Core Viewpoint - The company plans to acquire a 24.3% stake in Ningbo Yinqiu Technology Co., Ltd. for 390 million yuan, enhancing its precision bearing production capacity and promoting the development of its robotics business [1] Group 1: Acquisition and Business Expansion - The acquisition aims to strengthen the company's precision bearing business, leveraging synergies to enhance collaboration in key areas such as automotive components and humanoid robot precision bearings [1] - Yinqiu Technology specializes in micro, small, and integrated precision bearings, serving major clients like Dyson, Nidec, Midea, Wolong Electric, and Gree, and holds a leading position in the precision bearing industry [1] - In the first half of 2025, Yinqiu Technology is projected to generate revenue of 560 million yuan and a net profit of 70 million yuan [1] Group 2: Globalization and Production Capacity - The company is accelerating its global layout, with production bases in Xinchang and Thailand, supporting future performance growth [1] - The Xinchang base is expected to gradually release production capacity in the second half of 2025, with an annual output of 6.29 million sets of high-end automotive bearings [1] - The Thailand base completed its second phase of investment in 2024, enhancing equipment utilization and progressing smoothly with the third phase of investment [1] Group 3: Robotics Sector Development - The company has established a robotics division to capitalize on the upcoming mass production in the robotics industry, which is expected to resonate with the automotive supply chain [2] - The company is expanding its product offerings to include harmonic reducers, actuator modules, and lead screws, leveraging its precision manufacturing capabilities [2] - The first production line for harmonic reducers has been launched, and the company is developing actuator modules in parallel [2] Group 4: Profit Forecast - The company is expected to see further growth in performance due to its global expansion and proactive positioning in the robotics sector [2] - Projected net profits for 2025, 2026, and 2027 are 220 million yuan, 260 million yuan, and 350 million yuan, respectively, with corresponding price-to-earnings ratios of 90, 76, and 57 times [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company plans to acquire a 24.3% stake in Ningbo Yinqiu Technology Co., Ltd. for 390 million yuan to enhance its precision bearing production capacity and promote synergy in its robotics business [1] - The acquisition is expected to expand the company's precision bearing business and improve its overall competitiveness and profitability through collaboration in key areas such as automotive components and humanoid robot precision bearings [1] - The company is accelerating its global expansion, with production bases in Xinchang and Thailand, and is establishing localized service capabilities in North America to support future growth [2] - The company has established a robotics division to capitalize on the upcoming mass production in the robotics industry, focusing on harmonic reducers and other related products [2] Financial Summary - The company's projected revenue for 2025 is 952 million yuan, with a year-on-year growth rate of 23% [4] - The net profit forecast for 2025 is 218 million yuan, with a year-on-year growth rate of 14.5% [4] - The earnings per share (EPS) for 2025 is estimated to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 90.3 times [4] - The return on equity (ROE) is expected to increase to 11.3% by 2025 [4]

Core Viewpoint - Bertli (603596.SH) is actively expanding its business in various automotive systems and has entered the humanoid robot sector, indicating a diversification strategy aimed at future growth [1] Group 1: Business Overview - The company's main business includes brake systems, steering systems, suspension systems, lightweight business, and intelligent driving systems [1] - Bertli has completed the layout of lead screws and motors for its new humanoid robot sector [1] Group 2: Financial Performance - For the period from January to September 2025, the company's revenue increased by 27.04% year-on-year [1] - The number of new designated projects reached 413, representing a year-on-year growth of 37.21% [1] - The projected annual revenue from new designated projects is estimated to be 7.103 billion yuan [1]

市场数据：2025 年 11 月 17 日 收盘价（元）： 43.13 年内最高/最低（元）： 53.20/16.37 流通A股/总股本（亿）： 3.66/3.66 流通 A 股市值（亿）： 157.94 | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.27 | | 摊薄每股收益(元)： | | | 0.27 | | 每股净资产(元)： | | | 8.29 | | 净资产收益率(%)： | | | 3.59 | | 资料来源：最闻 | | | | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 基础件 五洲新春（603667.SH） 增持-A(维持) 业绩平稳向好，持续推进高端轴承与丝杠产品升级 2025 年 11 月 18 日 公司研究/公司快报 研究助理： 丝杠业务不断突破，新赛道布局奠定成长基础。丝杠业务作为战略新兴 方向，逐渐实现从样品阶段到小批量订单的关键跨越：在机器人领域，反向 式行星 ...

