海外公司跟踪报告 | 工业 证券研究报告 | 报告日期 | 2026 年 2 月 5 日 | | --- | --- | | 公司评级 | 增持（维持） | 基础数据 | 2 月 5 日收盘价（港元） | 26.64 | | --- | --- | | 总市值（亿港元） | 248.93 | | 总股本（亿股） | 9.34 | 来源：聚源，兴业证券经济与金融研究院整理 相关研究 【兴证海外机器人】港股人形机器人行 业 2026 年策略：产业突破，前景可期- 2025.12.16 【兴证海外机器人】德昌电机控股首次 覆盖报告：液冷水泵、人形机器人零部 件弹性可期-2025.09.28 分析师：余小丽 S0190518020003 AXK331 yuxiaoli@xyzq.com.cn 分析师：张忠业 S0190522070004 zhangzhongye@xyzq.com.cn 分析师：李梦旋 S0190523060003 limengxuan@xyzq.com.cn 分析师：张弘彬 S0190524080002 zhanghongbin@xyzq.com.cn 请注意: 张忠业、李梦旋、张弘彬并非香 港证券 ...

Group 1 - The core point of the article is that Jiangsu Leili (300660.SZ) has developed a "brushless motor + gearbox" planetary actuator for the robotic dog sector, which is now being supplied in bulk to Nanjing Blue Technology, but has not yet been supplied to Yushu Technology [1] Group 2 - The company is actively engaging in the robotics industry, specifically focusing on the development of components for robotic dogs [1] - The partnership with Nanjing Blue Technology indicates a strategic move to establish a foothold in the growing robotics market [1] - The absence of supply to Yushu Technology suggests potential future opportunities or partnerships that may arise [1]

Core Viewpoint - The company has recently obtained a patent for a machine vision-based method for identifying defects in motor appearances, which enhances its intellectual property protection and innovation capabilities [1][2]. Patent Basic Information - The patent involves a method that segments the motor casing into different components and constructs recognition models to identify various defect types and their images [1]. - The method allows for the assessment of recognition accuracy for different local images of the same component, providing comprehensive reference data for relevant personnel [1]. Impact of Patent Acquisition - The acquisition of this patent strengthens the company's protection of intellectual property, fosters a continuous innovation mechanism, and enhances brand and market recognition [2]. - The patent is expected to further improve the company's core competitiveness, although it will not have a significant impact on the company's short-term financial status or operational performance [2].

Core Viewpoint - The company has recently obtained an invention patent certificate from the National Intellectual Property Administration, which is expected to enhance its intellectual property protection and core competitiveness [1][2]. Patent Basic Information - The patent pertains to a method for identifying appearance defects in electric motors based on machine vision, involving the segmentation of the motor shell into different components and constructing recognition models to assess defect types and accuracy [2]. Impact of Patent Acquisition - The acquisition of this patent is expected to strengthen the company's protection of intellectual property, foster a continuous innovation mechanism, and enhance brand and market recognition, thereby improving core competitiveness. However, it is noted that this patent will not have a significant impact on the company's recent financial status or operational performance [2].

Core Viewpoint - The company Koliar (002892.SZ) has recently obtained an invention patent from the National Intellectual Property Administration for a method of identifying appearance defects in motors based on machine vision, which enhances defect recognition accuracy and provides comprehensive reference data for relevant personnel [1]. Group 1: Patent Details - The patent is titled "A Method for Identifying Appearance Defects in Motors Based on Machine Vision" with patent number ZL20251108 4869.3 [1]. - The method involves dividing the motor casing into different components and constructing a first recognition model based on the appearance images of these components [1]. - The first recognition model is used to obtain local images of each component in various overall images, identifying different types of defects and their corresponding images [1]. Group 2: Model Construction - A second recognition model is constructed using the first model to assess the recognition accuracy of different local images of the same component [1]. - A third recognition model is developed by combining the second model with a set of recognition parameters for the corresponding local images [1]. - The second and third recognition models work together to identify defects in the motor casing and evaluate the accuracy of the recognition results [1].

Core Viewpoint - The article discusses the increasing tolerance of regulatory bodies towards speculative behaviors in the IPO market, highlighting the case of Zhoushan Chenguang Electric Machine Co., Ltd. (referred to as "Chenguang Electric") and the concerns surrounding its pre-IPO investment by a significant shareholder, Chen Qiwei [1][3]. Group 1: IPO Process and Regulatory Environment - Chenguang Electric's IPO application was accepted on June 25, 2025, after passing the review on January 5, 2025, and is currently awaiting registration results [3]. - Regulatory authorities appear to be relaxing their stance on speculative behaviors, which may alleviate the tense investment atmosphere following the "New National Nine Articles" crackdown on illegal investments [3][4]. Group 2: Chen Qiwei's Investment and Its Implications - Chen Qiwei, a notable investor, acquired a 3.2% stake in Chenguang Electric for 25.6 million yuan shortly after the company announced a targeted capital increase [4][6]. - Concerns have been raised regarding the legitimacy of Chen's investment, particularly given his connections to controversial figures and the timing of his entry into the company [12][13]. Group 3: Financial Performance and Revenue Authenticity - Chenguang Electric reported revenues of 492 million yuan, 703 million yuan, 815 million yuan, and 432 million yuan for the years 2022 to the first half of 2025, with a compound annual growth rate of 28% from 2022 to 2024 [28]. - The company has seen a significant increase in accounts receivable, which has outpaced revenue growth, raising suspicions about its credit policies and revenue recognition practices [28][29]. - The average selling price of Chenguang Electric's main products has decreased significantly, indicating potential unsustainable revenue growth driven by credit sales and price reductions [29][30]. Group 4: Sales and Distribution Concerns - Chenguang Electric's sales expenses are notably lower than comparable companies, suggesting possible shared sales networks with Chen Qiwei's enterprises [32]. - The company has a high proportion of third-party payments in its revenue, which raises questions about the authenticity of its sales [35]. - Many of Chenguang Electric's trade partners are newly established, which could indicate potential risks in revenue recognition and sales validation [34]. Group 5: Conclusion and Future Outlook - The article concludes that if there are flaws in Chenguang Electric's investment and financial reporting, it could jeopardize the company's IPO prospects and overall market confidence [40].

