投资者关系活动记录表 证券代码：300124 证券简称：汇川技术 深圳市汇川技术股份有限公司投资者关系活动记录表 编号：2025-10 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 路演活动 | | | □现场参观 | | | 其他电话会议券商策略会 | | 参与单位名称及 | 一、6 月 23 日 | | 人员姓名 | 第一场：券商策略会 | | | Martin Currie Investment Management、Skerryvore Asset | | | Management、Generation Investment Management、Inthallo、 | | | Threadneedle Asset Management、Cusana Capital、JP Morgan | | | Asset Management、Manulife Investment Management、 | | | Millennium Capital Partners、Role Transition ...

Core Insights - The humanoid robot industry is transitioning from manual assembly to large-scale production, with companies like Zhifang and Lingyi Zhizao planning to establish production lines to meet increasing demand [1][2][3] - Supply chain manufacturers are entering the humanoid robot sector, focusing on standardizing components and reducing costs to enhance production efficiency [1][6] - The domestic humanoid robot market is maturing, with companies announcing mass production plans and competitive pricing compared to international counterparts [5][6] Group 1: Industry Developments - Zhiyuan Robotics has marked the production of its 1000th general-purpose humanoid robot, signaling the start of mass production in China [2] - Lingyi Zhizao has announced plans to invest 50 million yuan in upgrading its key components and assembly for humanoid robots [2][3] - The company has established multiple production lines for core components and is working on automated assembly lines to enhance production capacity [3] Group 2: Supply Chain Challenges - The humanoid robot industry faces challenges in standardizing components, which complicates cost reduction and profitability for suppliers [6][7] - Many suppliers are hesitant to collaborate due to low production volumes, but this is changing as manufacturers ramp up production [2][6] - The complexity of assembly processes and the need for consistent quality across mass-produced units present significant hurdles for manufacturers [7] Group 3: Material Innovations - New materials, such as gallium nitride, are being explored for use in humanoid robots, particularly in electric motor applications [8] - The industry is looking to leverage materials used in consumer electronics to reduce weight and improve performance in humanoid robots [7][8] - There is potential for market opportunities in developing new materials specifically tailored for humanoid robot applications [7][8]

Group 1: Company Overview and Market Position - Zhejiang Rifa Precision Machinery Co., Ltd. aims to become a benchmark enterprise in the intelligent manufacturing sector, focusing on key market segments and scaling core businesses [3] - The company has achieved a leading position in the domestic bearing manufacturing equipment market, with a significant market share and recognition as a key supplier to internationally renowned companies [3][4] Group 2: Product Development and Innovations - The company has made progress in the development of CNC thread grinding machines, which are essential for industries such as new energy vehicles and humanoid robots [4] - CNC grinding equipment for screw rods and nuts has been delivered to several clients, although large-scale production is still pending due to the early stage of some downstream industries [4] Group 3: Future Strategic Directions - The company plans to focus on high-end equipment manufacturing as its primary business, aiming to develop more niche markets in the coming years [5] - Key areas of focus for the current year include enhancing product details, optimizing process validation, and improving machine quality to boost market competitiveness and brand influence [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is strategically investing in the robotics sector by acquiring a stake in Jinli Transmission, which has an overall valuation of RMB 2 billion, aiming to hold at least 15% of the target company [1] - The acquisition is expected to enhance the company's capabilities in intelligent transmission and humanoid robotics, thereby strengthening its competitive advantage and profitability [1] - The company has a strong foundation in its core business, particularly in mica products, which are well-established and cater to top global automotive clients [2] - The company is projected to maintain high growth in its mica business, supported by increasing contributions from major clients like Volkswagen and Tesla [2] Financial Performance and Projections - The company is expected to achieve a net profit of RMB 327 million, RMB 465 million, and RMB 637 million for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 42%, 42%, and 37% [3] - Revenue is projected to grow from RMB 800 million in 2023 to RMB 2.897 billion in 2027, with a compound annual growth rate (CAGR) of approximately 34.9% [4] - The company's earnings per share (EPS) is expected to increase from RMB 0.47 in 2023 to RMB 1.75 in 2027 [4] - The price-to-earnings (P/E) ratio is projected to decrease from 95.2 in 2023 to 25.7 in 2027, indicating an improving valuation as earnings grow [4] Strategic Developments - The company is making significant strides in the robotics sector through the acquisition of Diz Precision, which specializes in micro ball screws and has a strong R&D capability [2] - The strategic layout in the robotics field is becoming clearer, with initial sales to robotics companies already generating revenue [2] - The company is expected to benefit from its established technology and customer resources, which create a competitive moat in the mica market [2]

