点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

Company Overview - Zhejiang Fengli Intelligent Technology Co., Ltd. was established in 1995, initially focusing on small modulus spiral bevel gears and achieving import substitution, exporting to Germany, Japan, and the USA [4] - The company has developed long-term partnerships with international firms such as Bosch, Stanley, Makita, and Siemens, expanding its product range to include cylindrical gears, powder gears, and precision mechanical parts [4] - In December 2022, the company went public, raising funds primarily for the robotics and new energy vehicle sectors [4] Business Development Areas Robotics - The company is developing products for humanoid robots, including harmonic reducers, planetary reducers, and small reducers [5] - An example is the humanoid robot STAR1, which features 55 degrees of freedom and utilizes 19 harmonic reducers and 12 planetary reducers, achieving a maximum joint torque of 400Nm and a running speed of 3.6 m/s [5] - In 2024, sales revenue from humanoid robots is projected to be 816,400 CNY, representing a minimal impact on total revenue [5] Automotive - The automotive sector focuses on three main areas: gears for fuel and electric vehicle transmissions, intelligent drive components, and differential products for balance adjustment [6] - Key clients include BYD, Dongfeng, and Weichai Power [6] Marine Economy - The company develops spiral propeller gears for marine engines, with products competing against Yamaha's standards [6] Low-altitude Economy - Products for low-altitude vehicles include reducers for flying cars, specifically for vertical take-off and landing mechanisms [6] Financial Performance - In 2024, the company reported consolidated revenue of 505 million CNY, a 17.56% increase year-on-year [7] - Operating profit decreased by 29.85% to 17.17 million CNY, and net profit attributable to shareholders fell by 30.28% to 16.80 million CNY [8] - The decline in net profit is attributed to increased depreciation, rising personnel costs from new divisions, and higher development costs for new products [8] Future Plans - The company plans to expand production capacity in response to increased demand for automotive and reducer products, with new equipment expected to arrive in early 2025 [9] - A new factory is planned for construction in 2025-2026 to meet anticipated demand for humanoid robots [9] - Product development will focus on executing the actuator assembly for micro reducers and gradually advancing joint module projects based on customer needs [9] Strategic Partnerships - The company has formed a strategic partnership with Beijing Xingdong Jiyuan Technology Co., Ltd. to collaborate on humanoid robot components, enhancing operational efficiency and product quality [10] - Collaboration with Xiaopeng Motors is ongoing in the flying vehicle sector, with designs for reducers nearing the quotation stage [11]

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]

Core Insights - The company, Fengli Intelligent, reported a revenue of 504 million yuan in 2024, marking a year-on-year growth of 17.56%, driven by its expansion in emerging sectors such as robotics and new energy vehicles [1][2] - Despite a decrease in net profit to 16.7953 million yuan, the company is strategically investing in future growth areas, including hiring technical experts and increasing R&D expenditures [2][3] - Fengli Intelligent holds 54 patents, with a focus on technological innovation as a core competitive advantage, and has significantly increased its R&D spending by 19.10% to 20.6457 million yuan [3] Revenue Growth and Strategic Investments - The company achieved a revenue exceeding 500 million yuan, reflecting strong market resilience, primarily due to its business development in the new energy vehicle and robotics sectors [2] - The decrease in net profit is attributed to increased fixed asset depreciation and higher human resource costs due to strategic investments in new business divisions [2] - A cash dividend of 0.67 yuan per 10 shares was announced, indicating a commitment to returning value to shareholders [2] Technological Innovation and R&D - Fengli Intelligent has established a comprehensive technology system from gear design to manufacturing, supported by various research centers [3] - The company has 18 invention patents and 10 pending applications, emphasizing its focus on cutting-edge technologies [3] - Projects like the "small modulus arc gear" have been recognized as high-tech products by provincial authorities, showcasing the company's innovation capabilities [3] Diversification and Market Applications - The company has made significant strides in diversifying its product offerings in robotics and automotive sectors, with successful applications of its products in humanoid robots and partnerships with major automotive manufacturers [4] - In the robotics sector, the company’s products are utilized in advanced humanoid robots, demonstrating a strong technological lead despite current low revenue from this segment [4] - The automotive division covers a wide range of products, including components for both traditional and new energy vehicles, with notable clients like BYD and Dongfeng [4] Global Client Network and Manufacturing Capabilities - Fengli Intelligent has built a stable global client network, including major international companies, supported by a robust quality control system [5] - The company utilizes advanced manufacturing equipment and has established a high-precision, large-scale production capability, leading the industry in small modulus gear production [5] - The company aims to expand into new fields such as medical devices and smart home products, leveraging its manufacturing strengths [5] Future Strategic Goals - Fengli Intelligent aims to become a global leader in integrated intelligent drive systems, focusing on the industrialization of new energy vehicles and harmonic reducers [6] - The company plans to enhance its overseas market presence and expects high-end applications like humanoid robots and flying cars to drive future growth [6] - With a vision of "sustainable innovation and international branding," the company is positioning itself to capitalize on the trends in smart manufacturing [6]

