2025 年 05 月 12 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250512）：华为与优必选签署全面合作协议 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 [Table_Summary] 报告摘要 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/5/13 24/7/24 24/10/4 24/12/15 25/2/25 25/5/8 ◼ 子行业评级 相关研究报告 市场表现： 2025 年 5 月 12 日，沪深 300 上涨 1.16%，机械板块上涨 2.67%， 在所有一级行业中排名 2。细分行业看，工业机器人及工控系统涨 幅最大，上涨 5.80%；半导体设备跌幅最大，下跌 0.02%。个股方 面， ...

Core Viewpoint - The company experienced a significant decline in revenue in 2024, primarily due to a drop in system integration business, while its core robot business saw a growth in sales volume exceeding 30% compared to the previous year, despite a slight decrease in revenue due to product mix and market price competition [2][3]. Group 1: Financial Performance - In 2024, the company's operating revenue decreased by approximately 27% year-on-year, mainly due to a decline in system integration business revenue [2]. - The company's main business gross margin slightly improved compared to the previous year due to effective cost control measures [2]. - In Q1 2025, the company reported a revenue of 252 million yuan, a year-on-year decrease of 24.71%, with a net profit loss of 67.36 million yuan, a decline of 247.63% [25]. Group 2: Business Segments - The company's strategic focus is on the intelligent robot sector, with a significant increase in R&D investment by over 75% year-on-year in Q1 2025 [5]. - The industrial robot shipment volume grew by over 30% in 2024, significantly outpacing the overall market growth rate of 3.9% [3]. - The company achieved a ranking improvement in the domestic industrial robot market, moving from 8th place in 2023 to 6th place in 2024 [3]. Group 3: Product and Market Development - The company’s robot product categories in 2024 included desktop and SCARA robots (39% share), medium and small load robots (50% share), and large load robots (11% share) [4]. - The company has established a Robot as a Service (RaaS) model to provide flexible automation solutions, which has been validated in the furniture industry [12]. - The company has achieved a localization rate of over 95% for key components, with the controller's localization rate reaching 99% [10]. Group 4: Industry Position and Competition - The industrial robot industry is facing intense competition, with price becoming a significant factor in order acquisition [23][24]. - The company is focusing on high-end product development to differentiate itself in a market characterized by severe competition in mid-to-low-end products [19]. - The company has made significant inroads into the automotive sector, securing substantial orders from leading domestic new energy vehicle manufacturers [9][20].

■王丽新 一季度是全年经济的开端，直接关系到全年经济目标的实现，上市公司一季报更是为上半年乃至全年的 业绩表现提供重要参考。5月8日，据中国上市公司协会消息，2025年一季报数据显示，全市场上市公司 实现净利润1.49万亿元，同比增长3.55%，环比增长89.71%。一季度，4084家公司实现盈利。 梳理上市公司一季报业绩增长动因可以看到，市场需求旺盛、产品出货量增长、业务规模扩大等被频频 提及。在笔者看来，上市公司这份稳健的一季度业绩答卷，向外界传递出细分领域的长期向好态势，更 展现出中国经济"勇毅前行""向新而进"的多重积极信号。 首先，消费市场持续"焕新"。数据显示，今年一季度，A股上市公司消费板块营收增速及归母净利润增 速分别为4.7%和14.7%，均显著高于全部非金融上市公司的营收和利润增速。其中，家用电器、消费电 子产品板块归母净利润分别增长22.8%、107.5%。同期，拥有新型消费类业务的上市公司营收和净利润 增长较为明显。 这背后得益于两大动力为经济发展注入关键增量，一是我国以旧换新政策加力扩围，促使电动自行车、 手机、平板、智能手表等新扩围产品销量明显上涨。二是"文商旅"融合发展，凸显消费 ...

行 华福证券 电力设备 2025 年 05 月 11 日 业 研 究 行 业 电力设备 产业周跟踪：山东首发 136 号文细则，隆基签约 BC 大单 投资要点： 团队成员 分析师： 邓伟(S0210522050005) DW3787@hfzq.com.cn 锂电板块核心观点：CIBF 电池展会即将召开，关注固态电池等新技 术催化。1）5 月电池展会技术发布会密集，关注固态电池等新技术催化； 2）商用车电动化进程推进，电池企业发布针对性产品。 定 期 报 告 光伏板块核心观点：隆基绿能签署超 1GW BC 组件大单，开启全球光 伏 BC 时代。5 月 7 日，隆基绿能宣布与法国能源巨头 ENGIE、中国电建 在巴黎达成战略合作，为其提供超 1GW 的 Hi-MO 9 升级版组件，该组件 功率高达 670W，转换效率达 24.8%，具备高温高湿环境下超低衰减特性及 全生命周期高可靠性。该订单标志着高效 BC 组件全面进入商业化阶段， 同时也标志着全球光伏生态"跑步"迈入 BC 时代。在技术迭代与政策支 持下，中国龙头企业凸显自身优势，引领全球光伏竞争新周期。 储能板块核心观点：4 月 2 小时储能系统均价跌破 6 ...

