Investment Rating - The report gives a "Buy" rating for the company, Buke Co., Ltd. (步科股份) [1] Core Views - Buke Co., Ltd. is actively expanding its "Mobile + Collaboration" market and is a leader in the "frameless" torque motor sector, with significant growth potential in the humanoid robot market [1][6][10] - The company has a comprehensive product line in industrial automation, including human-machine interfaces, programmable logic controllers, servo systems, and low-voltage frequency converters, positioning it as a leading supplier in the automation control and robotics sector [6][14] - The report highlights the company's strong market position in mobile robot servo systems, with a significant increase in sales of its servo wheel products and a robust growth forecast for humanoid robot applications [8][9][10] Financial Summary - Projected total revenue (in million) for 2024A is 547, with a year-on-year growth rate of 8.1%, and expected to reach 1,080 by 2027E, with a growth rate of 25.1% [2] - Projected net profit attributable to shareholders (in million) for 2024A is 49, with a year-on-year decline of 19.4%, but expected to rebound to 123 by 2027E, with a growth rate of 19.7% [2] - Earnings per share (in yuan) are projected to increase from 0.58 in 2024A to 1.47 in 2027E [2] Market Position and Growth Drivers - The company has a leading market share in the mobile robot low-voltage servo sector, with cumulative shipments exceeding 1.2 million units, serving over 400,000 AGV/AMR units, making it the top player in the mobile robot industry [6][8][45] - The humanoid robot torque motor market is expected to reach 200 million yuan by 2025, with a compound annual growth rate (CAGR) of 91.7% from 2025 to 2030, indicating substantial growth opportunities [9][66] - The report emphasizes the increasing demand for automation driven by rising labor costs and an aging population, which is expected to boost the industrial automation rate [35][40] Product and Technology Development - Buke Co., Ltd. has developed an integrated servo wheel module that combines a driver, motor, reducer, and wheel, which has seen significant sales growth, with an expected 38,000 units sold in 2024, representing a year-on-year increase of 118.5% [6][50] - The company has received small batch orders for its frameless torque motors in the humanoid robot sector, indicating a strong foothold in this emerging market [9][67] - The report outlines the company's strategic focus on expanding its product offerings in the humanoid robot market, leveraging its existing technology and market position [10][66]

Summary of the Conference Call for Zhengxian Electric Company Overview - Zhengxian Electric has been established for over 20 years, focusing on industrial automation and new energy sectors [4][5] - The company has adjusted its sales strategy to a project-based approach and has established 16 industry sales departments to explore market opportunities [4] Financial Performance - In Q1 2025, Zhengxian Electric reported a revenue growth of 17.41%, net profit growth of 13%, and a non-recurring net profit growth of approximately 35% [2][6] - The overall business trend remains positive, driven by new industries, new customers, and overseas expansion, particularly in the energy storage and new energy sectors [7] Industry and Market Dynamics - The logistics industry remains the largest downstream sector for Zhengxian Electric, accounting for 15%-18% of total sales [9] - Other significant sectors include project-based markets (7%-10%) and rapidly growing markets such as air compressors, printing and packaging, and petrochemicals (5%-8%) [10] - The servo system sector has seen a slowdown in growth within the logistics equipment industry, but overall gross margins have increased [15] Product Development and Strategy - General frequency converters are a core competitive advantage for Zhengxian Electric, with efforts to reduce costs through system integration [12] - The company is focusing on customized solutions and improving service response times to enhance competitiveness [14] - Following the acquisition of Tenghe Precision Motor, Zhengxian Electric plans to develop high-performance drive platforms and advanced control products for intelligent devices [19] Overseas Expansion - By mid-2025, overseas revenue accounted for 6%-8% of total revenue, with a focus on expanding into the European market [20] - The company is actively pursuing partnerships with international brands for potential OEM collaborations [21] Challenges and Competitive Landscape - The company faces increased competition in the industry, leading to a decline in gross margins for general products [12] - Strategies to maintain competitiveness include lowering product margins, optimizing delivery cycles, and providing customized plans [13][14] Future Outlook - Zhengxian Electric anticipates continued growth in the servo system sector, particularly in stone cutting and wafer cutting industries [16] - The company aims to enhance its market presence in Europe and expects significant business growth by 2026-2027 [20]

