证券研究报告 | 2025年05月13日 人形机器人系列专题之六维力传感器 优于大市 高价值和高壁垒的力控核心部件，国产供应商持续发力 风险提示：行业进展和技术迭代不及预期、供应商订单不确定性的风险。 投资建议：关注人形机器人进展带来的投资机遇。看好在技术升级迭代下人 形机器人发展，看好机器人量产后带来的潜在供应链零部件的需求和投资机 会，推荐在六维力传感器等领域有持续布局的公司凌云股份、中鼎股份等。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） | | 凌云股份 | | 优于大市 | | | | 优于大市 | 中鼎股份 | | | | | 无评级 | 华培动力 | | | | | 资料来源：、国信证券经济研究所预测 | | | | | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业专题 汽车 优于大市·维持 证券分析师：唐旭霞 证券分析师：孙树林 六维力传感器系人形机器人感知核心部件，重要性高、价值量大。传感器是 人形机器人与 ...

Investment Rating - The report rates the industry as "Outperform" [4][5]. Core Insights - The six-dimensional force sensor is a core component for humanoid robots, crucial for perception and interaction with the environment, accounting for approximately 16% of the robot's value [1][14]. - The domestic suppliers are making significant progress in the high-end market of six-dimensional force sensors, narrowing the performance gap with foreign brands [4]. - The market for six-dimensional force sensors in humanoid robots is projected to reach 13.8 billion yuan by 2030, driven by increasing demand and production [4]. Summary by Sections Section: Six-Dimensional Force Sensors - Six-dimensional force sensors can measure three directional forces and three directional moments, providing comprehensive force perception [2][34]. - Key performance indicators include crosstalk, accuracy, sensitivity, and overload capacity [34][41]. - The technology route includes strain gauge, capacitive, piezoelectric, and photoelectric types, with strain gauge technology being the most mature and widely used [2][52]. Section: Design and Manufacturing Barriers - High barriers exist in design, decoupling, calibration, and manufacturing processes, making it a complex system engineering task [3][4]. - The design involves selecting and optimizing elastic bodies and strain gauges, which significantly influence the manufacturing process [3]. - Calibration and detection require complex multi-dimensional loading processes, necessitating self-developed equipment [3][4]. Section: Market Dynamics - The humanoid robot market is creating incremental demand for six-dimensional force sensors, with domestic players rapidly entering the market [4]. - The current price of six-dimensional force sensors is around 10,000 to 20,000 yuan, with expectations for prices to decrease to around 1,000 yuan as production scales up [4]. - Companies like Lingyun Co. and Zhongding Co. are recommended for investment due to their ongoing developments in the six-dimensional force sensor field [4][5].

Core Viewpoint - Senba Sensor (300701) has seen a stock price increase of 1.72% to 10.08 yuan as of May 12, 2025, with a trading volume of 36,700 shares and a total transaction amount of 36.91 million yuan [1]. Trading Information Summary - On May 12, 2025, the capital flow for Senba Sensor showed a net outflow of 203.87 thousand yuan from institutional investors, accounting for 5.52% of the total transaction amount [2][3]. - Retail investors contributed a net inflow of 159.93 thousand yuan, representing 4.33% of the total transaction amount [2]. Company Announcement Summary - Senba Sensor announced the upcoming release of 4,241,523 restricted shares for trading, which is 1.5002% of the company's total share capital, effective May 16, 2025 [2][3][4]. - The company received approval from the CSRC on November 24, 2023, to issue shares and pay cash for a 67% stake in Wuxi Green通安全装备有限公司, with a maximum fundraising of 10.593 million yuan [4]. - The new shares are set to be listed on January 5, 2024, increasing the total share capital to 282,735,119 shares [4].

