山西证券股份有限公司徐风,姚健近期对兆威机电（003021）进行研究并发布了研究报告《Q2净利高增，关注 灵巧手商业化进程》，给予兆威机电增持评级。 兆威机电 事件描述 公司披露2025中报。上半年，公司实现营业收入7.9亿元，同比+21.9%；归母净利润1.1亿元，同比+20.7%。 其中，25Q2实现营业收入4.2亿元，同比+25.9%，环比+14.0%；实现归母净利润0.6亿元，同比+52.3%，环比 +7.0%。事件点评 主要产品收入均有增长，盈利能力同比提升。上半年，微型传动系统收入5.0亿元，同比+20.5%，收入贡献 63.3%；毛利率27.6%，同比-2.1pct。精密零件收入2.4亿元，同比+16.3%，收入贡献30.4%；毛利率43.8%，同 比+5.8pct。精密模具及其他收入0.5亿元，同比+88.5%，收入贡献6.3%；毛利率18.6%，同比+15.7pct。 25Q2公司毛利率/净利率分别为32.2%/14%，同比分别+2.5pct/2.4pct。费用率方面，25Q2公司管理/销售/研发/ 财务费用率分别为5.9%/4.4%/10.0%/-2.3%，同比分别-0.1pct/-0.2 ...

Core Insights - Chengyang Asset recently conducted research on Huaguang New Materials, highlighting the company's efforts to enhance its core competitiveness and profitability [1] - The company expects over 50% revenue growth in Q1 2025, driven by the launch of smart manufacturing projects, new product development, and customer expansion [1] - Huaguang New Materials is planning to invest in a brazing materials production base in Thailand to expand its overseas market presence [1] Company Developments - The company has initiated a digital factory project aimed at upgrading production and management through digitalization, thereby improving operational efficiency [1] - AI liquid cooling server business has started mass supply, contributing 2.4% to Q1 revenue, with anticipated growth in demand [1] - The company is increasing R&D investment in welding materials for new energy vehicles and advancing electronic connection materials and welding technologies [1] Product Applications - Silver brazing materials are being applied in the aerospace sector, with ongoing validation for nickel-based materials in drone applications [1] - Sales of intelligent welding equipment have commenced, although revenue from this segment remains limited [1]

Group 1 - The company has delivered samples of hollow cup motors and planetary gear reducers for some projects in the robotic dexterous hand sector [1] - In the industrial control area, the company is providing samples of brushless motors, planetary gearboxes, and controllers to customers [1] - The company is optimistic about the long-term development potential of the service robot sector and will continue to deepen research and development [1] Group 2 - The company has begun small-scale supply of brushless motors and planetary reducers for service robots [1] - There is a need for time to align product offerings with market demand, as the true market potential will only be realized when application scenarios are fully opened [1] - The company emphasizes that the release of market demand will drive the volume growth of dexterous hands [1]

| 投资者关系活动 | □特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 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 （2025 年青岛辖区上市公司投资者网上集体接待日） ☑ | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2025 年 5 月 12 日 (周一) 下午 15:00~17:00 | | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 上市公司接待人 | 1、征和工业副总裁、财务总监 李国范 | | | 员姓名 | 2、征和工业 董事会秘书 张妮娜 | | | | 3、征和工业 战略总监 方向 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、领导层你们好，请问一下你们对于机器人灵巧手的预算 | | | 投资者关系活动 | 预期是多少 | | | 主要内容介绍 | 您好，公司将根据公司战略和资金预算对各项业务进行合理 | | ...