5月2日，韩国贸易委员会发布公告称，应韩国生产商申请，对原产于中国和日本的工业机器人启动反倾 销调查，本案倾销调查期为2024年1月1日～2024年12月31日，损害调查期为2021年1月1日～2024年12月 31日。涉案产品为有效载荷6～60万克，立式多关节(四轴及以上)工业机器人，但不包括小型高速机器 人和喷涂机器人。中国涉案企业包括上海ABB工程有限公司、库卡机器人(广东)有限公司及KAWASAKI HEAVY INDUSTRIES LTD。除另行延期(最长两个月)外，预计初裁将于三个月内作出。(中国贸易救济 信息网) ...

近日，各地陆续公布今年一季度经济数据。从GDP增速来看，一季度近九成省份经济同比增速较去年全 年加快，全国共有20个省份GDP增速在全国整体水平(5.4%)及以上。其中，上海一季度GDP增速虽为 5.1%，但仍高于去年全年和去年一季度0.1个百分点。相较于去年全年3.5%的增速，广东的一季度数据 也有所回升。 业内人士认为，从多份"成绩单"来看，今年一季度各地经济运行开局良好，延续了去年以来稳中有进、 向新向好的态势，实现了质的有效提升和量的合理增长。 中央经济工作会议、《政府工作报告》都把"大力提振消费、提高投资效益，全方位扩大国内需求"列为 2025年各项重点任务之首，并明确提出实施提振消费专项行动。一季度，多地相继出台或部署了新一轮 扩内需促消费政策。从数据来看，成效显著。 广东经济总量居首位 在 GDP增速方面，湖北一季度GDP同比增长6.3%，创下该地近12个季度以来的最高增速。此外，浙江 和山东也均达到6.0%。 民营经济是浙江的发展底气。去年，浙江民营经济总量达6.1万亿元，占全省GDP比重达67.4%。今年一 季度，民营经济依然"挑大梁"：规模以上工业民营企业增加值同比增长9.6%，对规模以上 ...

2025年4月30日，绿的谐波发布了2024年年报。报告显示，公司实现营业总收入3.87亿元，同比增长 8.77%；归属于上市公司股东的净利润为5616.81万元，同比下降33.26%。尽管营收保持增长，但净利润 大幅下滑，显示出公司在复杂市场环境下面临的挑战。绿的谐波作为国内精密传动装置领域的龙头企 业，其核心业务谐波减速器及金属部件收入3.25亿元，占总营收的83.99%，机电一体化产品收入 5259.33万元，同比增长56.74%。 一、营收增长但利润承压，市场竞争加剧 绿的谐波2024年营收增长8.77%，达到3.87亿元，显示出公司在市场中的业务拓展能力。然而，归属于 上市公司股东的净利润同比下降33.26%，扣非净利润更是下滑38.09%。这一利润下滑主要受到市场波 动、原材料价格上涨以及研发投入增加的影响。报告期内，公司研发投入4959.12万元，占营业收入的 12.80%，显示出公司对技术创新的重视。 尽管公司在谐波减速器领域的市场份额进一步提升，产品竞争力显著增强，但全球工业机器人市场的竞 争日益激烈，尤其是国际巨头加大对中国市场的投入，给绿的谐波带来了更大的压力。此外，公司在新 产品研发和 ...

公司研究 2024 年收入实现增长，利润端承压，静待制造业复苏 ——绿的谐波（688017.SH）2024 年年报点评 要点 2025 年 4 月 30 日 事件： 4 月 30 日绿的谐波发布 2024 年年报。2024 年公司实现营业收入 3.87 亿元，同比增长 8.8%；实现归母净利润 0.56 亿元，同比下降 33.3%；实现扣 非归母净利润 0.46 亿元，同比下降 38.1%。2024 年公司综合毛利率为 37.5%， 同比下降 3.6pct；归母净利率为 14.5%，同比下降 9.1pct。单季度来看，24Q4 公司实现营业收入 1.11 亿元，同比增长 9.1%。环比增长 7.6%；实现归母净利 润-0.03 亿元，同环比皆由盈转亏。 点评：收入实现增长，利润端承压明显。 2024 年随着国内工业机器人行业需求回暖，下游需求逐步修复，公司谐波减速 器及机电一体化产品产销量均实现增长，2024 年公司营业收入同比增长 8.8%。 24 年公司利润端压力明显，归母净利润同比下降 33.3%，扣非归母净利润同比 下降 38.1%，主要原因包括：1）现金管理收益减少、财政补助金额减少；2） 新产品持 ...

