证券日报网讯1月14日，世运电路（603920）在互动平台回答投资者提问时表示，公司在机器人业务方 面积极与国内外人形机器人头部客户展开合作，目前已通过其中部分客户认证，获得新一代人形机器人 项目定点。 ...

证券日报网1月14日讯，隆盛科技（300680）在接受调研者提问时表示，公司长期锚定国家战略产业方 向，构建了以发动机EGR系统、新能源汽车驱动电机核心部件、汽车精密零部件为核心的业务矩阵，其 中发动机EGR系统、新能源驱动电机核心零部件跻身行业头部，精密零部件在特定细分领域成为"隐形 冠军"。产品广泛覆盖商用车、乘用车及新能源汽车全市场，深度融入汽车产业生态链。公司基本盘聚 焦汽车存量市场中的增量机遇，核心发力新能源汽车(纯电、混动)领域，持续夯实业务根基；同时加大 资源倾斜力度布局战略新赛道，已深度切入商业航天、人形机器人领域，通过强化技术研发与市场拓 展，稳步构建多元化发展格局，为企业长期发展筑牢支撑。 ...

Group 1 - The mechanical industry index rose by 8.59% in December, outperforming the CSI 300 index by 6.31 percentage points, with a TTM P/E ratio of approximately 39.31 and a P/B ratio of 3.18, showing a month-on-month increase [1][11] - The manufacturing PMI index for December was 50.10%, marking a 0.9 percentage point increase and entering the expansion zone for the first time since April [1][11] - Sales of various excavators in December 2025 reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales of 10,331 units up by 10.9% and exports of 12,764 units up by 26.9% [1][11] Group 2 - The report recommends a growth and forward-looking direction portfolio including companies such as Boying Welding, Feirongda, Hanzhong Precision, Yingliu Co., Wanze Co., and others [2][24] - Long-term recommended companies include Huace Testing, Guangdian Measurement, Yizhiming, and others, focusing on strong industry leaders [2][24] Group 3 - The report highlights AI infrastructure as a key investment direction, particularly in the gas turbine and liquid cooling sectors, recommending companies like Yingliu Co., Wanze Co., and others involved in the gas turbine supply chain [3][26] - The human-shaped robot sector is noted for its commercial potential, with several manufacturers receiving large orders, indicating a shift towards mass production [4][28] - The commercial aerospace sector is also highlighted, with a focus on core suppliers and companies within the Blue Arrow Aerospace industry chain [7][28] Group 4 - The report emphasizes the importance of high-end equipment localization as a foundation for industry autonomy, with a trend towards industrial upgrades driven by digitalization and energy transformation [15][20] - It categorizes mechanical companies into four types: upstream core component companies, midstream specialized/general equipment companies, downstream product companies, and service companies, each with distinct investment characteristics [20][21] Group 5 - The report suggests focusing on companies with strong competitive advantages and structural growth opportunities, particularly in the human-shaped robot and AI infrastructure sectors [30][39] - It identifies key areas for investment, including emerging markets and export growth, with a focus on sectors like engineering machinery, commercial kitchen equipment, and others [29][39]

有投资者问世运电路(603920)，公司电子产品有供货给特斯拉人形机器人吗？世运电路在互动平台表 示，公司作为T客户主要PCB供应商，为其提供涵盖电动车三电领域关键零部件产品、辅助驾驶及自动 驾驶相关产品，同时基于技术同源发展进入其人形机器人供应链。公司的PCB产品已基本覆盖人形机器 人大脑中央控制系统、视觉感知系统、关节驱动系统、运动控制单元、灵巧手及电源管理系统等全系电 子电路需求。 ...

Group 1 - The company Foster focuses its business primarily on the new energy and electronics sectors [2] - In the new energy sector, lithium battery materials are utilized for solid-state battery packaging, which can provide energy for humanoid robots [2] - In the electronics sector, electronic materials are used in the production of AI computing hardware PCBs, supporting the intelligence of humanoid robots [2]

Core Viewpoint - The company is actively expanding into humanoid robot applications, led by its subsidiary Shanghai Hongwei Aisai Semiconductor Co., Ltd, which focuses on the development of third-generation semiconductor power devices [1] Group 1: Company Developments - The R&D team of Shanghai Hongwei Aisai Semiconductor is developing GaN and SiC power devices, with a focus on a self-developed GaN product featuring 100V and 7mΩ [1] - The GaN product offers advantages such as high switching frequency, low loss, and compact size, aligning with the requirements for high power density and rapid response in humanoid robot joint drive systems [1] - The product has been sampled to downstream customers, although mass production has not yet been achieved [1]

Core Viewpoint - The company, Zhaomin Technology, focuses on the research, production, and sales of precision injection molded parts and associated molds, with a strategic emphasis on expanding its market share in various sectors, including automotive and high-end home appliances [2]. Group 1: Business Overview - The main business of the company includes precision injection molded parts and precision injection molds [2]. - Product lines consist of components for automotive engines, transmission systems, braking systems, smart toilet functions, household water heater functions, household water purifier functions, precision industrial parts, medical device parts, and components for new energy vehicles [2]. Group 2: Market Strategy - The company aims to expand its market share in the automotive sector, including new energy vehicles, and high-end home appliance precision components [2]. - The company is actively laying out business in humanoid robots, energy storage, aviation, industrial, and medical sectors as part of its market strategy [2].

