当前正处于人形机器人产业化的"破晓时刻"，量产元年已经开启。特斯拉、华为、Figure AI 等科技巨 头在人形机器人行业的持续投入有望驱动行业迭代加速并不断突破，人形机器人量产并实现大规模应用 迎来曙光，商业化落地可期。人形机器人产业正处于技术突破与商业化落地的关键节点，政策支持、入 局者不断增加及AI 大模型赋能共同推动行业加速发展。随着社会老龄化趋势加剧、人力成本提升，市 场对人形机器人的需求与日俱增，人形机器人有望形成一个新兴产业，逐渐从B 端走向C 端，未来市场 空间广阔。 投资要点： 行业核心观点： 供给端：人形机器人产业的供给侧正在迅速繁荣。一方面，海外的人形机器人领军企业如特斯拉、 Figure AI 等正在不断推进产品迭代和商业化落地，人形机器人将在工厂等场景实现批量应用提上日 程，这标志着人形机器人在工业领域的实际工作能力得到了验证和认可。另一方面，中国已成为全球人 形机器人产业最活跃的市场，2024-2025 年呈现出爆发式增长的态势。近年来特别是2023 年以来，创业 先锋企业、科技巨头、车企等不同背景的玩家正加速涌入人形机器人市场。目前，国内人形机器人产品 各具特色，在智能化和运动控 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent trade agreement between the US and Vietnam, which imposes a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam, is expected to improve export chain sentiment [12][6] - The manufacturing PMI in China showed a slight recovery in June 2025, indicating improved new orders and production indices, which may contribute to a positive outlook for the industry [12][24] Company Summaries 1) Jiao Cheng Ultrasonic - The company focuses on ultrasonic equipment and solutions, achieving a revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%. The net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% [3][13] - The business recovery in the new energy sector, particularly in lithium battery expansion, is expected to bring performance elasticity [13] 2) Zhenghe Industrial - Engaged in the research, manufacturing, and sales of various chain transmission systems, the company reported a revenue of 395 million yuan in Q1 2025, a 6.32% year-on-year increase, with a net profit of 53.84 million yuan, up 100.09% [4][14] - The company is developing a micro-chain system project, focusing on robotic dexterous hand transmission technology, which may benefit from the mass production of humanoid robots [14] 3) Lvtian Machinery - The main products include general power machinery and high-pressure cleaning machines, with energy storage products entering mass production. Revenue growth rates for Q3 2024, Q4 2024, and Q1 2025 are projected at 47.9%, 72.5%, and 50.1%, respectively [5][15] - The company is expected to experience a performance turning point, indicating a positive outlook for valuation recovery [15] Industry Overview - The mechanical index (CITIC) increased by 0.41% last week, while the overall market indices also showed positive growth [16][19] - The manufacturing sector's fixed asset investment in China grew by 8.5% year-on-year from January to May 2025, indicating a recovery trend [24]

6月19日，丰光精密(430510)发布公告，日前该公司接受多家机构调研，对其半导体领域、人形机器人 领域相关产品布局及产能进行了关注。 丰光精密表示，首先，公司将加快新产品研发与布局步伐，不断提升新产品的质量和开发效率，以满足 客户日益多样化的需求，计划进一步布局机器人核心零部件精密制造领域，加速推进谐波减速器产业 化；其次，公司将加大市场拓展力度，深入挖掘客户资源与需求，稳固与现有客户合作关系的同时积极 拓展新客户。"目前公司已在美国、日本设立全资子公司，并建立以美国(FGA)为核心的全球营销中 心，未来将根据客户、市场需求，积极开拓海外市场。" 丰光精密表示，公司在半导体领域主要应用产品包括电机轴、机器人部品、导轨滑块、伺服电机轴、真 空泵精密零部件等产品。公司是国内少数可以达到国际一流真空泵相关核心零部件生产水平的企业。目 前产能充足，公司新厂区(上合工厂)也建设了恒温恒湿车间，可为相关精密产品的生产提供基础保障。 人形机器人方面，丰光精密介绍，目前该公司在人形机器人方面的主要产品是谐波减速器，谐波减速器 行业是典型的技术密集型行业，技术壁垒较高，竞争格局整体较为集中。 丰光精密称，到2024年底，该 ...

制造业投资有所回落，把握自下而上机会 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2025 年 6 月 17 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127 号金隅大厦B座 邮编：100031 [Table_Title] 制造业投资有所回落，把握自下而上机会 [Table_ReportDate] 2025 年 6 月 17 日 本期内容提要: 1）骄成超声： 公司聚焦超声波设备与整体解决方案，2025 年一季度实现营业收入 1.48 亿元，同比增长 22.35 ...

Group 1 - The company, Estun, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its global strategy and enhance its international brand image and core competitiveness [1] - Estun's main business segments include automation core components, motion control systems, industrial robots, and intelligent manufacturing systems, targeting various industries such as new energy, automotive, and logistics [1] - The company aims to achieve a 20% year-on-year growth in industrial robot shipments in 2024, outperforming the industry growth rate, and ranks second in China's industrial robot market by shipment volume [1] Group 2 - In 2023, Estun has accelerated its international development strategy, establishing 75 service outlets globally, and has obtained various international safety certifications [2] - The company's overseas sales revenue for 2024 is projected to be 1.37 billion yuan, a 14.1% decline year-on-year, accounting for 34.16% of total revenue [2] - Estun plans to expand into markets in Europe, America, the Middle East, and Southeast Asia, focusing on opportunities with leading domestic clients in the new energy and lithium battery sectors [2] Group 3 - In Q1 2025, Estun achieved a revenue of 1.244 billion yuan, a year-on-year increase of 24.03%, and a net profit of 12.63 million yuan, up 93.43% year-on-year [3] - The company's market share in industrial robots increased, achieving the top position in China's robot market shipments for the first time [3]