2025年4月19日，2025北京亦庄半程马拉松暨人形机器人半程马拉松在北京亦庄举行。小顽童队选手松 延动力N2（前左一）在比赛中。新华社记者曹灿摄 松延动力创始人、董事长姜哲源此前在接受记者采访时表示，马拉松后该企业1个月内意向订单突破 2000台，合同额超1亿元。值得注意的是，松延动力启动量产不足2个月，即实现了单月破百台的交付规 模。 （文章来源：新华网） 新华网北京8月1日电（记者闫雨昕）记者今日获悉，松延动力7月份实现量产交付105台人形机器人。其 中，N2人形机器人交付量为92台，E1人形机器人交付量为13台，环比增长176%。 N2人形机器人，即为今年北京亦庄半程马拉松暨人形机器人半程马拉松中的"亚军"机型，也是当时广 受关注的"小短腿选手"。此款机器人身高1.2米，体重30公斤，小巧灵活。全身共有18个自由度，具备 大步行走、奔跑、单双脚跳跃以及舞蹈等多种运动能力，奔跑速度最快可达每秒3.2米。 ...

"今年是松延动力人形机器人的量产元年，马拉松后1个月内意向订单突破2000台，合同额超1亿元，教 育教具、商业演出占比超60%，文旅展厅需求激增。我们需要为客户批量化的交付稳定可靠的人形机器 人产品。为了实现这个目标，我们在北京、常州和东莞布局了生产基地。"松延动力创始人姜哲源告诉 贝壳财经记者。 据悉，2025年世界人形机器人运动会将于8月14日-17日召开，松延动力也会参加部分比赛项目，目前战 队正在全力筹备。 新京报贝壳财经讯（记者张晗）8月1日，新京报贝壳财经记者获悉，刚刚过去的7月，松延动力实现了 量产交付105台人形机器人。其中，N2人形机器人交付量为92台，E1人形机器人交付量为13台，环比增 长176%，创下公司成立以来最高量产及交付纪录，目前，松延动力仍处于产能快速爬坡阶段。 校对 穆祥桐 ...

2025 年 08 月 01 日 隆盛科技 (300680) ——EGR 老牌供应商混动再成长，马达铁芯、机器人布 局加速正当时（机器人系列深度报告之三十） 报告原因：首次覆盖 买入（首次评级） 财务数据及盈利预测 联系人 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,397 | 606 | 3,015 | 3,749 | 4,300 | | 同比增长率（%） | 31.2 | 7.1 | 25.8 | 24.3 | 14.7 | | 归母净利润（百万元） | 224 | 59 | 296 | 367 | 437 | | 同比增长率（%） | 52.8 | 11.4 | 32.1 | 24.0 | 19.0 | | 每股收益（元/股） | 0.98 | 0.25 | 1.30 | 1.61 | 1.92 | | 毛利率（%） | 18.0 | 18.1 | 18.3 | 18.4 | 18.5 | | ROE（%） | 11.6 | 3.0 | 13.6 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][8]. Core Insights - The company is positioned as a leader in the 3C equipment sector, benefiting from the recovery in the consumer electronics cycle and expansion into new fields [2][7]. - The projected net profit for the company from 2025 to 2027 is approximately 404 million, 548 million, and 659 million yuan, representing year-on-year growth of 70%, 36%, and 20% respectively [2][8]. - The company is expected to leverage its competitive advantages in R&D and scale to benefit from the upcoming innovation cycle in the consumer electronics sector and the rapid development of humanoid robots and low-altitude economy [7][10]. Financial Summary - The company's revenue is forecasted to reach 46.05 billion yuan in 2024, with a year-on-year growth of 30% [3][30]. - The projected earnings per share for 2025, 2026, and 2027 are 0.24, 0.33, and 0.40 yuan respectively, with corresponding P/E ratios of 34, 25, and 21 [3][8]. - The return on equity (ROE) is expected to improve from 5% in 2025 to 10% in 2027, indicating enhanced profitability [3][36]. Industry Overview - The global machine tool market is projected to grow from approximately 1292 billion dollars in 2025 to 2304.2 billion dollars by 2033, with a CAGR of 7.5% [7][39]. - The machine tool industry is experiencing a recovery driven by the replacement cycle and the resurgence of the manufacturing sector, with a significant increase in demand for high-precision CNC machine tools [7][39]. - The consumer electronics sector is entering a new innovation cycle, which is expected to drive demand for upstream equipment beyond initial expectations [7][10]. Competitive Advantages - The company has a comprehensive product line and strong competitive positioning, which enhances customer loyalty through its direct sales model [7][10]. - The company is actively expanding into overseas markets, which is anticipated to provide new growth opportunities and improve overall profitability [10][27]. Growth Catalysts - Key growth drivers include the recovery of the 3C market, the resurgence of the manufacturing sector, and exceeding expectations in orders from general and emerging fields [11][10].

