Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Report Core View - The report focuses on the research and development and business progress of Hengshuai Co., Ltd. in the automotive parts industry, especially highlighting the company's harmonic magnetic field motor technology and its application, as well as the development of active sensing cleaning system products and robot business [22][23][25]. 3. Summary by Relevant Catalog 3.1 Research Basic Situation - Research object: Hengshuai Co., Ltd. [17] - Industry: Automotive parts [17] - Reception time: August 29, 2025 [17] - Listed company reception personnel: Board Secretary Liao Weiming [17] 3.2 Detailed Research Institutions - Quanguo Fund (fund management company, represented by Chen Xiaoxiang) [18] - Hua'an Securities (securities company, represented by Liu Qianlin) [18] 3.3 Main Content Data - Harmonic Magnetic Field Motor Technology: The company's harmonic motor uses harmonic magnetic field, which can reduce motor volume, achieve lightweight, and save material costs compared with traditional motors. The company has long - term layout and technical accumulation in this field, and has submitted multiple invention patent applications. It has broad application scenarios in both industrial and automotive fields [22]. - Harmonic Magnetic Field Motor Technology Application: The company has gradually used this technology for product development in automotive, industrial automation, humanoid robots and other scenarios, and is customizing solutions for linear joint motors, rotary joint motors, and dexterous hand motors for related customers [23]. - Verification of Harmonic Magnetic Field Motor Technology Advantages: The drum motor jointly developed with Germany's Lenze, as the first mass - produced motor using this technology, has entered the mass - production ramp - up stage, and the technology has been fully verified in multiple aspects such as lightweight, power improvement, and cost optimization [24]. - Progress of Active Sensing Cleaning System Products: With the commercial application of L3 + level Robotaxi and unmanned express logistics vehicles, the company's related products have accelerated industrial penetration, passed customer adaptation and sampling for many terminals, and obtained some customer batch business fixed - points, with more incremental models expected to enter the fixed - point link in the future [25]. - Robot Business Development: The company may independently operate the robot R & D team according to industry trends. The R & D characteristics and operation mode requirements of the robot and automotive fields are different, which increases the industry entry threshold, and the future development of the robot business will face both opportunities and challenges [26].
恒帅股份分析师会议-20250829