研报掘金丨华福证券：科达利二次创业机器人赛道，首予“买入”评级

Core Viewpoint - Huafu Securities research report highlights Keda Li as a leader in lithium battery structural components, entering the robotics sector for its second venture [1] Company Overview - The company's main business includes lithium battery structural components and automotive structural components, with lithium battery structural components accounting for approximately 95% of revenue [1] - Keda Li has been deeply engaged in the precision structural component industry for nearly 30 years, showcasing strong R&D capabilities and a solid business foundation [1] Product Development - In April 2025, the subsidiary Kemon will officially launch seven new core transmission technology products for robots, focusing on lightweight, compact structure, torque-to-weight ratio, high precision, and high load stability [1] - Future product sampling and targeted progress are anticipated to be promising [1] Market Expansion - The company aims to further expand its market share through overseas bases [1] - The mid-term growth potential of core components for humanoid robots, such as harmonic reducers and joint modules, is expected to provide additional valuation flexibility [1] Investment Rating - The report initiates coverage with a "Buy" rating for Keda Li [1]