证券研究报告 工控业务稳健，机器人产品逐步放量 25H1 毛利率/净利率为 38.78%/13.94%，同比+0.67pp/-0.42pp。其中 Q2 毛利率为 39.12%，同比/环比-0.02pp/+0.76pp；净利率为 13.45%，同比/ 环比-0.91pp/-1.12pp。公司高毛利率的控制技术类业务占比提高，带动综合 毛利率提升；净利率提升幅度小于毛利率，主要系营销布局、市场推广及股 权激励带动费用增加所致。25H1 公司销售/管理/研发/财务费用率 8.42%/4.70%/11.59%/0.24%，同比+1.20pp/+0.57pp/-0.13pp/-0.05pp。受 益于经营利润增加及业务回款加快，25H1 公司经营性现金流 0.50 亿元，同 比+115.87%。随着公司营销、管理模式等一系列变革逐步落地，提升整体 运营效率，公司盈利能力有望进一步提升。 关节模组+灵巧手+小脑，人形业务打造第二成长曲线 公司成立子公司雷赛机器人，聚焦无框电机与关节模组；成立子公司灵巧驱 控，聚焦空心杯电机与灵巧手，当前已推出多款 DH 系列灵巧手解决方案； 依托运控技术积累，推动"小脑"产品研发。公司通过 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of the year, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 223 million yuan in the first half of the year, representing a year-on-year decrease of 22.04% [1] - The net profit attributable to shareholders was 19.6253 million yuan, down 41.85% compared to the same period last year [1] - The basic earnings per share stood at 0.03 yuan per share [1]

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported a significant growth in net profit attributable to shareholders, with a 20.72% year-on-year increase in H1 2025, reaching 113 million RMB, and a 52.28% increase in Q2 2025, amounting to 59 million RMB [1] - The company is expanding its product lines in the precision transmission field and is actively entering emerging sectors such as humanoid robotics and medical technology, showcasing strong technical capabilities [2][4] - The gross margin for H1 2025 was 31.97%, reflecting a year-on-year increase of 0.74 percentage points, while the net margin slightly decreased by 0.14 percentage points to 14.40% [3] Revenue and Profitability - In H1 2025, the company achieved revenues of 787 million RMB, a 21.93% increase year-on-year, with Q2 revenues reaching 419 million RMB, up 25.93% [1] - The revenue breakdown by business segment shows that micro transmission systems, precision injection parts, and precision molds generated revenues of 498 million RMB, 239 million RMB, and 50 million RMB respectively, with year-on-year growth rates of 20.51%, 16.25%, and 88.52% [2] Innovation and Product Development - The company is leveraging a collaborative innovation system to enhance the integration of transmission systems, micro-motor systems, and electronic control systems, successfully developing key technologies [4] - New product launches include the DM17 and LM06 bionic dexterous hand series, designed to meet diverse application needs with advanced features [4] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 254 million RMB, 315 million RMB, and 393 million RMB respectively, supported by its technological advancements and product diversification [5] - The estimated revenue for 2025 is 1.945 billion RMB, reflecting a growth rate of 27.57% compared to 2024 [11]

Group 1 - The company's operating revenue for the first half of 2025 is 223 million, representing a year-on-year decline of 22.04% [1] - The net profit for the same period is 19.6253 million, showing a year-on-year decrease of 41.85% [1]

Market Performance - The specialized equipment sector increased by 3.86% on August 28, with N Balanshi leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Gainers in Specialized Equipment Sector - N Tianlanren saw a significant rise of 205.13%, closing at 48.15 with a trading volume of 185,700 shares and a transaction value of 889 million [1] - Kai Teng Precision Engineering increased by 15.91%, closing at 11.22 with a trading volume of 200,400 shares [1] - Xin Qi Wei Zhuang rose by 14.26%, closing at 142.30 with a trading volume of 146,500 shares [1] - Ying Weike increased by 10.01%, closing at 79.04 with a trading volume of 1,251,500 shares and a transaction value of 9.392 billion [1] Decliners in Specialized Equipment Sector - Le Hui International decreased by 7.29%, closing at 28.10 with a trading volume of 99,400 shares [2] - He Duan Dong Neng fell by 5.24%, closing at 16.47 with a trading volume of 813,000 shares [2] - Jia Suan Bei Neng dropped by 4.61%, closing at 21.30 with a trading volume of 120,600 shares [2] Capital Flow Analysis - The specialized equipment sector experienced a net outflow of 770 million from institutional investors and 372 million from retail investors, while retail investors saw a net inflow of 1.142 billion [2] - The capital flow for specific stocks showed that Ying Weike had a net inflow of 817 million from institutional investors, while it faced a net outflow of 497 million from speculative funds [3]

美腾科技公告，2025年上半年营业收入2.65亿元，同比下降5.91%。净利润813.13万元，同比下降 74.35%。 ...

