大洋电机（002249.SZ）12月11日在投资者互动平台表示，公司前瞻技术研究院于2025年2月设立"人形 机器人电机"项目组，目前已完成机器人关节模组方案设计，产品可适配于外骨骼机器人。目前项目尚 处于研发阶段，未形成营业收入，短期内不会对公司业绩产生重大影响。 每经AI快讯，有投资者在投资者互动平台提问：公司是否有生产适配外骨骼机器人产品？ （记者 王晓波） ...

Core Viewpoint - The company is actively investing in the robotics sector through a combination of independent research, academic collaboration, and strategic investments, aiming to leverage emerging technologies by 2025 [1] Group 1: Independent Research - The company established a "Humanoid Robot Motor" project team in February 2025, which has completed the design of the robot joint module [1] Group 2: Academic Collaboration - In July 2025, the company signed a cooperation agreement with Tongji University's School of Mechanical and Energy Engineering to jointly establish an "Advanced Technology Joint Research Center for Embodied Robot Actuators," focusing on core technology breakthroughs [1] Group 3: Strategic Investment - The company invested in Mechaman (Xiong'an) Robot Technology Co., Ltd., a leading intelligent robotics firm focused on "AI+3D" vision in July 2025, aiming to deepen collaboration and provide intelligent robotic solutions for projects like "replacing humans with machines" [1] - Mechaman will serve as a key partner for the engineering and industrialization of the company's robotic core module products [1] Group 4: Current Status - The company has not yet generated revenue in the robotics field and advises investors to be aware of investment risks [1]

Core Viewpoint - The company has established a project team for "humanoid robot motors" within its forward-looking technology research institute, indicating a strategic focus on advanced robotics technology [1] Group 1 - The project team was set up in February 2025 and includes research on various technologies, including frameless torque motors [1] - The design of the robot joint module scheme has been completed, although it has not yet generated operating revenue [1] - Investors are advised to pay attention to investment risks associated with this project [1]

Core Viewpoint - The convertible bond of Hengshuai Co., Ltd. (300969) experienced significant trading activity upon listing, with a first-day increase of 57.3% and a total rise exceeding 100% over three trading days, despite the company's stock showing a decline during the same period [1][3]. Company Overview - Hengshuai Co., Ltd. primarily engages in the research, development, production, and sales of automotive micro-motor technology and related products, aiming to become a leading global supplier of automotive micro-motor technology solutions [3]. - The company has shown steady revenue growth from 2019 to 2024, with total revenues increasing from 331 million yuan in 2019 to an estimated 962 million yuan in 2024, and net profits rising from 65 million yuan to 214 million yuan during the same period [3]. Recent Developments - The company is actively exploring applications in the robotics sector, although it has not yet secured relevant orders. For the ADAS sensor cleaning system, while some projects have been initiated, the direct revenue contribution is minimal, projected to be less than 1% of total revenue in 2024 [2]. - Hengshuai Co., Ltd. has received batch project approvals for its ADAS cleaning system from clients such as Waymo and Meituan, with plans to establish an annual production capacity of 250,000 units, including some production in Thailand [4]. Market Context - The convertible bond market had experienced a period of inactivity prior to Hengshuai's bond listing, making it one of the strongest performing convertible bonds upon its debut this year [2]. - As of June 19, the price of Hengshuai's convertible bond reached 217.00 yuan per share, with a conversion premium of 140.83%, indicating strong market interest despite the underlying stock's performance [3].

Group 1 - The company issued a total of 327.59 million yuan in convertible bonds, with a maturity of 6 years and a face value of 100 yuan per bond [1][2] - The trading of the convertible bonds experienced significant price fluctuations, with a cumulative price increase exceeding 30% over two consecutive trading days [2][3] - The company confirmed that there are no undisclosed significant matters that could impact the trading price of the convertible bonds [3] Group 2 - The current conversion price for the bonds is set at 62.55 yuan per share, with a first-year coupon rate of 0.20% [2] - The company is exploring new markets such as humanoid robot motors and ADAS sensor cleaning systems, but current revenue from these products is minimal [2] - The company has not identified any undisclosed information that could significantly affect the trading price of the convertible bonds [3]

Core Viewpoint - The company is actively exploring applications in the robotics field but has not yet secured relevant orders [1] Group 1: Company Developments - The company's convertible bond trading price has experienced an abnormal fluctuation, with a cumulative increase of over 30% in closing prices over two consecutive trading days [1] - The company is focusing on humanoid robot motors and has initiated efforts in this area, although no related orders have been formed yet [1] - For the ADAS sensor active perception cleaning system, the company has obtained some designated projects from clients, but direct revenue remains low, with projected revenue from related products not exceeding 1% of total operating income in 2024 [1] Group 2: Market Conditions - There are numerous uncertainties regarding the downstream market demand for the company's emerging products [1]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 18.1 yuan for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5]. Core Insights - The company reported a revenue of 5.918 billion yuan for 2024, representing a year-on-year growth of 28.22%. However, the net profit attributable to the parent company significantly declined by 91.32% to 21 million yuan [1][4]. - The company is expanding into the robotics sector by establishing a joint venture focused on developing motors for humanoid robots and low-altitude flying vehicles, leveraging its existing technology and customer base [3]. - The gross profit margin for 2024 was 8.49%, down 5.31 percentage points year-on-year, primarily due to intense competition in the automotive parts market, which has squeezed profit margins [2]. Financial Summary - Revenue for 2024 was 5,918 million yuan, with a projected increase to 7,770 million yuan in 2025, reflecting a growth rate of 31.29% [4]. - The net profit is expected to rebound significantly in the coming years, with forecasts of 185 million yuan in 2025, 320 million yuan in 2026, and 619 million yuan in 2027, indicating a recovery from the current low levels [4][11]. - The company’s earnings per share (EPS) is projected to improve from 0.05 yuan in 2024 to 1.52 yuan by 2027, showcasing a strong growth trajectory [4][11].