2025Q3 业绩稳中有升，加速推进全球化战略 —易实精密（920221.BJ）公司事件点评报告 2026 年 01 月 08 日 买入(维持) 事件 | | | | 基本数据 | 2026-01-07 | | --- | --- | | 当前股价（元） | 17.38 | | 总市值（亿元） | 20 | | 总股本（百万股） | 116 | | 流通股本（百万股） | 62 | | 52 周价格范围（元） | 14.46-26.71 | | 日均成交额（百万元） | 67.83 | 市场表现 -20 0 20 40 60 80 100 120 (%) 易实精密 沪深300 资料来源：Wind，华鑫证券研究 相关研究 公司 2025Q3 营收 0.86 亿元，同比+8.12%；归母净利润 0.14 亿元，同比+2.28%，主业稳步增长。同时，公司拟对其德国 全资子公司 EC Precision (Germany) GmbH 增加投资总额， 本次增加投资额不超过 790 万欧元，加速推进全球化布局。 投资要点 ▌ 业绩稳健增长，盈利能力保持稳定 营业收入稳步上升，整体业绩符合预期。2025Q3 实现营业收 入 ...

Group 1 - The short-term focus of the A-share market is on structural aspects, with attention on "anti-involution" strategies [1][8] - The A-share market is at a critical turning point, with the Shanghai Composite Index expected to consolidate around the 4000-point level, indicating a potential rebalancing of market styles between cyclical and technology sectors [8] - As the year-end approaches, there is a demand for capital preservation, suggesting that the overall market may remain volatile, with basic factors influencing market structure potentially weakening [8] Group 2 - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average rising by 1.18% and the Nasdaq Composite Index declining by 0.25%, indicating a divergence in performance among major tech stocks [4] - Nvidia's stock fell by 2.96% after SoftBank disclosed the sale of its entire stake, raising concerns about high valuations in the AI sector [4] - The international oil prices increased, with WTI crude oil futures rising by 1.51% to $61.04 per barrel, and Brent crude oil futures up by 1.72% to $65.16 per barrel [4]

Core Insights - The People's Bank of China released the monetary policy implementation report for the third quarter of 2025, highlighting the robot industry as a key area for technological innovation and industrial upgrading, which will continue to progress towards high-quality development [1] Industry Growth - The scale of the robot industry is expected to continue growing, driven by the emergence of new application scenarios, with both domestic and global market demand anticipated to rise rapidly [1] - The industry is moving towards greater intelligence and high-end development, with deep integration of robotics and cutting-edge technologies such as artificial intelligence [1] Supply Chain Dynamics - The collaborative effects within the industry chain are expected to strengthen, as the importance of a self-controlled supply chain becomes more pronounced, leading to an accelerated process of domestic substitution for core components in the future [1]

Core Insights - The 2025 World Robot Conference showcased over 1,500 exhibits from more than 200 domestic and international robotics companies, highlighting the increasing integration of robotics into everyday life [1][3] - The event featured a variety of robots, including humanoid, quadruped, rescue, and collaborative robots, with over 100 new products launched [3][8] - The robotics industry is experiencing significant growth, with a reported 27.8% increase in revenue year-on-year in the first half of 2023, and a 35.6% and 25.5% increase in industrial and service robot production, respectively [10][11] Industry Trends - The robotics sector is moving towards greater maturity, particularly in home services and elder care applications, driven by advancements in perception, decision-making, and motion control technologies [1][3] - The domestic production rate of robotics components has surpassed 90%, with many companies achieving nearly complete localization of their products [6][8] - The competition in the humanoid robot market is intensifying, leading to significant reductions in prices, with some products now available for as low as 39,900 yuan [7][8] Technological Advancements - Core components such as precision reducers and servo systems are crucial for humanoid robots, with domestic companies making significant strides in technology and market competition [7][10] - The integration of advanced sensors and algorithms is enhancing the capabilities of robots, enabling them to perform complex tasks and interact more effectively with their environments [7][8] Future Outlook - Beijing aims to become a global benchmark city for robot applications, with plans to support the development of humanoid robots and establish a national testing platform [9][11] - The city is also focusing on creating specialized service institutions and expanding the use of robots in public service applications [11]

Core Viewpoint - The 2025 World Robot Conference showcases the rapid advancement and integration of robots into everyday life, highlighting the increasing maturity of the robotics industry and its potential applications in various sectors, particularly in household services and elder care [2][10]. Group 1: Event Overview - The 2025 World Robot Conference opened with over 200 domestic and international robotics companies exhibiting more than 1,500 products, marking a shift towards broader public engagement compared to previous years [1][4]. - The event featured over 100 new product launches, including humanoid robots, quadrupedal robots, rescue robots, and collaborative robots, demonstrating the diverse applications of robotics in various fields [4][8]. Group 2: Industry Trends - The robotics industry is experiencing significant growth, with a reported 27.8% increase in revenue in the first half of the year, and production of industrial and service robots rising by 35.6% and 25.5% respectively [10][11]. - The domestic production rate of robotics components has surpassed 90%, indicating a strong trend towards localization and reduced reliance on imports [6][8]. Group 3: Technological Advancements - Breakthroughs in perception, decision-making, and motion control technologies are driving the maturation of the robotics industry, with expectations for robots to penetrate households within the next five years [2][5]. - The development of core components, such as sensors and actuators, is crucial for the performance of humanoid robots, with domestic companies increasingly innovating and replacing imported technologies [7][8]. Group 4: Future Outlook - Beijing aims to become a global benchmark city for robot applications, with plans to support the development of humanoid robots and establish a national testing platform [11]. - The competition in the humanoid robot market is intensifying, with domestic manufacturers achieving significant advancements in technology and cost reduction, fostering a cycle of innovation and market expansion [8][10].

Group 1 - The 2025 World Robot Conference showcased over 1,500 exhibits from more than 200 domestic and international robot companies, highlighting the increasing integration of robots into everyday life [1][2] - The event featured over 100 new products, including humanoid robots, quadruped robots, rescue robots, and collaborative robots, demonstrating their applications in various sectors such as industrial manufacturing, commercial services, and healthcare [2][4] - The domestic core component industry has achieved over 90% localization, significantly enhancing the performance and affordability of humanoid robots, with prices dropping from millions to tens of thousands [5][6] Group 2 - The robot industry in China has seen a 27.8% year-on-year revenue growth in the first half of the year, with industrial and service robot production increasing by 35.6% and 25.5% respectively [6][7] - Beijing's humanoid robot industry accounts for about one-third of the national market, with a nearly 40% revenue growth in the first half of 2025, positioning the city as a leader in the sector [7] - The Chinese government aims to establish Beijing as a global benchmark city for robot applications, with plans to support technological advancements and create specialized service institutions [7]