2Q2025 超预期，静待算力租赁花开 协创数据(300857) 证券研究报告 消费电子 / 公司点评 / 2025.08.12 投资评级:买入(维持) | 基本数据 | 2025-08-11 | | --- | --- | | 收盘价(元) | 76.97 | | 流通股本(亿股) | 3.45 | | 每股净资产(元) | 13.86 | | 总股本(亿股) | 3.46 | 最近 12 月市场表现 -19% 15% 49% 84% 118% 152% 协创数据 沪深300 上证指数 消费电子 ❖ 事件：公司发布 1H2025 业绩快报，1H2025 收入 49.44 亿元，同比增长 38.18%，归母净利润 4.57 亿元，同比增长 27.68%，扣非归母净利润 4.42 亿元，同比增长 24.96%。 ❖ 二季度业绩超预期增长，多业务全面发力。根据快报数据测算，2Q2025， 公司营收 28.67 亿元，同比增长 57.6%，归母净利润 2.88 亿元，同比增长 46.9%，扣非归母净利润 2.77 亿元，同比增长 67.9%，实现超预期增长。主 要原因：1）AI 服务器及算力业务带动收入显著增长；2 ...

不过，伊藤隆之也认为，尽管安装量巨大，但中国工业机器人的安装量已经趋于稳定。 在工业机器人的行业应用方面，伊藤隆之指出，全球电子与汽车两大行业并驾齐驱，为2024年最大两个 应用行业，分别为12.8万和12.6万，远高于金属机械行业的7.9万。其中，电子行业2024年的工业机器人 安装数量同比增长1%，而汽车行业当年部署数量则同比下滑了7%。 "中国是机器人主要市场。"8月9日，国际机器人联合会主席伊藤隆之在世界机器人大会发表的《国际机 器人发展现状与趋势——机器人未来十年的增长密码》演讲中透露，随着全球各大主要市场工业机器人 安装量下滑，中国市场依然保持增长，中国市场保持着全球最重要的机器人市场地位。 伊藤隆之称去年为工业机器人的挑战之年，全球工业机器人的装机量整体出现下滑态势，但中国却在逆 势增长。 他在报告中指出，经初步测算，在受到地缘政治和关税等因素的影响，去年全年，全球工业机器人装机 量下降3%，其中亚洲下降2%，欧洲下降6%，美国下降9%，但中国出现5%的逆势增长，这使得中国工 业机器人的全球市场份额从2023年的51%上升至去年的54%，进一步巩固了工业机器人大国的地位。 伊藤隆之称，中国是迄今 ...

责任编辑：郝欣煜 8月8日-12日，2025世界机器人大会在北京经济技术开发区北人亦创国际会展中心举行，现场，来自鹿 明机器人研发的"大力士"机器人现场展示了双手举起50kg哑铃的动作。 据了解，这是鹿明机器人公司Lumos Robotics MOS，作为全球首个双臂负载50KG的具身机器人大力 士，其注重在工业场景实现"知道、走到、看到、做到"，融合移动底盘、双臂协作、VLA大模型技术， 具备自主导航、精细化作业、自主学习等功能，拥有高灵活性底盘、可升降结构、大负载双臂、通用性 夹爪及大模型学习能力，实现"一机多能"，可助力解放人力、柔性生产与智能升级；该机器人双臂最大 载重50kg，空间有效作业行程0-2m，最大移动速度2m/s，搭载NVIDIA Orin芯片，拥有275TOPS算力， 每秒可实现万亿次动作决策，配备双20Ah电池组，支持热插拔，该机器人目前已和三菱集团进行合 作，为批量进入工厂做好准备。（罗宁） ...

Core Viewpoint - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing rapid commercialization, with significant order volumes and advancements in airworthiness certification, indicating a potential explosion in market growth [1][4]. Group 1: Order Volume and Financial Impact - Since the beginning of 2025, eVTOL companies have announced over 1,500 intent orders, with substantial financial implications [1]. - On July 16, a deal was signed between Times Technology and UAE's Autocraft for 350 E20 eVTOLs, amounting to $1 billion [2]. - On July 23, Volant Aviation signed a tripartite cooperation agreement with Pan Pacific and AVIC International, resulting in an order for 500 VE25-100 eVTOLs valued at $1.75 billion, bringing the total of the two orders to $2.75 billion (approximately 20 billion RMB) [3]. Group 2: Certification Progress - EHang became the first company to obtain all four necessary certifications (operational, model, production, and standard airworthiness) in March, while Peak Aviation's V2000CG received its airworthiness certificate in July, marking it as the first eVTOL with three certifications [4]. Group 3: Supply Chain and Material Development - The rapid development of eVTOLs is attributed to China's robust supply chain for new energy vehicles, with eVTOLs sharing up to 80% of the supply chain, allowing for the transfer of technology and experience from the new energy vehicle sector [6]. - Companies like Jinfa Technology are developing high-strength components for eVTOLs, achieving weight reductions of 25%-40% and increasing endurance by over 30% [6]. - Nanjing Julong focuses on carbon fiber composite structures, while Weitong Co. is producing lightweight materials tailored for drone applications [7]. Group 4: Emerging Applications and Industry Trends - The eVTOL sector is seen as a new application frontier for modified plastics and high polymer materials, with many companies beginning to explore this market [6]. - The upcoming 2025 Polymer Industry Annual Conference will feature sessions on emerging applications, including low-altitude economy and advanced communication technologies, highlighting the industry's focus on innovation [8].

