本报记者 张晓玉 添翼数字经济智库高级研究员吴婉莹对《证券日报》记者表示，这种"产业赋能+技术反哺"的双向赋能 模式，不仅加速了人形机器人的产业化进程，更重塑了传统制造与人工智能的产业边界，为制造业智能 化转型提供了创新范本。立中集团长期以来主营汽车铝合金车轮和轻合金新材料，传统业务与汽车行业 周期紧密相关。此次合作显示出公司积极寻求向高端制造、机器人等新领域扩展的决心。而伟景智能一 方，则可通过立中集团的制造资源与场景数据，加速其视觉技术与机器人产品在工业领域的落地，同时 可能借助立中集团作为上市公司的资本平台，为后续发展提供支撑。 部件轻量化成破局关键 "人形机器人正在从实验室走向产业化，轻量化是其能否实现大规模商用的关键瓶颈之一。"中国数实融 合50人论坛副秘书长胡麒牧在接受《证券日报》记者采访时表示，目前行业内普遍采用钢或传统铝合 金，在运动灵活性、能耗控制和制造成本方面存在巨大挑战。 而在另一端，伟景智能的立体视觉技术，若能广泛应用于立中集团现有的汽车零部件生产线，也将为视 觉算法在复杂工业环境中的落地提供宝贵场景。这种"你为我造机器人，我帮你看工厂"的协同模式，形 成了一种高效的资源互换。 10月 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its initial coverage [10]. Core Views - Focusing on the automotive interior sector, the company aims to become a comprehensive solution provider, emphasizing R&D investment and a clear development path towards smart, electric, and integrated products [4][8]. - The company is in the early stages of exploring technology and resource reserves for lightweight robotics, with potential advantages in technology, R&D, customer relationships, and globalization [9][10]. Summary by Sections Company Overview - Founded in 2006 and headquartered in Wuhu, the company is a leading supplier of automotive interior functional and decorative components, with a complete manufacturing capability from design to assembly [7][20]. - The company has experienced three development phases: system construction, customer expansion, and globalization, successfully listing on the Growth Enterprise Market in 2023 and raising 776 million yuan for new factory production [7][23]. Financial Performance - Revenue grew from 350 million yuan in 2018 to 1.33 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 24.8%. In the first half of 2025, revenue reached 820 million yuan, a year-on-year increase of 35.4% [7][29]. - Net profit increased from 10 million yuan in 2018 to 100 million yuan in 2024, with a CAGR of about 42.8%. In the first half of 2025, net profit was 60 million yuan, up 36.4% year-on-year [7][29]. Innovation and Global Strategy - The company maintains a strong focus on R&D, with expenses rising from 20 million yuan in 2018 to 60 million yuan in 2024, reflecting a CAGR of 18.1% [42]. - The company has established six domestic production bases and is expanding in Mexico and Japan, with a significant increase in overseas revenue, which reached 310 million yuan in 2024 [8][32]. Robotics Lightweight Strategy - The company is exploring lightweight materials for robotics, leveraging its existing injection molding capabilities to introduce engineering plastics into the robotics sector [54][55]. - The trend towards lightweight robotics is driven by the need for improved performance in endurance, mobility, and durability, with significant developments in materials like PEEK [55][57]. Investment Recommendations - The company is actively expanding its customer base and product categories while enhancing its international market presence, which is expected to increase revenue potential and profitability [10][54]. - Forecasted net profits for 2025-2027 are 150 million, 220 million, and 270 million yuan, with corresponding price-to-earnings ratios of 50.3X, 35.0X, and 27.6X [10].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the humanoid robot industry, particularly the trend towards lightweight materials such as magnesium alloys to enhance robot performance [1][2][3]. Core Insights and Arguments - **Weight Reduction Importance**: Lightweighting significantly improves the flexibility and endurance of humanoid robots. For instance, Tesla's second-generation robot reduced weight by 10 kg, enhancing operational efficiency [2]. - **Material Shift to Magnesium Alloys**: As structural optimization for weight reduction reaches its limits, the shift towards magnesium alloys is crucial. A new mechanical arm using magnesium alloy achieved a 33% weight reduction, improving cycle speed by 5% and response time [3]. - **Advantages of Magnesium Alloys**: Magnesium alloys are lightweight, strong, and have excellent thermal conductivity. They are more cost-effective compared to aluminum and composite materials, with weight reductions of up to 60% compared to steel [6]. - **Demand in Industrial Robotics**: If all existing industrial robots were replaced with magnesium versions, the total weight reduction could exceed 2,600 tons. The demand for magnesium will significantly increase as the number of industrial robots grows, projected to rise by 40% year-on-year in 2024 [9]. Key Companies and Their Developments - **Baowu Magnesium Industry**: A leading player in the magnesium alloy sector with a current capacity of 100,000 tons of raw magnesium and 200,000 