证券代码：603662 证券简称：柯力传感 宁波柯力传感科技股份有限公司 二〇二五年五月 宁波柯力传感科技股份有限公司 2024 年年度股东大会会议资料 宁波柯力传感科技股份有限公司 2024 年年度股东大会会议资料 宁波柯力传感科技股份有限公司 为维护宁波柯力传感科技股份有限公司（以下简称"公司"）全体股东的合 法权益，确保股东大会的正常秩序和议事效率，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股东大会规则》《宁波柯力传感科技股份 有限公司章程》及《宁波柯力传感科技股份有限公司股东大会议事规则》等相关 规定，制定会议须知如下： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其他股东权益。 二、出席本次股东大会现场会议的股东及股东代理人，应在办理会议登记手 续时出示或提交本人身份证、股票账户卡、加盖法人公章的企业法人营业执照复 印件（法人股东）、授权委托书（股东代理人）等文件。 三、会议主持人宣布现场出席会议的股东人数及所持有表决权的股份总数时， 会议登记终止，在会议登记终止时未在"股东登记册"上登记的股东，其代表的 股份不计入出席本次大会现场会议的股份总数，不得参与现场会议的表 ...

Group 1 - The core event is the 10th "Maker China" Innovation and Entrepreneurship Competition for High-end Scientific Instrument Equipment and Sensors, which aims to enhance the innovation capabilities and specialization of small and medium-sized enterprises in this sector [1][2] - The competition is organized by various governmental and institutional bodies, gathering over 300 participants from government, academia, research institutions, investment firms, and entrepreneurs [1] - The event is part of a broader strategy in Huairou District to develop a cluster for high-end scientific instruments and sensors, leveraging regional industrial advantages and the influence of the "Maker China" platform [1] Group 2 - The competition aims to stimulate innovation potential, gather entrepreneurial resources, create an innovative atmosphere, and promote industrial development, providing a platform for small and medium-sized enterprises in the high-end scientific instrument and sensor sectors [2] - It will collect projects nationwide, featuring both corporate and entrepreneurial categories, covering areas such as high-end scientific instruments, core components, and intelligent sensing solutions [2] - Award-winning projects will receive cash rewards, space for implementation, and support in finance, entrepreneurship, and technology services to ensure sustainable and diversified development prospects [2]

Financial Performance - In 2024, the company achieved operating revenue of 446.37 million yuan, a year-on-year increase of 51.33% [1] - Net profit attributable to shareholders decreased by 30.17% to 39.41 million yuan, while net profit excluding non-recurring gains and losses increased by 51.34% to 53.17 million yuan [1][2] - In Q1 2025, the company reported operating revenue of 89.68 million yuan, a year-on-year decrease of 5.13%, and a net profit of 7.30 million yuan, down 40.58% [4] Product Applications and Market Position - The company's pyroelectric infrared sensors are applicable in smart traffic monitoring [3] - The company is a leading supplier of sensors and solutions, with a strong market position in various sensor categories, including pyroelectric infrared sensors and visible light sensors [5][8] - The subsidiary, Green Tong, achieved operating revenue of 128.70 million yuan and net profit of 28.61 million yuan in 2024 [4] Research and Development - R&D expenses for 2024 amounted to 29.05 million yuan, reflecting a year-on-year increase of 48.18% [6] - The company is focused on developing new products and technologies, including multi-channel intelligent pyroelectric infrared detectors and high signal-to-noise ratio sensors [6] Dividend and Shareholder Returns - The company plans to distribute cash dividends of 0.35 yuan per 10 shares for the first half of 2024, totaling 9.90 million yuan [7] - For the full year 2024, the proposed cash dividend is 1.00 yuan per 10 shares, amounting to 28.27 million yuan, with total dividends for the year reaching 38.17 million yuan [7] Market Expansion and Strategy - The company aims to enhance its sales team and explore high-growth potential markets, particularly in petrochemical, chemical, gas, pharmaceutical, and power sectors [10] - The company will integrate resources from Green Tong to expand cross-selling opportunities in different regional markets [10] Impact of External Factors - Over 90% of the company's revenue comes from the domestic market, indicating that U.S. tariff policies have minimal impact on operations [10] - The decision to terminate certain fundraising projects is based on market conditions and strategic considerations, ensuring no adverse effects on current operations [11] ESG and Corporate Governance - The company emphasizes sustainable development and compliance with environmental regulations, integrating ESG principles into daily operations [9]