Core Viewpoint - Jilin Permanent Magnet (06680) is experiencing a significant stock price increase, with a rise of over 7% in the afternoon trading session, attributed to positive earnings forecasts and strategic financial maneuvers [1] Financial Performance - The company anticipates a revenue of approximately 3.5 billion yuan for the first half of 2025, representing a year-on-year growth of 4% to 5% [1] - The expected net profit attributable to shareholders is projected to be between 300 million to 335 million yuan, indicating a substantial year-on-year increase of 151% to 180% [1] Market Demand - Western Securities highlights the resilience of traditional downstream demand, alongside emerging needs from sectors such as robotics, suggesting promising growth prospects for the company [1] - The recent export controls on medium and heavy rare earth materials by China are expected to strengthen supply rigidity, potentially leading to a revaluation of the strategic metal's value [1] Financial Strategy - The company has completed the issuance of $117.5 million in convertible bonds, with a net amount of $115 million allocated for various purposes: 9% for debt repayment, 66% for repurchasing H-shares, 22% for general working capital, and 3% for operational expenses [1] - As of July 31, 2025, the company has not yet implemented any share buybacks [1]

Group 1 - The core viewpoint of the article highlights that Jinli Permanent Magnet (金力永磁) is experiencing a significant stock price increase, with a rise of over 7% and a current price of 19.99 HKD, alongside a trading volume of 383 million HKD [1] - The company plans to hold a board meeting on August 19 to approve its mid-term performance, with a projected revenue of approximately 3.5 billion CNY for the first half of 2025, reflecting a year-on-year growth of 4% to 5% [1] - The expected net profit attributable to shareholders is estimated to be between 300 million to 335 million CNY, indicating a substantial year-on-year increase of 151% to 180% [1] Group 2 - Western Securities (西部证券) notes that traditional downstream demand remains resilient, while emerging demands such as robotics are also on the rise, suggesting promising future growth for the company [1] - The recent export controls on medium and heavy rare earth materials by China, which cover upstream oxides to downstream magnetic materials, are expected to strengthen supply rigidity and potentially lead to a revaluation of the strategic metal's value [1] - Jinli Permanent Magnet has completed the issuance of 117.5 million USD in convertible bonds, with a net amount of 115 million USD allocated for various purposes, including 9% for debt repayment, 66% for repurchasing H-shares, 22% for general working capital, and 3% for operational expenses [1]

Core Viewpoint - Guangge Technology's stock price has experienced a decline, and the company is facing challenges in maintaining its performance after a strong debut year in 2023 [1] Group 1: Stock Performance - As of August 6, 2025, Guangge Technology's stock price closed at 30.50 yuan, down 0.81% from the previous trading day [1] - The stock opened at 30.75 yuan, with a daily high of 30.75 yuan and a low of 30.15 yuan, resulting in a volatility of 1.95% [1] - The trading volume for the day was 8,088 hands, with a total transaction amount of 0.25 billion yuan [1] Group 2: Company Overview - Guangge Technology specializes in next-generation fiber optic sensing networks, AIoT asset operation and maintenance systems, embodied robots, and artificial intelligence research and development [1] - The company's products are primarily used in sectors such as electric power grids, offshore wind power, integrated pipe corridors, and oil and petrochemicals [1] Group 3: Financial Performance - In 2023, the company achieved a record revenue of 304 million yuan, but there was a significant decline in performance in 2024 [1] - The latest announcement indicates that major shareholders, including Jicheng Venture Capital and Fangguang Phase II, plan to reduce their holdings by no more than 1.3332 million shares, totaling a reduction of no more than 4.04% of the company's total share capital [1] - In the first quarter of 2025, the company's net loss attributable to shareholders expanded to 13.746 million yuan [1] Group 4: Capital Flow - On August 6, 2025, Guangge Technology experienced a net outflow of 149,100 yuan in principal funds, with a cumulative net outflow of 2.7691 million yuan over the past five days [1] - The current total market capitalization of the company is 2.013 billion yuan, with a circulating market capitalization of 1.492 billion yuan [1]

