Core Viewpoint - Beijing BOE Sensor Technology Co., Ltd. has increased its registered capital from approximately 4.786 billion RMB to about 5.779 billion RMB, indicating a capital increase of nearly 1 billion RMB, which reflects the company's commitment to expanding its sensor business [1]. Group 1: Business Overview - Beijing BOE Sensor focuses on sensor devices and solutions in various fields, including medical biology, smart windows, industrial sensors, and consumer electronics [2]. - The medical sector has seen the application of BOE's X-ray flat panel detector backplane products in medical device companies across Europe, the United States, Japan, and South Korea [2]. - Smart windows leverage display and sensing technology innovations to provide sensor devices and solutions for transportation and construction sectors [2]. - Industrial sensors are applicable in industries such as 3C electronics, semiconductors, logistics, transportation, new energy, pharmaceuticals, food, and automotive [2]. Group 2: Financial Performance - In 2024, the revenue from BOE's sensor business reached 386 million RMB, accounting for 0.19% of the company's total revenue [3]. - The company has deepened cooperation with key clients in the FPXD field, resulting in a year-on-year increase in sales [3]. - Revenue from smart windows has doubled year-on-year, with the successful launch of flexible LC smart light curtains and intelligent dimming for flagship models of core customers in passenger vehicles [3]. - The Suzhou sensor division has successfully onboarded several leading clients in the photovoltaic and lithium battery industries [3]. - MEMS technology is focusing on the pressure sensor field, promoting productization and expanding into new application scenarios with multiple products [3].

Core Viewpoint - The article highlights the strategic transformation of Industrial Bank from a reliance on traditional real estate and local government financing to a focus on technology, industry, and finance, particularly in the context of supporting technology-driven enterprises in industrial parks [1][2]. Group 1: Strategic Transformation - In 2022, Industrial Bank incorporated technology finance and park finance into its five new strategic areas, shifting its credit logic from traditional infrastructure to understanding technology [2]. - As of 2024, the bank has served 466,000 clients in industrial parks, with 127,300 technology finance clients, marking a 22% year-on-year growth [2]. - The total loans in industrial parks reached 14,540 billion, with technology finance loans amounting to 5,521 billion, reflecting a 23% increase year-on-year [2]. Group 2: Case Studies of Successful Financing - Guangzhou Aoshun Electronics, a MEMS sensor manufacturer, received a 27.3 million yuan mortgage loan from Industrial Bank, which significantly supported its strategic development and establishment of an IDM industry base [3]. - The bank's support helped Aoshun Electronics become a leading player in the domestic capacitive temperature and humidity sensor market, recognized as a national-level "little giant" enterprise [3]. Group 3: Innovative Financing Models - Industrial Bank has developed a "technology flow" evaluation system to assess technology-intensive companies, allowing for credit assessments based on technical capabilities rather than traditional financial metrics [6][8]. - The bank's approach has enabled it to provide 5 million yuan in comprehensive credit to Shenzhen Starfire Semiconductor, addressing urgent funding needs while supporting business expansion [7]. Group 4: Ecosystem Development - The bank's strategy has evolved from serving individual enterprises to fostering an entire technology innovation ecosystem, integrating financial services with industry resources [8]. - Industrial Bank has provided cumulative credit exposure of 826 million yuan to Shenzhen Shihang New Energy, supporting its growth and eventual listing on the Shenzhen Stock Exchange [7][8].

Group 1 - The company is named Cubic Sensor and Instrument Co., Ltd, established in accordance with the Company Law of the People's Republic of China [1] - The registered capital of the company is RMB 100.10 million [2] - The company was approved for registration by the China Securities Regulatory Commission on January 5, 2021, and listed on the Shanghai Stock Exchange on February 9, 2021, with an initial public offering of 17.5 million shares [1][2] Group 2 - The company's business scope includes the development, production, sales, and technical services of sensors, analytical testing instruments, automation instruments, and medical devices [3] - The company aims to excel in perception and is committed to contributing to society [3] Group 3 - The company has issued a total of 100.10 million shares, all of which are ordinary shares with a par value of RMB 1 per share [5] - The company may provide financial assistance for others to acquire its shares, but the total amount of such assistance cannot exceed 10% of the total issued capital [5] Group 4 - The company’s shares must be transferred in accordance with the law, and shares cannot be pledged as collateral [7] - Shareholders holding more than 5% of the shares must comply with specific regulations regarding the sale and purchase of shares within a six-month period [9] Group 5 - The company’s shareholders have rights to dividends, participate in shareholder meetings, and supervise the company's operations [10] - The company must hold annual and temporary shareholder meetings, with specific procedures for notification and voting [17][19]

Company Highlights - Tencent Holdings reported its fastest growth in three years, with Q1 revenue increasing by 13% year-on-year, driven by record revenue from "Honor of Kings" and significant contributions from AI [11][12] - Hon Hai Precision Industry (Foxconn) saw a 24% year-on-year increase in Q1 sales, with net profit exceeding expectations, benefiting from strong demand for AI servers and preemptive stockpiling ahead of potential US tariffs [11] - Baillie Gifford, a prominent value investment firm, expressed strong confidence in ByteDance, predicting a fivefold return on investment despite uncertainties regarding the company's competitive advantages [16] - Alibaba Cloud is recognized as the only major cloud service provider in China offering substantial GPU capacity to external clients, with expected revenue growth accelerating to 25% in the fiscal year 2026 due to surging AI demand [17] Industry Insights - The global largest IPO is anticipated from CATL, with an upper issue price of HKD 263, having received over 30 times subscription from institutions, potentially raising up to HKD 410 billion (approximately USD 52.6 billion) [16] - The multi-crystalline silicon industry is planning to establish a fund of RMB 70 billion to consolidate excess capacity, aiming to raise prices from RMB 36,000 per ton to a more reasonable range of RMB 45,000 to RMB 60,000 per ton [18] - The sensor market is expected to expand as domestic manufacturers improve technology and the demand for robotics increases, particularly in force sensors which are critical for human-robot interaction [22]

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].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, outlining the procedures and key agenda items, including financial performance and strategic investments in sensor technology and industrial applications. Group 1: Meeting Procedures - Shareholders must fulfill their legal obligations and cannot infringe on the rights of other shareholders [1] - Attendance requires proper registration and identification, including ID and stock account details [2] - Voting will be conducted through both on-site and online methods, with specific time frames for each [5][6] Group 2: Financial Performance - In 2024, the company achieved a revenue of 1,295.13 million yuan, a 20.79% increase from the previous year [7][32] - The net profit attributable to shareholders decreased by 16.62% to 260.51 million yuan, while the net profit excluding non-recurring items increased by 10.67% to 192.61 million yuan [7][32] - Total assets reached 4,477.76 million yuan, reflecting a 16.67% increase year-on-year [32][33] Group 3: Strategic Investments - The company is focusing on four major investment sectors: smart industrial measurement, logistics monitoring, energy environment measurement, and robotics sensors [7] - A total of nine strategic investment projects were completed in 2024, with plans for further investments in 2025 [7] - The company aims to enhance its sensor technology capabilities, particularly in six-dimensional force sensors and tactile sensors, through partnerships and acquisitions [12][13] Group 4: Corporate Governance - The board of directors has been actively involved in overseeing the company's operations and ensuring compliance with legal and regulatory requirements [15][28] - The supervisory board has confirmed that the company operates within legal frameworks and maintains a robust internal control system [28][29] - The company has disclosed 44 interim announcements and 4 periodic reports, ensuring transparency and communication with shareholders [17]

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]