江苏鼎智智能控制科技股份有限公司 2024 年年度募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、募集资金基本情况 （一）、在北京证券交易所向不特定合格投资者公开发行股票募集资金 证券代码：873593 证券简称：鼎智科技 公告编号：2025-036 | | 招商银 行股份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 已 | | | 有限公 | | | | | | | 2 | 司常州 | 519903441310966 | 60,000,000.00 | | | 销 | | | 分行营 | | | | | 户 | | | 业部 | | | | | | | | 中国建 | | | | | | | | 设银行 | | | | | 已 | | 3 | 股份有 | 32050162843600005615 | 30,000,000.00 | | | 销 | | | 限公司 | ...

证券代码：873593 证券简称：鼎智科技 公告编号：2025-039 江苏鼎智智能控制科技股份有限公司 2024 年内部控制自我评价报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合本公司（以下简称"公司"）内 部控制制度和评价办法，在内部控制日常监督和专项监督的基础上，对公司 2024 年 12 月 31 日的内部控制有效性进行了评价。 一、 重要声明 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任 何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性 承担个别及连带法律责任。 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告 ...

Core Viewpoint - The humanoid robot industry is expected to enter a mass production phase in 2025, with Tesla being a leading company due to its advanced computing power, chips, models, data, hardware, and application scenarios in automotive manufacturing [1][2]. Industry Trends - The humanoid robot index has significantly outperformed the CSI 300 index since October 2024, indicating strong market interest despite recent adjustments [1]. - The demand for humanoid robots in consumer applications is projected to be substantial, currently in the 0-1 investment phase, necessitating attention to event-driven catalysts [1]. - Major domestic manufacturers have accelerated their entry into the market since 2024, which is expected to further drive industry development [2]. Key Components - **Harmonic Reducers**: High technical barriers and concentrated competition; domestic manufacturers have largely replaced imports, with Green Harmonic being a leading player [3]. - **Planetary Roller Screws**: Currently low domestic production rates; achieving mass production is crucial as domestic firms are positioned to become mainstream suppliers due to conservative approaches from European competitors [4]. - **Dexterous Hands**: Composed of various components with multiple technological routes; domestic companies are gradually gaining market share through localized sales strategies [5]. - **Sensors**: Essential components with the highest difficulty in six-dimensional force sensing; leading global companies are primarily based in Europe and the US, while domestic Kunwei Technology has a significant market presence [6]. - **Lightweight Materials**: Important for enhancing performance and accuracy; various materials such as aluminum alloy, magnesium alloy, PEEK, and TPV are being explored [7].

人形机器人概念10日盘中强势拉升，截至发稿，万达轴承涨超24%，鼎智科技涨超18%，骏创科技、蓝 思科技（300433）涨超15%，双林股份（300100）、胜宏科技（300476）、肇民科技（301000）、丰立 智能（301368）等涨超10%，华勤技术（603296）、移远通信（603236）等涨停。 机构表示，当前看，中国对美出口占比逐年下降，从细分产品看，机械、电子、光学和医疗设备是主要 出口产品，关税政策落地后，短期看机械类设备出口将存在一定压力，而高技术产品"脱钩"近年较为明 显，长期看，科技类产品仍将是中美博弈的主战场，AI+机器人是核心聚焦点。 国开证券指出，当前阶段，我国正全面推动设备更新和新型技术改造，大力推进全面数字化转型升级， 催生了大量的智能装备需求，为具身智能/人形机器人产业发展提供了巨大的发展空间。由于核心零部 件在人形机器人领域的应用尚未得到市场充分验证，产业链供应链仍处于持续构建中，核心零部件的技 术创新及国产化是我国人形机器人量产的重要保障，将为人形机器人产品在性能、成本、可靠性、安全 性等方面提供有力支撑，随着我国人形机器人产业化进程逐步提速，国产零部件厂商面临较好的发 ...

Group 1 - The core components of dexterous hands include three systems: drive, transmission, and perception [1] - The driving solution has shifted to electric drives, with hollow cup motors and brushless gear motors being the preferred choices [1] - The transmission solutions are categorized into linkages, tendon-driven, and worm gear/gear systems, with tendon-driven applications being the most widespread [1] Group 2 - The third generation of Optimus dexterous hands features an upgraded transmission structure and enhanced tactile sensing, significantly increasing degrees of freedom from 11 to 22 [2] - The active control degrees of freedom have increased from 6 to 17, allowing for more complex movements [2] Group 3 - Key components in the dexterous hand market include brushless DC motors, micro lead screws, tactile sensors, and tendons [3] - Major companies involved in brushless DC motors include Mingzhi Electric, Zhaowei Electromechanical, and Weichuang Electric [3] - Micro lead screws are critical for precision linear motion, with companies like Hengli Hydraulic and Zhejiang Rongtai leading in this area [3] Group 4 - Emerging players in the dexterous hand sector include unicorns such as Yinshi Robotics and Aoyi Technology, along with listed companies like Jiechang Drive and Leisai Intelligent [4] - These companies are positioned to benefit from the accelerated industrialization of dexterous hands [4]