Core Viewpoint - The launch of the CR 30H collaborative robot by Yuejiang Technology marks a significant advancement in the industrial automation sector, particularly for high-end manufacturing, by achieving both high load capacity and speed, setting a new performance record in its category [1][3]. Group 1: Product Features - The CR 30H collaborative robot can handle a load of 30 kg while achieving a joint speed of 300°/s, which is the highest speed known for collaborative robots in the 30 kg load category [3]. - The robot utilizes the HyperMove motion control algorithm for intelligent acceleration adjustment, resulting in a 20% increase in efficiency compared to similar models [3]. - Advanced vibration suppression algorithms are integrated to reduce vibrations and end effector jitter during high-speed operations, enhancing production stability [3]. Group 2: Technological Innovations - The CR 30H is equipped with a high-speed power engine and employs 96V medium-voltage servo drive technology, which increases power by 50% and reduces heat generation by 20% [3]. - The robot's joint stability is improved, and it offers greater adaptability for flexible production lines, making deployment more versatile [3]. Group 3: Application Areas - The CR 30H is designed for various applications, including food palletizing, automotive wheel hub handling, battery module assembly, heavy metal workpiece transfer, laser cutting operations, and semiconductor wafer handling and packaging [6]. - The robot significantly enhances production line efficiency and flexibility for medium to large workpiece handling and cross-station operations [6].

Core Viewpoint - Zhejiang Zhongde Control Technology Co., Ltd. (hereinafter referred to as Zhongde Technology) has been accepted for IPO on the Beijing Stock Exchange, aiming to raise 189.5 million yuan for various projects and working capital [1] Company Overview - Zhongde Technology was established in 2007 with a registered capital of 66.446 million yuan, primarily engaged in the R&D, production, and sales of industrial control valves and automation control systems, mainly applied in the petrochemical industry [1] Financial Performance - From 2022 to 2024, Zhongde Technology's operating revenue was 435 million yuan, 466 million yuan, and 469 million yuan respectively, showing slight fluctuations [3] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 48.04 million yuan, 54.33 million yuan, and 45.72 million yuan for the same years [3] - The comprehensive gross profit margins were 37.21%, 35.62%, and 30.96% respectively, indicating a downward trend [3] - The asset total for the year ending December 31, 2024, is projected to be approximately 674.86 million yuan, with total equity of about 396.03 million yuan [3] Shareholding Structure - The company is jointly controlled by four individuals: Zhang Zhongmin, Zhang Zhongyi, Zhang Zhongbiao, and Chen Xiaohua, who collectively hold 53.4% of the shares [5] - Zhang Zhongmin holds 23.9% of the shares, while Zhang Zhongyi, Chen Xiaohua, and Zhang Zhongbiao each hold 8.0% [5] - Zhang Zhongmin has been the chairman of Zhongde Technology since December 2013, while Zhang Zhongyi has served as the director and general manager since October 2019 [5][6]

Investment Rating - The report indicates a positive outlook for the industrial automation sector, particularly in the context of strong demand from the battery terminal market and equipment upgrades in various industries [1][3]. Core Insights - The production of industrial robots in China saw a year-on-year increase of 36% in May, although there was a month-on-month decline of 3% [3]. - The total demand for process automation in the next two years is projected to reach between RMB 10 billion to 20 billion, driven by equipment upgrades in coal chemical, power, nuclear power, and metallurgy sectors [1]. - The order trends for industrial automation companies showed mixed results, with some companies experiencing order growth while others faced deterioration [3]. Summary by Sections Industrial Robot Production - In May, industrial robot production increased by 36% year-on-year, but the month-on-month growth was down by 3%, contrasting with a historical average seasonal growth of 11% [3][33]. Equipment Exports - The export growth rate for major equipment has slowed, with injection molding machine exports growing by 25% in value and 28% in volume year-on-year in April, down from 45% in both metrics in March [3][26]. Order Trends - Among the 32 companies covered, 3 reported improved order trends in May, while 5 experienced a decline. Notably, Yiheda's orders grew due to strong demand from the lithium battery sector, despite a decline in consumer electronics [3][7]. Process Automation Market - The demand for process automation is expected to be supported by equipment upgrades starting in May, with a total projected demand of RMB 10 billion to 20 billion over the next two years [1][3]. Manufacturing and Economic Indicators - The manufacturing PMI for China was reported at 49.5 in May, indicating a slight improvement from 49.0 in April, while the PPI was down by 3.3% year-on-year [38][40].

内容概况：工业控制线材作为工控品的重要连接线，可称之为工控品的"血管"，为其保障源源不断工作 动力的同时也承载着传输控制指令以及反馈信号的重要作用。近年来，国家高度重视推进新型工业化和 智能制造，围绕智能工厂、智能装备、工业互联网等方向密集出台政策支持。根据《"十四五"智能制造 发展规划》，到2025年，规模以上制造业企业将基本实现数字化、网络化转型，重点行业骨干企业将初 步应用智能化技术。2024年12月，工信部等多部门联合推动的"人工智能+制造业"行动计划进一步提 出，聚焦通用大模型与行业大模型的研发布局，积极推动人工智能与制造业深度融合应用。随着工业智 能化水平的持续提升，工业控制设备、工业机器人及智能生产线对高性能信号传输、数据处理效率和稳 定性的要求不断提高，带动工业控制线材需求规模同步扩展。据统计，2024年中国工业控制线材行业市 场规模约为365.7亿元。在工业自动化、智能制造等领域的强劲需求带动下，未来工业控制线材行业规 模有望保持稳健增长态势，为制造业转型升级提供坚实支撑。 相关上市企业：日丰股份（002953）、新亚电子（605277）、沃尔核材（002130）、铜陵有色 （000630） ...

Group 1: Investor Relations Activities - The company conducted an online investor communication meeting on June 13, 2025, with participation from various investment firms including 华夏基金, 泰康资产, and 红杉中国 [3] - The meeting was attended by the company's board members, including the Vice General Manager and Board Secretary, Ms. Wang Mengjun [3] Group 2: Product Applications in Autonomous Driving - The company has developed oil-gas suspension products for application in the autonomous and intelligent driving sectors, showcasing their potential [4] - In May 2025, the company participated in the global launch of the first 100 unmanned electric mining trucks, providing a full oil-gas suspension system and an integrated intelligent weighing system [4] Group 3: Competitive Advantages of Oil-Gas Spring Products - The company has a strong design matching capability, covering various vehicle types, including non-road wide-body mining vehicles and multi-axle heavy transport vehicles [5] - The company emphasizes quality control, cost management, and timely service, enhancing its market competitiveness [5] Group 4: Wind Power Applications - The company signed a strategic cooperation agreement with 盘古智能 in March 2025 to develop hydraulic systems for wind power [6] - Hydraulic cylinders are crucial in wind turbine systems, with a typical wind turbine requiring 14-18 hydraulic cylinders, which account for approximately 35%-45% of the system's value [7] Group 5: Electric Cylinder and Screw Products - The company's electric cylinders are primarily used in the military sector, with ongoing R&D efforts in advanced electric cylinder technologies [8] - The company is exploring new markets in industrial automation and humanoid robotics, focusing on the development of precision components like planetary roller screws [8]

Group 1: Revenue Breakdown and Growth Prospects - In 2024, revenue from industrial control is expected to account for approximately 50%, automotive electronics for about 37%, and communication for around 2.5% [1] - The company anticipates stable growth in industrial control, automotive electronics, and communication sectors, driving rapid development [1] - The revenue share of HDI products is projected to be around 12% in 2024, with significant growth in light modules and laser radar [2] Group 2: Capacity and Production Insights - The domestic factory's capacity utilization rate has rapidly increased to approximately 90% due to industry recovery [2] - The first phase of the Thailand factory is set to commence production in the second half of 2024, with a designed capacity of 50,000 square meters per month [2] - The company is implementing a phased approach to expand bottleneck processes, balancing capital expenditures with new depreciation and fixed costs [2] Group 3: Competitive Landscape and Strategy - The company has shifted its focus from Japanese clients, whose revenue share has decreased from 80% to around 50%, to include domestic and international automotive electronics clients [2] - The company emphasizes a differentiated development strategy, focusing on high-barrier, high-quality niche markets, particularly in high-end industrial control and automotive PCB sectors [2] - The current market is characterized by structural supply-demand imbalances, with high-tech, high-quality PCBs remaining in demand despite intense competition in the low-end PCB market [2] Group 4: Future Opportunities and Employee Engagement - The company sees potential growth in industrial control, automotive, and communication sectors, particularly with the rise of AI-integrated industrial machines [3] - The company aims to leverage its long-term relationships in the Japanese automotive sector to capture new orders for electric vehicle PCBs [3] - Employee stock ownership plans are designed to foster a culture of ownership and commitment to product quality, aligning employee interests with company goals [3]

Core Viewpoint - Jinfu Technology's robotics business segment is gaining significant market attention, with investors actively inquiring about its progress [1] Group 1: Business Development - Jinfu Technology's subsidiary, Maizhi Technology, has received on-site research from multiple institutional investors focusing on the robotics business [1] - The company is actively laying out its robotics business, concentrating on three main directions for commercialization [1] - In the robotics testing field, Jinfu Technology is collaborating with various domestic and international robot manufacturers, expecting orders to materialize within this year [1] - Maizhi Technology is deeply involved in product development for an American educational robotics company, aiming to expand its overseas market presence [1] - The company is customizing development based on the needs of different application scenarios and clients, leveraging partnerships with leading domestic robotic dog manufacturers [1] Group 2: Industry Insights - According to Qichacha data, there are over 890,000 existing robot-related enterprises in China, with approximately 91,000 newly registered in 2025 [1] - The registration trend of robot-related companies has shown a year-on-year increase over the past five years, indicating a growing focus on the robotics detection business market [1] Group 3: Technological Advantages - Maizhi Technology has unique advantages in the electronic testing equipment field, particularly in optical visual inspection and intelligent testing [2] - The company has a deep understanding of industrial product processing, having customized automated production lines for various manufacturers, including Corning and Amazon [2] - Jinfu Technology emphasizes the lack of standardized testing systems for robotics in China, positioning Maizhi Technology to create a comprehensive testing solution based on its extensive technical reserves and experience [2] - The company is currently engaging with potential clients for its robotic inspection solutions, leveraging its global leadership in visual inspection [2]

Core Viewpoint - The company Bozhong Precision Engineering announced a cash acquisition of 70% equity in Shanghai Wodian for 420 million yuan, marking a strategic entry into the automotive intelligent equipment sector [1][2]. Acquisition Details - The acquisition involves Bozhong Precision Engineering purchasing 70% of Shanghai Wodian's equity from Huang Lizhi and other parties for a total consideration of 420 million yuan [2]. - Post-transaction, Shanghai Wodian will become a subsidiary included in Bozhong's consolidated financial statements [2]. Company Background - Shanghai Wodian specializes in providing comprehensive industrial automation solutions, focusing on intelligent production systems for the automotive industry, aerospace, power sector, automated warehousing, and logistics [5]. - The acquisition is seen as a critical step for Bozhong to enhance its competitiveness in the automotive manufacturing automation sector, leveraging Wodian's technology, customer resources, and project experience [5]. Financial Performance - Bozhong Precision Engineering has shown steady growth, with 2022 revenue reaching 4.812 billion yuan, a year-on-year increase of 25.72%, and a net profit of 331 million yuan, up 71.43% [5]. - In 2023, revenue slightly increased to 4.840 billion yuan, a 0.59% growth, with net profit rising to 390 million yuan, a 17.8% increase [5]. - The projected revenue for 2024 is 4.954 billion yuan, reflecting a 2.36% year-on-year growth, with net profit expected to be 398 million yuan, a 2.05% increase [5]. Target Company Performance - Shanghai Wodian's revenue for 2023 and 2024 is projected to be 237 million yuan and 249 million yuan, respectively, with net profits of 31.736 million yuan and 38.571 million yuan, indicating steady growth [6]. - The acquisition sets a performance commitment for Wodian to achieve a cumulative net profit of no less than 185 million yuan from 2025 to 2027, implying a 60% growth pressure compared to its 2024 performance [8]. Valuation Insights - The total equity value of Shanghai Wodian is assessed at 600 million yuan based on the income approach, reflecting expected future earnings growth [8]. - The high valuation corresponds with the performance commitment, indicating Bozhong's confidence in Wodian's future development and profit potential [8].