在全球制造业智能化转型的浪潮中，中国工业机器人行业正迎来结构性变化。一方面，"智能化升级"与"设 备更新"政策红利持续释放，加速机器人向下沉市场渗透；另一方面，国产机器人技术平台不断升级，向汽 车、医药等高端场景开拓。 01 国产品牌登顶中国机器人市场第一 工业机器人作为推动全球制造业转型的关键驱动力，近年来取得了飞速的发展，中国工业机器人市场销量 从2015年的6.1万台增长至2024年的29.4万台，中国更是连续10多年稳居全球最大机器人市场宝座。随 着智能制造产业的发展，中国机器人市场进入调整期，行业迈入新增长阶段。 2015-2024年中国工业机器人整体市场销售规模推移（台） 数据来源：MIR DATABANK 注：*工业机器人产品包括：≤20kg 6-axis（包括其他垂直多关节）、>20kg 6-axis （包括其他垂直多关节） 、 据MIR DATABANK最新数据统计， 2025年Q1，中国工业机器人整体市场销量同比增长11.6%，国产机 器人渗透率同比提升2个百分点 。 埃斯顿机器人实现近20%的同比增长，占比中国机器人市场份额10.3% （注：含埃斯顿酷卓的市场份额） ， 成为首个登顶中国 ...

Group 1: Company Performance Overview - In 2024, the company achieved an operating revenue of CNY 158,776.95 million, a year-on-year increase of 4.63% [3] - The net cash flow from operating activities was CNY 15,083.75 million, representing a year-on-year growth of 26.80% [3] - The company reported a decrease in the sales, management, and financial expense ratio by 2.42 percentage points compared to the previous year [3] Group 2: Market Expansion - The company secured new orders worth CNY 18.36 billion in 2024, with a total order backlog of CNY 25.68 billion by the end of the year [4][12] - In the first quarter of 2025, the company achieved new orders of CNY 4.75 billion, a growth of 28.38% compared to the same period last year [12] - The company maintains a leading market share in the signal power supply system, with applications across major railway and subway systems in cities like Beijing, Shanghai, and Guangzhou [4] Group 3: Research and Development - The company invested CNY 11,630.51 million in R&D in 2024, focusing on upgrading existing products towards smart, green, lightweight, and modular designs [6] - New products include the PV2RAIL solar inverter and CR450 project auxiliary converters, which utilize advanced technologies for improved efficiency and reliability [6] Group 4: Internal Management and Governance - The company received the "2024 Annual Financial Association Governance Pioneer Award" and achieved an A-level rating for information disclosure from the Shenzhen Stock Exchange [7] - The company is implementing a cost control strategy, resulting in a decrease in the sales, management, and financial expense ratio [7] Group 5: Future Strategies and Policies - The company is considering mergers and acquisitions to enhance market competitiveness and innovation capabilities, supported by new policies from Guangzhou [9] - The company is actively pursuing opportunities in AI and robotics, aligning with provincial policies to foster innovation in these sectors [10][11] Group 6: Industry Trends - In 2024, national railway fixed asset investment reached CNY 850.6 billion, an increase of 11.3% from 2023, indicating a robust growth environment for the industry [19] - The urban rail transit sector is expected to grow steadily, with projected operational line lengths nearing 13,000 kilometers by the end of the "14th Five-Year Plan" [19]

Core Insights - The company reported a revenue of 4.009 billion yuan for 2024, but faced net profit losses due to goodwill impairment, industry demand fluctuations, and cost pressures. However, in Q1 2025, the company saw a significant improvement in profitability with a revenue of 1.244 billion yuan, a year-on-year increase of 24.03%, and a net profit of 12.63 million yuan, up 93.43% [1][2] Group 1: Financial Performance - In 2024, the company experienced a net profit loss due to various challenges, but in Q1 2025, it achieved a net profit of 12.63 million yuan, marking a 93.43% increase year-on-year [1] - The company's revenue for Q1 2025 was 1.244 billion yuan, reflecting a 24.03% year-on-year growth [1] - The company’s non-recurring net profit for Q1 2025 was 4.1674 million yuan, which is a 132.20% increase year-on-year [1] Group 2: Market Position and Growth - The company maintained a 20% year-on-year growth in industrial robot shipments in 2024, ranking second in China's industrial robot market and first among domestic brands [1] - In Q1 2025, the company became the top-selling brand in China's robot market, achieving a market share of 10.3% [1] - The overall market for industrial robots in China grew by 11.6% year-on-year in Q1 2025, with domestic robot penetration increasing by 2 percentage points [1] Group 3: Research and Development - The company invested 503 million yuan in R&D in 2024, accounting for 12.55% of its revenue, focusing on high-precision six-axis robots and flexible production line solutions [2] - The company successfully launched a 700kg heavy-duty robot, breaking technological barriers and being included in the Ministry of Industry and Information Technology's promotion directory [2] - The company aims to build a globally competitive R&D framework and has committed to long-term investments in innovation to maintain its technological leadership [2] Group 4: Global Expansion and Strategy - The company is actively expanding its global presence, with overseas revenue reaching 1.37 billion yuan in 2024, making up 34.16% of total revenue [2] - The company plans to focus on "global layout, strategic focus, technological breakthroughs, and operational efficiency" in its 2025 development strategy [2] - The company is also investing in "artificial intelligence + robotics" to leverage its experience and data in industrial applications [3]

