国内机器人产业加速拓展，Al Agent 持续演进，持续看好相关产业 投资机会 证券研究报告 | 行业周报 2025 年 07 月 31 日 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002463.SZ | 沪电股份 | 买入 | 1.85 | 2.45 | 29.45 | 22.24 | | 002881.SZ | 美格智能 | 买入 | 0.73 | 0.92 | 60.41 | 47.93 | | 300308.SZ | 中际旭创 | 买入 | 7.6 | 8.29 | 27.71 | 25.4 | | 300394.SZ | 天孚通信 | 买入 | 3.68 | 4.53 | 27.63 | 22.45 | | 301285.SZ | 鸿日达 | 买入 | 0.21 | 0.7 | 198.67 | 59.6 | | 600941.SH | 中国移动 | 买入 | 6.77 | 7.1 ...

东兴证券研报指出，科达利为锂电结构件龙头，拓展人形机器人第二曲线。公司坚持定位于高端市场、采取重点领域的大客户战略，已与CATL、LG、松下等国内外头部电池厂商建立长期稳定合 ...

Industry Overview - The rapid development of artificial intelligence and key component technologies is driving significant breakthroughs in robotics research, with applications expanding from manufacturing to service, consumer, and security sectors [1] - The global humanoid robot market is expected to exceed $20 billion by 2030, with a CAGR of 77.83% from 2026 to 2030, while China's humanoid robot market is projected to reach $5 billion by 2030 [1] Company Strategy - Zhongjian Technology has historically focused on garden machinery exports, establishing a robust marketing network and after-sales service system across Europe, America, Australia, and Asia [2] - The company is transitioning from gasoline-powered equipment to intelligent devices, driven by advancements in SLAM, RTK, and lithium battery technologies [3] - Zhongjian Technology has increased its R&D investment in lithium battery garden equipment and established subsidiaries to enter the intelligent robotics sector [3][5] Competitive Advantage - Strong R&D capabilities are considered the core competitive advantage for robotics companies, with a need to extend influence along the supply chain to enhance resource integration and cost control [1][3] - Chinese companies have significant advantages in manufacturing capabilities, engineer availability, and cost, which are crucial for competing in the global market [3] Financial Performance - Zhongjian Technology's R&D expenses reached 72.68 million yuan in 2024, more than doubling year-on-year [5] - The company's overall gross margin has improved from 18% to approximately 30% due to the integration of automation solutions with traditional garden machinery [6] Product Development - The company has developed a product matrix that includes intelligent garden robots, quadrupedal robots, wheeled robots, and bipedal robots, supported by dedicated R&D teams [4][7] - Effective solutions for practical issues, such as autonomous positioning for intelligent lawn mowers, have been achieved through innovative yet cost-effective methods [7] Market Opportunities - Zhongjian Technology is focusing on expanding its product offerings in high-demand areas such as garden robots, waste collection, tennis training, and security inspections, with some products achieving gross margins of 70% or higher [8]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][12] Core Views - The company has demonstrated strong performance in the PCB sector, particularly in automotive applications, with significant growth potential in AI servers and humanoid robots [10][12] - The company achieved a revenue of 5.022 billion yuan in 2024, representing an 11.13% year-on-year increase, and a net profit of 675 million yuan, up 36.17% [5] - The company is well-positioned to benefit from the growth of electric vehicles and AI technologies, with a projected revenue increase to 6.378 billion yuan in 2025 and 9.567 billion yuan in 2026 [12][14] Company Performance - In 2024, the company reported a revenue of 50.22 billion yuan, a year-on-year growth of 11.13%, and a net profit of 6.75 billion yuan, up 36.17% [5] - For Q1 2025, the company achieved a revenue of 12.17 billion yuan, reflecting an 11.33% year-on-year increase, and a net profit of 1.80 billion yuan, which is a 65.61% increase [5] Market Position and Strategy - The company has deepened its focus on automotive PCBs while actively expanding into emerging fields such as AI servers and humanoid robots [10] - The company has established a strong supply chain relationship with major clients, successfully entering the Dojo supply chain and securing projects with European AI supercomputing clients [11] Financial Forecast - The company is projected to achieve revenues of 63.78 billion yuan in 2025, 95.67 billion yuan in 2026, and 115.76 billion yuan in 2027, with corresponding EPS of 1.24, 2.07, and 2.63 yuan [12][14] - The report anticipates a significant growth rate in revenue, with a forecasted increase of 27.0% in 2025 and 50.0% in 2026 [14]

今日截至10:16，机器人ETF(562500)上涨0.90%。上证指数跌幅达0.7%，机器人ETF的相对低位在 大盘回调中提供安全垫，重获市场青睐，开启逆势补涨行情。持仓股方面，奥比中光暴涨9.07%，博杰 股份上涨6.81%，绿的谐波、东杰智能、天智航等涨幅超4%。流动性方面，机器人ETF盘中换手 3.08%，成交总额达4.90亿元，量能显著扩大，资金汹涌而至。 消息方面，日前，武汉投控集团与东湖高新区签订战略合作协议，共同发起设立总规模100亿元的 湖北人形机器人母基金。将采用"母基金+项目直投"方式，围绕机器人核心技术与零部件、软件与平台 等产业，深耕工业、服务、医疗、农业等细分应用领域，前瞻布局人形机器人"大脑"和"小脑"及"肢 体"等未来制造领域关键技术。 中信证券认为，当前机器人技术路线呈现多元化，核心零部件成为焦点。灵巧手方面，全驱动/欠 驱动、连杆/腱绳等方案百花齐放；电子皮肤方面，压阻式、电容式、视觉方案并行发展；微型四杠轻 量化趋势明显（如诺仕机器人）。 机器人ETF(562500)是全市场唯一规模超百亿的机器人主题ETF，成分股覆盖人形机器人、工业机 器人、服务机器人等多个细分领域，帮 ...

