风险提示 机器人业务进展低于预期、乘用车行业销量低于预期、北美市场新能源车渗透率低于预 期、乘用车遮阳板、头枕、顶棚产品配套量低于预期、海外关税政策不确定性。 | 公司主要财务信息 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 5,861 | 6,377 | 6,948 | 7,735 | 8,604 | | 同比增长 (%) | 13.9% | 8.8% | 9.0% | 11.3% | 11.2% | | 营业利润(百万元) | 802 | 943 | 1,020 | 1,217 | 1,404 | | 同比增长 (%) | 35.7% | 17.6% | 8.2% | 19.3% | 15.4% | | 归属母公司净利润(百万元) | 654 | 802 | 871 | 1,039 | 1,198 | | 同比增长 (%) | 14.8% | 22.7% | 8.6% | 19.2% | 15.3% | | 每股收益（元） | 0.30 ...

浙江荣泰 20251125 摘要 浙江龙泰丝杠类产品定点预计在 11 月底或 12 月初确定，周期为 3-5 年。 泰国工厂一期年底建成，满足北美大客户量产需求。预计年底周产能达 1,000 台机器人，明年一季度提升至 3,000 台，年底达 5,000 台， 2026 年全年产量预计达 20 万台。 与北美大客户新业务项目自八九月份推进，进度和规模超预期。公司与 特斯拉等客户保持高频互动，预计 2026 年底启动 V3 量产，一季度实 现第三代机器人定型，五年内目标产量提升至 100 万台，并积极推进在 研产品国产化率至 70%-80%。 微型丝杠自 4 月开始向特斯拉交付，已交付约 7-8 万根，全年预计交付 数万根，每个机器人配套 44-46 根。齿轮箱自 5 月开始小规模交付，未 来配套比例将逐步提升至与微型丝杠 1:1 配套，同时开发减速器等产品， 提升整体配套价值。 浙江龙泰主业经营稳健，深耕汽车零部件领域 20 余年，与特斯拉、大 众、沃尔沃等头部车企及电池厂保持长期合作。三季度随着延迟项目恢 复，实现同比 20%以上增长，预计未来主业维持 20%-30%的复合增长 率。 公司盈利能力较强，三季 ...

证券日报网讯维峰电子11月24日在互动平台回答投资者提问时表示，公司各项业务进展顺利，包括但不 限于机器人业务。 （文章来源：证券日报） ...

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2025-006 A：尊敬的投资者，您好！当前公司基本面向好，生产经营正常， 各项工作有序开展。二级市场的股票价格受到宏观经济环境、公 司所属行业、市场情绪、投资者预期等多方面因素的影响，公司 密切关注二级市场股价走势，也请广大投资者注意投资风险。感 谢您的关注! Q7：为什么两个月了股价一直创新低，公司是否有市值管理计 划？ A：尊敬的投资者，您好！公司始终专注于提升经营质量和核心 竞争力，推动业绩稳定增长，为投资者创造长期价值。公司重视 市值管理，坚持做好信息披露质量、投资者关系管理。感谢您的 关注！ Q8：目前对于灵巧手的订单如何，市占率如何。 A：尊敬的投资者，您好！公司密切关注行业市场动态和技术发 展趋势，紧跟客户需求，把握市场机遇。感谢您的关注！ Q9：你好董秘，兆威机电预计多久能在港交所上市，有没有明 确的时间节点。 A：尊敬的投资者，您好！公司 H 股上市正常推进过程中，后续 如有进展需要披露，公司将及时在交易所指定网站披露相关内 | | 特定对象调研 □分析师会议 | | --- | --- ...

| 投资者关系活 | ■特定对象调研 | □分析师会议 | 动类别 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | □媒体采访 | □业绩说明会 | | | | | | | | | □新闻发布会 | □路演活动 | | | | | | | | | □现场参观 | | | | | | | | | | □其他（请文字说明其他活动内容） | | | | | | | | | | 参与单位名称 | 兴业证券、中邮证券、景顺长城基金、财通资管、银河基金、 | 及人员姓名 | 博时基金、中银理财、园信永丰基金、健顺投资 | | | | | | | 时间 | 2025 | 年 | 11 | 月 | 19 | 日 | 地点 | 公司会议室 | | 上市公司接待 | 投关总监——蒋沙 | 人员姓名 | 机器人业务项目组相关专家 | | | | | | | 一、主动介绍环节 | | | | | | | | | | 公司就机器人业务规划进行了主动介绍，并向来宾演示 | | | | | | | | | | 了人形机器人"小安"自主行走、武术舞蹈 ...

