高端装备：2024&2025Q1 业绩回顾及展望 20250518 摘要 • 部分高端装备制造领域公司业绩超预期，如春风动力、捷昌驱动、隆鑫通 用和宗申动力等，主要受益于去年 11 月开始的抢出口潮流和中美关税谈 判的缓和效应，预计二季度仍可能延续超预期表现。 • 新国标的实施将推动复合集流体产业链发展，因其经济性和易于大规模商 业化落地，头部电池厂已具备稳定供货能力。材料商将在二季度末启动新 一轮资本开支，设备龙头东威科技有望受益。 • 机床链自 2025 年一季度以来营收同比增幅超预期，汽车零部件领域资本 开支踊跃，但国际贸易壁垒加剧扰动。头部企业坚持全球化布局，与 AI 相 关的 AIDC 服务器加工及人工机器人产业拉动了订单需求。 • 国产数控系统及相关滚动元件硬件企业，如华中数控、豪尔达和浩志机电 等，受益于内需市场的开拓，预计 2024 年和 2025 年将实现双高位数增 长。 • 2025 年工业机器人市场前景乐观，汽车和 3C 电子仍是主要拉动领域。尽 管 2024 年价格战导致部分企业财务状况恶化，但今年一季度销售回暖信 号明显，与华为等 AI 大厂的深度合作将备受关注。 Q&A 始反弹，公 ...

证券研究报告·行业动态 周观点：大厂推进与机器人企业合作，中证 发布科创创业机器人指数 核心观点 （1）华为、腾讯等巨头积极推进与机器人厂商的合作，依托其在应 用场景、AI 基础设施等多维度的能力赋能机器人厂商，助力模型训 练、提高研发效率、开拓应用场景等，有望进一步加速人形机器人的 商业化落地。（2）中证发布科创创业机器人指数，首批样本涵盖 34 家公司，预计将有更多资金流入机器人板块，行情继续。（3）我们 坚定看好具身智能方向，包括人形与非人形，建议不拘泥于"人形" 深度挖掘"AI＋机器人"的投资机会。 其他板块比如半导体设备、电测仪器、工控等更新，详见正文。 机械板块重点推荐自主可控（机器人、半导体零部件）+出海+红 利资产：雷赛智能、柯力传感、永创智能、恒立液压、优必选、中 坚科技、汇川技术、禾川科技、徐工机械、三一重工、柳工、山推 股份、中联重科、安徽合力、福斯达、正帆科技、杰瑞股份、海天 国际、三一国际、广日股份、郑煤机、同力股份。 相关标的：奥比中光、领益智造、南山智尚、埃夫特、伟创电气、 步科股份、双林股份。 风险分析：国内宏观经济波动的风险；海外市场波动的风险。 机械设备 维持 强于大市 吕 ...

证券之星消息，2025年5月16日亚威股份（002559）发布公告称公司于2025年5月16日召开业绩说明会。 具体内容如下： 问：贵司的实控人变更什么时候可以变更完？ 答：尊敬的投资者您好，公司定增事项在积极推进中，如有重要进展公司将及时披露，请关注公司公告 内容。感谢您的关注与垂询。 问：贵公司增资扩股扬州国资委进展如何了？ 答：尊敬的投资者您好，公司定增引进实控人事项在积极推进中，如有重要进展公司将及时披露，请关 注公 问：请问贵公司在机器人业务领域有什么布局，未来发展方向是什么？ 答：您好！亚威股份机器人业务主要是与钣金机床、冲压机床等业务相互协同，提高各类业务的自动 化、智能化水平。谢谢！ 问：2024年，亚威股份受让南京埃斯顿（002747）自动化股份有限公司所持份额后，在江苏疌泉亚威沣 盈智能制造产业基金的持股比例上升至46.10%，认缴出资额也增加至3.46亿元。基于这样的持股变化， 请问公司后续是否考虑利用该基金进一步增加对威迈芯材等企业的投资比例？若进行增持，由此产生的 收益是否会计入公司财务报表？ 答：您好！对于产业基金所投项目，上市公司是进一步增加投资或者退出，我们会结合上市公司战略规 ...