tons of magnesium alloys, planning to expand to over 500,000 tons. The company is diversifying into downstream applications, which now account for nearly 50% of its business [4][11][12]. - **Xinyuan Zhuomei**: Specializes in magnesium alloy processing for 20 years, showing steady revenue and profit growth. The company focuses on die-casting parts, with over 60% of revenue from magnesium alloy products, and plans to expand production and enter overseas markets [4][13]. Additional Important Insights - **Market Potential**: The application of magnesium alloys in humanoid robots is expected to create significant market demand. Each humanoid robot's outer shell uses approximately 14 kg of magnesium alloy, leading to a potential demand of tens of thousands of tons if scaled to one million units [10]. - **Broader Industry Growth**: The magnesium alloy industry is experiencing rapid growth, driven by applications in automotive and low-altitude economies, alongside the humanoid robot sector [15]. Conclusion - The humanoid robot industry is increasingly leaning towards magnesium alloys for lightweighting, which enhances performance and efficiency. Companies like Baowu Magnesium Industry and Xinyuan Zhuomei are well-positioned to capitalize on this trend, indicating a promising future for both the companies and the magnesium alloy market as a whole [15].

Core Viewpoint - Ningbo Jingda is actively expanding its strategic layout in emerging fields such as data center liquid cooling and lightweight robotics, leveraging technology integration, mergers, and overseas market expansion to create new growth engines and address investor concerns [2] Group 1: Order Growth and Market Expansion - The company has seen a positive growth in overall orders in the first half of the year, with steady increases in orders from the heat exchanger, pressure machine, and microchannel divisions, indicating a more balanced customer expansion [3] - Following the acquisition of Wuxi Weiyan, over 50% of new orders for molds are export orders, reflecting a year-on-year growth of approximately 70%, with North American orders reaching last year's total in just the first half [3] Group 2: Strategic Collaboration and Mergers - After acquiring Wuxi Weiyan in 2025, the company is actively promoting business collaboration to share market and customer resources, aiming to enhance business scale, profitability, and risk resistance, ultimately increasing earnings per share for shareholders [4] - The controlling shareholder, Ningbo Tongshang Group, supports the company in building a benchmark manufacturing equipment platform through a "merger + integration + empowerment" model, enhancing influence in the high-end equipment manufacturing sector [4] Group 3: New Field Development - The company is accelerating its entry into the data center liquid cooling market by leveraging its expertise in microchannel technology, integrating advanced techniques from the UK and Germany to improve precision manufacturing capabilities [5] - Wuxi Weiyan has developed specialized thermal management products for AI data centers, laying the groundwork for capturing the high-end air conditioning market in international AI data centers [5] Group 4: Technology Research and Development - The company is focusing on lightweight forming, non-metal forming, and hydrogen equipment research in sectors such as new energy vehicles, robotics, and eVTOL, while also conducting research on the automotive new energy thermal management [6] - In the first half of 2025, the company is implementing a differentiated product strategy and exploring new products and applications, aiming for continuous growth and value enhancement through technological innovation and strategic collaboration in data center liquid cooling and lightweight robotics [6]

Core Insights - The robotics sector has shown positive performance in the first half of 2025, with nearly 90% of companies achieving profitability [1][3] - Revenue for 120 companies in the robotics sector reached 288.83 billion yuan, a year-on-year increase of 13.81%, with a net profit of 21.62 billion yuan, also up by 13.72% [1] - The second quarter of 2025 saw revenues of 153.24 billion yuan, reflecting a year-on-year growth of 14.65%, and a net profit of 11.37 billion yuan, up by 6.80% [1] Segment Performance - The fastest profit growth was observed in the thermal components and brain-related segments, while the joint assembly, motor, screw, and reducer segments showed stable and substantial profit growth [3] - Seven companies, including Zhengyu Industrial and Daye Co., saw net profit growth rates exceeding 