Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company's revenue faced short-term pressure with a slight decline of 2.17% year-on-year, resulting in a net profit attributable to shareholders of 99 million yuan, down 24.17% year-on-year [2] - The company's gross margin decreased to 25.93%, a decline of 2.54 percentage points year-on-year, primarily due to changes in accounting standards and intense price competition in the machine tool industry [3] - The company is in a capacity expansion phase, with ongoing projects to enhance production capabilities and international market presence, which is expected to strengthen its leading position in the industry [4] - The profit forecast for 2025-2027 is maintained at 641 million, 760 million, and 896 million yuan respectively, with corresponding dynamic P/E ratios of 16, 13, and 11 times [4]

证券研究报告·公司点评报告·通用设备 2025 年一季报点评：业绩短期承压，产能稳 步扩张注入长期成长性 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,323 | 3,352 | 3,870 | 4,471 | 5,168 | | 同比（%） | 4.59 | 0.85 | 15.46 | 15.53 | 15.59 | | 归母净利润（百万元） | 609.48 | 522.99 | 641.03 | 759.63 | 895.60 | | 同比（%） | 17.06 | (14.19) | 22.57 | 18.50 | 17.90 | | EPS-最新摊薄（元/股） | 1.17 | 1.00 | 1.23 | 1.46 | 1.72 | | P/E（现价&最新摊薄） | 16.49 | 19.21 | 15.68 | 13.23 | 11.22 | [Table_Tag] [投资要点 Table_S ...

证券代码：300503 证券简称：昊志机电 广州市昊志机电股份有限公司投资者关系活动记录表 机器人订单或意向订单，好何解释这对矛盾现象 答：尊敬的投资者，您好，公司目前在机器人领域的产品涵盖谐波减 速器、无框力钜电机、驱动器、控制系统、六维度力钜传感器、刹车机构、 编码器、电磁快换模块、关节模组以及末端执行机构等机器人领域核心部 件。公司谐波减速器、无框力矩电机和编码器等产品可应用于人形机器人。 除以上外，公司也会做某个特定行业的解决方案，比如公司与客户共同开 发的按摩机器人已成功应用于美业。截至目前，公司上述产品尚未应用于 在人型机器人领域，也没有签署相关协议。公司将持续关注机器人领域发 展情况，并持续做好客户测试或对接测试需求，谢谢关注。 3、汤总您好！公司业务量有否季节性波动？ 答：您好！公司经营的季节性变化不大，相比来讲一季度受春节因素 影响，销售额略微低一些，其他季度变化不大。谢谢关注。 4、董事长好，公司去年和今年一季度业绩增长强劲，股东们都比较满意。 在关税阴影笼罩下，公司如何保证未来两年持续高增长的态势？ 另外，人形机器人处在起步发展阶段，但势头非常迅猛，公司有一些可以 用在人形机器人产业链的 ...

经营分析 行业竞争激烈面临价格压力，公司一季度利润率承压。根据机床 工具工业协会数据，24 年机床工具行业实现营收 10407 亿元，同 比下降 5.2%，实现利润总额 265 亿元，同比下降 76.6%，主要由 于行业竞争较为激烈，利润空间持续收窄。我们认为受此影响， 公司 24 年部分新签订单也面临价格压力，导致 1Q25 毛利率出现 下降，公司 1Q25 毛利率为 21.11%，同比下降 4.84pcts，净利率 最终同比下降 1.9pcts 至 10.78%。 25 年 1-2 月行业数据向好，后续季度报表有望好转。根据机床工 具工业协会数据，25 年 1-2 月金属切削机床行业营收同比增长 12.1%，金属加工机床新签订单同比增长 26.2%，在手订单同比增 长 15.2%，行业数据有所好转。根据新华社信息，在 4 月 18 日举 行的国务院常务会议上提出"要锚定经济社会发展目标，加大逆 周期调节力度，着力稳就业稳外贸，着力促消费扩内需，着力优 结构提质量，做强国内大循环。"在经济刺激政策推动下行业景气 度有望继续回暖。考虑公司收入确认有一定滞后性，后续季度报 表有望好转。 四期产能逐步投放，关注新 ...