除线下双选，活动还搭建了"不断线"的网络招聘会和"AI求职赋能体验区"，为求职者提供更便捷高效的 平台。在银川市重点产业成果展示体验区，来自无人机低空经济、工业机器人及智能装备制造、碳化硅 新材料、新食品加工、现代化农业科技的本土企业，全面展示了银川重点产业发展成果。 中新网银川5月10日电 5月10日，宁夏银川市举办"十万大学生留银川专项行动"之"凤鸣湖城"招才引智 大会暨产业人才双选会，148家企事业单位提供了涵盖新型材料、现代化工、清洁能源、数字信息、装 备制造、生物医药、新食品、商务服务、现代金融等领域岗位，吸引了大量区内外高校毕业生及社会求 职者参与。 自3月下旬起，银川市携75家企事业单位的岗位需求，赴长沙、武汉、西安、兰州等地开展了"组团 式"赴外引才工作，为活动开展奠定基础。当天的活动现场，银川市发布了"十万大学生留银川专项行 动"启动实施两年以来的阶段性成果，对银川经济跃升、产业蝶变与宜居生活进行推介。武汉大学、北 京化工大学、东北林业大学、陕西科技大学、宁夏大学、北方民族大学等21所区内外高校嘉宾受邀出席 本次活动，共话校地深度合作。 当天，银川市还向新一批选聘的"科技副总"和"周末工程师 ...

撰 文 / 陆 巡 设 计 / 琚 佳 如果不是科创板上市公司埃夫特智能机器人股份有限公司（下称埃夫特，68816.SH）的一则公告， 哪吒汽车的前员工们还不知道，老东家准备还钱了。 5月8日，埃夫特发布公告称，同意法院就哪吒汽车所欠公司的设备款4915.09万元一审作出的调 解。 自2025年6月至2025年11月，被告哪吒汽车的母公司合众新能源及分公司合众新能源宜春分公司每 月30日之前向原告埃夫特支付8191824.6元，原告埃夫特自愿放弃其他诉讼请求。 2024年11月，也是埃夫特率先发的一纸公告，捅破了哪吒汽车拖欠供应商货款的窗户纸，哪吒拖欠 供应商欠款、大批员工被离职的传闻终被证实。 根据企查查消息，埃夫特是皖系工业机器人代表，成立于2007年，此前高管大多出自奇瑞汽车，大 股东和二股东均是芜湖市国有企业，大股东芜湖远宏工业机器人投资有限公司持股16.10%，二股东 芜湖远大创业投资有限公司持股12.61%。其中，大股东被市管国企芜湖远大创业投资有限公司控股 95%，美的机器人发展有限公司占股5%。 美的集团在2015年-2023年是埃夫特的第六大股东，后并购库卡，对埃夫特进行减持。 埃夫特作为中 ...

Group 1 - The company aims to enhance its capital strength and optimize its capital structure through a specific stock issuance to meet operational and strategic needs [1][6][8] - The background of the issuance is rooted in China's transition towards advanced manufacturing, with a focus on high-end CNC machine tools and systems as critical components for becoming a manufacturing powerhouse [1][2][6] - The CNC machine tool industry has significant growth potential, with China's CNC rate increasing from 28.38% in 2013 to 43% in 2020, indicating room for further improvement compared to developed countries [2][5] Group 2 - The company is positioned to benefit from national policies supporting the development of high-end CNC systems and industrial robots, which are essential for smart manufacturing [3][6][9] - The issuance will support the company's focus on high-end CNC systems and industrial robots, which are capital and technology-intensive, requiring substantial R&D investment [6][9][21] - The company plans to use the raised funds for technology upgrades, product iterations, and to strengthen its market competitiveness against international leaders [6][7][21] Group 3 - The issuance will help the company manage its increasing debt levels and improve its financial structure, thereby enhancing its long-term sustainability [7][8][17] - The company will issue A-shares to a limited number of specific investors, ensuring compliance with regulatory requirements [10][12][15] - The pricing of the shares will be based on the average trading price over the preceding 20 trading days, ensuring fairness in the issuance process [12][15][17] Group 4 - The company has established a robust internal control system to manage the raised funds effectively, ensuring compliance with relevant laws and regulations [22][23] - The company is committed to protecting investor interests and enhancing shareholder returns through strategic management and operational improvements [21][24][25] - The issuance is expected to increase the company's total share capital and improve its net asset scale, contributing to future profitability [19][21][26]