Core Viewpoint - The company, Dinghan Technology, reported a revenue of 1.588 billion yuan for 2024, marking a year-on-year growth of 4.63%, with significant contributions from international business and a notable increase in net profit [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 11.1163 million yuan, with a non-recurring net profit growth of 85.08% year-on-year [1]. - The total new orders for 2024 reached 1.836 billion yuan, with a backlog of 2.568 billion yuan by the end of the year [1]. - The operating cash flow net amount was 151 million yuan, reflecting a year-on-year increase of 26.8% [1]. Business Strategy - The company is focusing on "new quality productivity" as a core engine, enhancing revenue generation, quality improvement, and efficiency [1]. - It is deepening the integration of "high-end equipment + smart solutions" and expanding its market presence in both traditional and new sectors [1][4]. Market Segments - The rail transportation sector remains a key focus, with revenue from vehicle electrical equipment reaching 854 million yuan, a year-on-year increase of 19.04%, accounting for 53.81% of total revenue [3]. - Ground electrical equipment generated 458 million yuan in revenue, with a gross margin increase of 6.64 percentage points to 40.67% [3]. - Smart solutions contributed 265 million yuan, showing a slight growth of 0.99% [3]. Innovation and R&D - The company invested 116 million yuan in R&D for 2024, representing 7.33% of revenue, with a year-on-year increase of 8.3% [5][6]. - The workforce includes 351 R&D personnel, making up 23% of total employees [5]. - Innovations include advancements in signal power systems, vehicle auxiliary power systems, and smart solutions integrating various technologies [6][7]. New Market Opportunities - The company is exploring strategic emerging industries, achieving breakthroughs in fields such as new energy thermal management, smart warehousing, and industrial robotics [4]. - Notable projects include the development of thermal management products for major manufacturers and automated sorting systems for e-commerce logistics [4].

当前全国31个省（自治区、直辖市）发布了2025年经济一季度"成绩单"。GDP总量方面，广东、江苏进 入"3万亿俱乐部"；增速方面，19个省份跑赢5.4%的"全国线"，西藏以7.9%领跑。 川财证券首席经济学家、研究所所长陈雳在接受《证券日报》记者采访时表示，从区域经济发展特点来 看，东部地区凭借其良好的地理位置、经济基础和产业配套，成为产业升级的先锋，产业结构优化、创 新驱动发展以及外向型经济优势是其主要特点；中部地区在工业与农业协同发展方面取得了显著成效， 通过发展农产品加工业、实施"工业反哺农业"战略以及加强区域协调发展，推动了区域经济的稳定增 长；西部地区凭借丰富的自然资源和政策支持，推动资源与新兴产业融合发展，将资源优势转化为经济 优势，有效带动新兴产业发展，成为经济增长的新引擎。 工业新动能强劲 新质生产力加速形成 整体来看，一季度各省份高新技术、数字经济、绿色经济等产业实现较快增长，新质生产力成为多地经 济发展的关键驱动力。 中信证券首席经济学家明明对《证券日报》记者表示，一季度全国GDP增速超出市场预期，经济实 现"开门红"。19省份增速超"全国线"，表明多数地区处于稳定增长通道，其中经济大省 ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 硬科技赛道，汽车智能化部件受追捧。 上周，国内 EMB 企业华申瑞利宣布于2025年初完成近亿元 人民币A轮融资。本轮融资由合创资本、君科丹木以及老股东顺为资本联合领投，老股东小米战投、 蓝湖资本和辰韬资本跟投。此外，国内车载SerDes芯片企业仁芯科技成功斩获A轮融资，此次融资 吸引陕汽集团、长江汽车电子、移为通信、杭州临空产业基金、杭金投基金、浙江大华投资等产业资 本积极入局。 大健康赛道，心脏医疗成热门。 上周，上海合源医疗®完成超亿元的新一轮融资。本轮融资由龙磐 投资和道彤投资联合领投，楹联健康基金和天瑞丰年跟投，现有股东礼来亚洲基金持续加持。人工心 脏领域企业核心医疗已完成超1亿美元D轮融资。本轮融资由正心谷资本、社保基金中关村自主创新 专项基金（君联资本担任管理人）、阿美风险投资旗下Prosperity7 Ventures(P7)、基石资本及知 名产业投资方联合领投，德联资本及联新资本跟投。 硬科技 华申瑞利完成 ...