投资要点 3C 钻攻机龙头，近5 年营业收入CAGR 约7.3% 创世纪专注于高端智能装备的研发、生产、销售以及服务，主要产品包括应用于消费电子行业的钻铣加 工中心系列，以及应用于汽车制造、五金模具等行业的立式加工中心系列、卧式加工中心系列、龙门加 工中心系列等。2024 年营业收入约46.05 亿元，同比增长31%；归母净利润约2.37 亿元，同比增长约 22%。 人形机器人：根据《人形机器人产业研究报告》，预计2029 年中国人形机器人市场规模有望扩大至750 亿元，占据全球市场的32.7%；到2035 年，市场规模有望达到3000 亿元。2025 年中国人形机器人产业 有望从"技术验证期"向"规模化商用期"快速过渡，人形机器人领域高速发展将拉动高精度数控机床需 求。 低空经济：2024 年中国低空经济核心产业规模达5800 亿元，其中低空制造（涵盖无人机、eVTOL、通 用航空器等研发制造）占比高达88%，市场规模约5104 亿元。飞行器的量产需求将拉动高精度数控机 床高速增长。 公司凭借显著竞争优势，受益3C 周期复苏、新兴领域从0 到1 发展 公司研发、规模优势领跑行业，品牌信誉、直销模式增强客户粘 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][8]. Core Views - The company is a core supplier of EGR systems and is actively exploring potential business opportunities in various sectors, including aerospace and humanoid robotics. It has established three main business segments: EGR systems, new energy electric drive core components, and precision parts. The company is expected to benefit from the growing demand for PHEV vehicles and the expansion of its new energy segment [7][15][25]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of CNY 3,015 million in 2025, with a year-on-year growth rate of 25.8%. The net profit attributable to the parent company is expected to reach CNY 296 million, reflecting a growth rate of 32.1% [2][8]. - Earnings per share (EPS) is forecasted to be CNY 1.30 in 2025, with a gross margin of 18.3% [2][8]. Business Segments - EGR Systems: The EGR system is a core component for commercial vehicles and new energy PHEVs, with stable demand driven by stricter emission standards. The company has a strong market position, serving major clients such as BYD, Geely, and Chery [7][18][51]. - New Energy Segment: The new energy electric drive core components segment is expected to see significant growth, with a market size projected to exceed CNY 10 billion by 2025. The company has established strong competitive advantages in manufacturing processes and customer relationships [7][9][18]. - Precision Parts: This segment, primarily driven by the subsidiary Weiyan Precision, is also expected to contribute significantly to revenue, with a focus on electric vehicle components and thermal management systems [18][20]. Growth Drivers - The company is well-positioned to benefit from the increasing penetration of PHEV vehicles, which require EGR systems as standard components. The anticipated growth in the new energy market and the company's strategic investments in humanoid robotics and aerospace manufacturing are expected to open new growth avenues [7][10][25]. - The report highlights the company's successful transition to new energy and precision parts, which has led to a steady increase in revenue and profitability since 2018 [25][30]. Valuation - The company is valued at a projected PE ratio of 38x for 2025, with a target market capitalization of CNY 11.1 billion, indicating a potential upside of 36% from current levels [8][9].

Core Viewpoint - The Shougang West Ten Silos area has successfully transformed from serving as the Beijing Winter Olympic Committee office to becoming the Shougang Winter Olympic Square, focusing on the humanoid robot industry base. Group 1: Transformation and Development - The area has been repurposed to host office meetings, art exhibitions, and commercial districts, while also establishing a humanoid robot industry base, becoming the main hub for humanoid robot development in Shijingshan District [1][3][5]. - The Shougang Winter Olympic Square has an occupancy rate exceeding 50%, attracting numerous technology companies and inspection teams due to its unique office environment and architectural features [7]. Group 2: Industry Focus and Support - The humanoid robot industry base, developed by the Shijingshan District government and Shougang Fund, has attracted nearly 20 companies in the humanoid robot industry chain, with Zhongke Wenge being the latest addition [11]. - The base is planned to cover approximately 35,000 square meters, focusing on four core segments: embodied brain, intelligent perception, motion control, and key components [11]. - The local government has introduced special policies to support technology research, common technology platform construction, innovation results transformation, and application scenarios, while the Shougang Fund provides capital and resource support [11]. Group 3: Cultural and Commercial Integration - The former broadcasting space for the Winter Olympics is being renovated into an exhibition hall for the humanoid robot industry base, while the cultural and artistic experience center has begun trial operations, showcasing various ceramic exhibits [12][14].

