凯迪股份 20260108 摘要 凯迪股份专注于线性驱动系统，产品线覆盖电动家居、升降办公桌、医 疗看护设备及汽车电动尾门等领域，技术积累深厚，具备较强的市场竞 争力。公司通过自制核心部件和投资相关企业，增强了在机器人领域的 产业链整合能力。 公司疫情期间业绩表现出色，但近年来受欧洲和北美经济放缓影响，营 收和利润有所下滑。市场竞争加剧导致毛利率下降，但目前已趋于稳定。 随着海外产能逐步投入，毛利率有望回升。 电动尾门市场具有爆发性增长潜力，目前主要在中高端汽车上配备，渗 透率有待提升。预计 2030 年全球市场规模将增至 30 亿美元，复合年 增长率达 80%。凯迪股份已为蔚来、奇瑞等客户提供产品。 全球新驱动市场规模约为 100 亿美元，复合年增长率约为 3%，中国增 速接近 7%至 8%。主要应用于智能家居、医疗器械等领域。国内企业在 全球市占率不到 25%，但成本优势明显，有望逐步开拓中高端应用。 电动车升降办公桌市场受益于远程办公普及，预计 2024 年至 2032 年 全球市场规模将从 500 亿美元增至 1,000 亿美元，复合年增长率为 13%，中国接近 20%。 Q&A 凯迪股份在机器人领域 ...

证券日报网讯1月7日，康尼机电（603111）在互动平台回答投资者提问时表示，公司积极探索机电一体 化核心技术在新兴产业和未来产业的创新发展，积极孵化培育新的产业增长点。关于智慧安全用电系 统，目前主要在船舶市场小批量应用推广；近期联合江苏铁塔智联、南京华琨信息科技及飞隼无人机技 术，四方共同推进公路管养运无人机智能体项目，该项目旨在通过技术创新解决传统公路管养的痛点。 公司在该项目中的核心角色是，基于机电核心技术，承担无人机机巢的研制任务，以实现广域、持续的 自动巡检，助力交通管养领域的数字化转型，目前项目还在研发中。 ...

康尼机电（603111.SH）1月7日在投资者互动平台表示，公司积极探索机电一体化核心技术在新兴产业 和未来产业的创新发展，积极孵化培育新的产业增长点。关于您询问的两个方向，具体情况如下： （1）公司控股子公司康尼科技的智慧安全用电系统，目前主要在船舶市场小批量应用推广；（2）公司 近期联合江苏铁塔智联、南京华琨信息科技及飞隼无人机技术，四方共同推进公路管养运无人机智能体 项目，该项目旨在通过技术创新解决传统公路管养的痛点。公司在该项目中的核心角色是，基于机电核 心技术，承担无人机机巢的研制任务，以实现广域、持续的自动巡检，助力交通管养领域的数字化转 型，目前项目还在研发中。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司新闻显示有关于电力系统无人机辅助系统的相关 合作，请介绍一下这方面的情况，谢谢 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6]. Core Insights - The company has been focused on linear drive systems for over 30 years and has achieved significant global expansion, becoming a leading player in the linear drive market with over 30% market share in electric sofa push rods [3][12]. - The linear drive market is expected to grow significantly, with a projected global market size of approximately $8.694 billion in 2025, reaching $10.38 billion by 2032, with a CAGR of 2.6% from 2026 to 2032 [4][50]. - The company is actively expanding into the humanoid robot sector, leveraging its strong technical capabilities in electromechanical integration [5][94]. Summary by Sections 1. Leading Company in Linear Drives - The company has established itself as a leader in the linear drive industry, with a focus on diverse application scenarios including smart homes, medical care, and automotive components [3][12]. - The company has a significant presence in North America and Europe, with a notable market share in electric sofa push rods [3][12]. 2. Broad Market Prospects for Linear Drives - The linear drive market is expanding into various fields, driven by global consumption upgrades and technological advancements [4][50]. - The smart home market is projected to grow to $173 billion by 2025, with a CAGR of 8.9% from 2022 to 2025 [58]. - The smart office market is expected to reach $51.63 billion in 2024, with a CAGR of 13.6% until 2029 [63]. 3. Strong Electromechanical Integration Capabilities - The company has developed a comprehensive vertical integration manufacturing system, allowing for in-house production of key components [5][94]. - The company is focusing on core motor technology and has made strategic investments in related fields such as gear reducers and joint modules [7][94]. 4. Profit Forecast and Rating - Revenue forecasts for 2025-2027 are projected at 1.378 billion, 1.530 billion, and 1.714 billion yuan respectively, with net profits expected to be 0.55 billion, 0.89 billion, and 1.11 billion yuan [6][8]. - The company is expected to gradually improve its profitability as overseas production capacity utilization increases and tariff impacts diminish [3][6].

