Core Viewpoint - The report from Huaxin Securities highlights that Tuosida operates in the industrial robot, CNC machine tool, and injection molding machine sectors, which are part of the national strategic emerging industries, benefiting from the "smart manufacturing equipment industry" policy support and the trend of manufacturing transformation and upgrading [1] Group 1: Industry Insights - The industrial robot penetration rate continues to increase against the backdrop of an aging population and rising automation demand [1] - The company is positioned as a "chain master" in the industrial robot industry chain in Guangdong Province, indicating a strong potential to benefit from the industry's high prosperity [1] Group 2: Company Performance - Tuosida's five-axis machine tool sales are expected to grow by 35% year-on-year in the first half of 2025, supported by ample orders and benefiting from the high-end equipment domestic substitution process [1] - The revenue from multi-joint robots has increased by 80.86%, reflecting strong demand and growth in the company's product offerings [1] - The company is experiencing continuous growth in its overseas business, driven by the significant release of high-end manufacturing demand [1] Group 3: Investment Rating - The report initiates coverage on the company with a "buy" investment rating, reflecting confidence in its growth prospects and market position [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9] Core Insights - The company is positioned in the strategic emerging industry of industrial robots, CNC machine tools, and injection molding machines, benefiting from favorable national policies and the ongoing transformation of the manufacturing sector [4] - Significant breakthroughs in core technologies have enhanced the company's product competitiveness, with a notable increase in revenue from multi-joint robots by 80.86% in the first half of 2025 [5] - The company's global market expansion has led to overseas business becoming a new growth driver, with a 29.64% increase in revenue from injection molding machines and related equipment [6] Summary by Sections Industry Overview - The industrial robot and CNC machine tool sectors are experiencing robust demand, particularly in aerospace and humanoid robotics, with a projected global market size for five-axis CNC machine tools reaching USD 17.02 billion by 2029, growing at a CAGR of 10.3% [4] Technology Advancements - The company has made significant advancements in three core technology areas: industrial robot controllers, servo drives, and vision systems, with the new X5 motion controller supporting AI model integration and multi-axis control [5] Global Market Strategy - The company has established a presence in over 50 countries, with a focus on emerging markets such as South America and Mexico, and has developed a localized service network to enhance its overseas supply chain [6] Financial Forecast - Revenue projections for 2025-2027 are estimated at CNY 2.632 billion, CNY 2.774 billion, and CNY 2.990 billion respectively, with corresponding EPS of CNY 0.11, CNY 0.23, and CNY 0.43 [9][11]

每经AI快讯，9月19日，科德数控(688305.SH)发布投资者关系活动记录表公告称，公司五轴机床可直接 用于加工机器人关节、齿轮等精密零部件，且自主研发的电机产品已批量应用于加工丝杠等螺纹类零件 的螺纹磨床。近期公司启动轴向磁通电机产品开发，相较于传统径向磁通电机，轴向磁通电机具备结构 更紧凑，重量更轻、在相同体积/重量下能输出更高的功率和转矩的优势。针对人形机器人、新能源汽 车、航空飞行器、风电等对空间和质量有严格限制，同时又需要较大功率输出的应用领域推广。 ...

Core Viewpoint - The industrial mother machine sector is emerging as a strategic opportunity in the manufacturing industry, with significant growth potential driven by policy support and market demand [1][2]. Market Overview - China remains the largest producer and consumer of machine tools globally, with the industrial mother machine market size projected to grow from 631.36 billion yuan in 2019 to 712.89 billion yuan in 2024, and expected to exceed 800 billion yuan by 2029 [1]. Policy and Market Catalysts - A key policy document was released on September 1, 2023, aiming to transition the industry from "domestic production" to "high-end production," with goals to revise at least 300 standards by 2026 and achieve a 90% international standard conversion rate [2][3]. - The policy emphasizes a systematic approach, integrating standard development with major projects and addressing industry pain points, including mandatory requirements for carbon emissions accounting and energy efficiency [3]. Investment Logic - Three main investment logics are driving the industrial mother machine sector: 1. Domestic substitution potential, with current high-end CNC machine tool localization rates below 20%, expected to rise to 60% by 2030 [4]. 2. Breakthroughs in technology, with domestic companies achieving significant advancements in precision and smart manufacturing [5]. 3. Emerging demand from new industries such as electric vehicles and humanoid robots, which are creating new growth opportunities for precision machining equipment [5][6]. Future Trends - Key trends to watch include the integration of smart manufacturing with industrial mother machines, the demand for equipment upgrades due to new material processing, and opportunities for domestic equipment in global markets, particularly in Belt and Road Initiative regions [7][8]. - Specific focus areas for investment include high-end CNC machine manufacturers, core component suppliers, and specialized equipment manufacturers in the new energy and aerospace sectors [7][8].

