人形机器人的赛程赛制并不像人类跑马拉松一样，不仅仅是单个机器人的比拼，更是一个团队的比赛。 北京商报记者丨金朝力刘曼华 人形机器人与人类携手挑战半程马拉松，这充满未来感的场景，正从想象走向现实。 4月9日，在北京智慧电竞中心，来自清华通班队的人形机器人正在跑道上进行测试。据了解，为迎接4月19日将在北京亦庄举办的全球首个人形机器人半 程马拉松赛，部分人形机器人赛队已经到达北京智慧电竞中心进行训练和测试。北京商报记者在现场获悉，此次比赛共有20支左右人形机器人赛队报名。 为了模拟比赛路况，现场设置了长度为1000米的跑道和部分坡道，以及5个户外充电区域，供人形机器人进行能量补给。 两个赛道同时开跑 以"亦马当先，智领未来"为主题的2025北京亦庄半程马拉松暨人形机器人半程马拉松，即将开跑。据了解，此次比赛从南海子公园出发，到国家创信园结 束，全程共21.0975公里。 作为全球首个人形机器人半程马拉松比赛，人类与机器人将如何开跑？又如何保障赛事安全？ 北京商报记者了解到，届时，人形机器人和人类选手将在起点同时起跑，共跑同一路线，但有单独赛道，为确保人机安全，全程采用铁马隔离或绿化带隔 离的方式。 北京经开区管委 ...

Core Viewpoint - The humanoid robot industry is expected to enter a mass production phase in 2025, with Tesla being a leading company due to its advanced computing power, chips, models, data, hardware, and application scenarios in automotive manufacturing [1][2]. Industry Trends - The humanoid robot index has significantly outperformed the CSI 300 index since October 2024, indicating strong market interest despite recent adjustments [1]. - The demand for humanoid robots in consumer applications is projected to be substantial, currently in the 0-1 investment phase, necessitating attention to event-driven catalysts [1]. - Major domestic manufacturers have accelerated their entry into the market since 2024, which is expected to further drive industry development [2]. Key Components - **Harmonic Reducers**: High technical barriers and concentrated competition; domestic manufacturers have largely replaced imports, with Green Harmonic being a leading player [3]. - **Planetary Roller Screws**: Currently low domestic production rates; achieving mass production is crucial as domestic firms are positioned to become mainstream suppliers due to conservative approaches from European competitors [4]. - **Dexterous Hands**: Composed of various components with multiple technological routes; domestic companies are gradually gaining market share through localized sales strategies [5]. - **Sensors**: Essential components with the highest difficulty in six-dimensional force sensing; leading global companies are primarily based in Europe and the US, while domestic Kunwei Technology has a significant market presence [6]. - **Lightweight Materials**: Important for enhancing performance and accuracy; various materials such as aluminum alloy, magnesium alloy, PEEK, and TPV are being explored [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.95 CNY over the next six months, while the current price is 40.35 CNY [1]. Core Insights - The company's performance in 2024 met expectations, with a record high revenue in Q4 2024. The total revenue for 2024 was 1.409 billion CNY, representing an 11.1% year-on-year increase, while the net profit attributable to the parent company was 220.57 million CNY, up 82.2% year-on-year [7][11]. - The company is expanding its international market presence, achieving 770 million CNY in overseas revenue, a 15.2% increase year-on-year, which now accounts for 54.8% of total revenue [7]. - The company’s gross margin for 2024 was 32.3%, a decrease of 1.4 percentage points year-on-year, primarily due to rising raw material costs and increased market competition [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 1,409.06 million CNY, net profit of 220.57 million CNY - 2025E: Revenue of 1,612.24 million CNY, net profit of 361.37 million CNY - 2026E: Revenue of 1,804.69 million CNY, net profit of 413.85 million CNY - 2027E: Revenue of 2,023.87 million CNY, net profit of 476.17 million CNY - The net profit growth rates for 2025-2027 are projected at 63.83%, 14.52%, and 15.06% respectively [2][9][13]. - **Earnings Per Share (EPS)**: - 2024A: 0.96 CNY - 2025E: 1.57 CNY - 2026E: 1.80 CNY - 2027E: 2.07 CNY [2]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected to decrease from 42 in 2024 to 19 in 2027, indicating improving valuation as earnings grow [2][11]. Business Segment Performance - **Refrigeration Motors and Fans**: - Revenue of 1.257 billion CNY in 2024, with a growth rate of 10.64% [9]. - **Servo Motors**: - Revenue of 107.54 million CNY in 2024, with a growth rate of 18.96% [9]. - **Other Businesses**: - Revenue of 44.25 million CNY in 2024, with a growth rate of 7.35% [9]. Market Position and Competitive Analysis - The company is positioned as a leading micro-motor enterprise in the cold chain sector, with significant growth potential in servo motors and other new products. The average PE ratio of comparable companies in the industry is around 36-30 for 2025-2026 [11].