Core Viewpoint - Kin Yat, a leading OEM manufacturer for IROBOT, is experiencing robust growth driven by strong shipment increases and expansion into new markets, particularly in China, Japan, and EMEA [1][2]. Group 1: Company Overview - Kin Yat is the largest supplier to IROBOT, accounting for 70% of its shipments, with IROBOT contributing approximately 50% to Kin Yat's total revenue in the first half of 2018 [1]. - The company has a long-term OEM relationship with IROBOT, which has been established for over 10 years [1]. Group 2: Growth Drivers - Shipment growth is expected to be strong compared to 2.9 million units in FY16, with China being a major growth driver following the opening of a sales office in 3Q16 [2]. - IROBOT plans to launch a new lawn mower product in 2018, which is anticipated to further drive growth for Kin Yat as it co-develops the product [2]. - Kin Yat's Shenzhen plant has a production capacity of 2.5 million units, with a new plant in Guizhou expected to add 2.4 million units of capacity [2]. Group 3: Micro-Motor Segment - The micro-motor segment grew by 20% in the first half of 2018, primarily due to new client orders in the automotive sector, which accounts for 30% of micro-motor sales [3]. - Key clients in the automotive segment include Hyundai, Kia, Subaru, Mitsubishi, and BMW [3]. - Management aims to increase production capacity from 850,000 units per day to 2 million units per day by 2020, anticipating further margin expansion [3]. Group 4: Land Valuation - The company owns three pieces of land in Guangdong province, with the Shenzhen land valued at over RMB 2 billion and the Shaoguan land valued at RMB 75 million [4]. - There are plans to potentially move the plant to Guizhou to free up land for sale in the medium term [4]. - The Shixing land, covering 300 mu, is likely to be co-developed with property developers in the future [4]. Group 5: Valuation and Dividend Policy - Kin Yat is currently trading at a valuation of 5.8x FY18 PE and 4x FY19 PE, which is considered undemanding [5]. - The company has a 30% payout dividend policy, yielding about 5%, with future growth expected from increased micro-motor capacity and IROBOT product sales [5]. - Any potential land sales could provide opportunities for special dividends [5].

在人形机器人领域，公司通过控股子公司、参股公司、产业合作，不断完善人形机器人零部件产品平台 的布局，实现产品线持续扩充。目前，公司空心杯电机、精密齿轮箱、无框电机、丝杆等零部件产品布 局完善，形成覆盖线性关节、旋转关节、灵巧手的全维度运动控制系统解决方案。 10月23日晚，江苏雷利发布公告，公司实际控制人苏建国先生将其持有的雷利投资36.81%股权转让给 其子苏达先生，华荣伟先生将其持有的雷利投资15.68%股权转让给其子华盛先生。本次权益变动后， 上市公司实际控制人将由苏建国先生变更为苏建国先生和苏达先生。 值得关注的是，公司于2024年9月成立控股子公司安徽中科灵犀，依托中国科学技术大学多年科研成果 及江苏雷利的集团产业链优势，已于今年发布多款灵巧手产品，目前已取得显著市场进展。 自1993年成立以来，江苏雷利在董事长苏建国的带领下已发展成为国内规模最大的微电机模块化解决方 案提供商。从公开资料来看，苏达并非"空降"接班，而是经过公司内部近20年的系统培养和历练，逐步 成长为能够担起重任的领军人物。 与此同时，公司持续通过全球化布局增强竞争力，确保供应链安全和稳定。目前，公司已在北美、欧 洲、东南亚、韩国 ...