证券研究报告 | 2025年09月25日 汇成真空（301392.SZ） 优于大市 上半年收入利润承压，半导体设备研发进展顺利 2025 年上半年营业收入同比下滑 9.71%，归母净利润同比下滑 27.82%。2025 年上半年公司实现营收 2.63 亿元，同比下滑 9.71%；归母净利润 0.43 亿元， 同比下滑 27.82%。单季度看，2025 年第二季度公司实现营收 1.66 亿元，同 比下滑 24.58%；归母净利润 0.34 亿元，同比下滑 29.90%。收入和利润下滑 主要系下游行业需求疲软、收入结构调整及耗材销售收入下滑所致。盈利能 力方面，2025 年上半年公司毛利率/净利率为 31.07%/16.21%，同比下降 5.00/4.07pct，其中真空镀膜设备毛利率为 29.43%，同比下降 6.37pct。期 间费用方面，2025 年上半年公司销售/管理/研发/财务费用率分别为 3.64%/5.06%/6.02%/-0.35%，同比变动-0.32/+0.00/-0.70/-0.63pct，费用 率整体保持下滑。 产品结构持续优化，半导体设备研发取得突破。从业务结构来看，公司真空 镀膜设备收入 ...

Core Viewpoint - Shenzhen Huachuang Intelligent Technology Co., Ltd. has successfully completed A and A+ rounds of financing, focusing on high-end servo localization, humanoid robot joint module iteration, and global market strategy layout [1][4] Financing Details - A round was exclusively invested by Zhongwei Capital, while A+ round was led by Fosun Chuangfu and Blue Ocean Huaten, with follow-up investment from Zhuoyuan Asia [1] - Previous angel investment was received from the leading laser industry company, Han's Laser Technology Industry Group [1] Investment Focus - The funds will be directed towards: - High-end servo localization in the general machine tool and semiconductor fields - Iteration of humanoid robot joint modules with ultra-thin architecture and intelligent algorithms - Global market strategy [1] Technological Advancements - Huachuang's micro and joint servo products have been adopted by multiple humanoid manufacturers for mass production [1] - The micro servo boasts the highest power density globally, while the joint servo features an ultra-thin design of 17mm, integrating advanced wide-bandgap power semiconductor devices and mixed-signal control chips [1] - Compared to traditional servo designs, Huachuang's micro servo reduces height by 35% and increases power density by over 40% [1] Software Capabilities - The company has accumulated years of experience in high-speed, high-precision motion control algorithms, applicable to humanoid robots [2] - Features include overload response for humanoid applications and precise force control with a built-in 16-bit high-precision torque feedback channel [2] Market Positioning - Huachuang aims to become a core component supplier in the humanoid robot era, with strong technical accumulation and a rich product line [4][5] - The company is positioned to rapidly replace high-end products from Japanese and European manufacturers in the industrial servo field [4] Industry Outlook - The servo drive market is expanding due to industrial automation upgrades and smart manufacturing policies, with a forecasted explosive demand in the robotics industry [4] - Huachuang is expected to leverage its technological strengths to become a key supplier in the servo drive and robotics sectors [4][6] Team Expertise - The core team has over 10 years of experience in motion control R&D and sales, previously responsible for the development of a full range of products for leading domestic servo manufacturers [6] - The team possesses unique capabilities in the foundational R&D of general servo platforms, making it a rare asset in the industry [6]