Group 1 - BYD has announced a patent for an automatic charging and inflating robot that integrates charging and tire inflation functions without requiring vehicle modifications, enhancing safety and reducing costs [2] - Chery Automobile has published a patent for a solid-state battery technology that minimizes damage to the current collectors during the pressing process, indicating advancements in battery technology [2] - The 2025 Lincoln Corsair SUV has been launched with options for a 2.0T gasoline engine and a 1.5T hybrid engine, maintaining a price range of 235,800 to 345,800 yuan, consistent with the previous model [3] Group 2 - The 2.0T engine in the Lincoln Corsair delivers a maximum power of 192 kW and a peak torque of 395 Nm, paired with an 8-speed automatic transmission and an optional four-wheel drive system [3] - The 1.5T hybrid version has a maximum power output of 142 kW and a peak torque of 226 Nm, with an electric motor providing an additional 96 kW and 235 Nm, resulting in a combined output of 153 kW [3] Group 3 - Ford has recalled over 312,120 vehicles in the U.S. due to safety concerns, highlighting ongoing challenges in the automotive industry regarding vehicle safety and compliance [5]

Investment Rating - The report maintains a "Standard" investment rating for the mechanical equipment industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [40]. Core Insights - The application scenarios for humanoid robots are expected to accelerate, supported by infrastructure projects that bolster domestic engineering machinery demand [1][3]. - The mechanical equipment sector has shown a bi-weekly increase of 1.84%, outperforming the CSI 300 index by 0.82 percentage points, ranking 14th among 31 sectors [11][15]. - The engineering machinery sub-sector has the highest growth, with a bi-weekly increase of 4.17% and a monthly increase of 9.36% [18]. Summary by Sections Market Review - As of July 31, 2025, the mechanical equipment industry has increased by 1.84% bi-weekly, 5.67% monthly, and 15.49% year-to-date, outperforming the CSI 300 index by 0.82, 2.12, and 11.92 percentage points respectively [11][15]. Valuation Situation - The current PE TTM for the mechanical equipment sector is 28.51 times, with sub-sectors showing varied valuations: General Equipment at 36.24, Specialized Equipment at 28.01, Engineering Machinery at 21.35, and Automation Equipment at 47.37 [2][22]. Industry News - The commencement of the Yarlung Tsangpo River downstream hydropower project on July 19 is expected to significantly support long-term demand for domestic engineering machinery [3][34]. - The global robot market is projected to exceed $400 billion by 2029, with China accounting for nearly 50% of this market [34]. Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential in the humanoid robot and servo product sectors [36][37]. Weekly Insights - The report highlights the anticipated launch of Tesla's Optimus Gen3 humanoid robot and the introduction of a medical care robot by Fourier, indicating a growing trend in humanoid robot applications [3][36].

Core Viewpoint - The company, Songyan Power, has achieved a significant milestone in humanoid robot production, delivering 105 units in July, marking a 176% increase from June's 38 units, and setting a record for the highest monthly delivery since its establishment [1][2]. Production and Delivery - Songyan Power's humanoid robot production year is 2023, with over 2,500 intention orders and a contract value exceeding 100 million yuan within a month post-marathon, with over 60% of orders coming from educational tools and commercial performances [2]. - The founder, Jiang Zheyuan, emphasized the critical nature of delivery, describing it as a "ghost gate," where failure to meet production capacity or delivery timelines could harm customer relations and increase communication costs [2]. - To enhance delivery capabilities, Songyan Power has established production bases in Beijing, Changzhou, and Dongguan, with the Beijing factory covering 3,000 square meters and the Changzhou factory 2,100 square meters [4]. Future Goals - The company aims to double its delivery orders in August and plans to reach a delivery target of 10,000 units next year to better meet market expectations [6]. - Jiang Zheyuan highlighted the importance of building a competitive and capable team to support sustainable revenue growth, stressing the need for a clear organizational structure during rapid development [8][9]. - The company is focused on creating a commercial closed loop from R&D to sales and after-sales service, aiming for profitability and positive cash flow to ensure healthy development [9].