丨证券研究报告丨 分析师及联系人 [Table_Author] 范超 高伊楠 李浩 SAC：S0490513080001 SAC：S0490517060001 SAC：S0490520080026 SFC：BQK473 SFC：BUW101 [Table_scodeMsg1] 联合研究丨公司点评丨浙江仙通（603239.SH） [Table_Title] 主业持续向好，切入机器人赛道 报告要点 [Table_Summary] 公司发布 2025 年 3 季报：公司前 3 季度实现收入 10.24 亿，同增 21.7%；实现归属净利润 1.52 亿，同增 17.4%；实现扣非归母净利润 1.49 亿，同增 17.1%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 浙江仙通（603239.SH） cjzqdt11111 [Table_Title2] 主业持续向好，切入机器人赛道 [Table_Summary2] 事件描述 公司发布 2025 年 3 季报：公司前 3 季度实现收入 10.24 亿，同增 21.7%；实现归属净利 ...

Conference Overview - The 7th Modern Manufacturing Integration Technology Academic Conference will be held from November 7 to November 9, 2025, in Zhengzhou, focusing on AI-driven digital transformation in manufacturing [1] - The conference will feature thematic forums on AI-driven product design and simulation, manufacturing process optimization, production operation management, equipment fault diagnosis, intelligent operation and maintenance, and industrial software and digital twins [1] Participation Invitation - Experts, technical personnel, and students from universities, research institutions, and enterprises engaged in related research and applications are invited to attend the conference [2] Registration Details - The registration channel is now open, with early bird discounts available until October 20 [3] - Registration fees are as follows: - Student participation: 1500 RMB (1200 RMB before October 20) - General participation: 2800 RMB (2500 RMB before October 20) - Corporate representatives: 3800 RMB (3500 RMB before October 20) [8] Payment Information - Payment is to be made via bank transfer to the Northern Technology Information Research Institute, with specific account details provided [7] - After successful payment, participants must send the registration receipt to the editorial office [8] Important Notes - The registration deadline is November 2 [9] - Participants are responsible for their own accommodation and transportation costs [9] - Recommendations for hotels near the conference venue are provided, including contact information for reservations [9]

格隆汇10月24日｜有投资者在互动平台向四方光电提问：贵司有技术储备或新产品能够应用于人形机器 人吗？四方光电回复称，公司已具备自主的MOX气体传感器MEMS产线，以及其他用于嗅觉的气体传 感器的能力，目前公司已有部分气体传感器可为机器人提供环境感知解决方案。 ...

Core Insights - The company has independent design and manufacturing capabilities for core components such as new energy battery packs, which are applied in specialized energy storage products and home/mobile storage products [1] - The battery technology used for garden machinery is similar to that in the robotics field, and the company plans to further develop and optimize its products to meet the high-performance requirements of robotics [1] - The company's battery pack products have been recognized by several robotics companies, including Zhiyuan [1]

证券日报网讯恒辉安防（300952）10月24日在互动平台回答投资者提问时表示，公司在机器人领域的应 用开发多点发力，机器人外覆防护件相关业务推进顺利。现阶段，公司主要根据国内外客户的定制化需 求或MasterSample开展产品研发与适配开发，已向包括部分海外客户在内的多家机器人企业进行送样。 依托在超高分子量聚乙烯纤维领域的技术沉淀，及20年手部防护领域的工艺解决方案经验积累，公司开 发的机器人柔性关节保护件、防护手套、腰封件、颈部包覆件等多款外覆防护产品，已成功实现人形机 器人场景的商品交付，产品性能得到客户认可。 ...

Group 1 - The A-share market is seeing a shift towards dividend assets due to "high cut low" demand, adjustments in the technology sector, and the calendar effect in the fourth quarter, leading to concentrated purchase limits on several dividend funds [1] - The main sectors attracting net inflows include semiconductors, new energy vehicles, PCB boards, military industry, and new energy vehicle components [1] - The top concepts with net inflows are domestic chips, Huawei supply chain, artificial intelligence, 5G, and robotics [1] Group 2 - Recent credit risk events in two U.S. regional banks have caused market turbulence, but overall corporate cash flow remains healthy and bank liquidity is sufficient, keeping credit risk manageable [3] - The U.S. banking sector faces long-term integration pressures due to a large number of small banks and rising deposit costs, which may challenge their business models [3] - Global risk asset valuations are high, and market volatility is increasing due to tariff risks and overseas credit issues, suggesting a shift from broad market optimism to a focus on fundamental performance [3] Group 3 - International gold prices have surged, with gold ETFs seeing increased management scale and investment interest, driven by geopolitical risks and global credit conditions [5] - Despite potential short-term fluctuations, the long-term importance of gold as a core asset remains strong, supported by ongoing institutional buying [5] - The recent rise in gold prices is largely driven by speculative factors rather than fundamental changes, making future price movements difficult to predict [5] Group 4 - The Shanghai Composite Index has reached new highs, with financial stocks leading the market, and insurance funds diversifying their investment sources [11] - The Huawei Harmony ecosystem is highlighted for its combination of technology growth and self-sufficiency themes, with positive catalysts expected in September [11] - The A-share allocation strategy suggests focusing on sectors poised for recovery, such as AI computing, CROs, and basic metals, which are expected to benefit from the Federal Reserve's interest rate cuts [11]