Core Viewpoint - The article emphasizes the evolution of "force perception" technology as a key driver for precision control and human-robot collaboration in various applications, including humanoid robots, industrial robotic arms, and medical robotic hands [1]. Group 1: 6L2A Series Six-Dimensional Force Sensor - The 6L2A series six-dimensional force sensor boasts high precision with an accuracy of 0.5% and a repeatability of 0.1%, providing robust technical support for precise control in robotics [1][3]. - It has a fatigue life of 5 million cycles, ensuring stability and reliability in high-frequency and high-intensity usage environments [1]. - The sensor offers customization and validation testing, supporting integrated or customized designs to meet diverse application needs [1][3]. - It is widely applicable in humanoid robots for simulating human movements and in industrial robots for real-time detection of multi-dimensional interaction forces [4]. Group 2: NB4A Series Joint Torque Sensor - The NB4A series joint torque sensor features a compact design with a torque range of 20N.m to 300N.m and a weight of 100g to 200g, making it easy to integrate into various robotic joints [5][7]. - It has excellent anti-crosstalk capabilities, with Fz direction crosstalk as low as ±0.1%FS, ensuring accurate measurement data [5]. - The sensor maintains high precision even in extreme working conditions, with a zero-point temperature drift of only 0.1%FS/10℃ [5]. - It is suitable for humanoid robots and robotic arms, providing precise torque feedback for flexible control [7]. Group 3: Micro Tension and Pressure Sensor - The micro tension and pressure sensor includes the BM24F series linear actuator and L24C series dexterous robotic hand, featuring high reliability and an IP67 protection rating [9][11]. - It utilizes advanced membrane strain gauge technology for excellent consistency in creep and zero return, ensuring precise and stable robotic movements [9]. - The sensor supports multiple protocols and interfaces for easy integration and system development, optimizing space layout and reducing costs [9][11]. - It plays a crucial role in humanoid robots for precise control, safety monitoring, interaction feedback, and environmental adaptation [11].

Core Viewpoint - The research institute has made significant advancements in the development of high-performance MEMS fast mirrors, which have substantial potential applications in satellite laser communication [1] Group 1: Technology Development - The MEMS fast mirrors feature a large mirror surface size and a compact packaging volume [1] - The mirrors exhibit excellent linearity, angular resolution, response speed, repeat positioning accuracy, and dynamic deformation of the mirror surface [1] - The integration of high-sensitivity angle sensors allows for more precise closed-loop control of laser beams [1] Group 2: Application Potential - The fast mirrors play a crucial role in satellite laser communication by directing, capturing, and tracking laser beams [1] - The advancements in this technology indicate a promising future for its application in laser satellite communication [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [12]. Core Views - The company is experiencing a turning point in its traditional business, with promising prospects for its robotics segment [12]. - The company reported a revenue of 2.228 billion yuan in 2024, a decrease of 2.61% year-on-year, and a net profit of 766.803 million yuan, down 41.38% year-on-year. However, the first quarter of 2025 showed a revenue of 603 million yuan, an increase of 1.54% year-on-year, and a net profit of 16.936 million yuan, up 16.91% year-on-year, indicating a potential recovery [4][6]. Summary by Sections Financial Performance - In 2024, the company faced a decline in performance due to increased market competition, ongoing R&D investments, and new business lines not yet generating effective revenue. The new business negatively impacted net profit by approximately 49.9279 million yuan [4]. - The revenue from the sensor segment was 341 million yuan, up 28.05% year-on-year, while the smart instrument segment generated 995 million yuan, a slight increase of 0.42% year-on-year [4]. Business Strategy - The company aims to become a leader in IoT solutions centered around sensors, integrating smart instruments, data collection, geographic information, and cloud computing technologies [5]. - The company has seen its revenue grow from 1.941 billion yuan in 2020 to 2.395 billion yuan in 2022, with a CAGR of 11.08% [5]. Market Position - The company has established itself as a leader in the gas sensor industry, with a comprehensive technology platform covering chip design, sensitive materials, manufacturing processes, and testing technologies [7]. - The company is expanding its product line in various sectors, including home appliances, automotive, energy storage, and optoelectronics, to maintain its market leadership [7]. Robotics Business - The company is enhancing its robotics business through various initiatives, including developing a range of sensors for robotic applications, collaborating with nearly twenty robotics manufacturers, and leveraging its subsidiary's expertise in flexible sensor technology [9][11]. Profit Forecast - The company is projected to achieve net profits of 122 million yuan, 151 million yuan, and 185 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.37 yuan, 0.46 yuan, and 0.57 yuan [12][14].

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]