2025 年 5 月 12 日 行业研究 "五一"假期人形机器人在多地亮相，工程机械景气度持续复苏 ——机械行业周报 2025 年第 18-19 周（2025.4.28-2025.5.11） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 要点 重点子行业观点 人形机器人： 5 月 7 日，"联想 Tech World 2025 创新科技大会"在上海世博中心举行，会上"联 想乐享壹号"人形机器人正式亮相。实景演示中，该机器人表演了一段太极拳，展 ...

Core Viewpoint - Archer Aviation is positioned as a potential disruptor in the transportation sector with its electric vertical takeoff and landing (eVTOL) technology, but faces significant challenges in revenue generation and regulatory approval [1][9]. Group 1: Company Overview - Archer Aviation trades below $9 per share and aims to have its eVTOL vehicles operational by the end of 2025, targeting major urban traffic alleviation [2]. - The company has a backlog of approximately $6 billion, with each Midnight vehicle priced around $5 million, indicating strong demand from various partners [3]. - Archer plans to manufacture 10 Midnight aircraft in 2025, primarily for testing and regulatory certification with the FAA [4]. Group 2: Financial Performance - Currently, Archer Aviation generates no revenue, and if it sells all 10 aircraft in 2025, it would only achieve $50 million in revenue, which is minimal compared to its $5 billion market cap [7]. - The company is experiencing a cash burn of $451 million annually, with a total liquidity position of around $1 billion [7][8]. - Share count has increased by 125% over the past few years, leading to potential dilution for shareholders [8]. Group 3: Market and Regulatory Challenges - Archer Aviation has not yet proven its products can operate effectively, and it is still awaiting regulatory approval to operate in urban environments [10]. - The potential for high cash burn is expected to continue for many years, with slim profit margins anticipated even if sales increase significantly [11]. - The company has secured a new defense contract partnership with Anduril, but this is not expected to have a meaningful impact on the business in the near term [12].

Joby Aviation NYSE: JOBY provided investors with a comprehensive update on its progress towards commercializing electric air taxi services during its first-quarter 2025 earnings report and conference call on May 7, 2025.  Joby Aviation TodayJOBYJoby Aviation$6.84 +0.42 (+6.54%) 52-Week Range$4.66▼$10.72Price Target$8.58Add to WatchlistWhile the financial results reflected the ongoing investments required for a pre-revenue company in this capital-intensive sector, the key takeaways centered on significant o ...

Joby Aviation (JOBY) Q1 2025 Earnings Call May 07, 2025 05:00 PM ET Company Participants Teresa Thuruthiyil - Head of Investor RealtionsJoeBen Bevirt - Founder and Chief Executive OfficerPaul Sciarra - Executive Chairman of the BoardAustin Moeller - Director - Equity ResearchMahima Kakani - Equity Research AssociateKristine Liwag - Executive Director Conference Call Participants None - AnalystDavid Zazula - AnalystAndres Sheppard - AnalystEdison Yu - AnalystAmit Dayal - Managing Director & Senior Technology ...

Joby Aviation (JOBY) Q1 2025 Earnings Call May 07, 2025 05:00 PM ET Speaker0 Greetings and welcome to the Joby Aviation First Quarter Fiscal Year twenty twenty five Financial Results Conference Call and Webcast. At this time, all participants are in a listen only mode. Speaker1 As Speaker0 a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Teresa Thuruthio, Head of Investor Relations. Theresa, please go ahead. Speaker2 Thank you. Good afternoon and evening, everyone. ...

电力设备 2025 年 05 月 04 日 投资评级：看好（维持） 行业走势图 -10% 0% 10% 19% 29% 电力设备 沪深300 业 周 报 2024-05 2024-09 2025-01 数据来源：聚源 相关研究报告 《低空经济行业周报：（4 月第 4 周） 美团获全国首张低空物流全境覆盖 OC，欣旺达与航天飞鹏合作—行业周 报》-2025.4.27 《欧洲新能源汽车系列 4：雷诺，电动 化攻势全面开启—行业深度报告》 -2025.4.22 《宁德时代科技日发布"纳新"电池 领跑行业，钠离子电池有望迎量产元 年—行业点评报告》-2025.4.21 ——行业周报 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 峰飞获 100 架 eVTOL 订单、亿航 eVTOL 首飞黄果树，低空商业化发展加速 政策方面，4 月 30 日，郑州航空港区管委会发布《郑州航空港经济综合实验区 支持低空经济产业高质量发展若干措施》，从十方面支持低空经济发展。4 月 28 日，广西南宁发布《南宁市支持低空经济高质量发展若干措施（试行）》，对相关 企业施行资金奖励。项目签约 ...

● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为肇始，在新能源汽车产业的强 力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随到领跑的完整历程，如今已经 成为中国制造走向全球的"新三样"代表，也成为中国经济转型升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具挑战，交通电动化向全场景渗 透，能源体系变革也加速走向纵深，这也意味着，新应用场景开启，新技术与产品创新，新商业模式落地，新的产业生 态与格局。 以 中国民航局为亿航智能等公司的 eVTOL 颁发全球首批运营合格证 为标志 ，低空经济的商业 化大门 已然 开启。 当 " 空中出租车 " 和景区观光飞行从蓝图走向现实，一个核心问题浮出水面：支撑这些飞行器持 续、经济运营的动力电池，准备好了吗？ 答案 或许 远比想象中复杂。行业的焦点 也 正从单纯追求 " 飞起来 " 的技术突破，转向一个更 为严峻的现实考量 —— 不同的商业应用场景，正在对电池的能量密度、充电速度、循环寿命乃至 成 ...

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

Core Insights - The current period is seen as an opportunity for the development of China's low-altitude economy, with expectations of a "golden decade" ahead [1] - The drone industry in China is anticipated to accelerate its transformation and upgrade, with electric vertical takeoff and landing (eVTOL) aircraft expected to become commonplace [1] - By 2030, the drone industry in China is projected to reach a scale of one trillion yuan [1] Industry Trends - The report indicates that drones will become ubiquitous and will increasingly integrate with AI technologies [1] - The transition from consumer-grade drones to larger, functional drones is underway, with each segment expected to be worth hundreds of billions [1] - The eVTOL market is expected to focus primarily on urban air taxis, addressing flight demands within a radius of 200-300 kilometers [2] Market Dynamics - eVTOL technology is currently mature, with a dual system of manned and unmanned operations expected initially, transitioning towards fully unmanned systems [2] - Urban air taxis will operate along planned routes, while privately owned eVTOLs can request routes based on individual needs [2] - The logistics and express delivery market is identified as a significant beneficiary of low-altitude applications, driven by high demand for timely services [2] Infrastructure Development - The report emphasizes the need for a well-structured infrastructure and flight safety measures to support the orderly advancement of low-altitude applications [2] - It advocates for the rapid establishment of a unified national low-altitude traffic network to ensure connectivity and interoperability [2]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]