证券日报网1月27日讯，恒帅股份（300969）在接受调研者提问时表示，公司已在谐波磁场电机技术领 域进行了长期布局，并形成了一定技术积累。目前该技术已成功应用于物流系统的滚筒电机产品和车用 的部分电机品种中，并逐步实现量产。在人形机器人领域，公司已采用谐波磁场电机技术为客户提供定 制化方案，该技术在人形机器人的相关电机品种中具备一定的竞争优势。 ...

Group 1: Business Expansion and Technology Development - The company has established strong relationships with core automotive clients, facilitating its expansion into the robotics sector, which is expected to become the third major growth curve for the company [2][3] - Current motor products meet all core technical indicators required by robotics clients, providing robust support for further business expansion [3] - The company has long-term investments in harmonic magnetic field motor technology, successfully applied in logistics systems and automotive products, with plans for customized solutions in humanoid robots [3] Group 2: Material Research and Cost Control - Research on rare earth permanent magnetic materials is crucial for the company's future, focusing on forming technology and industrialization of harmonic magnetic field motors to enhance cost competitiveness [3] - The company aims to deepen its vertical integration strategy to solidify its cost advantage [3] Group 3: International Revenue Growth and Profit Margin Outlook - The establishment of factories in the U.S. and Thailand is expected to enhance the company's overseas market share and inject new growth momentum [3] - The company plans to improve gross profit margins by developing new products, expanding into new markets, and enhancing production efficiency through automation and information technology [3]

Core Viewpoint - Hengshuai Co., Ltd. has announced the development of a harmonic motor that utilizes harmonic magnetic fields, offering higher power density and material cost savings compared to traditional motors [1] Company Summary - The company has a long-term layout in the harmonic magnetic field motor technology sector and has accumulated significant technical expertise [1] - Multiple invention patent applications have been submitted for this motor technology, forming a patent family that establishes a technical moat and competitive advantage [1] Industry Application - The harmonic motor technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive sectors [1]

Group 1 - The company has confirmed that its harmonic magnetic field motor technology has been validated and successfully applied in active cleaning products, and it is gradually achieving mass production [2]

Core Viewpoint - Hengshuai Co., Ltd. has successfully validated and applied its harmonic magnetic field motor technology in active cleaning products, and is gradually achieving mass production [1] Company Summary - Hengshuai Co., Ltd. is progressing towards mass production of its harmonic magnetic field motor technology, which has been verified in active cleaning products [1]

Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [3] - The main production base is located in Ningbo, with additional production facilities in locations such as Qingyuan, Shenyang, Wuhan, the USA, and Thailand to serve clients more effectively [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 680 million CNY, a year-on-year decline of 3.47% [3] - The net profit attributable to shareholders was 129 million CNY, down 21.07% year-on-year, while the net profit excluding non-recurring items was 115 million CNY, a decrease of 25.34% [3] Group 3: Business Development Plans - The strategic focus is on consolidating existing business while preparing for long-term breakthroughs, with new products being developed to diversify the business matrix [4] - The company aims to enhance the value of existing motor products and optimize the customer structure in the cleaning business [4] Group 4: Future Trends and Market Position - The ADAS (Advanced Driver Assistance Systems) cleaning system is expected to drive demand as automotive companies accelerate the adoption of ADAS technology, presenting a significant growth opportunity for the company [5] - The company has a competitive edge in the cleaning business due to its early market entry and technological expertise, with a low overall market penetration rate and few competitors [6] Group 5: Growth Drivers - The growth in traditional cleaning business relies on acquiring new customers, with a focus on expanding the market share [8] - The company plans to gradually deploy a production capacity of 250,000 units per year for the gas-liquid mixed active cleaning system, which is expected to significantly enhance business performance [8] - In the motor sector, the company continues to expand its product range, particularly in the automotive four-door and two-hatchback segments, which have established a good reputation and market share [8]

Group 1: Report General Information - The research object is Hengshuai Co., Ltd., belonging to the automotive parts industry, and the reception time was September 26, 2025 [17] - The listed company's reception staff was the board secretary, Liao Weiming [17] - The participating research institutions included ICBC Credit Suisse (a fund management company) and Guojin Securities (a securities company) [2][18] Group 2: Core Views - Harmonic magnetic field motor technology is a fundamental technological change in the motor field, with advantages such as motor lightweighting, reduced shaft current, compatibility with existing application scenarios, and cost optimization, but it also has higher manufacturing barriers [22] - The company has gradually used harmonic magnetic field motor technology for product development in automotive, industrial automation, and humanoid robot application scenarios, and is focusing on expanding the humanoid robot and machine dog fields [23] - The company plans to maintain and deepen cooperation with existing customers while actively exploring new customers and product application scenarios, and will strictly implement control measures to ensure stable and sustainable business development [24] - The company attaches great importance to R & D investment, and future specific R & D investment plans will be formulated based on comprehensive considerations of multiple factors [25]

Group 1: Technology Features - The harmonic magnetic field motor technology represents a fundamental transformation in the motor field, offering advantages such as lightweight design, significantly higher power density compared to traditional motors, and reduced material consumption [2][3] - The special magnetic circuit design of the harmonic magnetic field motor leads to lower shaft current and higher manufacturing barriers due to increased precision and assembly complexity [2][3] Group 2: Application Scenarios - The company is gradually applying harmonic magnetic field motor technology in automotive, industrial automation, and humanoid robotics, focusing on sectors like humanoid robots and robotic dogs [2][3] - Custom development solutions are being created for linear joint motors, rotary joint motors, and dexterous hand motors based on harmonic magnetic field motor technology [2][3] Group 3: Customer Development Strategy - The company aims to deepen cooperation with existing clients while actively seeking new customers and application scenarios, ensuring a stable supply for mature models and developing new projects to secure quality orders [2][3] - Continuous collaboration with emerging clients will help explore market potential and enhance business share, with strict control measures in place to ensure sustainable growth [2][3] Group 4: R&D Investment Plans - The company prioritizes technological innovation and R&D investment, optimizing resource allocation based on business needs and market changes to maintain a leading position in the industry [2][3] - Future R&D investment plans will be formulated considering various factors such as business strategy, market conditions, and project demands, with adjustments made according to operational performance and industry trends [2][3]

Core Insights - The company has made significant progress in the manufacturing process of its harmonic magnetic field motor technology, which is gradually being industrialized [2] - The first mass-produced product utilizing this technology is the drum motor developed in collaboration with German company Lenze, which has entered the ramp-up phase of production [2] - The application of this technology is expanding into various fields, including automotive, industrial automation, and humanoid robots [2]

Group 1 - The stock price of Xiangxin Technology is reported at 41.69 yuan, down by 1.20 yuan or 2.80% from the previous trading day [1] - The stock reached a high of 43.23 yuan and a low of 41.42 yuan during the trading session, with a trading volume of 234,187 hands and a transaction amount of 983 million yuan [1] - Xiangxin Technology is primarily engaged in the research, development, production, and sales of precision stamping molds and metal structural components, with applications in the automotive, communication equipment, and electronic appliances sectors [1] Group 2 - The company is classified under the general equipment manufacturing industry and is registered in Guangdong Province [1] - In response to investor inquiries, the company stated that it has not yet laid out plans for harmonic magnetic field motor technology but will continue to monitor its development trends [1] - The company also mentioned that it has no plans to participate in the World Robot Conference and cannot disclose specific customer information due to confidentiality requirements [1] Group 3 - Data shows that on August 12, the net outflow of main funds from Xiangxin Technology was 87.1668 million yuan, accounting for 1.05% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 118.7639 million yuan, representing 1.43% of the circulating market value [1]