中鼎股份（000887.SZ）9月26日在投资者互动平台表示，您好，公司通过安徽睿思博公司、星汇传感等 子公司在关节总成、谐波减速器、行星减速器、力觉传感器等产品上完成产业布局，目前公司的橡胶产 品已经完成配套，轻量化骨骼已经向客户送样，最终实现机器人关节总成产品的生产制造。目前公司及 子公司已与深圳市众擎机器人科技有限公司、埃夫特智能装备股份有限公司签署战略合作协议，提升公 司在人形机器人部件总成产品领域核心优势，推进市场布局；同时公司也与深圳逐际动力科技有限公司 签订项目意向合作协议，形成上下游产业链布局，推进机器人本体智造及代工业务发展。 有投资者在投资者互动平台提问：贵公司在人形机器人领域的产品定位主要是为客户提供哪些零部件？ 会有人形机器人本体制造和代工服务吗？ （文章来源：每日经济新闻） ...

德昌电机控股作为全球汽车小电机的龙头企业之一，具备多种特有优势，使其 在进军人形机器人领域中具有竞争力。首先，公司在人形机器人的运动零部件 设计能力上具有显著优势。以手部和腿部的传动系统为例，其运动链包括电机、 减速机、丝杠或其他传动装置以及执行器和结构件。这些核心零部件与智能电 动车中的传动链条有许多共性，而德昌电机在汽车小电机领域几乎覆盖了所有 应用，除了动力电机之外的大部分车用小型电机都由该公司配套。 其次，德昌 电机拥有丰富的海外工厂资源，尤其是在美国，这使其能够更好地服务于全球 优质甚至头部的人形机器人企业。此外，公司具备强大的二级零部件自制能力， 包括粉末冶金技术，这使得其能够从基础原材料开始进行生产，提高效率并降 低成本。粉末冶金技术在齿轮、齿轮箱等传动相关领域应用广泛，相较于传统 机械加工方式，其成型速度快且成本低。 最后，与上海机电的合作进一步增强 了德昌电机在人形机器人二级零部件方面的能力。双方早在 1998 年就合资成 立了上海日用友捷公司，主要生产汽车风扇。在人形机器人领域，两家公司通 过合资公司分别负责设计制造和销售渠道，有望进一步加强对核心零部件如关 节总成和灵巧手执行器及传感器等 ...

Group 1 - The pricing of Tesla's robots aligns with Figure's valuation, indicating a potential increase in the valuation ceiling for global robot manufacturers [1][2] - Figure's recent C-round financing has raised its post-money valuation to $39 billion, with a projected price per robot of $20,000 based on a production target of 100,000 units [2] - Tesla's robot business is projected to reach a market cap of $500 billion, with a target delivery of 1 million units, suggesting a price per unit of $25,000 [2] Group 2 - Core component companies are expected to enjoy significant valuation premiums, with potential P/E ratios reaching 200 times in the early stages of the industry [3] - The hardware cost for robots is estimated at 70%, with joint modules priced at $300 each, leading to a projected P/S ratio of around 30 times for joint module companies [3] - The market for robots is anticipated to grow exponentially, allowing core component companies to rapidly increase their valuations during the initial to scaling phases [3] Group 3 - Companies with capabilities in continuous R&D, engineering feasibility, and global manufacturing are likely to integrate into the supply chains of leading robot companies like Tesla and Figure [4] - Key components such as dexterous hands and actuators are critical for the practical application of robots, emphasizing the importance of supply chain vertical integration [4] - The focus on supply chain integration, AI chip development, and dexterous hands is central to the product requirements of both Tesla and Figure [3][4]

Core Viewpoint - The company has completed its industrial layout in various products through its subsidiaries, indicating a strategic expansion in the robotics and automation sector [1] Group 1: Product Development - The company has established its presence in joint assemblies, harmonic reducers, planetary reducers, and torque sensors through subsidiaries such as Anhui Ruisi Bo and Xinghui Sensor [1] - The rubber components have been fully developed and lightweight skeleton samples have been submitted [1] Group 2: Partnerships and Supply Chain - The company has begun supplying rubber components to Chery Moja Robotics and harmonic reducers to Efort Industrial Robots [1]

Core Viewpoint - The company has completed its industrial layout in various products such as joint assemblies, harmonic reducers, planetary reducers, and force sensors through its subsidiaries [1] Group 1: Product Development - The company's rubber products have completed matching, and lightweight skeletons have been sent to customers for sampling [1] - The company aims to achieve the production and manufacturing of robotic joint assembly products [1] Group 2: Strategic Partnerships - The company and its subsidiaries have signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aeffort Intelligent Equipment Co., Ltd. [1] - These partnerships enhance the company's core advantages in humanoid robot component assembly products and advance market layout [1]