Core Viewpoint - Nuwei CNC reported steady growth in 2024, with revenue of 2.462 billion yuan, a year-on-year increase of 6.08%, and a net profit of 325 million yuan, up 2.36% year-on-year [1] Financial Performance - The company achieved a revenue of 1.08 billion yuan from large machining centers, a year-on-year increase of 12.64%, with a gross margin of 22.48%, up 0.57 percentage points [2] - Revenue from vertical CNC machine tools was 746 million yuan, a year-on-year increase of 15.44%, with a gross margin of 21.12%, down 2.17 percentage points [2] - Revenue from horizontal CNC machine tools was 604 million yuan, a year-on-year decrease of 12.71%, with a gross margin of 28.22%, down 0.83 percentage points [2] - Domestic revenue reached 2.107 billion yuan, a year-on-year increase of 31.34%, while overseas revenue was 342 million yuan, a year-on-year decrease of 51.42% [2] R&D and Capacity Expansion - R&D expenses for 2024 were 112 million yuan, a year-on-year increase of 10.35%, with 296 R&D personnel, accounting for 21.29% of total employees [3] - The company plans to invest at least 850 million yuan in the fifth phase of high-end intelligent CNC equipment project, with a production facility of approximately 47,500 square meters expected to be completed by June 2027 [3] Industry Outlook - The metal cutting machine tool industry is projected to have a production value of 121.8 billion yuan in 2024, a year-on-year increase of 6.4%, with a profit margin of 6.5%, down 0.7 percentage points [4] - The company has shown strong performance despite low industry growth, with significant revenue increases in large machining centers and vertical CNC machine tools [4] - The implementation of supportive policies and the rapid development of sectors like new energy vehicles and artificial intelligence are expected to boost market demand for machine tools [4] Profit Forecast - Revenue projections for the company are 2.742 billion yuan in 2025, 3.075 billion yuan in 2026, and 3.473 billion yuan in 2027, with corresponding net profits of 365 million yuan, 412 million yuan, and 471 million yuan [5]

Core Insights - The "Quality Certification Improvement Action" for small and micro enterprises has led to an average annual revenue growth of 9.7%, sales growth of 14.2%, profit margin increase of 8.0%, and a reduction in quality costs by 5.8% [1] Group 1: Quality Improvement Initiatives - Small and micro enterprises face common quality challenges, particularly in welding processes, which can affect stability and safety [1] - The introduction of automated production lines has helped address these challenges, improving quality and efficiency [1] - Over 70 automotive maintenance enterprises in Yingkou have achieved ISO9001 certification, enhancing product quality to international standards [2] Group 2: Support and Training - The "Quality Certification Toolbox" provides tailored support to small and micro enterprises, helping them address quality issues and improve management practices [2] - A total of 3.8 million quality issues have been resolved through targeted assistance, with 64,900 enterprises receiving free training [2] - There is a need for more precise understanding of the quality challenges faced by small enterprises to enhance personalized certification services [2] Group 3: Industry Chain Collaboration - The establishment of a "High-Performance Electric Spindle Joint Technology Innovation Center" has improved the domestic production rate of key components in the high-end CNC machine tool industry from 50% to 95% [3] - The role of "chain leader" enterprises is crucial in enhancing quality management across the supply chain [3] - Collaborative efforts among industry players have led to significant improvements in product reliability and reduced return rates [3] Group 4: Financing Support - Quality certification can enhance financing opportunities for small enterprises, as demonstrated by the "Certification Loan" program that provided 5 million yuan to a company in need [6] - The "Yuzhi Loan" initiative has facilitated 515 credit transactions totaling 1.665 billion yuan for participating enterprises [6] - A total of 253 "Certification + Finance" support policies have been implemented, providing 60.85 billion yuan in credit support across various regions [6] Group 5: Recommendations for Improvement - There is a call for integrating quality certification results into the comprehensive evaluation of small enterprises' credit status to enhance financing accessibility [7] - The establishment of a robust system for recognizing quality certification results is essential for improving the overall quality management capabilities of small enterprises [7] Group 6: Quality Certification Toolbox - The "Quality Certification Toolbox" is designed to assist enterprises in establishing quality management systems and optimizing processes [8] - This toolbox aims to transform policy measures into actionable quality management practices for small and micro enterprises [9] - The initiative promotes a shift from passive compliance to proactive quality enhancement among small enterprises [9]

行 业 研 究 / 行 业 点 评 行 业 及 产 业 机械设备 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 研究支持 苏萌 A0230524080011 sumeng@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 朱傅哲 A0230524080008 zhufz@swsresearch.com 联系人 苏萌 (8621)23297818× sumeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 16 日 恒而达拟收购德国顶级磨床，国产 丝杠设备阵营勇攀高峰 看好 ——人形机器人行业点评 事件： 2025 年 5 月 9 日，恒而达发布关于收购 SMS Maschinen ...

