2 1 Shi Ji Jing Ji Bao Dao·2025-09-01 10:45Core Viewpoint - The article discusses the importance of reducers in robotics, particularly harmonic reducers, which have seen a rise in domestic competition in China, breaking the long-standing Japanese monopoly. The focus is on three A-share companies: Grede Harmonic (688017.SH), Zhongdali De (002896.SZ), and Haozhi Electromechanical (300503.SZ), which are entering the robotics sector through harmonic reducers. Financial Performance - Haozhi Electromechanical leads in revenue with 703 million yuan, but its European business has declined by 18.6%, resulting in a revenue growth of 14.21% [5] - Zhongdali De has a revenue of 516 million yuan, but its growth is only 2.08%, with a decline in precision reducer revenue by 8.55% [5] - Grede Harmonic, with the smallest revenue of 251 million yuan, shows a remarkable growth rate of 45.82%, driven by high growth in both harmonic reducers and mechatronic products [5][6] Profitability and Cash Flow - Grede Harmonic achieved a net profit of 53.42 million yuan, a year-on-year increase of 45.87%, despite its smaller revenue base [6] - Haozhi Electromechanical and Zhongdali De reported net profits of 63.38 million yuan and 46.37 million yuan, with growth rates of 15.41% and 6.5% respectively [6] - Grede Harmonic's operating cash flow surged 130 times to 46.8 million yuan, while Zhongdali De's cash flow plummeted by 91.75% due to reduced sales collections [6] Technical and R&D Focus - All three companies emphasize R&D, with Grede Harmonic and Haozhi Electromechanical investing over 9% of their revenue in R&D, while Zhongdali De invests nearly 6% [8] - Grede Harmonic focuses on harmonic reducers and has established collaborations with universities and research centers, aiming to maximize its value in the domestic humanoid robot supply chain [9] - Haozhi Electromechanical is pursuing an acquisition strategy to enhance its international R&D capabilities, while Zhongdali De aims to integrate its products into a comprehensive solution for industrial automation [9] Market Valuation - As of September 1, all three companies have P/E ratios exceeding 100, with Grede Harmonic at 380, Zhongdali De at 239, and Haozhi Electromechanical at 105 [11] - The PEG ratios are also high, indicating strong market interest in humanoid robot supply chain companies, with Zhongdali De at 36.77, and Grede Harmonic and Haozhi Electromechanical at 8.28 and 6.81 respectively [11]