Core Viewpoint - The company maintains a "buy" rating and has a target price of 29.93 yuan, supported by stable performance in the first half of 2025 and active expansion into liquid cooling and humanoid robot joint assembly businesses [2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.85 billion yuan, a year-on-year increase of 2% - The net profit attributable to shareholders was 817 million yuan, a year-on-year increase of 14% - The net profit margin stood at 8.3% [2] - In Q2 2025, revenue was 4.99 billion yuan, with no year-on-year growth but a quarter-on-quarter increase of 3% - The net profit for Q2 was 410 million yuan, a year-on-year increase of 17% and a quarter-on-quarter increase of 3% [2] Business Development - The company is actively expanding its thermal management solutions for energy storage and supercomputing centers, having launched a series of liquid cooling units and immersion cooling units [2] - The main product for supercomputing center thermal management is the CDU (Cold Liquid Distribution Unit), with plans to gradually apply immersion technology based on actual needs [2] - The company has secured approximately 7.1 billion yuan in orders for its thermal management systems as of the first half of 2025 [2] Humanoid Robot Joint Assembly - The company is focused on developing production capabilities for humanoid robot joint assemblies through subsidiaries like Anhui Ruisi Bo and Xinghui Sensor [3] - The company has completed the industrial layout for products such as joint assemblies, harmonic reducers, planetary reducers, and force sensors [3] - Strategic cooperation agreements have been signed with companies like Zhongqing Robot and Aifute, as well as a project intention cooperation agreement with Shenzhen Zhujidong Technology Co., Ltd., to enhance the upstream and downstream industrial chain [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.56 [1][5]. Core Views - The company reported a revenue of RMB 9.85 billion for the first half of the year, reflecting a year-on-year increase of 1.8%, and a net profit attributable to shareholders of RMB 820 million, up 14.1% year-on-year. In Q2 alone, revenue reached RMB 4.99 billion, with a year-on-year increase of 0.3% and a quarter-on-quarter increase of 2.8% [1]. - The company is experiencing improved profitability due to scale effects, with Q2 net profit margin increasing to 8.3%, up 1.17 percentage points year-on-year [3]. - The company is actively expanding into new growth areas such as liquid cooling and robotics, with significant progress in product development and strategic partnerships [4]. Summary by Sections Financial Performance - For H1, the revenue breakdown by business segments shows: 1) Air suspension: Revenue decreased by 0.7% to RMB 570 million, with total orders valued at approximately RMB 15.8 billion 2) Lightweight: Revenue increased by 8.1% to RMB 1.55 billion, with total orders of about RMB 5.5 billion 3) Cooling: Revenue increased by 2.8% to RMB 2.61 billion, with total orders of RMB 7.1 billion 4) Sealing: Revenue increased by 0.3% to RMB 1.94 billion, with new products developed for major clients [2]. - The company’s Q2 gross margin improved to 23.8%, driven by operational efficiency and increased capacity in lightweight products, which saw a gross margin increase of 5.9 percentage points year-on-year [3]. Growth Strategy - The company is rapidly developing its liquid cooling and robotics product lines, leveraging proprietary technologies in thermal management and sealing. It has established partnerships with companies like Zhongqing Robotics and Aft to enhance its robotics manufacturing capabilities [4]. - The company is also pursuing a domestic strategy for overseas acquisitions, with significant revenue growth reported from its subsidiaries in Wuxi and Anhui [2]. Profitability Forecast - The company’s net profit forecasts for 2025 and 2026 have been adjusted downwards by 8% and 12% to RMB 1.67 billion and RMB 1.93 billion, respectively, with a projected net profit of RMB 2.28 billion in 2027 [5]. - The estimated PE ratio for 2025 is 21.7x, aligning with the average PE of comparable companies [5].

Core Viewpoint - Zhongding Co., Ltd. plans to establish a complete upstream and downstream industrial chain for robots in Hefei City, supported by the local government, highlighting the strategic cooperation agreement signed recently [1][2] Group 1: Company Strategy - Zhongding Co., Ltd. is transitioning from its traditional automotive parts business to focus on intelligent chassis systems and the humanoid robot sector as a core strategic goal [2] - The company aims to actively promote its layout in new fields such as humanoid robots, low-altitude economy, and AI, with a particular emphasis on humanoid robots [2] Group 2: Project Development - The company plans to invest in various projects in Hefei, including the manufacturing of robot reducers, sensors, joint assemblies, and the robots themselves, with a phased approach based on industry development [1] - Zhongding Co., Ltd. will also introduce relevant upstream and downstream enterprises into Hefei to enhance the industrial ecosystem [1] Group 3: Market Opportunity - The humanoid robot industry is experiencing rapid growth, with increasing market demand and accelerated technological iteration [1] - There is a pressing need within the industry for stable core component supply and mature manufacturing technology for robot bodies, which Zhongding Co., Ltd. is well-positioned to address with its R&D and high-end manufacturing capabilities [1][2]

Group 1 - The company plans to establish a complete upstream and downstream industrial chain for robots in Hefei City, with full support from the Baohe District Government [1] - A strategic cooperation agreement has been signed between the company and the Baohe District Government to facilitate investment and project construction [1] - The company possesses R&D capabilities and high-end manufacturing capabilities in the robot business, including robot reducers, sensors, joint assemblies, and robot bodies [1] Group 2 - There is an increasing demand in the industry for mature manufacturing technology processes and stable core component supply for robot body OEM [1] - The signing of the agreement will allow the company, as a leading enterprise in the industrial chain, to effectively integrate advantageous resources and actively layout robot reducers, sensors, joint assemblies, and robot bodies [1] - The establishment of a complete upstream and downstream industrial chain will enhance the company's business layout [1]

Core Viewpoint - The company plans to establish a complete upstream and downstream industrial chain for robotics in Hefei City, with full support from the Baohe District Government [1] Group 1: Strategic Collaboration - The company has signed a strategic cooperation agreement with the Baohe District Government to facilitate investment and project construction in Hefei City [1] - The agreement aims to enhance the company's business layout by integrating advantageous resources in the robotics sector [1] Group 2: Robotics Business Capabilities - The company possesses strong R&D capabilities and high-end manufacturing capabilities in the robotics field, including components such as robotic reducers, sensors, joint assemblies, and robotic bodies [1] - There is an increasing demand within the industry for contract manufacturing of robotic bodies, mature manufacturing processes, and stable supply of core components [1]