灵巧手作为一种仿人手生理结构机器人，是一种拟人化并能实现智能控制的高级末端执行机构。灵巧手 种类多样，按照传动方式与驱动结构划分，可以分为腱绳传动、连杆传动、齿轮传动、液压传动和混合 传动，其中腱绳传动方案一直是行业的主流方案。特斯拉发布原型机后，其展示的灵巧手方案多次迭 代，其在降本为核心的路径中，驱动系统整体重构，2024年10月展示的灵巧手看，整体细节更加简洁， 动作更加灵活，目前的灵巧手方案是电机通过行星滚柱丝杠驱动腱绳，同时自由度提升到22个，驱动装 置前移至小臂。 空心杯电机是灵巧手驱动方案的优选，传动方案选择具备多样性 风险提示：人形机器人产业化进程不确定性风险、技术研发不及预期的风险。 国泰君安发布研报称，目前，灵巧手行业主要产品仍以国外品牌为主导，受益于人形机器人的发展，国 内企业纷纷跟进，推出自己的相关灵巧手产品，技术加速收敛海外，该行推荐具备灵巧手生产能力并具 备产品的公司，以及灵巧手核心零部件厂商，重点推荐兆威机电（003021）(003021.SZ)、鸣志电器 （603728）(603728.SH)、捷昌驱动（603583）(603583.SH)，受益标的为鼎智科技(873593.B ...

本报告导读： 传动方式看，腱绳方案依然较为主流，各家厂商传动方案整体看不尽相同，均存在一定创新性，在一级 二级三级传动的各环节中，特斯拉选用电机+微型丝杠+腱绳的创新方案。 灵巧手触觉方案：感知技术是机器人商业化落地的"功能触角"。灵巧手的传感器主要包括内部传感器和 外部传感器两类。内部传感器主要反馈灵巧手的姿态信息，决定灵巧手稳定能力。外部传感器包括接近 觉传感器和触觉传感器，主要感知目标物体的位置、受力等信息，其中触觉传感器是灵巧手完成各项功 能的关键。触觉传感器的核心任务是模拟人类皮肤的感知能力，其技术路线围绕"灵敏度"与"多功能"展 开，因此在材料的选择上，触觉传感器偏好于具有柔软、低模量、易变形等属性的柔性材料。其中压阻 式传感器结构简单、成本低，是较为常见的触觉传感器。远期看，电子皮肤是触觉传感的终极形态，其 被视为未来电子技术的新兴发展方向。 风险提示：人形机器人产业化进程不确定性风险、技术研发不及预期的风险 灵巧手是人形机器人的灵魂，降本是核心。灵巧手作为一种仿人手生理结构机器人，是一种拟人化并能 实现智能控制的高级末端执行机构。灵巧手种类多样，按照传动方式与驱动结构划分，可以分为腱绳传 动、 ...

Group 1: Market Performance - The North Exchange 50 Index increased by 3.84%, closing at 1,409.76 points on March 14, 2025, up 1.33% from the previous week [21][22] - The average market capitalization of the 264 constituent stocks in the North Exchange A-shares reached 3.026 billion [21] - The average daily trading volume for North Exchange A-shares was 42.049 billion, up 5.16% from the previous week, with a turnover rate of 11.41% [21][25] Group 2: Fund Inflows and Sentiment - The recent strength in A-shares and increased trading volume is attributed to accelerated inflows of external funds, with domestic retail investor sentiment showing significant improvement [3] - Leverage funds have been flowing in steadily since early February, particularly benefiting technology sectors such as electronics and computers [3] - Both public and private equity funds have increased their stock positions to historical highs, while foreign capital is also optimistic about A-shares [3] Group 3: Government Policies and Support - The Ministry of Finance announced a comprehensive policy framework to enhance the development of government financing guarantees, focusing on fiscal support, performance evaluation, and information sharing [14] - The central bank has shifted to a moderately loose monetary policy, indicating potential for interest rate cuts and reserve requirement ratio reductions to support economic growth [16] - The government aims to boost consumption through targeted fiscal measures, emphasizing the importance of consumer spending for economic recovery [15] Group 4: Investment Recommendations - The report suggests focusing on sectors with high valuation advantages and companies with strong financial performance, given the current high PE ratios across various boards [30] - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 48.79, 36.90, 19.74, 22.36, and 36.22 respectively [30] Group 5: New Stock Issuance - There are no new stocks scheduled for listing this week [29]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company is expected to generate revenue of 225 million yuan in 2024, a decline of 20.48% year-on-year, with a net profit of 41 million yuan, down 49.32% year-on-year. The decline is attributed to increased R&D expenses [4] - The company is actively expanding its product matrix in humanoid robot components and has received two awards at the humanoid robot industry conference [6] - The market for humanoid robot components is expected to grow significantly, with key components such as lead screws and motors being crucial for the development of humanoid robots [5] Financial Summary - The total market capitalization of the company is 7.75 billion yuan, with a circulating market capitalization of 6.65 billion yuan [3] - The company's revenue and net profit forecasts for 2024-2026 are 225 million yuan, 257 million yuan, and 315 million yuan, and 41 million yuan, 58 million yuan, and 71 million yuan respectively [4][8] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 189.1, 134.3, and 109.0 respectively [4][8]

[Table_IndustryInfo] 2025 年 03 月 02 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0224-0302） 各地区加速布局机器人产业集群，关注区域性机会 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：叶明辉 电话：13909990246 邮箱：ymh@swsc.com.cn [Table_QuotePic] 行业相对指数表现 -13% -2% 8% 18% 28% 38% 24/2 24/4 24/6 24/8 24/10 24/12 25/2 机械设备 沪深300 数据来源：聚源数据 | 基础数据 | | | --- | --- | | Table_BaseData] [股票家数 | 440 | | 行业总市值（亿元） | 37,585.63 | | ...