人民财讯12月29日电，通力科技（301255）12月29日公告，公司与江苏祝尔慷电机节能技术有限公司、 吕生国、祝尔慷科技签署《增资协议书》，公司拟使用自有资金8670万元增资认缴祝尔慷科技新增注册 资本6120万元，剩余2550万元计入祝尔慷科技资本公积。增资完成后，公司将持有祝尔慷科技51%的股 权。祝尔慷科技主要从事电机领域技术开发、技术转让与技术服务，永磁电机及机电设备的研发、生产 与销售。本次增资祝尔慷科技有助于公司在传动领域的深度布局，公司将获得其先进永磁电机技术，共 同开发新产品，推动公司产品实现机电一体化发展。 ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Rongtai [5] Core Views - Zhejiang Rongtai plans to establish a joint venture with Weichuang Electric in Thailand to develop key components for robotics, aiming to enhance its product layout in the mechatronics market [1] - The company has made significant progress in its robotics strategy, with steady delivery of lead screws and successful collaborations with major robotics firms [1] - The financial outlook remains strong, with projected revenue growth and high profitability levels, particularly in the mica insulation materials sector [2] Financial Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 800 million - 2024: 1,135 million - 2025: 1,518 million - 2026: 2,059 million - 2027: 2,805 million - Year-over-year growth rates are expected to be 19.9% in 2023, 41.8% in 2024, 33.7% in 2025, 35.7% in 2026, and 36.2% in 2027 [4] - Net profit forecasts for the same period are: - 2023: 172 million - 2024: 230 million - 2025: 308 million - 2026: 415 million - 2027: 576 million - Year-over-year growth rates for net profit are projected at 28.4% in 2023, 34.0% in 2024, 34.0% in 2025, 34.5% in 2026, and 38.9% in 2027 [4][2] - The expected P/E ratios for 2025 to 2027 are 122, 91, and 65, respectively [2][4]

Core Insights - The 15th National Games closing ceremony was held in a unique format, moving beyond traditional sports venues to a scenic coastal setting, creating the world's first "city panoramic closing ceremony" [1] - The event showcased a "paper stage" design that highlighted Chinese culture and the innovative spirit of Shenzhen and the Greater Bay Area, establishing a new paradigm for water-based live performances [1] Company Insights - Minghe Group's subsidiary, Beite Shendi Technology Development Co., Ltd., provided technical support for the closing ceremony, demonstrating strong capabilities in mechanical and electrical integration design and execution [1] - The company utilized a "culture + technology" innovation engine, contributing to the creation of the largest outdoor water stage and the "paper stage" in the country, showcasing its comprehensive service from R&D to implementation [1] Industry Trends - The stage equipment industry is rapidly evolving due to the application of new technologies, including 3D architectural projection, AI intelligence, and digital demonstrations, enhancing the visual effects of performances and providing new momentum for the cultural tourism sector [1] - Key systems such as the water stage, water matrix, control systems, and hydraulic systems featured multiple technological innovations, significantly improving visual layers, scene richness, and operational stability [2]

