（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，关注到《中小学生午休课桌椅通用技术要 求》国家标准将于2026年2月实施。请问公司是否关注到此标准？是否有计划利用自身在线性驱动和人 体工学方面的技术积累，研发和布局符合该标准的午休课桌椅产品？公司如何看待这一新标准带来的市 场空间？ 乐歌股份（300729.SZ）9月18日在投资者互动平台表示，目前公司暂时没有相关产品开发计划，公司将 密切关注行业动态。 ...

乐歌股份（300729.SZ）9月18日在投资者互动平台表示，天猫旗舰店属于全资子公司。线性驱动技术可 以广泛应用智能家居领域、健康办公领域、智慧大健康领域、工业自动化领域、航空航天领域等，目前 公司线性驱动产能规模居业内第一。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：之前，我在淘宝直播时问主播，乐歌线性驱动真的是 业内第一吗？主播明确地说，是！得到明确答复后，我立刻买入乐歌股票。但我现在发现乐歌不做线性 驱动，只是将该技术用于自家桌子上，并不像凯迪捷昌这些公司，他们有能力面向全球市场销售性线驱 动技术。"乐歌产品用线性驱动"与"专业线性驱动公司"根本是两概念。请问，天猫旗舰店是子公司的资 产吗？是100%持股吗？如果是合营，持股比例是多少？ ...

Group 1 - The core point of the news is that Kedi Co., Ltd. (stock code: sh605288) reached its daily limit with a price of 122.98 yuan, reflecting a 10% increase and a total market value of 8.691 billion yuan on September 18, 2025 [1] Group 2 - Kedi Co., Ltd. implemented a comprehensive equity incentive plan covering 46 core employees, including 3 executives, which is expected to significantly bind talent and contribute to the company's long-term stable development [2] - The company completed a board restructuring and revised its articles of association, enhancing its governance structure and boosting market confidence [2] - The semi-annual report indicated a revenue growth of 5.64% year-on-year, maintaining an expansion trend in its main business, despite a significant decline in net profit, which sends a positive signal to the market [2] - Kedi Co., Ltd. is engaged in the research, production, and sales of linear drive systems, with products spanning smart home and smart office sectors, indicating further expansion potential due to increasing market demand [2] - On the market performance front, there was capital inflow into related sectors such as smart home and linear drive concepts, leading to a synergistic effect that propelled Kedi Co., Ltd.'s stock price to its limit [2] - Although specific technical indicators were not obtained, significant capital inflow on that day likely contributed to the stock price surge [2] - As of September 10, 2025, the number of shareholders changed by 3.75%, with an average of 10,600 circulating A-shares per shareholder, indicating that changes in shareholder structure may also impact stock price trends [2]

Group 1 - The core viewpoint of the article emphasizes the importance of selecting valuable research reports and understanding market dynamics to seize investment opportunities [1] - Excavator sales have halved, yet the company achieved a historical high in profits, indicating that traditional business provides a safety net while linear drivers enhance winning rates, positioning this leading company as a rare blue-chip stock [1] - The magnesium-aluminum price ratio has entered a cost-effective range, with the amount of magnesium used in electric vehicles doubling to 90 kg, and additional demand from two-wheeled vehicles and robots expected to reach 174,000 tons, benefiting three leading companies in a market projected to grow by billions [1]