Core Viewpoint - The industrial mother machine sector is experiencing a significant revival driven by policy support and market demand, positioning it as a strategic opportunity in the manufacturing industry [1][2]. Group 1: Market Overview - China remains the world's largest producer and consumer of machine tools, with the industrial mother machine market expected to grow from 631.36 billion yuan in 2019 to 712.89 billion yuan in 2024, and projected to exceed 800 billion yuan by 2029 [1]. - The industry is witnessing a strong recovery, with the revenue and profit of large-scale machinery industries increasing by 7.8% and 9.4% year-on-year, respectively, in the first half of 2025 [2]. Group 2: Policy and Market Catalysts - The issuance of the "High-Quality Standard System Construction Plan for Industrial Mother Machines" is a pivotal policy aimed at transitioning the industry from "domestic production" to "high-end production," with a target of revising at least 300 standards by 2026 [1][2]. - The policy emphasizes a systematic approach, integrating standard development with major projects and mandating carbon emission accounting and energy efficiency requirements [2]. Group 3: Investment Logic - The sector is characterized by three strong investment logics: the certainty of domestic substitution, technological breakthroughs, and the emergence of new demands from industries such as electric vehicles and robotics [3][4]. - The domestic substitution rate for high-end CNC machine tools is currently below 20%, with expectations to rise to 60% by 2030, indicating substantial growth potential [3]. Group 4: Technological Advancements - Domestic companies have made significant technological advancements, achieving international standards in precision and integrating AI and IoT into industrial mother machines [4]. - Collaborative efforts between machine manufacturers and component suppliers are accelerating the industrialization process, enhancing overall efficiency [4]. Group 5: Emerging Demand - The rapid growth of new industries, including electric vehicles and humanoid robots, is driving demand for advanced machining equipment, particularly in precision components [5]. - The low-altitude economy is also creating new requirements for composite processing equipment, with the market for related processing equipment expected to grow rapidly [5]. Group 6: Future Trends and Opportunities - Key trends to watch include the integration of smart manufacturing with industrial mother machines, the demand for equipment upgrades due to new material processing, and opportunities for domestic equipment in global markets [6]. - Investment focus should be on high-end CNC machine manufacturers, core component suppliers, and specialized equipment manufacturers in emerging sectors [6]. Group 7: Key Monitoring Points - Important monitoring points include the timing of policy implementation, capacity release from new production lines, and export growth driven by competitive pricing [7]. - Companies with strong core technologies, healthy cash flow, and robust order books are expected to perform well in this sector [7].