受政策定调"以经济建设为中心"+"科技自立自强"影响，早盘A股市场给出正面反馈，指数高开震 荡上行，市场情绪有望持续修复。 指数维度，科创50涨超2%，领涨宽基指数，从均线位置来看，如强势到收盘，科创50指数有望占 上20日均线，改变短期走弱的趋势。持仓股票生益电子20厘米涨停，澜起科技、佰维存储、芯原股份涨 超5%。 相关ETF：科创50ETF（588000）。 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，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中原证券认为目前存储器周期继续上行，阿里巴巴、字节跳动等互联网厂商持续加大AI基础设施 建设相关的资本开支，AI及存储器替代需求有望推动国内存储器厂商不断提升市场份额，建议关注国 内存储器产业链投资机会。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业70.55%，计算机行业4.54%，合计 75.09%，与当前人工智能、机器人等前沿产业的发 ...

Core Insights - The company, Henghui Security (300952.SZ), is actively advancing its applications in the robotics sector, particularly in the development of protective coverings for robots [1] Group 1: Company Developments - The company reported that its business related to robot protective coverings is progressing smoothly, focusing on customized demands from both domestic and international clients [1] - Henghui Security has successfully delivered products for humanoid robot scenarios, including flexible joint protectors, protective gloves, waist belts, and neck coverings, which have received positive feedback from customers [1] Group 2: Product Development - The company is leveraging its technological expertise in ultra-high molecular weight polyethylene fibers and its 20 years of experience in hand protection solutions to develop various protective products for robots [1] - The company has sent samples to multiple robotics enterprises, including some overseas clients, based on customized requirements or Master Samples [1]

Core Viewpoint - The company has successfully delivered products to several high-quality robotics firms and is actively pursuing further collaboration opportunities within the industry [1] Group 1 - The company has completed product deliveries to notable robotics companies such as Zhiyuan, Estun, Zhaomi, and Borui Pengcheng through direct or indirect cooperation [1] - The company is in active communication with other leading robotics firms, including UBTECH and Fourier, to establish ongoing collaboration opportunities [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Views - The company's Q3 performance shows continued recovery, with a single-quarter profit returning to growth for the first time since 2023, driven by the expansion of its education business and improved operational efficiency [2][3]. - The AI and robotics sectors are opening new growth opportunities, with significant advancements in product deployment and market expansion [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 18.087 billion yuan, a year-on-year increase of 5.45%, while the net profit attributable to shareholders was 867 million yuan, a decrease of 6.81% [1][2]. - In Q3 alone, revenue reached 7.522 billion yuan, up 6.96% year-on-year and 35.29% quarter-on-quarter, with net profit of 470 million yuan, reflecting a year-on-year increase of 7.79% and a quarter-on-quarter increase of 99.15% [1][2]. - The company reported a strong operating cash flow of 1.024 billion yuan for the first three quarters, marking a 42.03% increase year-on-year [2]. Business Segment Insights - The education business continues to expand, with AI-enabled products like the Xiwo Classroom Intelligent Feedback System covering over 7,000 classrooms and the Xiwo AI Preparation Assistant reaching 600,000 users [3]. - The industrial-grade quadruped robots have been applied in various sectors, including power, and the commercial cleaning robot business has expanded into European and Japanese markets [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.007 billion yuan, 1.305 billion yuan, and 1.632 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 29, 22, and 18 [4][8]. - Revenue forecasts for the years 2025, 2026, and 2027 are 24.108 billion yuan, 26.574 billion yuan, and 30.300 billion yuan, with growth rates of 7.6%, 10.2%, and 14.0% respectively [4][8].