极米科技 20250627 摘要 极米科技国内市场毛利率约为 30%，海外市场更高，近期已接近 45%。毛利率提升主要得益于 TI DLP 芯片价格下降 40%及光机结构方 案设计迭代和零部件国产化替代。 国内市场需求承压，但利润端持续好转，规模保持稳定。海外市场持续 增长，欧洲市场去年收入 6 亿人民币，增速超 40%，美国市场收入近 2 亿人民币，增速相近。日本市场因渠道调整拖累海外整体增长，海外市 场增速约为 20%以上。 车载业务聚焦智能座舱和智能大灯，已与华为智选车合作落地，预计今 年贡献 3-4 亿人民币收入。目前车载业务处于投入期，预计收入达 10 亿人民币左右时实现稳定盈利，目标后年毛利率达 20%，净利率达 10%左右。 商用投影业务 6 月底量产，7 月开始出货，目标占据国内 100 亿人民币 商用市场 10%-20%份额。前期规划两款商用 SKU，亮度分别为 5,000 流明和 8,000-10,000 流明，预计今年实现数千万人民币收入，毛利率 预计 40%-50%，规模化后稳态净利率目标 15%-20%。 Q&A 极米科技家用产品线的毛利率结构如何，以及国内外市场的毛利率表现是否存 ...

作为国内 RV 减速器市场份额排名第二的龙头企业 ， 浙江环动机器人关节科技股份有限公司 ( 以下简称 " 环动科技 ") 的科创板 IPO 进程一直备受关注。 此前，上海证券交易所公开了环动科技关于科创板 IPO 第 二轮问询的回复内容 ， 不少媒体认为这距离 环动科技 正式上市不远。 招股书显示，环动科技的产品 非常聚焦，主要就是 RV 减速器、精密配件及谐波减速器，其中 2022-2024 年，其主要产品 RV 减速器销售收入占主营业务收入比例分别为 95.06% 、 95.05% 和 94.58% ， 而 RV 减速器主要应用于中大负载多关节机器人 ， 而这部分市场原先一直是国外巨头的自留地。 近年来不少企业， 逐步突破设计理论、精密磨齿工艺、高精度装配等关键技术 ，填补 了 国内高端 减速机 空白。 通过这些国产核心零部件，最为典型的就是国产机器人开始在全球舞台亮相，例如近期埃夫特的中大 负载机器人就正式亮相德国 Automatica 展会与 ABB 、 FUNNC 等企业的产品同台竞技。 环动科技 的 前身为双环传动机械研究院 ， 自 2013 年组建团队以来， 就 始终聚焦工业机器人 " 心脏 ...

专注半导体设备零部件的臻宝科技冲刺IPO。 6月26日上交所公告，重庆臻宝科技股份有限公司(简称"臻宝科技")科创板IPO获受理，公司拟募资13.98亿元。 根据弗若斯特沙利文数据，2023年半导体及显示面板设备零部件非金属零部件提供商中，臻宝科技市场排名第二，收入市场份额为1.9%，2023年半导体及 显示面板设备零部件表面处理服务本土服务提供商中，臻宝科技市场排名第四，市场份额为2.8%，其中熔射再生服务市场排名第一，市场份额为6.3%。 业绩方面，2022年至2024年臻宝科技实现营收3.86亿元、5.06亿元和6.35亿元，净利润为8162.16万元、1.08亿元和1.52亿元。 本次IPO，臻宝科技拟募资13.98亿元，投资于集成电路和显示面板设备精密零部件及材料生产基地项目、臻宝科技研发中心建设项目和上海臻宝半导体装备 零部件研发中心项目。 臻宝科技表示，通过本次募投项目的实施，公司将扩大硅、石英、碳化硅和氧化铝陶瓷等零部件产品的产能，提高产线生产效率，加速公司石墨、碳化硅等 关键材料及半导体静电卡盘、氮化铝加热器等新型零部件产品的研发与应用，完善公司"原材料+零部件+表面处理"的一体化业务优势， ...