Core Viewpoint - The article emphasizes the strategic significance of the industrial mother machine sector, highlighting its role as the "heart" of equipment manufacturing and a core indicator of national manufacturing competitiveness. The sector is experiencing a revival driven by policy and market dynamics, with substantial growth potential projected for the coming years [2][3]. Market Overview - China has maintained its position as the world's largest producer and consumer of machine tools. The market size for industrial mother machines is expected to grow from 631.36 billion yuan in 2019 to 712.89 billion yuan in 2024, with projections to exceed 800 billion yuan by 2029, indicating significant development potential [2]. Policy Impact - A key policy initiative, the "High-Quality Standard System Construction Plan for Industrial Mother Machines," was jointly issued by the National Standardization Administration and the Ministry of Industry and Information Technology. This plan aims to transition the industry from "domestic production" to "high-end production," with goals to revise at least 300 standards by 2026 and achieve a 90% international standard conversion rate [4][5]. Industry Recovery - The mechanical industry in China has shown robust recovery, with revenue and profit growth rates of 7.8% and 9.4% respectively in the first half of 2025, surpassing the national industrial average. The production of metal cutting machine tools increased by 13.5%, reflecting a strong recovery trend [6]. Investment Logic - Three major investment logics are driving the industrial mother machine sector: 1. **Domestic Replacement**: The current domestic market for high-end CNC machine tools has a low localization rate of under 20%, with expectations to rise to 60% by 2030, indicating a significant replacement opportunity [8]. 2. **Emerging Demand**: Rapid growth in sectors like electric vehicles and humanoid robots is creating new demand for precision machining equipment, with the humanoid robot market projected to reach 75 billion yuan by 2029 [9][10]. 3. **Technological Advancements**: Domestic companies are achieving breakthroughs in core technologies, enhancing competitiveness and accelerating the replacement process [8][9]. Future Trends - The industry is expected to focus on three key trends: 1. Integration of smart manufacturing with industrial mother machines, particularly through the application of digital twin and AI technologies [12]. 2. Equipment upgrade demands driven by new material processing, including composite materials and high-temperature alloys [12]. 3. Opportunities for domestic equipment to expand into global markets, especially in the "Belt and Road" initiative [12]. Investment Recommendations - Investment strategies should prioritize: 1. High-end CNC machine manufacturers, particularly in five-axis linkage technology [12]. 2. Core component manufacturers such as CNC systems and spindles, which are overcoming critical bottlenecks [12]. 3. Specialized equipment manufacturers in the new energy and aerospace sectors, benefiting from emerging demand [12]. Key Monitoring Points - Companies should closely monitor: 1. The timing of policy implementation, including special loans and tax incentives [13]. 2. Capacity release from new production lines expected to come online in 2025 [13]. 3. Export growth driven by competitive pricing due to a low RMB exchange rate [13].

Core Viewpoint - The company, Kede CNC (688305.SH), is leveraging its core technologies in control algorithms, servo drives, and motors to adapt to the motion control, balance coordination, and fine action execution scenarios of humanoid robots [1] Group 1: Technology and Applications - The company's five-axis machine tools can be directly used for processing precision components such as robot joints and gears [1] - The self-developed high-thrust linear motors have been utilized in the processing of threaded parts like screws on thread grinding machines [1] Group 2: Market Engagement - The company is actively engaging in technical collaborations with relevant enterprises to seize market opportunities [1]

Core Viewpoint - The National Standardization Administration and the Ministry of Industry and Information Technology have issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance product quality and equipment upgrades through high-level standards [1] Summary by Relevant Sections Standard System Development - By 2026, a basic high-quality standard system for industrial mother machines will be established, with at least 300 standards to be formulated or revised, including at least 5 international standards [1] - The international standard conversion rate is targeted to reach 90%, optimizing the structure of standard supply [1] Industry Upgrades and Emerging Demands - The plan emphasizes accelerating the development of standards for high-end industrial mother machines, advanced CNC systems, high-performance functional components, advanced manufacturing processes, and key core components [1] - Some critical standards will be set to be moderately ahead of the average industry development level, enhancing the role of standards in leading high-quality industrial development [1] Investment Opportunities - Guojin Securities notes that the "Industrial Mother Machine+" initiative has been advancing over the past two years, promoting both domestic production and industrial upgrades to better meet the demands of emerging industries such as new energy vehicles, humanoid robots, and low-altitude economy [1] - Investment opportunities are suggested in sectors benefiting from domestic production, such as five-axis machine tools, CNC systems, and screw guide rails, as well as in processing centers and grinding machines driven by the demand from humanoid robots and other emerging industries [1]