100% in the first half of 2025, with Zhengyu Industrial achieving a remarkable 1133.26% growth in Q2 [3] Profitability and Cost Management - The average gross margin for the robotics sector in H1 2025 was 21.94%, with a net margin of 7.48% and a decreasing expense ratio of 7.22% [4] - In Q2 2025, the gross margin improved to 22.19%, while the net margin slightly decreased to 7.42%, and the expense ratio fell to 6.65% [4] - Core component segments exhibited the strongest profitability, with gross margins reaching 22.54% and net margins at 9.31% [4] Technological Advancements - The pace of technological iteration in robotics has accelerated, with significant advancements in components such as motors and reducers [5] - New materials like PEEK are increasingly used in leading robotic products, enhancing energy efficiency [5] - Innovations in design have led to improved freedom of movement and load capacity in robotic arms, as well as enhanced sensing capabilities in dexterous hands [5][6] Commercialization and Order Growth - The commercialization of robotics has progressed rapidly, with a significant expansion in order volumes [7] - Major contracts include a billion-yuan order from China Mobile and a record-breaking procurement project by UBTECH [7] - The collaboration within the robotics supply chain has deepened, with notable order totals exceeding 100 million yuan for certain companies [7] Investment Analysis - The second half of 2025 should focus on new technology iterations and component market trends, particularly in the automotive and 3C sectors [8][9] - Key players such as Tesla, Huawei, and ByteDance are expected to maintain competitive advantages due to their control over demand scenarios and hardware supply chains [8] - Attention should be given to the supply chain dynamics of Tesla and Zhiyuan, as well as the technological advancements in dexterous hands and motors [9]

Core Viewpoint - Liken Technology (00558) has initiated a strategic collaboration with four companies specializing in magnesium alloy and humanoid robot development, aiming to advance the joint research project on magnesium alloy humanoid robots, which is expected to revolutionize both weight reduction and manufacturing efficiency in robotics [1] Group 1: Company Developments - Liken Technology's stock surged over 13% in late trading, currently up 10.33% at HKD 5.98, with a trading volume of HKD 646 million [1] - The joint research project will focus on overcoming key technical challenges such as magnesium alloy shell forming, process optimization, and lightweight structural design [1] Group 2: Industry Insights - According to Zhongtai Securities, lightweight materials are crucial for enhancing the endurance and response speed of robots, with magnesium-aluminum alloys being ideal due to their low density and high strength [1] - Everbright Securities highlighted that lightweighting has become an irreversible trend in the automotive industry, with magnesium alloys playing a significant role in electric drive systems, and the demand for magnesium alloys in humanoid robots is also increasing [1] - The semi-solid magnesium alloy injection molding machine is expected to open new growth opportunities for companies in this sector [1]

Core Viewpoint - Liken Technology (00558) has initiated a strategic collaboration with four companies specializing in magnesium alloys and humanoid robot development, aiming to revolutionize the lightweight structure and manufacturing efficiency of robots [1] Company Summary - Liken Technology's stock rose over 13% and is currently trading at 5.98 HKD with a transaction volume of 646 million HKD [1] - The company has signed a strategic cooperation agreement to kick off a joint research and development project focused on magnesium alloy humanoid robots [1] - A joint research center will be established to tackle key technological challenges such as magnesium alloy shell forming, process optimization, and lightweight structural design [1] Industry Summary - Lightweight design is crucial for enhancing the endurance and response speed of robots, with magnesium-aluminum alloys being ideal materials due to their low density and high strength [1] - The automotive industry is increasingly adopting lightweight materials, with magnesium alloys playing a significant role in electric drive systems, indicating a growing demand in the humanoid robot sector as well [1] - The semi-solid magnesium alloy injection molding machine is expected to open new growth opportunities for companies in this field [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9] Core Views - The