Core Viewpoint - The company, Shengmei Shanghai, is focusing on continuous innovation in semiconductor cleaning equipment and aims to expand its overseas market presence while benefiting from the global semiconductor industry's recovery [1][3]. Group 1: Company Performance and Financials - Shengmei Shanghai's revenue for 2024 is projected to reach 5.618 billion yuan, with a net profit of 1.153 billion yuan, reflecting a year-on-year growth of 26.65%, although the profit growth rate is slowing [1]. - In Q1 of this year, the company achieved a net profit of 246 million yuan, which is approximately a twofold increase year-on-year [1]. Group 2: Product Development and Innovation - The company is advancing its PECVD, Track, and furnace tube equipment lines, with significant growth expected in LPCVD, oxidation furnaces, and ALD equipment by 2025 [1]. - The Track equipment features a differentiated platform design that meets high output and low maintenance cost requirements, with ongoing efforts to optimize supply chain channels for stable component supply [2]. - The newly developed 300WPH Track beta prototype for KrF processes is expected to enter client validation by the end of June 2025 [2]. - The company’s supercritical CO drying cleaning equipment is at a world-leading level, with a projected 50% reduction in CO usage compared to foreign counterparts, significantly lowering customer consumable costs [2]. Group 3: Market Strategy and Expansion - Shengmei Shanghai is leveraging its dual listing in A-shares and U.S. markets to enhance its competitive advantage through technology differentiation, product platformization, and global customer outreach [3]. - The company has received attention from multiple international clients for its differentiated core equipment [3]. - The company plans to raise 4.482 billion yuan through a private placement to fund R&D, process testing platform construction, and high-end semiconductor equipment development [3].

Core Viewpoint - The report highlights the strong growth potential of 富创精密 (Fuchuang Precision) in the semiconductor components sector, driven by its dual strategy in mechanical and electromechanical components and gas transmission systems, with a projected revenue increase of 47.14% in 2024 [2] Group 1: Business Strategy and Growth - The company has established a competitive advantage through its dual strategy in mechanical and electromechanical components and gas transmission systems, focusing on precision parts for semiconductor equipment [2] - In 2024, the company expects to achieve revenue of 3.04 billion yuan, with mechanical and electromechanical components and gas transmission systems contributing 2.08 billion yuan and 879 million yuan, respectively, reflecting year-on-year growth of 57.69% and 22.82% [2] - The company has developed over 70 gas cabinet design solutions for leading domestic clients, with most already in mass production, indicating a strong market position [2] Group 2: Market Expansion and Client Strategy - The company is focusing on a major client strategy, with revenue from mainland China accounting for 69.75% of total revenue, a year-on-year increase of 43.95% [3] - The company is implementing a "localization + regional collaboration" strategy to efficiently allocate resources and cover key global markets, with production bases established in Shenyang, Nantong, Beijing, and Singapore [3] - The Singapore subsidiary has completed client certification and is expected to enhance the company's competitiveness in the global market by reducing supply chain costs [3] Group 3: Mergers and Acquisitions - The company plans to acquire 100% of Beijing Yisheng Precision Semiconductor Co., Ltd. for up to 800 million yuan to enhance its semiconductor component service ecosystem [4] - A strategic investment in Zhejiang Poxin Electronic Technology Co., Ltd. aims to gain a 21.58% stake in the international gas transmission system manufacturer Compart, leveraging its technology and global supply chain [5] Group 4: Financial Projections - The company forecasts revenues of 4.03 billion yuan, 5.35 billion yuan, and 7.03 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 213 million yuan, 412 million yuan, and 646 million yuan [6] - The current stock price corresponds to a price-to-earnings ratio of 76x, 39x, and 25x for the years 2025 to 2027, maintaining a "buy" rating [6]

编辑 第一章、汽车线束行业发展背景 第一节、报告研究背景及方法 一、行业研究背景 二、行业定义及分类 （一）、线束定义 （二）、汽车线束定义 （三）、汽车线束组成 （四）、汽车线束工艺 第二节、行业产业链结构分析 一、行业产业链结构简介 二、行业上游供应市场分析 （一）、铜市场 （二）、连接器市场 （三）、电线电缆市场 三、行业下游应用结构分析 第三节、汽车线束行业市场结构分析 一、行业产品结构分析 （一）、按照位置区分 （二）、按照电压区分 二、行业区域结构分析 三、产品应用结构分析 第四节、中国汽车线束行业市场竞争状况 一、市场波特五力分析 （一）、行业上游议价能力分析 （二）、行业下游议价能力分析 （三）、行业新进入者的威胁 （四）、行业替代品的威胁 （五）、行业内部竞争分析 （六）、行业五力竞争综合分析 二、市场竞争方式分析 （一）、技术竞争 （二）、成本竞争 三、市场竞争格局分析 第二章、国内外汽车线束行业总体产销形势 第一节、全球汽车线束行业市场调研分析 一、全球汽车线束需求分析 （一）、全球汽车线束市场需求量 （二）、全球汽车线束市场规模 二、全球汽车线束市场区域结构分析 三、全球汽车线束行业竞 ...