Core Viewpoint - The company, Shiyun Circuit (603920.SH), is a major PCB supplier for Tesla, providing key components for electric vehicles and has entered the supply chain for Tesla's humanoid robots, indicating a diversification of its product offerings into advanced robotics [1] Group 1 - The company supplies critical components in the electric vehicle sector, including products related to the three core electric vehicle systems [1] - The company has developed its PCB products to cover the entire electronic circuit needs of Tesla's humanoid robots, including the central control system, visual perception system, joint drive system, motion control unit, dexterous hand, and power management system [1]

Core Viewpoint - The company, Huichuan Technology, is considering a secondary listing in Hong Kong, with preliminary discussions on the scale and timing of the offering [2]. Group 1: Company Overview - Huichuan Technology was established in 2003 and listed on the Shenzhen Stock Exchange in 2010. The founder and chairman, Zhu Xingming, along with several core members, have backgrounds in Huawei [2]. - Over two decades, the company has evolved from an industrial automation product supplier to a comprehensive industrial solutions provider, covering general automation, industrial robotics, new energy, smart elevators, and rail transit electrical control solutions [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, and a net profit attributable to shareholders of 4.254 billion yuan, up 26.84% [2]. - In Q3 2025 alone, the company reported a revenue of 11.153 billion yuan and a net profit of 1.286 billion yuan [2]. Group 3: Revenue Structure Changes - The revenue structure has shifted significantly, with sales from the new energy and rail transit sectors reaching approximately 14.8 billion yuan, a year-on-year growth of about 38%, now accounting for 47% of total revenue, surpassing general automation for the first time [3]. - General automation revenue was approximately 13.1 billion yuan, with a year-on-year increase of about 20%, while smart elevator revenue remained stable at around 3.6 billion yuan [3]. Group 4: Profitability Metrics - The company's overall gross margin has been under pressure due to the increased proportion of lower-margin new energy business, with a gross margin of 29.27% for the first three quarters of 2025, down approximately 1.75 percentage points year-on-year [3]. - Despite this, the net profit margin slightly improved to 13.64% due to effective cost control measures [3]. Group 5: Research and Development - R&D expenses totaled 2.994 billion yuan for the first nine months of 2025, a year-on-year increase of 35.74%, driven by growth in personnel, salary, travel expenses, and increased project costs [3]. - The company has expanded its product range from frequency converters to servo systems and electric control systems for new energy vehicles, leveraging power electronics and motor control technologies [3]. Group 6: Product and Market Strategy - The company has enhanced its product offerings by integrating existing products with new technologies, including robotics, vision products, sensors, and precision machinery, to provide comprehensive solutions [4]. - The company aims to increase its international presence, with overseas revenue projected to reach approximately 2 billion yuan in 2024, a year-on-year growth of 17%, currently representing about 6% of total revenue [5]. Group 7: Human-Robot Collaboration - The company is actively developing humanoid robots, showcasing components such as bionic arms and actuators at the China International Industry Fair in September 2025 [6]. - The focus is on providing scenario-based products and solutions tailored to manufacturing needs, leveraging its strengths in industrial applications [6]. Group 8: Strategic Importance of Hong Kong Listing - A secondary listing in Hong Kong is seen as a strategic move to attract international investors, enhance brand recognition, and establish an offshore financing platform to support overseas R&D and market expansion [6].

Investment Rating - The report maintains an "Outperform" rating for the industry [5][12]. Core Insights - The report highlights significant developments in the commercial aerospace and AI infrastructure sectors, indicating strong long-term investment opportunities [2][3]. - The Chinese government has prioritized satellite frequency resource applications, with over 200,000 satellite applications submitted to the International Telecommunication Union (ITU) [2][19]. - Meta has signed multiple nuclear power supply agreements to meet the energy demands of AI data centers, totaling 6 GW [3][20]. Summary by Relevant Sections Commercial Aerospace - China applied for over 200,000 satellite frequency resources, with more than 190,000 from the newly established Radio Innovation Institute, emphasizing the strategic importance of satellite frequency resources [2][19]. - The report suggests focusing on core suppliers in the commercial aerospace sector, including companies like Guangdian Measurement, Yingliu Co., Shanghai Huguang, and others [2]. AI Infrastructure - Meta's collaboration with companies like Vistra, Oklo, and TerraPower for nuclear power supply indicates a robust demand for AI infrastructure, which will continue to drive energy needs [3][20]. - The report recommends focusing on the gas turbine and liquid cooling sectors, highlighting the importance of gas turbines as primary and backup power sources for data centers [3]. - Key companies in the gas turbine supply chain include Yingliu Co., Wanzhe Co., and others, while liquid cooling solutions are gaining traction as a trend in data centers [3]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including: - Yingliu Co. (44.76 CNY, market cap 30.4 billion CNY, EPS 0.42 for 2024A) [12][28]. - Hengli Hydraulic (115.20 CNY, market cap 154.5 billion CNY, EPS 1.87 for 2024A) [12][28]. - Longxi Co. (26.98 CNY, market cap 10.8 billion CNY, EPS 0.31 for 2024A) [12][28].