2024年，四川省GDP突破6.46万亿元，连续两年超越河南，GDP稳居中西部省份之首。四川曾是"三线 建设"的核心区域，也储备了一大批优质的高校和科研院所，近些年凭借科技创新与产业升级的"双轮驱 动"，在高端装备制造、电子信息、生物医药等领域显露出了一些代表性企业。 本报记者 陈雪波 卢志坤 绵阳、成都报道 在四川绵阳科技城新区街头，一辆蓝紫相间的无人驾驶公交车平稳驶过，公交车的方向盘无须驾驶员操 控，乘客却习以为常——这并非科幻电影场景，而是中国科技城的一个城市切片。 工程师正在调试一台清洁机器人。陈雪波/摄影 这座深处西南内陆的省份，既无沿海区位优势，又需承担起长江上游的生态涵养责任，在人均GDP仅为 全国80%的挑战之下，四川省是如何寻找到一条量身打造的可持续发展路径的？ 在绵阳科技城新区的街头巷尾，一种看似普通的智慧路灯杆正悄然重构城市运行逻辑。这种集成了信号 灯、指路牌、天网摄像头、新能源汽车充电桩、5G微基站甚至无人机停机坪的"六边形战士"，将传统 城市中分散的红绿灯信号杆、监控杆、标志杆、无人机基站等功能"浓缩"于一身。 这些是绵阳科技城新区的新投智城公司正在做的事情。这家公司研发设计经理刘家 ...

Core Viewpoint - ABB announced the spin-off of its robotics business, which generates annual revenue of $2.3 billion and an operating profit margin of 12.1% [1] Group 1: ABB's Robotics Business - The robotics division includes products such as multi-joint robotic arms, collaborative robots, and intelligent control systems, widely used in automotive manufacturing, electronics assembly, and logistics sorting [1] - The global installed base of ABB's robotics products exceeds 500,000 units, known for high precision, strong stability, and modular design [1] Group 2: Potential Acquirers - Midea Group successfully acquired KUKA Robotics in 2016, and similar companies like Haier and TCL have the potential motivation and capability to acquire ABB's robotics business [3] - Haier has accelerated its industrial automation layout through acquisitions, including a 26.83% stake in the domestic leader Xinjida, with a transaction amount exceeding 3 billion yuan [4] - TCL has invested in smart robotics technology companies through its industrial investment fund, indicating a focus on the upstream of the industry chain [5] Group 3: Strategic Analysis - Haier's experience in vertical integration and capital operations positions it favorably for acquiring ABB's robotics business, leveraging its COSMOPlat industrial internet platform for deep collaboration [4] - TCL lacks an existing robotics business framework, which may require more reliance on external integration capabilities if it pursues the acquisition [7] - Both Haier and TCL are large revenue-generating companies with strong financial capabilities, but Haier has more extensive experience in upstream and downstream cooperation [8] Group 4: Lessons from Midea's Acquisition - Midea's acquisition of KUKA for 29.2 billion yuan in 2016 illustrates that the value of acquiring an industrial robotics giant lies in long-term strategic benefits rather than immediate financial returns [9] - Haier could adopt Midea's model of "technology digestion + scenario expansion" if it acquires ABB's robotics business, while TCL needs to focus more on ecological collaboration [9] Group 5: External Challenges - China's push for high-end manufacturing positions industrial internet platforms and robotics technology as core focuses, with both Haier and TCL being "national team" members likely to receive policy support [10] - The potential acquisition by either company will need to navigate multi-national antitrust reviews, as seen in Midea's lengthy acquisition process of KUKA [10] Group 6: ABB's Business Independence - Post-spin-off, ABB's robotics division may prefer to maintain technological independence, which could affect integration success if the acquirer cannot provide sufficient collaborative space [11] - Haier's integration experience with Xinjida gives it an advantage, while TCL must demonstrate its cross-industry empowerment capabilities [11] Group 7: Competitive Advantage - Haier is seen as having a more significant advantage in the competition for acquiring ABB's robotics business due to its established framework and management team's familiarity with ABB's technology [12] - TCL may need to quickly address its shortcomings in the robotics industry or form a consortium with other capital to compete effectively [12]

证券代码： 301112 证券简称：信邦智能 广州信邦智能装备股份有限公司投资者关系活动记录表 | | 分析师会议 特定对象调研 □ | □ | | | --- | --- | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会  | □ | | | 类别 | 新闻发布会 □ 路演活动 | □ | | | | 现场参观 | □ | | | | 其他 （请文字说明其他活动内容） | □ | | | 参与单位名称及 | 投资者网上提问 | | | | 人员姓名 | | | | | 时间 | 年 月 日（周四）下午 2025 5 8 15：00~17：00 | | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 上市公司接待人 | 董事长：李罡 | | | | | 总经理：余希平 | | | | | 副总经理、董事会秘书：陈雷 | | | | 员姓名 | 财务总监：袁中兴 | | | | | | 独立董事：刘儒昞 | | | | 保荐代表人：王国威 | | | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | | | ...