[Table_scodeMsg1] 联合研究丨公司深度丨富春染织（605189.SH） [Table_Title] "织"道系列 8——富春染织：主业规模稳 步扩张，PEEK 材料未来可期 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 富春染织成立于 2002 年，是国内唯一一家以筒子纱染色作为主营业务的上市公司，围绕自主 品牌"天外天"，依托自主开发的富春标准色卡开展色纱的业务。2025 年公司拓展 PEEK（聚 醚醚酮）业务，PEEK 在汽车、航空航天、电子、医疗行业、人形机器人等领域渗透空间广阔， 目前海外巨头规模领先，国内企业加速追赶，伴随高端场景放量，预计市场规模快速扩增。本 文试图通过分析富春染织主业及 PEEK 行业发展情况，探寻公司未来增长点在何处。 分析师及联系人 [Table_Author] 于旭辉 马太 王明 SAC：S0490518020002 SAC：S0490516100002 SAC：S0490521030001 SFC：BUU942 SFC：BUT911 SFC：BVA881 柯睿 陈信志 SAC： ...

人民财讯12月29日电，捷众科技12月26日在机构调研时表示，公司与杭州云深处科技股份有限公司达成 深度合作并签订产品开发协议，双方将联合推进机器人轻量化升级与生产成本优化，攻坚核心部件"以 塑代钢"的技术突破，共同研发适用于人形机器人及四足机器人关节部位的专用齿轮，助力机器人核心 零部件实现性能与成本优势的双重提升。 ...

12月29日，捷众科技发布投资者关系活动记录表。公司与杭州云深处科技股份有限公司达成深度合作， 正式签订产品开发协议，共同推进机器人轻量化升级、有效降低生产成本，努力实现核心部件"以塑代 钢" 的技术突破，双方将联合研发适用于人形机器人及四足机器人关节部位的专用齿轮，助力机器人核 心零部件性能与成本优势的双重提升。上述事项未产生收入。由于科研开发具有较大的不确定性，上述 事项对公司的影响暂不确定,敬请投资者注意投资风险。 ...

2025 年 12 月 25 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 25 日 浙商早知道 市场总览 重要观点 重要点评 【浙商大制造中观策略 邱世梁/张菁】汽车零部件 行业深度：汽车轻量化浪潮下，以塑代钢空间广阔—— 20251223 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：12 月 24 日上证指数上涨 0.53%，沪深 300 上涨 0.29%，科创 50 上涨 0.9%，中证 1000 上涨 1.54%，创业 板指上涨 0.77%，恒生指数上涨 0.17% 行业：12 月 24 日表现最好的行业分别是国防军工（+2.88%)、电子（+2.12%)、建筑材料（+1.72%)、轻工制造 （+1.69%)、机械设备（+1.49%)，表现最差的行业分别是农林牧渔（-0.85%)、煤炭（-0.7%)、食品饮料（- 0.36%)、银行（-0.3%)、传媒（+0.01%)。 资金：12 月 24 日全 A 总 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Insights - The company has been deeply engaged in the automotive bumper sector for over 30 years and is a leading supplier of automotive exterior parts, with steady growth in its main business [4][12]. - The global automotive bumper market is projected to grow from 156.8 billion yuan in 2022 to 200.6 billion yuan by 2025, with a compound annual growth rate (CAGR) of 6.4% from 2022 to 2025 [4][76]. - The company has established strong relationships with major clients, including well-known electric vehicle manufacturers and luxury brands, which has significantly improved its profitability [5][84]. - The company is actively expanding into the emerging market of humanoid robots, focusing on lightweight materials to enhance efficiency and safety [6][94]. Summary by Sections 1. Automotive Bumper Leader with Steady Growth - The company has a robust production capacity exceeding 6 million sets of automotive bumpers annually and has established a comprehensive supply chain for luxury and mainstream electric vehicle clients [16][12]. - The company has successfully entered the supply chains of major brands such as BMW, Beijing Benz, and Tesla, contributing to its revenue growth [5][88]. 2. Broad Market Space for Plastic Exterior Parts - The global market for automotive exterior parts is expected to reach 53.8 billion USD by 2025 and 89.5 billion USD by 2032, with a CAGR of 7.2% from 2025 to 2032 [50]. - Bumpers are critical safety components in vehicles, with a high unit value compared to other parts, making them essential for the company's revenue [55][59]. 3. Commitment to Major Client Strategy - The company has a high concentration of clients, with the top five clients accounting for approximately 59.56% of total sales in 2024, indicating a stable client structure [81][84]. - The company has secured significant orders from major clients, including Tesla, which has become a key contributor to its revenue [5][84]. 4. Lightweight Humanoid Robots as a New Market - The demand for lightweight designs in humanoid robots is increasing, as it enhances energy efficiency and operational flexibility [94][100]. - The company is leveraging its expertise in automotive plastic parts to expand into the humanoid robot sector, with a projected market size exceeding 10 billion yuan by 2030 [6][94]. 5. Profit Forecast - The company is expected to achieve revenues of 7.89 billion yuan in 2025, with a net profit of 467 million yuan, reflecting steady growth in its core automotive bumper business and new ventures [7][8].

