2026 年 01 月 21 日 叶传动/分别 邵翼 A0230524120001 shaoyi@swsresearch.com 申万宏源研究微信服务号 本期投资后示: O 永达汽车：豪车经销商业绩触底反弹确定性强，现金流与股息率具备吸引力。公司作为 宝马渠道核心豪车经销商，依托主机厂盈利扶持，经营周期底部复苏信号明确。一方 面，宝马等主机厂保障经销商新车毛利，叠加行业低效门店出清，BBA 等豪车车企亏损 见底；另一方面，新能源业务贡献增量，新车毛利率可观，2025年渠道上量叠加华为系 品牌起量，该业务盈利空间广阔。公司 2025 上半年净现金流超 11 亿元,配置吸引力突 出；后续宝马车型周期下半年落地，业绩弹性拐点将进一步明确，整体观点偏乐观。 相关研究 《整车出海、机器人预期强化;同时关注 业绩确定性白马 -- 2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 天成、福达 周一刻钟，大事快评（W141） 看好 O 天准科技：核心业务高增确定性强，内存短缺引发行业成本压力预警。公 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][12]. Core Insights - Yongda Automotive shows strong recovery signals with cash flow and dividend yield attractiveness, benefiting from support from manufacturers like BMW, and is expected to see significant performance improvements in 2025 [3]. - Tianzhun Technology's core business is experiencing robust growth, but the industry faces cost pressures due to memory shortages, particularly in high-end DDR5 memory [4]. - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with a solid market position in satellite components and a clear growth trajectory in its robotics business [5]. - Yinlun Technology is positioned to benefit from the growth of data center liquid cooling solutions, with expected significant market elasticity by 2027 [5]. - Fuda Co., Ltd. has issued convertible bonds, indicating positive signals for business certainty and valuation support, with a focus on expanding production capacity [6]. - Tiancai Control is strategically positioned in the low-altitude economy, with ongoing efforts to secure key clients and certifications, which could lead to substantial market share gains [6]. Summary by Relevant Sections Yongda Automotive - The company is a key dealer for BMW, showing strong recovery signals with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025, supported by manufacturer subsidies and a reduction in inefficient dealerships [3]. Tianzhun Technology - The company focuses on intelligent driving and embodied intelligence, with strong growth momentum, but faces challenges from memory supply shortages impacting vehicle production costs [4]. Longsheng Technology - The company has significant growth potential in the commercial aerospace sector, with a strong foothold in satellite components and a clear growth strategy in its robotics business [5]. Yinlun Technology - The company is focusing on data center liquid cooling modules, with expectations for significant market growth by 2027, while also being a key supplier in the robotics sector [5]. Fuda Co., Ltd. - The issuance of convertible bonds at a conversion price of 17.5 yuan signals positive business prospects, with a focus on expanding production capacity and addressing market concerns regarding client structure [6]. Tiancai Control - The company is well-positioned in the low-altitude economy, actively working on client acquisition and technical certifications, which could lead to significant market share in the future [6].

Group 1 - The core point of the news is that Fuda Co., Ltd. experienced a decline of 5.01% in its stock price, reaching 17.07 yuan per share, with a trading volume of 524 million yuan and a turnover rate of 4.70%, resulting in a total market capitalization of 11.021 billion yuan [1] - Fuda Co., Ltd. is located in Guilin, Guangxi, and was established on December 28, 2000. It was listed on November 27, 2014. The company specializes in the research, production, and sales of automotive components such as engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The main business revenue composition of Fuda Co., Ltd. includes crankshafts (62.87%), precision forgings (12.10%), clutches (11.10%), gears (5.61%), others (5.39%), and high-strength bolts (2.93%) [1] Group 2 - Among the top ten circulating shareholders of Fuda Co., Ltd., Yongying Fund has one fund that entered the list, holding 4.6806 million shares, which accounts for 0.73% of the circulating shares. The estimated floating loss today is approximately 4.2125 million yuan [2] - The Yongying Advanced Manufacturing Select Mixed Fund A (018124) was established on May 4, 2023, with a latest scale of 4.697 billion yuan. Year-to-date returns are 13.04%, ranking 564 out of 8848 in its category; the one-year return is 84.95%, ranking 369 out of 8093; and since inception, the return is 183.68% [2]