蒙旦蜡是塑料加工领域的一种重要的添加剂，以尼龙为例，尼龙改性行业普遍使用 德国蒙旦蜡 作为助剂辅助生产，其中， OP蜡多用做尼龙改性润 滑剂，CaV102、NaV101多用做尼龙改性成核剂 。德国蒙旦蜡来自于独有的富蜡褐煤矿，也是蒙旦蜡的发源地，经过100多年的开采，具备开采价值 的褐煤矿即将枯竭， 非粮生物基化学改性米糠蜡可以有效的替代蒙旦蜡 ，同时更加符合双碳目标，按蒙旦蜡年产⼀万吨计，米糠蜡代替蒙旦蜡，每 年可以减少由于生产蒙旦蜡而产生的1500万吨的褐煤。 重庆合才化工科技有限公司生产的 化学改性米糠蜡 是以稻米油精致过程中废弃物米糠蜡糊为原料，通过水解、氧化、酯化、皂化得到的非粮生物基 化工新材料，是 全球第一家以生物废弃物米糠蜡糊为原料生产高性能化工助剂 的公司， 拥有自主知识产权，性能、供应链稳定安全，在颜色和耐高 温性方面甚至更优越。 重庆合才化工科技有限公司将携最新产品，参加 9月10-12日 于 合肥 召开的 2025高分子产业年会 （展位号A07） 。欢迎各位业界同仁共同参与， 交流合作！ 企业介绍 重庆合才化工科技有限公司生产研发基地坐落于重庆潼南高新区工业园区，公司专注于化学改性米糠 ...

Core Viewpoint - Guoen Co., Ltd. is strategically expanding its operations in the high-performance engineering plastics market by developing a fully integrated PEEK production platform and establishing a subsidiary focused on intelligent robotics, indicating a long-term growth strategy in high-tech materials and applications [2][3]. Summary by Sections PEEK Production and Investment - Guoen Co., Ltd. has completed the development of PEEK material production technology and plans to build a comprehensive PEEK industry chain through its subsidiary, Zhejiang Guoen Chemical Co., Ltd. The total investment for this project is 960 million RMB, covering an area of approximately 100,428 square meters [2]. - The project will include two PEEK polymer production lines, one pilot platform for styrene engineering materials, and 36 production lines for modified and composite materials [2]. Company Overview and Market Position - Guoen Co., Ltd. primarily operates in two core industries: large-scale chemicals and health, with the chemical segment accounting for 90.38% of total revenue. The company aims to enhance domestic production capabilities in high-growth application scenarios [3]. - The company plans to go public on the Hong Kong Stock Exchange, potentially becoming the first A+H listed company in the modified plastics sector [3]. Market Growth and Demand Drivers - The global PEEK market is projected to reach approximately $900 million in 2024, with China's market size expected to be around 1.92 billion RMB, representing 41.8% of the global market share [3]. - Key growth drivers for PEEK include applications in electric vehicle control systems, semiconductor industry, aerospace components, medical implants, and 5G infrastructure [5][6]. Emerging Applications - PEEK is gaining traction in emerging fields such as robotics and low-altitude economy, where its lightweight and durable properties are advantageous for components in humanoid robots and drones [6]. - The material's unique characteristics, such as low density and excellent wear resistance, make it suitable for high-performance applications, reducing energy consumption and enhancing component longevity [6]. Competitive Landscape - The PEEK market is currently dominated by major players like Victrex, Evonik, and Solvay, with several domestic companies also entering the market. The competition is intensifying as more firms invest in PEEK production capabilities [3][4].

Core Viewpoint - The stock of Shangwei New Materials (688585.SH) has surged over 10 times in 2025, making it the first tenfold stock in A-shares for the year, primarily driven by news of a change in control to Zhiyuan Robotics' parent company [1][2]. Group 1: Company Overview - Shangwei New Materials specializes in the research, production, and sales of environmentally friendly high-performance corrosion-resistant materials, wind turbine blade materials, and new composite materials [4]. - The company was listed on the Sci-Tech Innovation Board in 2020 and reported a revenue of 1.494 billion yuan in 2024, reflecting a year-on-year growth of 6.73%, with a net profit of 88.68 million yuan, up 25.01% [4]. - In the first quarter of 2025, Shangwei New Materials achieved a revenue of 369 million yuan, a year-on-year increase of 10.65%, and a net profit of 22.55 million yuan, growing by 22.26% [4]. Group 2: Acquisition Details - The change of control involves the transfer of shares to Shanghai Zhiyuan Hengyue Technology Partnership, with the new controlling shareholder being Deng Taihua, and the transaction price is approximately 2.1 billion yuan [2][3]. - After the transaction, Zhiyuan Hengyue will hold 66.99% of Shangwei New Materials' shares and corresponding voting rights [2]. - The acquisition is expected to enhance the company's operational and management capabilities, promoting long-term healthy development [3]. Group 3: Zhiyuan Robotics Insights - Zhiyuan Robotics, established in February 2023, is a leading company in embodied robotics, focusing on a full-stack technology approach that includes core component research and integrated manufacturing [3]. - The company has developed three major robot families: Yuanqing, Jingling, and Lingxi, covering various commercial scenarios such as interactive services, industrial manufacturing, commercial logistics, and scientific education [3]. - Zhiyuan Robotics plans to maintain a robot shipment volume in the thousands by 2025, with the Lingxi X2 robot expected to achieve large-scale shipments in the second half of 2025 [6][7].