company has demonstrated robust revenue growth and improved profit margins, driven by global expansion and a dual focus on automotive and robotics sectors [1][3] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 3.05 billion yuan, up 6.16% year-on-year, and net profit at 573 million yuan, up 27.42% year-on-year [2] - The report highlights the company's strategic overseas capacity expansion, new product development, and high capacity utilization as key drivers of growth [4][6] Revenue and Profitability - The company achieved a revenue of 5,957 million yuan in 2023, with projected growth rates of 40% in 2023, 13% in 2024, and 18% in 2025 [1] - The net profit for 2023 is forecasted at 913 million yuan, with expected growth rates of 41% in 2023, 3% in 2024, and 28% in 2025 [1] - The gross margin for the first half of 2025 was reported at 29.25%, reflecting a year-on-year increase of 0.57 percentage points [2] Strategic Initiatives - The company is expanding its production capacity in North America and Europe, with new facilities in Mexico and Malaysia, which are expected to enhance market responsiveness and customer loyalty [4][6] - The company is actively developing over 400 new products annually, with an anticipated total sales revenue of no less than 10 billion yuan over their lifecycle [4] - The acquisition of a 71% stake in Zhuolibo, a micro-motor company, is expected to enhance revenue and profit, with projected net profits of 142 million yuan, 157 million yuan, and 174 million yuan from 2025 to 2027 [6] Financial Projections - The company’s revenue is projected to reach 7,962 million yuan in 2025, with a year-on-year growth of 18%, and net profit is expected to be 1,204 million yuan, reflecting a growth of 28% [1][6] - The report anticipates continued improvements in gross margins and potential foreign exchange gains, contributing to overall profitability [6]

Core Viewpoint - Liken Technology (00558) has seen a significant stock increase of over 54% this week, driven by a strategic partnership to develop magnesium alloy humanoid robots [1] Company Summary - Liken Technology's stock rose by 14.19% to HKD 5.31, with a trading volume of HKD 348 million [1] - The company has signed a strategic cooperation agreement with four firms specializing in magnesium alloys and humanoid robot development, initiating a joint R&D project [1] - The project focuses on integrated innovation in "materials-structure-process," aiming to overcome traditional robots' weight and strength limitations [1] Industry Summary - According to Dongwu Securities, the adoption rate of magnesium alloys in humanoid robots is expected to surpass that in the automotive sector [1] - The reasons include: 1. ToB scenarios often occur in closed environments with lower corrosion resistance requirements, reducing the disadvantages of magnesium alloys [1] 2. In ToC scenarios, humanoid robot components are more refined and lighter than automotive parts, allowing for the use of smaller semi-solid forming machines [1] 3. Magnesium alloys offer advantages in shock absorption, electromagnetic shielding, and heat dissipation, making them more suitable for humanoid robots compared to aluminum alloys [1]

Core Viewpoint - Liken Technology (00558) has seen a significant stock increase of over 54% this week, driven by a strategic collaboration in humanoid robot development using magnesium alloys [1] Company Summary - Liken Technology's stock rose by 14.19% to HKD 5.31, with a trading volume of HKD 348 million [1] - The company has signed a strategic cooperation agreement with four firms specializing in magnesium alloys and humanoid robot research, initiating a joint R&D project [1] - The project focuses on integrated innovation in "materials-structure-process" to overcome traditional robot weight and strength limitations, aiming for lightweight structures and improved manufacturing efficiency [1] Industry Summary - Dongwu Securities predicts that the adoption rate of magnesium alloys in humanoid robots will surpass that in the automotive sector due to several factors [1] - The ToB (business-to-business) scenarios often occur in closed environments with lower corrosion resistance requirements, mitigating the disadvantages of magnesium alloys [1] - In ToC (business-to-consumer) scenarios, humanoid robot components are more intricate and lighter than automotive parts, allowing for the use of smaller semi-solid forming machines [1] - Magnesium alloys offer advantages in shock absorption, electromagnetic shielding, and heat dissipation, making them more suitable for humanoid robots compared to aluminum alloys [1]