Core Viewpoint - The company acknowledges the differing market performances between itself and its brother company, Harbin Electric, attributing the disparity to industry characteristics and market conditions [1]. Group 1: Company Performance - Harbin Electric has seen its stock price rise from over 1 HKD to around 20 HKD, while the company's performance has been inconsistent in recent years [1]. - The company operates in a short-cycle industry focused on various industrial and special motors, contrasting with Harbin Electric's long-cycle business in large power generation equipment [1]. Group 2: Strategic Initiatives - The company plans to complete a significant asset restructuring by December 2023, acquiring control of a dynamic equipment company [1]. - A specific share issuance is scheduled for March 2025, aiming to raise approximately 1.1 billion CNY at a price of 10.92 CNY per share [1]. - The company emphasizes a cash dividend policy of at least 30% of distributable profits annually and is actively engaging in various investor relations activities [1]. Group 3: Market and Competitive Strategy - The company is committed to enhancing its core competitiveness through increased R&D investment and the introduction of competitive new products and services [1]. - It aims to expand its market presence while maintaining stability in existing markets and exploring new business opportunities [1]. - The company is focused on steady operations and strategic development to deliver better performance for shareholders [1].

证券日报网讯2月3日，大洋电机（002249）在互动平台回答投资者提问时表示，公司致力于成为全球电 机及驱动控制系统绿色智能解决方案领域的卓越供应商，以全球化视野和思维方式，逐步实施产业全球 布局，促使全球资源在公司内部得到合理高效利用，提高公司全球市场竞争能力。经过多年的发展，公 司在全球范围内，包括美国、墨西哥、英国、越南、印度、泰国、摩洛哥(生产基地投建中)等国家，设 立了子公司及生产基地，不断完善公司全球布局，进一步贴近公司主要客户，以提供更好的产品交付效 率和服务响应速度，满足客户本地化制造(localforlocal)的供应链策略。此外，公司具备全球化的市场销 售能力和渠道，产品销往全球80多个国家和地区，与众多世界500强企业及国内外行业知名品牌建立了 良好的合作伙伴关系。坚实的全球市场渠道和客户基础，助力公司有效降低对单一市场的依赖，分散单 一市场的风险。 ...

证券日报网讯2月3日，大洋电机（002249）在互动平台回答投资者提问时表示，公司致力于成为全球电 机及驱动控制系统绿色智能解决方案领域的卓越供应商，为全球客户提供安全、环保、高效的电机驱动 系统解决方案，是一家拥有"建筑及家居电器电机、新能源汽车动力总成系统、车辆旋转电器、氢燃料 电池系统及其关键零部件"等产品，集"高度自主研发、精益制造、智慧营销"为一体的高新技术企业。 目前公司形成了以建筑及家居电器电机产品为主的BHM事业部和以汽车用关键零部件为主的车辆事业 集团(EVBG)两大事业板块。关于公司主要产品及其应用场景敬请查阅公司定期报告和官网。 ...

Core Viewpoint - The increase in global defense spending and the explosion of low-orbit constellations and deep space exploration are expected to benefit MOOG, a leader in electro-hydraulic servo valves, through revenue growth driven by its leading technologies in missile defense and space launch sectors [1][2]. Group 1: Company Overview - MOOG, established in 1951, is a pioneer in electro-hydraulic servo valves and has been a key player in NASA and defense projects, providing critical components for the Apollo moon landing program [1]. - The company’s product range includes actuators, servo systems, and propulsion systems, with aerospace and defense being its core business areas [1]. Group 2: Financial Projections - MOOG is projected to achieve revenue of $3.861 billion in 2025, representing a year-on-year increase of 7%, and a net profit of $235 million, reflecting a 12% increase [2]. - The company's stock price has increased by 186% from 2023 to 2025, significantly outperforming the 27% revenue growth during the same period [2]. Group 3: Market Potential - The market for motors and reducers is expected to exceed 200 billion yuan, while the rotary transformer market is projected to surpass 60 billion yuan, driven by the maturation of the commercial aerospace and humanoid robotics industries [3]. - The electric servo system is crucial for converting control commands into mechanical actions, with applications in aerospace for rocket attitude control and in humanoid robots for dexterous hands and joint assemblies [3]. Group 4: Investment Opportunities - Companies such as Haoshi Electromechanical, Feiyada, and Yap Group are highlighted as potential investment targets benefiting from the dual drivers of commercial aerospace and humanoid robotics [4]. - Haoshi Electromechanical is expanding into high-end equipment components, while Feiyada is entering the robotics and aerospace sectors through acquisitions [4].