（来源：研报虎） 调整收入、毛利率及费用率等，预测2025-2027年归母净利润分别为1.99、2.47、2.89亿元(原为2.40、 2.93、3.49亿元)，可比公司25年PE平均估值47倍，目标价15.98元，维持买入评级。 风险提示 齿轮业务配套量低于预期、机器人业务进展原材料价格波动、乘用车行业需求低于预期。 参股格蓝若智能机器人，完善机器人产业布局。公司是国内乘用车精锻齿轮细分行业龙头企业，相关技 术与人形机器人精密减速器存在技术同源性，公司积极布局机器人产业打造第二增长曲线。4月14日公 司与天津爱玛信设立合资公司为相关客户开发机器人关节组件；6月3日宣布参与格蓝若智能机器人A轮 融资，以5000万元自有资金获得10%股份。格蓝若机器人与华中科技大学合作，主要研发劳动作业型场 景机器人，可面向电力巡检、运维等具体场景。我们认为公司在机器人产业布局较为全面，从上游零部 件到机器人关节总成，机器人业务作为第二增长曲线值得期待。 盈利预测与投资建议 二季度盈利端短期承压，预计下半年盈利情况将有望改善。公司上半年营业收入9.87亿元，同比减少 2.0%；归母净利润0.61亿元，同比减少35.2%；扣非归 ...

Group 1 - The core event showcased the integration of technology and sports, with the "Tiangong Ultra" humanoid robot completing a half marathon in 2 hours and 41 minutes, setting multiple world records [1] - The event highlighted the advancements in humanoid robot motion control technology in China and marked a new phase of industrialization for Shoucheng Holdings' robot ecosystem [1] - Shoucheng Holdings has established a diversified investment system in the robotics sector, directly investing in the championship-winning Beijing Humanoid Robot Innovation Center and other innovative companies [1][2] Group 2 - The global humanoid robot market is projected to exceed 1.2 trillion yuan by 2030, with estimates suggesting it could reach approximately 10 trillion yuan by 2045 [2] - Shoucheng Holdings has set up a 10 billion yuan Beijing Robotics Industry Development Fund, investing in various segments including humanoid, medical, and industrial robots [2][3] - The company’s strategy includes a full-chain layout from core components to end applications, enhancing collaboration efficiency and mitigating risks associated with single technology routes [3] Group 3 - Shoucheng Holdings has created a unique competitive barrier through a model that combines government collaboration, capital closure, and scenario empowerment [4] - The company leverages government policies to gain access to top research projects and innovative enterprises, enhancing its project acquisition capabilities [4] - The establishment of a "scene cluster" model allows Shoucheng Holdings to provide real-world testing environments for its portfolio companies, facilitating their commercialization [4][5] Group 4 - The company’s investment approach includes strategic investments, REITs securitization, and industry operations, allowing it to maximize returns while supporting portfolio companies [4][5] - Shoucheng Holdings emphasizes a "no empowerment, no investment" philosophy, providing comprehensive services throughout the investment cycle [5] - The successful testing of robots in real-world scenarios, such as charging robots at the airport, creates a positive feedback loop for product iteration and business asset upgrades [5] Group 5 - The half marathon event symbolizes Shoucheng Holdings' strategic vision, combining explosive growth potential with endurance and ecological collaboration [6] - The company plans to increase investment and select core targets, aiming to establish a comprehensive ecosystem integrating capital, technology, and scenarios [6] - Shoucheng Holdings is transitioning from a traditional infrastructure operator to a service provider in the intelligent era, potentially redefining investment paradigms in China's technology industry [6]