Core Viewpoint - The company faced challenges in the first half of 2025, including global trade tensions impacting overseas sales, but is actively working to enhance profitability through resource optimization and market expansion efforts [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 342.59 million yuan, a year-on-year increase of 9.55% [1]. - Total assets at the end of the period reached 2.39 billion yuan, reflecting a growth of 4.93% from the beginning of the year [1]. - The overall gross margin declined due to lower initial gross margins on new products and changes in revenue structure [1]. Market Strategy - The company accelerated its overseas market expansion and strengthened its supply chain resilience [2]. - It reinforced its supply advantages with major global consumer electronics clients and increased efforts in emerging markets such as AI servers and hydrogen energy [2]. Research and Development - R&D investment totaled 62.04 million yuan, accounting for 18.11% of operating revenue [3]. - The company employed 411 R&D personnel, representing 25.31% of its total workforce [3]. - Significant progress was made in developing new intelligent valve bodies and optimizing existing models, enhancing product performance and stability [3]. Future Outlook - The company aims to drive smart manufacturing upgrades, focusing on R&D and product innovation while expanding into new fields such as automotive electronics and semiconductor packaging [4]. - It plans to implement Management By Plan (MBP) to optimize business structure and resource allocation, aiming to improve overall profitability and operational efficiency [4].

Group 1 - The diplomatic landscape is shifting as leaders from over twenty countries, including France, Brazil, and Vietnam, are increasingly engaging with China, contrasting sharply with the isolation of the U.S. under Trump's aggressive trade policies [1] - Trump's trade policies, including a 125% tariff on China and 41% "reciprocal tariffs" on other nations, have led to significant increases in shipping costs and currency exchange rates, causing global businesses to express dissatisfaction [1] - Mexico's exports to the U.S. have increased despite Trump's tariffs, largely due to a 50% surge in Chinese exports of machinery and electrical equipment to Mexico, highlighting the resilience of global supply chains [1] Group 2 - The internationalization of the Renminbi (RMB) has been unexpectedly accelerated by Trump's tariff policies, with the currency maintaining stability while other emerging market currencies have depreciated significantly [3] - In 2024, China accounted for 35% of global exports of intermediate goods, and its cross-border e-commerce transactions represented 42% of the global total, showcasing China's strong trade position [3] - The establishment of the RMB Cross-Border Payment System (CIPS) has expanded to cover 140 countries, with a projected 28% increase in transaction volume by 2025 [3] Group 3 - French President Macron signed a €20 billion deal during his visit to China, focusing on aviation and renewable energy, while Brazilian President Lula is advancing the "Two Oceans Railway" project to facilitate exports to China [5] - In 2024, Brazil's exports to China constituted 32% of its total exports, compared to only 11% for the U.S., indicating a significant shift in trade dynamics [5] - The rise of the RMB is supported by technological advancements, with a notable increase in the domestic production of high-end machine tools and a strong reliance on China for solar panels and electric vehicle batteries [5] Group 4 - Trump's tariffs, intended to undermine "Made in China," have inadvertently spurred upgrades in China's manufacturing capabilities, with a 7% increase in high-tech manufacturing investment and a 40% surge in aerospace R&D spending in 2024 [7] - Chinese companies have made significant technological breakthroughs, such as the development of a 600 km/h maglev train and advancements in semiconductor technology, enhancing the country's manufacturing competitiveness [7] - The shift in manufacturing capabilities has transformed the RMB from a secondary option to a primary currency in international trade [7] Group 5 - The story of Texas farmer John Carter illustrates the broader trend of businesses adapting to RMB transactions, which have reduced costs and improved cash flow, reflecting a pragmatic approach to currency choice [9] - Grassroots movements towards RMB settlements are emerging globally, with various sectors, including Southeast Asian rubber producers and Australian iron ore miners, exploring this option [9] - China's role as the rotating chair of the Shanghai Cooperation Organization has further marginalized the U.S. in multilateral mechanisms, emphasizing the changing dynamics in global diplomacy [9]