Group 1 - The core point of the article is that Heng'erda plans to acquire the high-precision CNC grinding business of SMS Maschinenbau GmbH for €8.5 million, aiming to enhance its capabilities in high-precision grinding technology [1] - The acquisition is expected to fill the gap in domestic high-precision grinding technology and accelerate the mass production of high-precision grinding machines in China, thereby enhancing the company's competitiveness in advanced manufacturing sectors such as robotics and aerospace [4] - SMS Maschinenbau GmbH has been in the industry for 30 years, focusing on the research and manufacturing of CNC thread grinding machines, with a strong international delivery capability [3] Group 2 - The current challenges in the mass production of lead screws are related to thread processing technology and equipment, with various methods such as grinding, hard turning, and whirlwind milling each having their own advantages and limitations [2] - The global thread grinding machine market is dominated by European and Japanese companies, while domestic manufacturers are making breakthroughs and improving their equipment quality and performance [2] - Key domestic players in the high-precision grinding machine market include Qin Chuan Machine Tool, Shuanglin Co., Huachen Equipment, and others, which are expected to benefit from the increasing demand for components like lead screws due to the rise of humanoid robots [4]

Group 1 - Baodao Fund announced a shareholding change, with original shareholder Shi Wei transferring 3% of shares to Yang Meng, resulting in Yang holding over 5% of the company [1] - Over 20 fund companies, including Shangyin, Taixin, and others, have announced varying degrees of purchase limits on their money market funds, primarily affecting large subscriptions from institutional investors [1] - LOF funds have not launched new products in nearly two years, with total scale being less than 20% of ETF scale, despite some LOF products performing well this year [1] Group 2 - Fund manager Shi Bo reduced holdings in Changhong Meiling, with a decrease of 500,000 shares in two funds managed by him [1] - Huang Weixuan resigned from all managed public fund products at Tongtai Fund due to personal reasons, completing the deregistration process with the China Securities Investment Fund Industry Association [2] Group 3 - The market experienced fluctuations, with the Shanghai Composite Index down 0.4% and total trading volume at 1.09 trillion yuan, a decrease of 629 billion yuan from the previous trading day [3] - The S&P Consumer ETF led gains with a rise of 3.65%, while several financial-related ETFs saw significant declines [4][6] Group 4 - The Chinese machine tool industry is showing signs of moderate recovery, with a significant increase in the number of domestic five-axis processing equipment showcased at the CIMT international machine tool exhibition, from 50 to 400 units [7] - The upcoming fund, GF Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF, is set to launch, managed by Cao Shiyu, with a performance benchmark linked to the Shanghai Stock Exchange Science and Technology Innovation Index [8] Group 5 - The upcoming fund, Dongfang Zhongzheng A500 Index Enhanced, is also set to launch, managed by Sheng Ze, with a performance benchmark linked to the Zhongzheng A500 Index [10]

上证报中国证券网讯（记者 夏子航）"自2024年底以来，我们对外投资布局力度逐步加大，本次募投项 目的调整实施，表明公司将在加大产业投资、扩大海外市场影响力以及加码高端机床发展等方面持续发 力。"在5月15日的年度股东大会上，宇环数控相关负责人表示。 宇环数控5月15日晚间发布的2024年年度股东大会决议公告显示，《关于公司<2024年年度报告>及其摘 要的议案》《关于公司2024年度利润分配预案的议案》《关于变更募集资金投资项目并使用募集资金向 子公司增资实施募投项目的议案》等全部获得高票通过。 此前公告显示，宇环数控拟将公司《首次公开发行股票招股说明书》募集资金投资项目之"研发中心技 术升级改造项目"变更为"高端数控磨床研发中心建设项目"，并使用募集资金向子公司湖南宇环智能装 备有限公司（以下简称"宇环智能"）进行增资以实施变更后的募投项目。 据介绍，宇环数控"研发中心技术升级改造项目"拟使用募集资金5499.97万元，占公司首次公开发行股 票募集资金总额的比例为17.21%。公司"高端数控磨床研发中心建设项目"工程建设和设备投资规模为 1.32亿元，本次募集资金变更不足的部分由公司以自有资金或自筹资金投 ...

| | 1、机器人领域爆发，公司的技术与产品能否满足其技术需求，有 | | --- | --- | | | 什么发展规划？ | | | 机器人一直是固高在部件及系统应用层面落地的重要方向，公 | | | 司已跟进该领域10多年，协助诸多客户完成特定机器人结合应用场 | | | 景的系统构建及商业落地。目前公司相关部件和系统产品在机器人 | | | 领域有一定营收，主要来自工业机器人和物流机器人。对于未来的 | | | 人形机器人及多轮足机器人，公司十分看好。固高在运控、伺服、 | | | 编码器等传感类部件以及机器人执行关节部分均有布局，团队正与 | | | 合作伙伴探索新产品，同时尝试协同客户真实应用场景进行工程化 | | | 调整，配合主机厂商构建系统，积极挖掘商业场景落地。 | | | 2、在半导体设备领域，公司产品的竞争格局如何？ | | | 在半导体设备领域，去年美国将144个厂商加入实体名单，国 | | | 内在90纳米以下先进制程的运动控制系统和工艺系统主要依赖进 | | | 口，如刻蚀、CVD工艺主要被发那科、欧姆龙等进口运动控制厂商 | | | 占据，传片机构主要被布鲁克斯、Yaskawa等 ...