联手乐聚进军机器人领域， 在手订单充沛业绩稳增可期 事件：2025 年 9 月 19 日，东方精工与乐聚智能合资设立的东 方元启智能机器人（广东）有限公司正式成立，注册资本 1 亿元， 业务涵盖服务消费机器人制造、智能家庭消费设备制造等领域。 强强联合切入人形机器人赛道，成长空间可期 作为瓦楞纸箱印刷包装设备龙头，公司跨界进军智能机器人领域，形 成"集群化战略投资"布局，旨在提升未来竞争力。双方将充分发挥 各自技术优势，共同开拓智能制造新市场。东方精工凭借在高端智能 装备制造领域近三十年的深厚积累及资源优势，在精密机械加工、自 动化产线集成、质量控制和费用管控等方面具备核心竞争力，能够有 效解决人形机器人从实验室样机走向规模化、商业化量产过程中的核 心制造瓶颈。而乐聚智能具备前沿的技术研发能力，其在机器人模块 化关节、全身动量控制算法等核心软硬件技术上处于国内领先地位， 推出的 KUAVO（夸父）人形机器人已展现出优异的运动能力与场景适 应性。从市场前景来看，人形机器人赛道空间广阔，随着人工智能与 传感技术的持续进步，未来在工业制造、商业服务、科研教育及家庭 服务等领域具有广泛的应用潜力。 2025 年 09 ...

Core Viewpoint - The company has demonstrated strong revenue growth and profitability in its recent financial reports, driven by a comprehensive business model and strategic market expansion efforts [1][2][5]. Financial Performance - In 2024, the company achieved a revenue of 1.79 billion yuan, a year-on-year increase of 42.30%, with a net profit of 414 million yuan, up 27.40% [1]. - For Q4 2024, the revenue was 525 million yuan, reflecting a 39.82% year-on-year growth, while the net profit reached 104 million yuan, increasing by 21.54% [1]. - In Q1 2025, the company reported a revenue of 478 million yuan, a 29.79% increase year-on-year, with a net profit of 108 million yuan, up 25.20% [1]. Business Model and Market Strategy - The company has adopted a "equipment first, consumables follow" operational model, which has led to continuous growth in performance [2]. - The product and service offerings span digital printing equipment, inks, consumables, and technical services, forming a complete industrial ecosystem [2]. - The company is actively exploring applications in downstream sectors, enhancing growth momentum by expanding into digital publishing and decorative materials [3]. Revenue Breakdown - In 2024, revenue from various segments included 905 million yuan from digital printing equipment, 518 million yuan from inks, 145 million yuan from automated sewing equipment, and 136 million yuan from digital printing equipment, with respective year-on-year growth rates of 47.84%, 26.15%, 37.67%, and 114.66% [2]. Profitability and Cost Management - The company's gross margin slightly declined to 44.95% in 2024, attributed to a minor decrease in product prices [2]. - The total expense ratio increased to 18.04%, driven by reduced foreign exchange gains and increased stock incentive costs [3]. Capacity Expansion and Production - The company has successfully implemented its IPO fundraising projects, including a smart factory for producing 2,000 sets of industrial digital printing equipment, which has significantly enhanced production capacity [4]. - Ongoing projects aim to further bolster production capabilities in the ink consumables sector, ensuring robust support for business growth [4]. Market Expansion - The company has balanced its sales strategy between domestic and international markets, achieving revenues of 850 million yuan and 924 million yuan from domestic and foreign sales, respectively, with year-on-year growth of 46.37% and 37.60% [5]. - Participation in major industry exhibitions has helped enhance the company's international brand influence [5]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 2.34 billion yuan, 2.97 billion yuan, and 3.66 billion yuan for 2025-2027, reflecting year-on-year growth rates of 30.69%, 26.99%, and 23.19% [7].

Company Overview - Company is engaged in the research, design, production, and sales of high-end non-standard intelligent equipment, primarily applied in the photovoltaic and corrugated packaging sectors [4] - Company aims to become a global leader in intelligent manufacturing solutions, with its core business segments being photovoltaic equipment and packaging equipment [18] Photovoltaic Equipment Industry - Global photovoltaic market demand remains strong, with an expected 2024 global installed capacity of 530 GW, a year-on-year increase of 35.9% [5] - In China, the new installed capacity for photovoltaic systems reached 277.57 GW in 2024, up 28.33% year-on-year, with projections for 2025 between 215-255 GW [6] - The photovoltaic industry is undergoing structural reforms, leading to a balanced supply-demand dynamic, with policies aimed at enhancing technological standards and reducing inefficient capacity [7][8] - N-type battery technology is gaining market share, with N-type TOPCon batteries accounting for 71.1% of the market, while PERC batteries have dropped to 20.5% [9] Corrugated Packaging Equipment Industry - The corrugated packaging industry is experiencing a mild recovery, supported by increased exports and consumer demand, with the retail sales of consumer goods in China reaching 48.33 trillion yuan, a 3.5% increase year-on-year [11] - The digital printing market is growing rapidly, with projections indicating that digital inkjet printing's market share in corrugated packaging will rise from 6% in 2023 to 11% by 2028, with a CAGR of 17.6% [12] - Domestic policies are promoting green transformation in the packaging sector, with initiatives aimed at enhancing recycling and reducing packaging waste [13][14] Company Position in the Industry - Company’s subsidiary, Shengcheng Photovoltaic, is recognized as a leading supplier of photovoltaic intelligent equipment, with a cumulative installed capacity exceeding 800 GW and products exported to over 30 countries [15] - In the corrugated packaging sector, the company holds a market share of 23.39%, ranking first in the domestic corrugated production line industry, and has received multiple industry awards for brand value and influence [16][17]