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.8907 | 0.8197 | 8.66 | 1.3277 | | 每股净资产（元） | 14.65 | 13.96 | 4.94 | 10.1 | | 每股公积金(元) | 9.11 | 9.01 | 1.11 | 4.54 | | 每股未分配利润(元) | 4.60 | 3.81 | 20.73 | 4.37 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 17.91 | 17.53 | 2.17 | 18.19 | | 净利润(亿元) | 2.16 | 1.79 | 20.67 | 2.43 | | 净资产收益率(%) | 6.19 | 6.49 | -4.62 | 14.06 | | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's short-term performance is under pressure, but there is an expectation for accelerated growth in the humanoid robot sector following a strategic partnership with Xingdong Jiyuan [1][2] - In 2024, the company is projected to achieve revenue of 505 million yuan, a year-on-year increase of 17.6%, while net profit attributable to shareholders is expected to decline by 30.3% to 17 million yuan [1] - The humanoid robot revenue in 2024 is anticipated to be 816,000 yuan, with significant clients including Xingdong Jiyuan and Bosch [2][3] Financial Performance Summary - For 2024, the company expects revenue of 505 million yuan, with a growth rate of 18%, and a net profit of 17 million yuan, reflecting a decrease of 30% [5] - The first quarter of 2025 shows revenue of 117 million yuan, an 18.2% increase year-on-year, but net profit is down 36% to 3 million yuan [1] - The projected net profits for 2025 to 2027 are 24 million, 68 million, and 102 million yuan respectively, with growth rates of 42%, 186%, and 49% [4][5]

丰立智能(301368) 报告日期：2025 年 04 月 24 日 证券研究报告 | 公司点评 | 通用设备 业绩短期承压，与星动纪元签战略合作、人形机器人领域加速 ——丰立智能点评报告 投资要点 ❑ 2024 年&2025Q1 业绩：短期承压，期待人形机器人领域加速打开空间 1）2024 年业绩：营收 5.05 亿元，同比增长 17.6%；归母净利润 0.17 亿元，同 比下滑 30.3%。毛利率 14.9%，同比-2.2pct；净利率 3.3%，同比-2.3pct。 收入结构——老业务：智能家居：2.3 亿元、毛利率 26.2%；气动工具：1.2 亿 元、毛利率 13.1%；新业务：减速机：1.2 亿元、毛利率 2.1%；新能源传动： 0.29 亿元、毛利率-12.4%。 2）2025 年一季报业绩：营收 1.17 亿元，同比增长 18.2%；归母净利润 0.03 亿 元，同比下滑 36%。毛利率 12.5%，同比+0.2pct；净利率 2.5%，同比-2.1pct。 3）人形机器人加速突破：2024 年公司实现人形机器人收入 81.6 万元，开发 的客户包括星动纪元、宇树、三花等。2025 年 Q1， ...

浙江丰立智能科技股份有限公司 对会计师事务所履职情况评估报告 浙江丰立智能科技股份有限公司（以下简称"公司"）聘请天健会计师事务 所（特殊普通合伙）（以下简称"天健会计师事务所"）作为公司 2024 年度审计 机构。根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事 务所管理办法》的要求，公司对天健会计师事务所 2024 年审计过程中的履职情 况进行了评估，具体情况如下： 一、2024 年年审会计师事务所基本情况 2、投资者保护能力 天健会计师事务所具有良好的投资者保护能力，已按照相关法律法规要求计 提职业风险基金和购买职业保险。截至 2024 年末，累计已计提职业风险基金和 购买的职业保险累计赔偿限额合计超过 2 亿元，职业风险基金计提及职业保险购 买符合财政部关于《会计师事务所职业风险基金管理办法》等文件的相关规定。 （一）会计师事务所基本情况 1、基本情况 天健会计师事务所于 2011 年成立，注册地址浙江省杭州市西湖区灵隐街道 西溪路 128 号。截至 2024 年末，天健会计师事务所拥有合伙人 241 名、注册会 计师 2,356 名，签署过证券服务业务审计报告的注册会计师 904 名 ...

2024年社会责任报告 二〇二五年四月 浙江丰立智能科技股份有限公司 1．综述 浙江丰立智能科技股份有限公司（以下简称"公司"）作为一家 智能驱动研造与系统集成服务商，以"研造客户需求产品与服务，与 合作者共发展"为企业宗旨，并一直秉持着"做强企业，服务社会" 的企业使命，依法主动纳税。在推动自身发展的同时，为客户创造价 值，为员工增加收益和福利。 公司积极贯彻国家环保政策，发展低碳节能工艺，推动绿色生产， 实现社会与环境的和谐发展。 公司积极捐助社会公益事业，组织参与社区志愿者服务，并结对 帮扶贫困乡村，支持周边村镇的文化事业发展。 2.社会责任履行情况 （1）股东和债权人权益保护 1. 提升规范运作水平，持续深化公司治理 公司严格按照《公司法》《证券法》《上市公司治理准则》《上 市公司信息披露管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司 规范运作》等法律法规和中国证监会相关规定和要求，建立了股东大 会、董事会、监事会以及在董事会领导下的经理层，制订了相关议事 规则及制度，并建立了独立董事制度，形成了公司法人治理结构的基 本框架，明确了股东大会 ...

证券代码：301368 证券简称：丰立智能 公告编号：2025-011 浙江丰立智能科技股份有限公司 关于 2025 年度日常关联交易预计额度的公告 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。 一、日常关联交易基本情况 1、日常关联交易概述 浙江丰立智能科技股份有限公司（以下简称"公司"）根据业务发展需要， 结合公司实际情况，2025年度拟向关联方台州市黄岩求真机械厂（以下简称"求 真"）采购商品以及委托加工，预计总金额不超过700.00万元；向关联方台州市 黄岩创悦机械厂（以下简称"创悦"）采购商品以及委托加工，预计总金额不超 过1,200.00万元。2024年度公司预计向关联方采购商品以及委托加工总金额不超 过1,900.00万元,实际发生金额为1,415.46万元。 公司于2025年4月22日召开第三届董事会第六次会议及第三届监事会第六次 会议，分别以7票同意、0票反对、0票弃权和3票同意、0票反对、0票弃权的表 决结果审议通过了《关于公司2025年度日常关联交易预计额度的议案》，公司 关联董事王友利、黄伟红回避表决。保荐机构出具了核查意见。 公司对 ...