证券研究报告 杭叉集团 (603298 CH) 2025 年秋季策略会速递— 加速拓展机器人在搬运场景的应用 | 华泰研究 | | | 动态点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 28 日│中国内地 | 专用设备 | 目标价(人民币): | 29.24 | 3、软件和算法能力积累深厚：国自机器人 GRACE 系统算法领先，具有高 效率、高柔性、高稳定的特点。其调度和交通算法能实现单个场景中实时调 度多类 AGV 超 2000 台，支持超 100000 ㎡场地。AGV 自标定算法能通过 自动收集 AGV 日常运行数据，通过海量数据校正长期运行后的 AGV 参数， 让机器人在长时间运行后仍能保持高精度。项目开发方面，系统预置百余个 常用功能模块并配备可视化配置和调试界面，让项目现场工程人员快速完成 需求定制开发和调试上线，实施和调试周期缩短 40%。 4、海外机器人解决方案有望持续落地：2016 年国自携手美国 Staples，共 同研发全球首个 Picking AGV 并取得国际专利，开启了国自的全 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 2.75 billion yuan in H1 2025, representing a year-on-year growth of 15.9%, and a net profit of 340 million yuan, up 15.2% year-on-year. The gross margin was 31.1%, down 2.5 percentage points year-on-year, while the net profit margin remained stable at 12.9% [1] - The recovery in the injection molding machine sector and the potential growth in magnesium alloy die-casting equipment are expected to drive future revenue [2] - The company's overseas revenue reached 750 million yuan in H1 2025, a 27.0% increase year-on-year, accounting for 27.3% of total revenue, indicating significant progress in its global strategy [3] Summary by Sections Revenue and Profit Growth - In H1 2025, the company reported a revenue of 2.75 billion yuan, a 15.9% increase year-on-year, and a net profit of 340 million yuan, reflecting a 15.2% growth. The gross margin was 31.1%, down 2.5 percentage points year-on-year, while the net profit margin was stable at 12.9% [1] Product Performance - The injection molding machine revenue was 1.93 billion yuan, up 13.1% year-on-year; die-casting machine revenue was 560 million yuan, a 33.3% increase; and rubber injection machine revenue was 120 million yuan, growing by 23.9% [2] Global Expansion - The company opened a subsidiary in Turkey in H1 2025, enhancing its presence in the Eurasian market, and established a new office in Semarang, Indonesia, further strengthening its service network in Southeast Asia [3] Profit Forecast and Valuation - The report forecasts net profits of 740 million yuan, 870 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59 yuan, 1.86 yuan, and 2.14 yuan [5]

Group 1: Core Views - The report emphasizes that the global stock market has seen significant increases since the tariff conflicts in April, with A-shares showing strong performance due to improved manufacturing sentiment and rising expectations for interest rate cuts [4][12] - The report suggests that the A-share market's strength is driven by China's sensitivity to global manufacturing demand and diverse external markets, alongside supportive domestic policies [4][12] - The report indicates that the TMT and military sectors have outperformed, with valuation levels reaching historical highs, while the healthcare sector and ChiNext still show significant valuation dispersion [4][13] Group 2: Industry Recommendations - For the machinery sector, Xugong Machinery is recommended due to domestic demand stabilization and overseas market recovery, with short-term catalysts from specific projects [19] - In the non-ferrous metals sector, China Rare Earth is favored due to policy support and rising processing fees, indicating a potential third wave of price increases [20] - China Pacific Insurance is highlighted in the non-bank financial sector, benefiting from low valuations and expected profit growth due to a favorable shift in product offerings [21] - In the building materials sector, Keda Manufacturing is recommended for its strong market position and growth potential in African markets [22] - For transportation, Milkewei is noted for its integrated logistics and chemical distribution advantages, with growth expected in the hazardous materials logistics sector [23] - In defense and military, AVIC Chengfei is recognized as a leading manufacturer with strong growth prospects in military exports and technological innovation [24] - In the biopharmaceutical sector, Kelun-Bio is recommended for its leading position in ADC technology and strong pipeline prospects [25] - Tencent Holdings is highlighted in the media and internet sector for its AI integration and growth in advertising revenue [26] - In the electronics sector, Lante Optics is favored due to strong demand in automotive and smart imaging applications [28] - Hikvision is recommended in the computer sector for its recovery in operating quality and growth in AI-related products [30]

国元证券近日发布机械行业周报：过去一周（2025.8.18-2025.8.22），中信机械行业上 涨2.58%，表现处于中下游，在所有一级行业中涨跌幅排名第19。具体来看，工程机械上涨 0.89%，通用设备上涨2.99%，专用设备上涨2.74%，仪器仪表上涨4.47%，金属制品上涨 4.66%，运输设备上涨1.27%。 以下为研究报告摘要： 主要观点 过去一周（2025.8.18-2025.8.22），中信机械行业上涨2.58%，表现处于中下游，在所有 一级行业中涨跌幅排名第19。具体来看，工程机械上涨0.89%，通用设备上涨2.99%，专用 设备上涨2.74%，仪器仪表上涨4.47%，金属制品上涨4.66%，运输设备上涨1.27%。 建议关注：1）工程机械：三一重工、中联重科、徐工机械、柳工、山推股份、恒立液 压等；2）通用板块：叉车（安徽合力、杭叉集团）、机床（海天精工、豪迈科技、纽威股 份、科德数控、华中数控等）、刀具（华锐精密、欧科亿、鼎泰高科、新锐股份等）；3） 人形机器人：建议关注技术壁垒高、价值量高、国产化率低的环节，如总成（拓普集团、三 花智控、恒立液压）、PEEK结构件（唯科科技、福赛科技、 ...