运动控制行业深度：人形机器人"小脑"有望成为主赛道 20250825 摘要 人形机器人发展重心转向软件，尤其在通用人形机器人领域，软件而非 硬件成为核心痛点，为相关投资带来机会。 人形机器人控制系统分为"大脑"（算力平台）和"小脑"（运动控 制），大脑技术快速迭代，对小脑的响应速度和控制精度提出更高要求， 提升小脑价值。 现代化人形机器人运动控制采用分散式多级结构，通过整体运动控制器 下接多个 MCU，均衡计算负担，降低延迟，并集成 SoC 或 PCB 实现高 效运动控制。 未来人形机器人将更注重极致性能，推动独立小脑（运动控制平台）的 出现，与大脑配合实现全面驱动，小脑发展前景广阔，价值量预计持续 提升。 人形机器人控制方式从工业机器人的预编程指令转向结合大语言模型和 视觉模块，将任务指令映射为动作要求，降低算力需求和能耗，提高响 应速度与效率。 Q&A 机器人产业的发展趋势是什么？ 机器人产业正逐步从硬件向整机，再到大小脑过渡。尽管硬件层面的挑战主要 是时间问题，随着零部件供应商的逐步完善，最终会水到渠成。然而，软件层 面面临较大瓶颈，因此潜在的投资机会更多集中在软件方面。尤其是在通用人 形机器人领域，其 ...

Investment Rating - The report maintains a "Buy" rating for the company [10][12]. Core Viewpoints - The company is a leading player in both the driver and controller sectors in China, with a strong focus on humanoid robots, which are expected to drive significant growth in the motion control industry [3][7]. - The company has launched new products, including high-power density motors and micro servo drivers, enhancing its capabilities in providing core components for robotic systems [3][9]. - The automation industry is anticipated to experience a cyclical recovery, driven by domestic substitution and emerging demand, which will likely contribute to the company's rapid growth [3][8]. Summary by Sections Company Overview - The company has undergone three entrepreneurial phases since its establishment in 1997, focusing on motion control technology and expanding into general automation and humanoid robotics markets [7][22][25]. - The founder, with a strong technical background, emphasizes R&D, with over 33% of employees in R&D and a research expense ratio exceeding 12% [7][27][28]. Product and Market Strategy - The company has transitioned from a controller-centric approach to a platform-based layout that includes drivers and motors, establishing a comprehensive product range [8][38]. - The company has seen a significant increase in its market share in the servo system sector, with a rise to 3.6% in Q1 2025, ranking second among domestic competitors [8][61]. Financial Performance - The company achieved a revenue of 1.584 billion yuan in 2024, marking an 11.93% year-on-year increase, with a net profit of 200 million yuan, up 44.7% [42][45]. - The gross margin for the control technology segment remains high at over 65%, reflecting the company's strong pricing power and customer loyalty [45]. Marketing and Sales Strategy - The company has shifted its marketing strategy from direct sales to a channel-based approach, increasing the proportion of revenue from distributors from 24.6% in 2021 to 48.3% in 2024 [49][50]. - The company is focusing on expanding its presence in emerging markets and enhancing its product offerings to drive sales growth [49][50]. Future Outlook - The humanoid robot market is expected to grow rapidly, with the company positioned to benefit from this trend through its advanced component solutions [9][65]. - The company forecasts net profits of 263 million, 335 million, and 420 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [10].

Group 1: Institutional Research Trends - Since May, 317 A-share listed companies have been investigated by institutions, with a focus on mechanical equipment and medical biology sectors [1] - BeiGene, Ltd. received the highest number of institutional visits at 256, followed by Shenzhen Santech Circuit Co., Ltd. and Fujian Hengda New Materials Co., Ltd. [1] - Institutions are concentrating their research on key technology areas, particularly in emerging technology industry chains, from foundational hardware support to terminal application expansion [1] Group 2: Pharmaceutical Industry Insights - The pharmaceutical and biotechnology sectors are seeing a focus on innovation breakthroughs and international expansion, with BeiGene reporting strong growth in its European business and increasing market share [1] - BeiGene's drug, BeiZaiAn®, has successfully launched in Germany and Austria, with reimbursement expanding in multiple countries [1] Group 3: Traditional Chinese Medicine Performance - Traditional Chinese medicine companies, such as Guangyuyuan Traditional Chinese Medicine Co., Ltd., reported significant growth in Q1, with revenue and net profit increasing by 21.48% and 53.94% respectively [2] - The Chinese innovative drug sector is entering a phase of realization, with expectations for continued investment opportunities through 2025 [2] Group 4: Emerging Technology Companies - Companies involved in AI, humanoid robots, and low-altitude economy sectors are becoming focal points for institutional research [2] - Xiangxin Technology Co., Ltd. has received 170 institutional visits since May, focusing on precision stamping molds and metal structural components [2] Group 5: Future Growth Projections - Shenzhen Rease Intelligent Control Co., Ltd. aims for a revenue growth of 20% to 30% year-on-year by 2025, focusing on motion control markets [3] - Shenzhen Santech Circuit Co., Ltd. is benefiting from the increasing demand for high-performance PCB products driven by advancements in AI technology [3] - Institutions are signaling investment opportunities in innovative drugs, AI, and humanoid robots, indicating strong growth potential in these sectors [3]

Group 1: Company Performance and Financials - The company's revenue for 2024 was 330.25 million, a decrease of 26.52% year-on-year [13] - The net profit attributable to shareholders for 2024 was 37.05 million, down 55.57% year-on-year [13] - In Q1 2025, the company reported a net profit of 5.22 million, a decline of 72.84% compared to the previous year [9] Group 2: Market Challenges and Industry Conditions - The implementation of the new national standard for electric bicycles in 2019 led to increased market concentration, affecting smaller companies [3] - The market has shifted to a stock competition phase, causing a temporary reduction in demand for electric two-wheelers [4] - A fire incident in Nanjing in March 2024 raised safety concerns, leading to government inspections and a short-term decrease in market demand [10] Group 3: Strategic Responses and Future Outlook - The company plans to focus on core business development and increase investment in independent research and development [12] - The management aims to leverage upstream packaging business to enhance product stability and reduce costs [14] - The company is optimistic about future growth opportunities with the upcoming release of the revised national standard and related policies [12]

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 作者： 华人作者团 来源： 最华人（ID： wcweekly ） 很多人对电影《流浪地球》中的智能重型卡车印象深刻，如今，这种庞然大物已在现实中有了应用。 11月7日，一家智能驾驶公司准备上市的消息引起了业内的广泛关注。 这家公司总部位于长沙，叫希迪智驾。 与常见的小型乘用车无人驾驶不同，希迪智驾专攻大型商用车无人驾驶。 ● 希迪智 成立7年来，希迪智驾打造了中国第一个无人驾驶纯电采矿车队，并以56辆无人矿卡和500辆有人矿 卡，建立了全球最大的混编作业采矿编队。 这些智能化的重型车辆呼啸穿梭于矿区中，带给人们极大的震撼和压迫，将科幻电影中的场景照进了 现实。 ● 电影 《流浪地球》中的智能运载车 驾无人驾驶矿车在矿区整装待发 随着希迪智驾的曝光，它背后的掌舵人也被推到了公众面前。 他叫李泽湘，外表朴素低调，实则大有来头。 李泽湘被称为科创界的"扫地僧"，本职工作是一名大学教授。 横扫全球的大疆无人机，创始人汪滔就 ...