Core Viewpoint - The report highlights that the evolution of AI computing hardware is driving structural growth opportunities in the PCB (Printed Circuit Board) industry, with significant demand for high-layer and HDI boards due to the increasing requirements of AI applications and high-performance computing [1][27]. Industry Overview - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2029, the market is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1][27]. - The AI and high-performance computing sectors are anticipated to see substantial growth, with the market size expected to reach $15 billion by 2029, reflecting a CAGR of 20.1% from 2024 to 2029 [1][27]. Demand Drivers - The demand for high-layer PCBs and HDI boards is rapidly increasing, driven by the need for high-frequency, low-signal loss, and high-heat dissipation performance in AI servers. The value of a single AI server PCB is significantly higher than that of traditional servers [1][27]. - The market for high-layer PCBs is projected to reach $171 billion by 2029, while the share of high-end HDI boards in the global HDI market is expected to rise from 47% in 2024 to 57% in 2029, with a market size of $9.6 billion [1][27]. Technological Advancements - AI server requirements are pushing PCB technology upgrades, necessitating the use of high-layer (14-30 layers) and low-loss materials. This includes the adoption of low roughness reverse (RTF) copper foil and very low loss materials to minimize signal distortion [1][27]. - The report emphasizes the importance of material upgrades, such as the transition from traditional fiberglass cloth to low dielectric constant Q cloth, to meet the evolving demands of high-frequency applications [1][27]. Company Strategies - Companies in the PCB sector are actively expanding their capabilities. For instance, companies like Huadian Co. are advancing high-end PCB production, while Shenghong Technology has the capacity for mass production of high-layer boards and HDI boards [1][27]. - Equipment manufacturers like Chip Microelectronics and Dazhu CNC are introducing laser equipment tailored for high-end PCB processing, while material suppliers like Honghe Technology and Feilihua are developing low-dielectric electronic fabrics and high-end copper foils [1][27].

Core Viewpoint - The article emphasizes the historic opportunity for the Chinese automotive industry to grow stronger through the electric and intelligent transformation, suggesting that Chinese automakers can achieve a leapfrog development compared to traditional fuel vehicle manufacturers from Europe, the US, and Japan, which have dominated the market in the past [2][12]. Group 1: Overview of Global Automotive Parts Giants - The article outlines how overseas automotive parts giants emerged, highlighting the different paths taken by German, Japanese, and American suppliers, with German firms focusing on technology, Japanese firms being supported by automakers, and American firms facing more competition [5][14][30]. - It discusses the significant brand advantages of tire giants and the monopolistic competition structure in the tire market, which allows room for latecomers to grow [5][14]. - The growth paths of overseas parts giants are categorized into three stages: from 0 to 1 (emergence), from 1 to 10 (growth), and the importance of high-value segments like powertrains and automotive electronics during the fuel vehicle era [15][26]. Group 2: Changes in Chinese Automotive Parts Suppliers - Chinese automotive parts suppliers are undergoing significant changes, with the rise of new energy vehicles and the emergence of companies like Tesla and NIO reshaping the supply chain dynamics [10][12]. - The article notes that since 2020, domestic suppliers have gained traction due to their high cost-performance ratio and rapid response capabilities, with examples including Top Group and Desay SV [10][12]. - The acceleration of globalization for Chinese suppliers is highlighted, with companies like Top Group and New Spring accelerating their overseas capacity layout [10][12]. Group 3: Schaeffler's Development and Strategy - Schaeffler's history is traced from its founding in 1946, focusing on bearing technology, to its transformation into a global technology company through strategic acquisitions and innovations in electric drive systems and robotics [6][19]. - The article details Schaeffler's multi-dimensional breakthroughs driven by innovation, including advancements in bearing technology and electric drive systems [7][19]. - It emphasizes Schaeffler's comprehensive product line in the robotics sector and its strategic focus on intelligent chassis and vehicle systems [16][19]. Group 4: Future Outlook and Opportunities - The article discusses the dual driving forces of humanoid robots and smart vehicles in shaping the future of the automotive parts industry [20][23]. - It highlights the potential for Chinese parts suppliers to learn from the successful strategies of global leaders like Schaeffler, particularly in terms of management, R&D, and global expansion [11][19]. - The report suggests that the electric and intelligent transformation will create new growth opportunities for Chinese automotive parts suppliers, enabling them to become world-class suppliers [12][23].

Core Viewpoint - The company announced the pricing structure of its products, highlighting the differences between manual and automated offerings based on functionality and technology complexity [1] Product Pricing Summary - Manual and instrument products are priced between 10,000 to 20,000 yuan - Fully automated and intelligent products have an average price of approximately 150,000 yuan - The price differences are primarily attributed to the integration of electromechanical functions and the complexity of technology involved [1]