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot market is experiencing significant developments, with various companies making strides in technology and partnerships. [5] Key Companies and Developments 1. 日盈电子 (Riying Electronics) - The company has established a competitive advantage in the market by addressing the demand for robotic hand coverings. They are currently in the R&D phase for bionic covering components. [1] - The company has a long-standing reserve in tactile sensor technology, with both resistive and photoelectric solutions available. They plan to send samples of their tactile sensors to the U.S. soon. [1] 2. 宏润建设 (Hongrun Construction) - The company has launched the Matrix-3 and has officially acquired a 3.33% stake in Matrix Super Intelligence, indicating a stable partnership. [2] 3. 岱美股份 (Daimai Co., Ltd.) - The company generates 60% of its revenue from the U.S. and has deep ties with major North American automotive manufacturers, including T. Revenue from T is expected to approach 1 billion yuan in 2024. [3] - The company is making progress in applications related to skin, structural components, and industrial scenarios, having secured several contracts. [3] 4. 宁波华翔 (Ningbo Huaxiang) - The company is focusing on PEEK structural components for joints, being the only company with access to PEEK raw materials, which is expected to reduce costs. [3] 5. 福达股份 (Fuda Co., Ltd.) - The company plans to visit North American clients in February, focusing on promoting rotary joints, particularly those that have passed through overseas Tier 1 suppliers. [3] 6. 恒辉安防 (Henghui Security) - The company is developing skin-like garments for robots, aligning with the trend of bionic structural components. [3] 7. 拓普集团 (Top Group) - As a core supplier for T, the company has increased the number of V3 rotary joints and is making progress with garments and dexterous hands, with a single machine value exceeding 70,000 yuan. [3] - The company is preparing its factory in Thailand to meet Tesla's production capacity requirements of one million units. [3] 8. 科森科技 (Kosen Technology) - The company is expected to visit North America next week to meet with major players, including T and M. [3] 9. 新泉股份 (Xinquan Co., Ltd.) - The company has received blueprints and held an important meeting with T over the weekend, in collaboration with Kadi. [3] Additional Industry Information - 宇树科技 (Yushu Technology) reported that it has shipped over 5,500 humanoid robots and has produced more than 6,000 units since 2025, focusing solely on humanoid models. [5] - 优必选 (UBTECH) has signed a service agreement with Airbus, which has purchased the latest industrial version of the humanoid robot Walker S2 for its manufacturing facility. [6] - 固高伺创 (Gogos) has launched a series of integrated control solutions, enhancing the efficiency of motion control cards and servo drivers. [6] - 太原重型机械集团 (Taiyuan Heavy Machinery Group) has developed the world's first high-altitude box bundling robot, which has passed inspection and is now in production. [7] Conclusion - The humanoid robot industry is rapidly evolving, with multiple companies making significant advancements in technology and forming strategic partnerships. The focus on R&D, particularly in tactile sensors and structural components, is expected to drive future growth and innovation in the sector.

Core Viewpoint - The company has successfully established a stable supply quality and cost advantage in the domestic market, leading to significant international expansion through the production of precision forged crankshafts for Volvo in Sweden [1] Group 1: International Expansion - The company has achieved a key breakthrough in its international strategy by directly exporting over 10,000 precision forged crankshafts to Sweden, marking a new phase in its global outreach [1] - The first batch of products was shipped on April 21, 2025, indicating a rapid transition from development to mass production, which took only two months for the GEN2 crankshaft products [1] Group 2: Technological and Business Development - The company has undergone multiple rounds of technical integration and business negotiations to secure project designations for the GEN2 and GEN3 crankshaft products from the Swedish Aurora Bay [1] - The company has also secured project designations from Haosi Power, a global power technology company co-funded by Geely and Renault, further expanding its presence in the high-end overseas market [1]

Investment Highlights - The SW auto parts index increased by 1.65% this week, ranking 2nd in the SW auto sector, with a year-to-date increase of 5.07% [3][11] - The latest trading day shows SW auto parts PE (TTM) at the 84.66% historical percentile and PB (LF) at the 79.21% historical percentile [11][33] - The Wande robot index rose by 1.81% this week, with a year-to-date increase of 5.62%, outperforming the SW auto parts index by 0.16% [3][11] Core Coverage Changes - Double Ring Transmission increased its wholly-owned subsidiary, Huan Yan Transmission, by RMB 100 million [4][11] - Fuda Co., Ltd. completed the issuance of convertible bonds, with a scale of RMB 470 million [4][11] Weekly Performance of Core Coverage - Notable weekly gains include: - Xinquan Co., Ltd. +16.24% - Hengshuai Co., Ltd. +11.36% - Daimai Co., Ltd. +8.76% - Yatai Co., Ltd. +8.12% - Fuda Co., Ltd. +6.99% [5][11] Major Events This Week - Fulian Precision plans to issue RMB 3.175 billion in stocks to CATL, which will fully subscribe in cash, becoming a related shareholder with over 5% stake [6][11] - Wuzhou Xinchun signed a strategic cooperation agreement with Lixing Co., Ltd. [6][11] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, as well as potential leaders prioritizing capacity in Europe, North America, and Southeast Asia [8][11] - For robotics, look for certainty opportunities with the Optimus V3 expected to launch in Q1 2026, and monitor order timelines and application implementations from domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [8][11] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Ltd., Minshi Group, Junsheng Electronics, and Xingyuan Zhuomei, with a focus on Xinquan Co., Ltd. [8][11] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Double Ring Transmission, Minshi Group, Yinlun Co., Ltd., and Feilong Co., Ltd., with a focus on Yapu Co., Ltd. and Daimai Co., Ltd. [8][11]

