汇正财经：机器人行业主业盈利能力整体改善

Core Insights - The robotics sector has shown positive performance in the first half of 2025, with nearly 90% of companies achieving profitability [1][3] - Revenue for 120 companies in the robotics sector reached 288.83 billion yuan, a year-on-year increase of 13.81%, with a net profit of 21.62 billion yuan, also up by 13.72% [1] - The second quarter of 2025 saw revenues of 153.24 billion yuan, reflecting a year-on-year growth of 14.65%, and a net profit of 11.37 billion yuan, up by 6.80% [1] Segment Performance - The fastest profit growth was observed in the thermal components and brain-related segments, while the joint assembly, motor, screw, and reducer segments showed stable and substantial profit growth [3] - Seven companies, including Zhengyu Industrial and Daye Co., saw net profit growth rates exceeding 100% in the first half of 2025, with Zhengyu Industrial achieving a remarkable 1133.26% growth in Q2 [3] Profitability and Cost Management - The average gross margin for the robotics sector in H1 2025 was 21.94%, with a net margin of 7.48% and a decreasing expense ratio of 7.22% [4] - In Q2 2025, the gross margin improved to 22.19%, while the net margin slightly decreased to 7.42%, and the expense ratio fell to 6.65% [4] - Core component segments exhibited the strongest profitability, with gross margins reaching 22.54% and net margins at 9.31% [4] Technological Advancements - The pace of technological iteration in robotics has accelerated, with significant advancements in components such as motors and reducers [5] - New materials like PEEK are increasingly used in leading robotic products, enhancing energy efficiency [5] - Innovations in design have led to improved freedom of movement and load capacity in robotic arms, as well as enhanced sensing capabilities in dexterous hands [5][6] Commercialization and Order Growth - The commercialization of robotics has progressed rapidly, with a significant expansion in order volumes [7] - Major contracts include a billion-yuan order from China Mobile and a record-breaking procurement project by UBTECH [7] - The collaboration within the robotics supply chain has deepened, with notable order totals exceeding 100 million yuan for certain companies [7] Investment Analysis - The second half of 2025 should focus on new technology iterations and component market trends, particularly in the automotive and 3C sectors [8][9] - Key players such as Tesla, Huawei, and ByteDance are expected to maintain competitive advantages due to their control over demand scenarios and hardware supply chains [8] - Attention should be given to the supply chain dynamics of Tesla and Zhiyuan, as well as the technological advancements in dexterous hands and motors [9]