Investment Rating - The report indicates a strong investment potential in the modified plastics industry, highlighting its growth trajectory and market opportunities [10]. Core Insights - Modified plastics are not new materials but optimized versions of common plastics, enhancing their performance through various modification techniques [3][4]. - The industry is experiencing significant growth, driven by increasing demand across multiple sectors, including home appliances, automotive, and renewable energy [10]. Summary by Sections What are Modified Plastics? - Modified plastics are enhanced versions of basic plastics like polyethylene (PE), polypropylene (PP), and polycarbonate (PC), addressing their limitations through physical and chemical modifications [3][4]. - Key modification techniques include: - Filling modification: Adding fillers to enhance hardness by over 30% while reducing costs by 15% [3]. - Reinforcement modification: Incorporating high-strength fillers like glass fibers to meet automotive lightweight requirements [4]. - Functional modification: Adding agents to provide new capabilities, such as flame retardancy and extended lifespan [4]. Penetration Across Multiple Fields - Modified plastics have become indispensable in various industries due to their customizable advantages: 1. Home Appliances: 80% of appliance exteriors now use modified PP, reducing costs by 20% compared to metal [5]. 2. Automotive: The use of modified plastics in electric vehicles has increased to 80-100 kg per vehicle, addressing weight reduction needs [6]. 3. Renewable Energy and Environmental Applications: Modified plastics are crucial in solar energy and biodegradable materials, with significant advancements in product lifespan and environmental impact [8]. Market Explosion - The modified plastics market is projected to exceed 300 billion yuan by 2024, with production expected to reach 33.2 million tons [10]. - The industry is evolving towards high-performance and green materials, gradually replacing traditional plastics in various sectors, including high-end home appliances and new energy vehicles [10].

Group 1 - The core viewpoint of the report is that Huachang Polymer (920089.SH) is rated as "Buy" due to the ongoing trends of "plastic replacing steel" and "plastic replacing wood," positioning China as the largest modified plastics market globally [1] - The company focuses on modified plastic particles and sheets, covering sectors such as automotive and home appliances [1] - Capacity release is expected to support the growth trajectory in the automotive sector, while the Southeast Asia expansion enriches the business dimensions [1]

Core Viewpoint - Weike Technology (301196.SZ) has established long-term partnerships with renowned global companies in the field of motor technology and robotics, focusing on the supply of advanced materials and components for various applications [2] Group 1: Partnerships and Collaborations - The company collaborates with well-known global companies such as Nidec, Kollmorgen, and Thomson Linear, supplying products like robot motor insulation ends, gear motors, and housings [2] - Weike Technology also partners with leading transmission companies like Danfoss and Linak to develop self-lubricating PEEK materials for T-type screws and PPS screws [2] - Additionally, the company works with Asetek, a Danish company known for liquid cooling systems, to develop core injection-molded components for racing AI simulation cockpits and gaming computer water cooling systems [2] Group 2: Product Characteristics - The products supplied by Weike Technology utilize PET reinforced materials, which exhibit excellent mechanical properties, scratch resistance, corrosion resistance, good insulation, and high melting points [2] - These products align with the trend of lightweighting through the substitution of plastic for steel [2] - The aforementioned products have already achieved mass production and sales [2]

Group 1 - The company, as a leading provider of modified polymer material solutions in China, is a core material supplier and strategic partner for XPeng Motors, covering multiple models including M03, P7, G6, and G9, contributing to XPeng's innovation and development in the smart automotive sector [1] - The company is closely monitoring the rapid development of the robotics industry and places significant emphasis on the application of new materials in areas such as substituting steel with plastics, lightweighting, and functionalization [1] - The company's material products can be utilized in humanoid robots for components such as joints, bearings, gears, skeletal support parts, structural components, and skin, and it is actively collaborating with relevant clients for joint development and validation in these applications [1]

Core Viewpoint - The article discusses the advancements and market potential of bio-based polyphenylene sulfide (PPS) products by Xinhecheng (002001.SZ), highlighting their 100% bio-based content and performance parity with traditional products, which positions them well for demanding applications in sectors like electric vehicles and 5G communications [2][7]. Group 1: Product Development and Market Response - Xinhecheng's bio-based PPS has achieved 100% bio-based content and matches the mechanical performance of traditional PPS, making it suitable for harsh conditions [2][3]. - The company has entered a small-scale sales phase for its bio-based PPS, receiving positive market feedback [2]. - The bio-based PPS product has received ISCC certification, indicating its compliance with sustainability standards [2][4]. Group 2: Industry Landscape and Competitive Position - The global production of PPS is primarily dominated by the US, Japan, and China, with China's self-sufficiency rate increasing from 45% in 2020 to 64% in 2023 [3]. - Xinhecheng is the only domestic company capable of stable production across various grades of PPS, with a total capacity of 22,000 tons per year and plans to expand further based on market demand [6][7]. - The company has successfully integrated its PPS products into the supply chains of leading global firms like Tesla and CATL, enhancing its competitive edge in the international market [7]. Group 3: Challenges and Future Outlook - The bio-based PPS production faces challenges such as raw material refinement, immature synthesis technology, high production costs, and environmental concerns [6]. - Despite these challenges, Xinhecheng is positioned as the second-largest PPS producer globally, following Toray, and is actively exploring new application scenarios for its products [7][8].