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][7]. Core Insights - The company has established itself as a leading player in the linear drive industry, with over 20 years of experience and a strong market position. It is expanding into robotics, which presents new growth opportunities [4][6]. - The demand for linear drive products is expected to grow significantly due to the increasing application in various sectors such as smart homes, healthcare, and industrial automation [5][46]. - The company is well-positioned to benefit from the global trend towards automation and smart technology, with a projected compound annual growth rate (CAGR) of 8.34% for the linear drive market from 2023 to 2027 [46][67]. Summary by Sections Company Overview - The company has been deeply involved in the linear drive sector for over 20 years, holding a solid position as an industry leader. It was founded in 2000 and went public in 2018. The company has developed a diverse product range and has established subsidiaries in various regions [4][18]. - The management team is experienced, with a concentrated ownership structure that supports stability and strategic direction [10][29]. Financial Analysis - The company has shown consistent revenue growth, with a compound annual growth rate of 26.75% from 2017 to 2024. In 2024, the revenue reached 3.652 billion yuan, a year-on-year increase of 20.4% [8][32]. - The net profit for 2024 was 282 million yuan, reflecting a significant recovery with a year-on-year growth of 36.9% [8][32]. Market Demand - The linear drive market is expanding across various applications, including smart offices, healthcare, and smart homes. The global market for linear drive products is projected to reach 75.3 billion yuan by 2027 [46][67]. - The smart office segment is expected to grow due to increasing health awareness among workers, with the market for linear drive products in this area projected to reach 321 billion yuan by 2027 [55][58]. Growth Opportunities - The company is actively investing in robotics, having established a joint venture focused on developing robotic components, which is anticipated to open new growth avenues [6][4]. - The aging population and the demand for smart healthcare solutions are expected to drive the need for linear drive systems in medical devices, with a projected market size of 27.9 billion yuan by 2027 [59][67].

Summary of the Conference Call for Jiechang Drive Company Overview - Jiechang Drive reported a record revenue of over 900 million in Q1 2025, with profits exceeding 100 million, maintaining the growth trend from Q4 2024. The net profit margin is approximately 15.6% [2][3] - The company expects total revenue for 2025 to exceed 4 billion, with net profits projected between 450 million to 500 million [2][3] Business Segment Performance - **Office Business**: Expected revenue of approximately 2.4 billion in 2024, a year-on-year growth of 25% [2][4] - **Medical Business**: Projected revenue of around 400 million, with a 10% year-on-year increase [2][4] - **Smart Home Business**: Anticipated revenue of about 200 million, showing a 50% growth [2][4] - **Industrial Business**: Close to 50% growth expected [2][4] - **Automotive Sector**: Monthly sales have surpassed 10 million [2] Strategic Initiatives - The company has formed a joint venture with Lingqiao Intelligent to establish Zhejiang Lingjie Robotics, holding a 47% stake, focusing on key components like dexterous hands and drive modules [2][5] - Plans to establish a robotics actuator business center focusing on linear actuators, rotary modules, and hollow cup motors [2][5] Market Expansion and Trade Impact - Jiechang Drive is expanding into Southeast Asia to mitigate the impacts of the North American trade war, with controllable tariff effects. 90% of goods are shipped directly from Malaysia, with tariffs borne by customers [2][6][9] - The company anticipates a recovery in the U.S. market, with some improvement noted in Q1 compared to the previous year [2][6] Financial Outlook - Overall performance is expected to improve in 2025, with revenue exceeding 4 billion and net profit between 450 million to 500 million [2][7] - Specific growth expectations for 2025 include 10%-15% for the office segment, around 10% for the medical segment, and approximately 50% for other segments [2][8] Challenges and Risk Management - The company is addressing losses from its European operations (AIGAN) by reducing operational losses and improving financial conditions. A new factory is set to start production in May, with cost reductions expected [2][8] - The impact of tariffs on exports from Malaysia to the U.S. is manageable, with plans to negotiate price adjustments if tariffs persist [2][9] Robotics Division Developments - The robotics division is a key focus for future growth, with ongoing developments in dexterous hands and linear actuators. The company is preparing for market entry with low-cost solutions [2][11][24] - The robotics division is not expected to contribute significantly to revenue in the short term but is seen as a long-term growth driver [2][24][25] Conclusion - Jiechang Drive's overall business performance is on an upward trajectory, with a strong outlook for the next two years, aiming for revenue growth to reach 5 billion by 2026. The strategic focus on robotics and market expansion positions the company well for future growth [2][25]