Group 1 - Fuda Co., Ltd. experienced a stock price increase of 5.07%, reaching 16.99 CNY per share, with a trading volume of 315 million CNY and a turnover rate of 2.97%, resulting in a total market capitalization of 10.97 billion CNY [1] - The company, established on December 28, 2000, and listed on November 27, 2014, is located in Guilin, Guangxi, and specializes in the research, production, and sales of automotive components such as engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The revenue composition of Fuda Co., Ltd. is as follows: crankshafts 62.87%, precision forgings 12.10%, clutches 11.10%, gears 5.61%, others 5.39%, and high-strength bolts 2.93% [1] Group 2 - Manulife Fund holds a significant position in Fuda Co., Ltd., with its Manulife Efficient Selection Mixed Fund (LOF) reducing its holdings by 157,400 shares in the third quarter, now holding 1,050,900 shares, which represents 4.64% of the fund's net value, ranking as the fifth-largest holding [2] - The Manulife Efficient Selection Mixed Fund (LOF) was established on May 12, 2006, with a current size of 453 million CNY, achieving a year-to-date return of 2.55% and a one-year return of 16.94%, ranking 5702 out of 8094 in its category [2]

Group 1 - The company’s controlling shareholder, Fuda Holdings Group Co., Ltd., plans to issue exchangeable bonds to professional investors, backed by a portion of its A-share stock holdings [1] - The exchangeable bonds have been approved by the Shanghai Stock Exchange and the stock has been transferred to a designated trust account to secure the bondholders' rights [1] - The total number of A-shares involved in the collateral is 35,923,567 shares [1] Group 2 - The bond issuance was completed on January 15, 2026, with a total issuance size of 470 million yuan and a maturity of 3 years [2] - The coupon rate for the bonds is set at 0.10%, and the initial conversion price is 17.50 yuan per share [2] - The conversion period for the bonds will start six months after the issuance date and will end the trading day before the bonds are delisted [2]

Group 1: New Stock Subscription - Hengyun Chang - Hengyun Chang (688785.SH) is a leading supplier of core components for semiconductor equipment in China, focusing on the research, production, and sales of plasma RF power systems and related devices [2] - The company holds the largest market share among domestic manufacturers of plasma RF power systems in China, according to Frost & Sullivan [2] - The IPO price is set at 92.18 CNY per share, with a market capitalization of 4.68 billion CNY and an issuance P/E ratio of 48.39, compared to the industry average of 39.84 [3] - The company plans to invest 1.4 billion CNY in the industrialization of semiconductor RF power systems and 6.9 billion CNY in the intelligent production base for core components [5] Group 2: Financial Performance and Client Base - Hengyun Chang's revenue from its top five clients accounted for 73.54% to 90.62% of total revenue from 2022 to the first half of 2025, indicating a high customer concentration [7] - The company has established significant revenue streams from self-developed products, with 38 products generating over 1 million CNY and 24 products generating over 10 million CNY in revenue by June 30, 2025 [6] - The company has a total of 108 authorized invention patents and 133 pending applications, highlighting its strong focus on innovation and technology [6] Group 3: New Stock Listing - Kema Materials - Kema Materials (920086.BJ) specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, with a focus on developing new friction materials [8] - The company is a leading player in the domestic dry friction plate industry and has participated in drafting multiple national and industry standards [11] - The IPO price is set at 11.66 CNY per share, with a market capitalization of 1.16 billion CNY and an issuance P/E ratio of 14.20, compared to the industry average of 28.68 [9] Group 4: Market Position and Risks - Kema Materials faces competition from major players like Schaeffler and Valeo, which may hinder its ability to increase market share in the dry friction plate sector [11][12] - The company is actively expanding into international markets but acknowledges the risk of not achieving favorable progress against foreign brands [12]

证券代码：603166 证券简称：福达股份 公告编号：2026-003 桂林福达股份有限公司 关于控股股东非公开发行可交换公司债券发行完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 具体内容详见公司分别于 2026 年 1 月 6 日、8 日在上海证券交易所网站 （www.sse.com.cn）披露的《福达股份关于控股股东非公开发行可交换公司债券及 拟对持有的部分本公司股份办理担保及信托登记的公告》（公告编号：2026-001）、 《福达股份关于控股股东非公开发行可交换公司债券对持有的部分公司股票办理完 成担保及信托登记的公告》（公告编号：2026-002）。 2026 年 1 月 15 日，公司收到福达集团通知，福达集团 2026 年面向专业投资者 非公开发行可交换公司债券已发行完成。本次债券的债券简称为"26 福达 EB"，债 券代码为"137197.SH"，实际发行规模为 4.70 亿元，债券期限为 3 年，票面利率 为 0.10%，初始换股价为 17.50 元/股。本次债券的换股期限自发行结束日满 6 ...