Group 1: AI in Consumer and Manufacturing Sectors - AI is transforming consumer experiences by understanding personal feelings and preferences, leading to more personalized interactions in smart vehicles [1] - The integration of AI in CNC machines is enhancing their capabilities, allowing them to learn and improve processing efficiency and precision [2] - The Chinese manufacturing sector is positioned for a significant transformation towards intelligent manufacturing, with a notable increase in its global manufacturing value added from 20% in 2010 to an expected 34% in 2024 [2] Group 2: Emerging Consumer Trends - There is a shift in consumer preferences towards emotional value and quality-price ratio, driven by an aging population and smaller family units [5] - Young consumers are increasingly investing in experience-oriented products and services, with a focus on personal growth and lifestyle [6] - The demand for smart home appliances is rising, with sales expected to double in 2024, as these products free up time for consumers to engage in family and personal interests [6] Group 3: Future of Consumption - The "Artificial Intelligence+" initiative aims to promote the development and application of new technologies in various sectors, including autonomous driving and smart wearables, to create high-growth consumption opportunities [7] - The evolving consumer landscape, driven by digital natives, is expected to reshape the consumption ecosystem, impacting various industries from education to healthcare [7]

祝贺！湖北99人获全国劳动模范和先进工作者表彰，其中一半左右来自武汉地区。4月 28日，在京举行的庆祝中华全国总工会成立100周年暨全国劳动模范和先进工作者表彰大会 传出喜讯。 新中国成立后，党和国家先后召开了16次全国劳模表彰大会，累计表彰先进个人3.3万 多人次。这是我国第17次评选表彰全国劳动模范和先进工作者。从名单可以发现，表彰对象 坚持面向基层、面向一线、面向普通劳动者，以各行各业的一线劳动者为主体。 据悉，湖北受表彰人员共有99人，其中，全国劳动模范72人、全国先进工作者27人，呈 现了群英荟萃、导向鲜明的显著特征，集中代表了新时代湖北各界劳动群众踊跃投身经济社 会高质量发展的新气象、新作为。 长江日报记者梳理湖北省获奖名单发现，来自武汉市企事业单位及在汉单位的全国劳模 和先进工作者占一半左右。武汉地区全国劳动模范平均年龄为47岁左右，年龄最大的是62岁 的教授级高级工程师徐恭义，来自中铁大桥勘测设计院集团有限公司；年龄最小的是33岁的 高级技师陈汉龙，来自中铁科工集团轨道交通装备有限公司重型装备厂机加车间。 武汉地区全国劳动模范集中分布在铁路、桥梁、电力等基建领域，汽车、机床、船舶等 制造业，以 ...

第十九届中国国际机床展览会日前在北京举办。31万平方米的展览面积，不仅刷新了该展的历届规模纪 录，更成为近10年来全球最大规模的机床工具专业盛会。来自31个国家和地区的2400余家企业，携最新 技术与产品齐聚一堂，全方位展现机床行业前沿趋势。 华中数控董事长陈吉红告诉记者，"我们赋予了该系统自主学习能力，并创新构建了'一个智能底座，两 条数字主线，三个功能子系统'的技术架构，创造了智能制造高级阶段的新范式"。目前，该系统已具备 相当于拥有2年至3年工作经验工程师的智能决策能力，并可通过数据训练持续进化。其开放平台支持企 业小模型本地化部署，有效保障数据安全。 华中数控在智能系统的突破并非孤例。本届展会上，AI技术与机床产业的深度融合成为业界关注焦 点。众多国内机床企业推出的最新产品，生动展示了从传统制造向智能制造升级的丰硕成果。 武汉重型机床集团有限公司作为重型机床领域的主要生产基地，在展会期间发布自主研制的全球首台智 能重型机床——高速高精智能重型立式铣车加工中心，并同步上线在国内率先开发的"武重云"在线智能 服务平台。 相对传统重型机床设备，智能重型机床通过AI赋能，变得更聪明、性能更稳定、质量更可靠。武 ...

Financial Performance - The company reported a basic earnings per share of -0.2786 yuan for 2024, a decrease of 304.4% compared to 0.1363 yuan in 2023 [1] - The net profit for 2024 was -0.55 billion yuan, down 303.7% from a profit of 0.27 billion yuan in 2023 [1] - The operating revenue decreased by 15.74% to 17.82 billion yuan in 2024 from 21.15 billion yuan in 2023 [1] - The return on equity was -3.40% in 2024, a significant decline from 1.64% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 82.3712 million shares, accounting for 42.24% of the circulating shares, which is a decrease of 2.6162 million shares from the previous period [2] - The largest shareholder, Zall Intelligent Manufacturing Group Co., Ltd., holds 55.3014 million shares, representing 28.36% of the total share capital, with no change in holdings [3] - New entrants among the top shareholders include Pan Zhigang and Huaxia CSI Robot ETF, each holding 1.03 million shares [3] Dividend Distribution - The company announced a dividend distribution plan of 0.1 yuan per share (including tax) [3]