机器人板块今日低开高走，截至10:35，国证机器人产业指数上涨0.8%，奥比中光-UW涨超7%，奥 普特、绿的谐波涨超3%。截至昨日，跟踪该指数的机器人ETF易方达（159530）本月已"吸金"超15亿 元，产品最新规模较年初增超17倍，增速位居股票型ETF前三。 昨日，具身智能机器人公司逐际动力正式发布全尺寸通用人形机器人LimX Oli，售价15.8万元起。 据悉，该机器人身高165cm，拥有31个机身自由度，主要面向AI科研人员、机器人开发者及解决方案系 统集成商等泛通用机器人从业者，为复杂感知、运动控制与交互算法的训练、验证和落地提供全方位的 高效支持。 国证机器人产业指数覆盖机器人产业链各核心环节，今年4月10日指数修订生效后，人形机器人相 关成分股权重在所有ETF跟踪的指数中居于第一。Wind数据显示，自修订生效至昨日，该指数已累计涨 近20%，涨幅领跑其他同类指数。机器人ETF易方达（159530）规模在该指数相关产品中居第一，可助 力便捷布局产业发展机遇。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内 ...

领益智造7月31日在互动平台表示，公司的人形机器人业务已逐步产生收入，涉及到各类机加工结构 件、核心零部件、关节等模组、整机组装等全链路环节。 ...

阿莱德（301419.SZ）7月31日在投资者互动平台表示，公司的TPAD系列导热垫片及TGEL系列导热凝胶 产品均可应用于人形机器人的核心关节部位，以保障机器人的性能、寿命与安全性。公司严格遵循商业 保密协议与约定，因此不便披露客户信息。人形机器人作为新兴产业，其后续发展的规模与收益存在不 确定性，公司始终以开放的心态探索新领域的合作机遇。敬请广大投资者谨慎决策，注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵司去年开始给国内头部人形机器人公司的产品测 试，与哪些头部客户有合作？有哪些实质进展来提升公司市值？ ...

中国人形机器人目前应用范围更广，大会上轮式机器人演示多于双足机器人，行业获得了显著进步，具 体体现在：(1)今年对应用场景的探索更具针对性和积极性，涵盖制造业、仓储物流、消费零售、家庭 及老年护理等领域;(2)产品有了显著改进，人形机器人更多地走下展示台，进行互动任务演示;(3)工作原 型明显趋向于自动导引车(AGV)式的轮式底座，而非全驱动的双足行走，这表明行业正务实地转向近期 可商业化的方向，高盛注意到这可能对行星滚柱丝杠组件类股票产生负面影响;(4)成本曲线进一步下 降，但降幅并不显著。尽管如此，操作仍然是核心挑战，特别是在成功率、稳健性和可靠性方面。 智通财经APP获悉，高盛发布研报称，世界人工智能大会调研显示，人形机器人行业的显著进步令高盛 备受鼓舞。同时快手-W(01024)展示了其最新的灵境大模型升级成果，主要亮点包括推出灵境大模型"灵 动画布"和多图参考功能，以及应用场景和企业客户渗透率的稳步扩大，该行认为灵境大模型2025年的 收入有望达到1.4亿美元以上，下一个值得关注的事件是8月底2025年业绩公布后其关于灵境大模型的指 引更新，予12个月目标价为68港元。 ...

Core Insights - The report highlights the ongoing development and commercialization of humanoid robots, supported by industrial funds for innovative breakthroughs, with related stocks including Zhongdali De (002896) and Industrial Fulian (601138) [8] - The implementation of stablecoin regulations in Hong Kong is accelerating the global layout of digital financial infrastructure, with related stocks such as Sifang Jingchuang (300468) and Hengsheng Electronics (600570) [8] - The first intelligent storage scheduling platform in the country has been launched to promote the integration of computing and networking, with related stocks including Unisplendour Corporation (000938) and Zhongke Shuguang (603019) [8] Company Focus - Redick (300652) has completed the development of planetary roller screw products, covering all types and achieving mass production [10] - Jinyi Culture (002721) has collaborated with several banks on digital RMB products through its subsidiary Kaike Weishi, and is also involved in AI large model-related projects [10] - Wantong Intelligent Control (300643) has signed an exclusive sales and cooperation contract with Shanghai Shenming Aosi Semiconductor Technology Co., Ltd. for the production and sale of boards based on the Fellow 1 model chip [10] Market Review and Outlook - On July 30, the total trading volume in the two markets was 1,844.3 billion yuan, with 1,632 stocks rising and 3,376 stocks falling, indicating an increase of 41.1 billion yuan compared to the previous day [12] - The major indices opened flat and experienced wide fluctuations, with the exception of the Shanghai Composite Index, which closed slightly higher, while other important indices closed with small losses [12] - Market hotspots included significant gains in sectors such as film, oil and gas, and dairy, while sectors like digital currency and diversified finance saw declines [12][13]