Core Insights - The semiconductor industry is experiencing a wave of consolidation, with notable moves from companies like North Huachuang and Fuchuang Precision, indicating a strategic push towards domestic production of semiconductor equipment and components [2][4][10] - Fuchuang Precision's chairman, Zheng Guangwen, is a key figure in this trend, focusing on accelerating the localization of semiconductor equipment components through strategic acquisitions and partnerships [2][3][6] Company Actions - Fuchuang Precision announced a joint investment to acquire control of Zhejiang Puxin Electronic Technology, which holds a 96.56% stake in the international gas transmission system manufacturer, Compart [4][8] - The acquisition of Compart is expected to enhance Fuchuang's capabilities in the gas transmission sector, which is critical for semiconductor manufacturing [7][8] - Zheng Guangwen has also been involved in other acquisitions, including Beijing Yisheng Precision and investments in Guanhua Semiconductor, reflecting a broader strategy to consolidate resources in the semiconductor equipment sector [6][10] Industry Trends - The semiconductor equipment components market is characterized by a high degree of customization and significant barriers to entry, with over 90% of equipment costs attributed to various components [10][11] - The global semiconductor equipment market is projected to reach $117.1 billion in 2024, with China expected to spend $49.55 billion, marking a 35% increase and positioning it as the largest spender in the sector [12][13] - The need for collaboration between component manufacturers and equipment producers is emphasized, as the industry shifts from a replacement logic to a model of collaborative innovation [11][12] Future Outlook - The domestic semiconductor industry is poised for significant growth, with major projects underway that could lead to a leap in capabilities by 2026 [13] - Fuchuang aims to become a leading discrete manufacturing enterprise in the semiconductor component sector, focusing on strategic asset restructuring rather than short-term financial gains [9][10]

Group 1 - The core viewpoint of the article highlights the rise of Mindray Medical as a symbol of the Shenzhen medical device industry's transformation from non-existence to a global leader in medical devices and solutions [1] - Mindray Medical has significantly impacted the supply chain by promoting the localization of core components, with over 80% of its first-tier suppliers being domestic, and collaborating with more than 1,500 suppliers across various sectors [1] - During the surge in demand for ventilators in 2020, Mindray Medical increased its procurement of domestic components and worked closely with suppliers to enhance production capacity and establish quality control standards [1] Group 2 - Mindray Medical is driving the high-end standardization of domestic medical devices, with a reputation for rigorous quality testing, which has elevated the quality control standards across the industry [2] - The company's products are now available in over 190 countries, with a market share in the top three for key products like monitors, anesthesia machines, and ventilators, and international revenue contributing approximately 45% of total income [2] - Mindray Medical's internationalization strategy includes utilizing local talent, with nearly 80% of overseas key employees required to regularly visit the Shenzhen headquarters for knowledge exchange [3] Group 3 - The company has established a robust overseas talent management system, integrating local knowledge with its corporate culture to enhance cohesion and operational effectiveness [3] - Over 90% of Mindray Medical's 3,000 overseas employees are local hires, demonstrating the company's commitment to local integration in global markets [3]

富创精密（ [Table_StockNameRptType] 688409） 公司点评 战略投入期，积极扩张国内外产能 | ， | | | --- | --- | | 投资评级：增持（维持） [Table_Rank] | | | 报告日期： | 2025-05-15 | | [Table_BaseData] 收盘价（元） | 49.31 | | 近 12 个月最高/最低（元） | 78.00/31.14 | | 总股本（百万股） | 306 | | 流通股本（百万股） | 177 | | 流通股比例（%） | 57.87 | | 总市值（亿元） | 151 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -37% -7% 23% 52% 82% 5/24 8/24 11/24 2/25 富创精密 沪深300 [Table_Author] 分析师：陈耀波 | 执业证书号：S0010523060001 | | --- | | 邮箱： chenyaobo@hazq.com | 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[ ...

与当前十分"吸睛"的人形机器人同出一源，工业机器人外观多样，操作灵活，是如今先进制造业的"主 力选手"。全国每三台工业机器人，就有一台是"广东造"，而作为全国机器人生产重镇，广州机器人生 产量稳居全国前三，2023年工业机器人产量近1.5万套。经过多年蓄势蓄能，广州的机器人核心零部件 也正打破国外技术垄断，实现国产替代。 工业机器人到底有哪些应用和重要零部件？在现代工业中到底发挥哪些作用？未来还会有哪些应用方 向？本期《科技周刊》，记者采访了相关工业机器人企业和科技应用科普基地，向大家介绍工业机器人 的科学原理和前沿应用。 广东省机械研究所有限公司工业机器人科技应用创新科普基地负责人林新跃和工程师罗子健告诉记者， 工业机器人如今广泛应用于汽车、家具、建材、电器等行业，从事搬运、激光、焊接、打磨、喷涂、冲 压、协作等工作。在科普基地内，可以看到一台台工业机器人应用工作站，集中展示了工业机器人的典 型应用场景，有视觉应用模块、轨迹应用模块、码垛应用模块、装配应用模块等。 视觉应用模块 定位手和目标识别复杂场景 和人类主要依靠眼睛感知外界环境类似，视觉也将为机器人提供感知和决策支持，从而帮助工业机器人 完成各种任务 ...