Summary of Yawey Co., Ltd. Conference Call Company Overview - **Company**: Yawey Co., Ltd. - **Industry**: Metal forming machine tools and laser processing equipment Key Financial Performance - **2024 Performance**: - Revenue reached 2.07 billion yuan, a year-on-year increase of 6.7% - Operating profit approximately 75 million yuan, a decline due to investment impairment [2][3] - **Q1 2025 Performance**: - Revenue of 467 million yuan, net profit attributable to shareholders of 35.9 million yuan, a year-on-year decrease - Stable order volume with a gross margin improvement of 2 percentage points [2][4] Business Segment Highlights - **Metal Forming Machine Tools**: - Revenue of 1.325 billion yuan, up 11.8% year-on-year - Order volume increased over 20%, with bending machines and sheet metal automation lines growing over 60% [2][3][5] - **Laser Processing Equipment**: - Revenue of 576 million yuan, an 8.12% increase - Order volume for flat laser cutting machines grew over 30% [2][5] - **New Jinlu Pressure Machines**: - New contracts close to 200 million yuan, with order volume growth exceeding 80% [2][3] Market Dynamics - **Industry Trends**: - Increased demand in new energy and energy storage sectors, while demand in elevator and related industries has declined [3][8] - **Delivery Cycles**: - Short delivery cycles for standard machines domestically, while customized production lines have longer cycles [9] Strategic Goals and Future Outlook - **2025 Contract Goals**: - Aim to increase contracts by over 10% - Focus on strengthening mature businesses like bending machines and laser cutting machines while investing in emerging businesses like pressure machines [2][6] - **Global Market Development**: - Plans to enhance cooperation with international agents and provide personalized strategies to improve market share [6][7] Shareholder Changes - **Major Shareholder Update**: - Yangzhou State-owned Assets Supervision and Administration Commission is set to become the major shareholder, expected to complete by mid-2026, with no immediate impact on operating profit [12][14] Investment and Impairment Issues - **Asset Impairment**: - Continuous challenges with asset impairments, with 50 million yuan impairment reported in 2024 [16][17] - **Future Impairment Outlook**: - Expected gradual resolution of impairments, with a focus on core business performance in 2025 [18] Product and Market Strategy - **Product Development**: - Emphasis on optimizing production efficiency and cost management to maintain stable gross margins [20][24] - **Market Positioning**: - Targeting high-end markets while also considering the needs of small and medium-sized clients [7][8] International Sales and Revenue Structure - **Export Markets**: - Major overseas sales concentrated in Southeast Asia and Europe, contributing approximately 30% of total export revenue [25] Overall Strategic Direction - **Long-term Strategy**: - Commitment to core business in metal forming machine tools while expanding into laser processing and pressure machine sectors to enhance market position [26]

25 年 1-2 月行业数据向好，后续季度报表有望好转。根据机床工 具工业协会数据，25 年 1-2 月金属切削机床行业营收同比增长 12.1%，金属加工机床新签订单同比增长 26.2%，在手订单同比增 长 15.2%，行业数据有所好转。根据新华社信息，在 4 月 18 日举 行的国务院常务会议上提出"要锚定经济社会发展目标，加大逆 周期调节力度，着力稳就业稳外贸，着力促消费扩内需，着力优 结构提质量，做强国内大循环。"在经济刺激政策推动下行业景气 度有望继续回暖。考虑公司收入确认有一定滞后性，后续季度报 表有望好转。 四期产能逐步投放，关注新品的未来成长前景。公司四期产能建 设持续推进，设计产能 7 亿，预计 25 年上半年投产。伴随产能扩 张，公司将有更多新品投放市场，包括适用于人形机器人减速器、 丝杠加工的卧式车床系列产品等，未来有较好成长前景。 盈利预测、估值与评级 预计公司 25 至 27 年分别实现归母净利润 3.7/4.27/4.83 亿元， 对应当前 PE18X/15X/13X，考虑公司后续有望受益行业景气度复 苏，新品成长前景较好,维持"增持"评级。 业绩摘要 公司 2025 年 4 月 2 ...