Group 1: Company Overview and Operations - The company has established subsidiaries in key regions across China and overseas, including Europe, the United States, and Thailand, to enhance service and responsiveness to customer needs [2] - The company is actively promoting capacity coordination and has a comprehensive regional coverage for production capacity [2] Group 2: Future Orders and Production Capacity - The company anticipates that steady growth in downstream demand will drive both capacity release and order fulfillment, contributing to performance growth [2] - There is a focus on the progress of sample submissions in the robotics business, which is advancing as planned [3] Group 3: Impact of Raw Material Prices - The company acknowledges the long-term volatility in raw material prices, particularly aluminum, and plans to negotiate reasonable price adjustments with customers [3] - Strategies to mitigate the impact of raw material price fluctuations include capacity expansion, technological innovation, and improvements in production processes [3] Group 4: Investor Relations and Market Management - The company emphasizes the importance of investor relations and has been enhancing its governance framework to protect shareholder rights since its listing [3] - Future plans include developing a more scientific profit distribution scheme and expanding communication channels to boost investor confidence [3]

Core Viewpoint - Sanhua Intelligent Controls achieved a net profit attributable to shareholders of 3.242 billion yuan in the first three quarters, representing a year-on-year increase of 40.85% [1] - In Q3, the net profit attributable to shareholders was 1.132 billion yuan, showing a year-on-year growth of 43.81% but a quarter-on-quarter decline of 6.14% [1] Financial Performance - The company's Q3 performance showed steady growth, meeting expectations [1] - The main businesses in home appliances and automotive sectors are stable [1] Product Development and Innovation - In the first half of 2025, the company will focus on technical improvements for several key model products, collaborating with customers on the full range of product development, trial production, iteration, and sample delivery [1] - The company received high praise from customers and achieved a series of innovative results around existing products, enhancing overall product strength [1] Market Position and Future Outlook - The company holds a leading position in the global market for thermal management in new energy vehicles [1] - The robotics business has broad prospects and is expected to become the company's second growth curve [1] - The company maintains a "buy" rating [1]

三花智控（ [Table_StockNameRptType] 002050） 公司点评 Q3 业绩符合预期，机器人执行器业务进展迅速 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-19 | | | [Table_BaseData] 收盘价（元） | | 42.14 | | 近 12 个月最高/最低（元） | 53.48/21.26 | | | 总股本（百万股） | | 4,208 | | 流通股本（百万股） | | 3,684 | | 流通股比例（%） | | 87.55 | | 总市值（亿元） | | 1,773 | | 流通市值（亿元） | | 1,553 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 16% 53% 89% 126% 11/24 2/25 5/25 8/25 三花智控 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：邓欣 执业 ...

1 | | 4.请问公司 2025 年全年的业绩怎么样？ | | --- | --- | | | 答：公司生产经营状况稳定，具体业绩届时请关注公司在巨潮资讯网 | | | 披露的年度报告。 | | | 5、公司 2025 年 11 月 10 日股东人数为多少？ | | | 答：截至 2025 年 11 月 10 日，公司股东人数为 80816 人。 | | 关于本次活动是否涉 及应披露重大信息的 说明 | 不涉及 | | 活动过程中所使用的 演示文稿、提供的文 | 无 | | 档等附件（如有，可 作为附件） | | 编号：【2025-05】 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | □媒体采访 | | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | □现场参观 | | | | □其他 | | | | 活动参与人员 | 富国基金、天风证券、中泰证券、泉果基金、中信建投、东北证券、个人 | | | | 投资者及分析师 | | | 上市公司接待人员 | | 董事会秘书：单琛雁 | | | | 证券事务代表：王晖 | | | | 证券 ...

Core Viewpoint - The report from Changjiang Securities indicates that Seres' Q3 performance slightly missed expectations, with profitability under pressure year-on-year [1] Financial Performance - In Q3, the company achieved revenue of 48.133 billion, with year-on-year and quarter-on-quarter growth of +15.8% and +11.3% respectively [1] - The total sales of the Wanjie model reached 123,900 units in Q3, reflecting a year-on-year increase of +25.1% and a quarter-on-quarter increase of +16.0% [1] - The net profit attributable to shareholders for Q3 was 2.371 billion, showing a year-on-year decrease of -1.7% but a quarter-on-quarter increase of +8.1% [1] Growth Drivers - The financing in the Hong Kong market is empowering the company, with trends in domestic sales and overseas expansion on the rise [1] - The robotics segment is expected to initiate a second growth curve for the company [1] - The company is anticipated to leverage its rich underlying data elements from intelligent manufacturing scenarios, combined with the capabilities of the Volcano Engine software, to achieve breakthroughs in embodied intelligent manufacturing and industrialization [1] Investment Rating - The report maintains a "Buy" rating for Seres [1]