东吴证券8月21日发布研报称，给予金杨股份（301210.SZ，最新价：47.37元）买入评级。评级理由主 要包括：1）圆柱电池结构件国内龙头，投资国华智能涉足机器人领域，打造第二成长曲线；2）机器人 元年已至，公司投资国华实现技术+客户协同，打造全新增长极；3）结构件新产品放量收入增速快于 行业，降本增效盈利预期逐步改善；4）镍基导体材料稳定增长，原材料价格下行推升毛利水平。风险 提示：人形机器人推广不及预期，下游锂电池需求不及预期，同行业竞争加剧。 （文章来源：每日经济新闻） ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in precision structural components for cylindrical batteries and is expanding into the robotics sector through an investment in Guohua Intelligent, aiming to create a second growth curve [2][3]. - The company has maintained a market share of over 25% in the domestic cylindrical battery structural component market for 24 years and is expected to achieve a revenue of 1.365 billion yuan in 2024, a year-on-year increase of 23% [2][3]. - The company is positioned to benefit from the growing demand in the humanoid robot market, with projections of 3 million units sold globally by 2030 [3]. Financial Summary - The company's total revenue is projected to grow from 1.11 billion yuan in 2023 to 2.56 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [1]. - The net profit attributable to the parent company is expected to decline to 56.26 million yuan in 2024 but is projected to rebound significantly to 127.46 million yuan by 2027 [1]. - The earnings per share (EPS) is forecasted to decrease from 0.53 yuan in 2023 to 0.35 yuan in 2025, before rising to 1.11 yuan in 2027 [1]. Business Segments - The cylindrical battery structural components segment is expected to generate 8.3 billion yuan in revenue in 2024, reflecting a year-on-year growth of 37.2% [4][52]. - The company has established partnerships with leading manufacturers such as Yiwei, Dongci, and CATL, which is expected to enhance its market share further [4][55]. - The nickel-based conductor materials segment is projected to grow steadily, with a revenue increase of 5-10% anticipated in 2025 [9]. Robotics Sector - The company has entered the humanoid robotics market by acquiring a 10.37% stake in Guohua Intelligent, which specializes in harmonic reducers and has secured orders from leading robot manufacturers [3][4]. - The collaboration with Guohua Intelligent is expected to create synergies in technology and customer base, positioning the company as a key supplier in the robotics components market [3]. Market Outlook - The global cylindrical battery market is projected to reach a demand of 128.2 billion units in 2024, with a year-on-year growth of 3.6% [40][49]. - The company anticipates that the cylindrical structural components market will reach over 9 billion yuan in 2025, with sustained growth of over 10% in subsequent years [49].

（文章来源：每日经济新闻） 东莞证券8月18日发布研报称，给予科达利（002850.SZ，最新价：128.43元）买入评级。评级理由主要 包括：1）2025H1公司营收和净利润同比保持稳健增长；2）2025Q2净利润同比较快增长，环比基本持 平；3）深耕海内外领先企业服务，持续推进产能建设；4）开拓人形机器人关节部件业务，打造第二增 长曲线。风险提示：下游需求不及预期风险；贸易摩擦升级风险；产能释放不及预期风险；新产品和新 技术迭代风险等。 ...