公司丝杠业务突破在即，双方协同效应显著 丝杠是人形机器人核心部件中至关重要的环节，具备高壁垒、高价值量和技术收敛的属性，而国内厂商 切入高端丝杠市场需要突破设备、工艺和原材料三大壁垒。 公司收购誊展精密协议正式落地，机器人业务迎来加速 6 月10 日，公司正式发布深圳誊展精密收购协议，通过股权转让与增资相结合的方式，以1.04 亿元自有 资金收购51%的股权，其中1/3 价款用于受让原股东持有部分股权，2/3 价款用于向誊展精密进行增资。 交易完成后，誊展精密成为公司的控股子公司。我们认为本次收购协议的签署标志着公司在机器人业务 的进程加速，同时有望依托主业二十余年的精密制造能力、客户资源和产能优势，推动丝杠业务实现产 业化落地。随着公司主业迎来业绩拐点，机器人业务开辟第二增长曲线，我们维持预计2025-2027 年归 母净利润分别为 1.56/1.94/2.37 亿元，当前股价对应 PE 为 62.4/50.1/41.1 倍，维持"买入"评级。 誊展精密具备台系精密制造基因，产品口碑和财务状况良好 誊展精密成立于 2012 年，专注于滚珠丝杆、精密直线模组滑台、精密对位平台、精密气浮平台、微型 电动滑台等自 ...

汽车/汽车零部件 雷迪克（300652.SZ） 2025 年 06 月 13 日 投资评级：买入（维持） | 日期 | 2025/6/12 | | --- | --- | | 当前股价(元) | 73.03 | | 一年最高最低(元) | 91.27/16.34 | | 总市值(亿元) | 97.42 | | 流通市值(亿元) | 87.43 | | 总股本(亿股) | 1.33 | | 流通股本(亿股) | 1.20 | | 近 3 个月换手率(%) | 314.61 | 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-06 2024-10 2025-02 2025-06 雷迪克 沪深300 公司丝杠业务突破在即，双方协同效应显著 丝杠是人形机器人核心部件中至关重要的环节，具备高壁垒、高价值量和技术收 敛的属性，而国内厂商切入高端丝杠市场需要突破设备、工艺和原材料三大壁垒。 誊展精密的微型丝杠技术可用于机器人灵巧手等核心部件，公司的轴承主业在部 分设备、原材料、生产工艺和客户资源可复用至丝杠业务，加之具备自主配置精 密产线能力和规模化量产的条件，为机器人丝杠业 ...

雷迪克公司 2024 年前后装业务占比为 35%和 65%，预计 2025-2026 年将趋于平衡。公司是少数能同步发展前后装业务并获得主机厂定点的 企业，前装业务扩张迅速，后装业务利润率较高，营收增长率约为 30%-40%。 腾展精密科技专注于光电面板和半导体领域的精密模组对位纠偏业务， 国内市场排名前三，主要产品为精密纠偏对位平台和微型滚珠丝杆，客 户包括大族激光、联得装备等，2025 年上半年营收同比增长超 30%， 预计全年增长 30%。 腾展精密科技由台资背景团队在深圳设立，已实现自主研发、生产和销 售，客户涵盖自动化、光电面板及半导体设备产业。公司在小型滚珠丝 杆领域占据一席之地，并拓展至微小型及行星滚珠丝杆市场。 腾展精密科技现有员工约 100 人，精益平台业务占比约 2/3，滚珠丝杆 占比约 1/3。2025 年两业务均预计增长，雷迪克公司介入后将提升滚珠 丝杆及行星滚珠丝杠产能，下半年及 2026 年预计显著增长。 雷迪克 20250612 摘要 Q&A 今年（2025 年）誊展精密的营收情况如何？主要客户有哪些？ 雷迪克公司的基本情况和发展方向是什么？ 雷迪克公司成立于 2002 年，主要 ...