Core Insights - Huichuan Technology has signed a second-phase project in Nanjing, aiming to establish the largest robotics industry base in China, following the successful launch of its first-phase project earlier this year [1][2] - The company, headquartered in Shenzhen, is a leader in the industrial automation control sector, with a market capitalization of approximately 200 billion yuan, and holds the top market share in servo motors and ranks highly in industrial robots and software [1] - The second-phase project will focus on the research and production of key precision components for industrial robots, enhancing Huichuan's product portfolio and contributing to the development of a national intelligent manufacturing demonstration zone [2] Company Development - Huichuan Technology's partnership with Jiangning Development Zone began four years ago, with the first-phase project signed in July 2021 and officially launched in April 2022 [1][2] - The company adopted a "running" model for its projects, allowing for simultaneous production and construction, which led to early tax revenue generation [2] - The rapid investment decisions are attributed to positive economic conditions in China, a focus on technological and industrial innovation, and a long-standing personal connection between the company's chairman and the city of Nanjing [2] Regional Economic Impact - Jiangning District aims to create an optimal ecosystem to support Huichuan Technology in building a leading enterprise worth over 100 billion yuan and a high-end intelligent equipment industry chain valued at 400 billion yuan [3] - The district is recognized as one of the top innovation and industrial zones in China, with plans to develop multiple industry clusters, including new energy vehicles and high-end intelligent equipment, projected to reach significant production value milestones [3]

Core Points - Jiangning Development Zone signed a cooperation agreement with Huichuan Technology for the second phase of its Nanjing base [2][4] - Huichuan Technology is a leading enterprise in China's industrial automation control sector, with the first phase of its Nanjing base having been completed and operational since April this year [4] - The second phase will focus on the R&D and production of key precision components for industrial robots, aiming to create the largest robot industry base in China [4] Summary by Sections Company Overview - Huichuan Technology is recognized as a leader in the industrial automation control field in China [4] - The company has experienced positive operational performance since the launch of its first phase in Nanjing [4] Project Development - The second phase of the Nanjing base will be developed adjacent to the first phase to meet the rapidly growing production capacity needs [4] - The new phase will specialize in the development and production of critical components such as precision parts, guide rails, and screws for industrial robots [4] Strategic Collaboration - Both parties emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session and the strategic deployment of building a modern industrial system centered on advanced manufacturing [4] - The collaboration aims to leverage Nanjing's educational and industrial resources to promote the development of the embodied intelligence industry and foster deep integration of technological and industrial innovation [4] - There is a commitment to enhance government-enterprise cooperation to build a robust industrial ecosystem for robotics, attract related enterprises, and strengthen the industrial chain [4]

Group 1 - The core business of the company is the research, production, and sales of ultra-high precision, high precision cutting tools, and superhard material products [1] - Recently, certain products, particularly diamond micro-drills used in PCB board hole processing, have gained attention; however, these products are still in the research and testing phase and have not generated revenue [1] - From January to September 2025, the diamond micro-drill achieved revenue of 9.5265 million yuan in other application areas [1] Group 2 - For the same period, the revenue from screw and RV reducer processing tools and diamond heat sink products is very small, accounting for no more than 1% of the company's total revenue [1] - The impact of these products on the company's overall revenue for 2025 is limited, and their development prospects are influenced by multiple factors, including industry trends and market conditions, which introduce uncertainty [1] - The relevant market is still in the early cultivation stage, and future market expansion may face challenges, including potential lower-than-expected downstream demand [1]

Core Viewpoint - The company has made progress in its robotics business, with plans for mass production by mid-next year after establishing a joint venture for screw and motor production [1]. Group 1 - The company has formed a joint venture focused on screw and motor production [1]. - The production line equipment is currently in the selection phase [1]. - Mass production is planned for mid-next year [1]. Group 2 - The company indicates that there will be further developments in humanoid robotics business [1]. - Investors are encouraged to pay attention to future announcements for more details [1].

Core Viewpoint - Bertli (603596.SH) has established a joint venture for lead screws and motors, with production line equipment currently in the selection phase, aiming for mass production by mid-next year [1] Group 1 - The company is planning to expand its humanoid robot business with further developments expected in the future [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported a revenue of 390 million yuan in Q3 2025, representing a year-on-year increase of 25% and a quarter-on-quarter increase of 26%. The net profit attributable to the parent company was 80 million yuan, up 22% year-on-year and 25% quarter-on-quarter [1]. - The revenue growth in Q3 was primarily driven by overseas customers, with an estimated 50% of revenue coming from exports. The company has established partnerships with major global automotive manufacturers and battery leaders, indicating potential for further growth in overseas markets [1]. - The gross margin for Q3 2025 was 38.5%, an increase of 1.3 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit margin was 20.83%, slightly down by 0.3 percentage points year-on-year [2]. - The company is strategically positioning itself in the robotics sector, with ongoing collaborations and a factory in Thailand expected to commence production by the end of 2025 [2]. Financial Summary - The company forecasts net profits of 310 million yuan, 420 million yuan, and 580 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 34%, 35%, and 39% [3]. - Projected revenues for the next few years are 1.518 billion yuan in 2025, 2.059 billion yuan in 2026, and 2.805 billion yuan in 2027, with year-on-year growth rates of 33.7%, 35.7%, and 36.2% respectively [5]. - The report indicates a stable expense ratio, with R&D expenses increasing by 67% quarter-on-quarter in Q3 2025, reflecting the company's commitment to innovation [2].