sales of small modulus gears, precision reducers, and related components [2][3]. - The company is recognized as a leading player in the small modulus gear industry and has received accolades such as "National Specialized and Innovative 'Little Giant' Enterprise" and "Bosch Global Preferred Supplier" [3]. Core Competencies - Fengli has nearly 30 years of experience in the small modulus gear sector, with a focus on gear shape design and production consistency, which are key technical advantages [3][4]. - The company utilizes advanced imported equipment from Japan and Germany to ensure product precision and consistency [4]. Product Range and Applications - The product portfolio includes small modulus gears, precision reducers, and components used in various fields such as new energy vehicles, robotics, smart home devices, medical equipment, and electric tools [3][4]. - The company has established long-term partnerships with global enterprises like Bosch, Siemens, and Makita, enhancing its market presence [3]. Human-Robot Collaboration - Fengli has formed a deep collaboration with Xingdong Jiyuan, a humanoid robot company, to develop products such as harmonic reducers and planetary reducers for humanoid robots [4][5]. - The company plans to expand production capacity for harmonic reducers to meet the growing demand in the humanoid robot market, with a target of 140,000 units by 2026 [5]. New Energy Vehicle Sector - Fengli's products are also applied in both fuel and electric vehicle transmission systems, with plans for significant overseas investments in Malaysia and Vietnam to enhance production capacity [6]. - The company anticipates explosive growth in the new energy vehicle parts market due to increasing global emphasis on sustainability and consumer acceptance [6].