Group 1 - The company plans to acquire 51% equity in Chuangzhan Precision Technology (Shenzhen) Co., Ltd. through cash transactions, which will make it a subsidiary and included in the company's consolidated financial statements [1][2] - The total consideration for the acquisition of 51% equity in Chuangzhan Precision is RMB 10,432.08 million, with RMB 3,477.01 million for the transfer of 25.7557% equity and an additional RMB 6,955.07 million for capital increase [1][2] - This acquisition is a strategic move to enhance the company's core competitiveness in the precision automation sector, particularly in the emerging market of humanoid robots [2] Group 2 - Chuangzhan Precision, established in July 2012, specializes in the research, production, and sales of precision linear transmission products such as ball screws and precision linear modules [2] - The integration of Chuangzhan Precision's products, including micro screws and planetary roller screws, will enable the company to quickly enter the embodied intelligence field, focusing on key components for robotic dexterous hands [2]

Group 1 - The company plans to acquire 51% equity in Chengzhan Precision Technology (Shenzhen) Co., Ltd. for a total transaction price of 104 million yuan [1] - After the transaction, Chengzhan Precision will become a subsidiary of the company and will be included in the consolidated financial statements [1] - Chengzhan Precision is primarily engaged in the research, development, production, and sales of ball screws and planetary roller screws [1] Group 2 - As of February 28, 2025, Chengzhan Precision reported total assets of 72.83 million yuan, total liabilities of 33.35 million yuan, and net assets of 39.48 million yuan [1] - For the period of January to February 2025, the company generated operating revenue of 7.47 million yuan and a net profit attributable to the parent company of 431,500 yuan [1]

Group 1 - The core viewpoint of the articles highlights the positive operational developments of listed companies in the second quarter of 2025, showcasing advancements in various sectors such as semiconductors, robotics, new energy, and new materials [2][3] - Companies are actively sharing updates on project progress, new technologies, and orders, indicating a trend of industrial upgrades and strategic transformations [2][3] - High-growth sectors continue to exhibit strong growth momentum, while cyclical industries are seeking balance amid supply-demand adjustments [3] Group 2 - Chip companies are benefiting from the AI industry, with interconnect chip orders exceeding RMB 12.9 billion as of April 22, 2025, and expectations for significant growth in DDR5 memory interface chip demand [4] - Traditional cyclical industries like coal and chemicals are showing resilience through cost control and structural optimization, with companies like Guanghui Energy anticipating stabilization in coal prices due to various market factors [4][5] - Manufacturing companies are focusing on improving production efficiency and meeting customer demands, with firms like Xinqianglian and Guangxin Materials reporting strong order backlogs and plans for product launches [5] Group 3 - Many listed companies are already building momentum for annual revenue growth, particularly in emerging sectors like new energy and robotics, with plans for market expansion and quality enhancement through mergers and acquisitions [6] - Companies like Longmag Technology are localizing raw material supply to reduce production costs and enhance supply chain stability [6] - Hechuan Technology is actively developing humanoid robots and plans to launch new products in the second half of 2025 [6] Group 4 - The new merger regulations have made acquisitions a key strategy for A-share companies to optimize resource allocation, with firms like Chenhua Co. targeting investments in new materials and fine chemical agents [7] - Guoxing Optoelectronics is focusing on upstream and downstream opportunities in the LED and optical sensing sectors, while Zhenbaodao is exploring new industries through asset acquisitions [7] - Huichuan Technology is looking for overseas acquisition opportunities, concentrating on automation, digitalization, and intelligent sectors that align with its core business [7]