聚杰微纤 20250718 摘要 公司主营业务为聚酯纤维超细纤维生产，同时积极探索固态电池隔膜、 防水透气膜、生物质面料及氢燃料电池隔膜等新兴领域，这些业务与主 业具有较强的协同性，并在相关赛道占据优势地位。 迪卡侬是公司最大客户，贡献约一半营收；苹果占比约 15%；汽车领域 占比约 10%，且电子和汽车领域有望实现高增长，为公司带来新的增长 动力。 人造肌肉技术通过仿生模拟肌肉收缩，具有轻量、小型、力重比大、低 噪音和低成本等优点，适用于机器人脸部和手部，弥补传统机械结构的 不足，提升机器人交互体验。 人造肌肉技术对算法要求较高，需要企业重新组织人员并布局技术路线。 目前，公司正与头部客户合作开发相关产品，推进算法端布局，以实现 人造肌肉在机器人领域的实际应用。 公司在固态电池隔膜领域与下游头部客户合作开发产品，产品在厚度、 抗拉性和孔隙率等指标上表现优异，有望在硫化物成为主流技术路径的 背景下，贡献较大的业绩弹性。 Q&A 拒绝危险公司在新兴方向上的布局情况如何？ 拒绝危险公司在新兴方向上的布局主要集中在人造肌肉和仿生机器人领域。人 造肌肉产品通过仿生技术模拟人体肌肉的收缩和动力传送功能，具有重量轻、 体 ...

Summary of Conference Call Records Industry Overview - The focus is on the robotics sector, particularly the integrated robotics market, which is experiencing increased attention from funds and investors as the index is at a relatively low level, indicating potential for a rebound [1][2] Key Points and Arguments - **Market Sentiment**: Recent market sentiment has improved, with investors considering whether the integrated robotics sector has hit bottom. The trading volume in robotics remains low, but the overall interest from funds has increased significantly compared to one or two years ago [2] - **Catalysts for Growth**: Key events such as the release of Tesla's Rock 4, the upcoming AI conference, and the robotics competition are driving interest and could catalyze industry growth. The focus on robotics applications in Tesla's restaurant operations is also noteworthy [3] - **Technological Focus Areas**: The second half of the year will see a focus on several technological areas, including paint surface technology, domestic robots (with key players like Huawei and others), lightweight materials, electronic skin, and heat dissipation technologies [4] - **Reducer Applications**: The cycloidal reducer is gaining attention in the industry, with companies like Double Ring and Jindiamond actively developing related products. The application of lead screws is also increasing, particularly in joint applications [5] - **Algorithm Importance**: Algorithms are identified as a core barrier in the robotics field, with their significance expected to grow as the industry develops. This includes data collection, simulation training, and application deployment [6][7] Additional Important Insights - **Recommended Companies**: Short-term recommendations include Zhejiang Rongtai, which has optimistic progress with North American clients, and companies involved in autonomous vehicles and robotics, such as Jinlv Environment and Zhenghe Industrial [8] - **Trends in Smart City Development**: The development of unmanned technologies is crucial for smart city initiatives, particularly in addressing labor shortages in sanitation. Companies like Zhenghe Industrial and Longxi Co. are positioned to benefit from this trend [9] - **Human-like Robot Reducers**: The market for human-like robot reducers includes various types, with cycloidal reducers showing advantages in load capacity and rigidity. Companies like Kewo Innovation and Double Ring are making significant advancements in lightweight and high-precision reducers [10][11] - **Future of Reducers**: The cycloidal reducer market has substantial growth potential, especially in high-load applications such as robot joints. The current market size is significant, with a unit price around 1,500 yuan [14] - **Investment Opportunities**: Companies like Jinzhe Technology and Haoneng Fuda are highlighted for their high investment elasticity in the reducer sector, making them attractive investment options [16] Conclusion - The robotics sector is poised for potential growth driven by technological advancements, market sentiment improvements, and strategic company developments. Key players and emerging technologies are set to shape the future landscape of the industry.