集智股份（300553）：机器人浪潮下的“卖铲人”，深海谛听放量在即

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [5]. Core Views - The company is positioned as a leading domestic balancing machine manufacturer, actively promoting the localization of balancing machines. It has mastered key core technologies and offers products that can compete with foreign counterparts in terms of performance and price [1][2]. - The company has made significant advancements in the high-speed balancing machine sector, with the development of its first high-speed dynamic balancing prototype completed in 2024. The establishment of a new laboratory for high-speed balancing machines is part of its ongoing investment projects [1]. - The government has identified deep-sea technology as a national strategic core area, which enhances the significance of the company's deep-sea listening technology. The company’s subsidiary has successfully developed intelligent underwater acoustic signal products and is entering the commercialization phase [3]. Financial Summary - The company achieved revenue of 78.6393 million yuan in Q1 2025, representing a year-on-year increase of 54.89%, and a net profit of 8.4263 million yuan, up 196.74% year-on-year [1]. - Revenue projections for 2025-2027 are estimated at 368 million yuan, 531 million yuan, and 815 million yuan, respectively, with corresponding growth rates of 36.87%, 44.45%, and 53.51% [4]. - The forecasted net profit for 2025-2027 is 48 million yuan, 99 million yuan, and 142 million yuan, with significant growth rates of 152.85%, 104.09%, and 44.34% [4]. Product Development and Market Position - The company has established partnerships with leading motor manufacturers for its balancing machines, which are crucial for the stability of core rotating components in humanoid robots [2]. - The company is expanding its electric motor automation equipment business, with plans to build 26 automated production lines for motor rotors and stators, expected to generate annual sales of 280 million yuan [2]. - The company’s deep-sea listening technology is positioned to meet both military and civilian needs, with multiple technical service contracts already signed [3].