长盈精密（300115.SZ）11月22日在投资者互动平台表示，公司是做超精密模具起家的，公司的模具部 门超过2000人，15年以上的资深工程师约500人，超过10年的超过1000人，这在行业内是非常具有竞争 力的。公司是用精密模具加工的思路和团队来做人形机器人精密零部件的，良率很高，客户非常满意。 另外，公司具备一站式的金属、非金属的加工能力，零部件产品的开发和加工、生产能力，对于处于早 期发展阶段的人形机器人客户来讲，能够提供一站式的服务，还能够对他们的设计提供优化和降本的建 议，也是公司能够在具身智能行业占领先机的重要因素。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：想进一步了解，公司为人形机器人提供的关节总成、 灵巧手等核心部件，是主要根据客户的设计图纸进行精密制造，还是也深度参与了前期的共同设计与研 发？公司认为贵公司在该领域最核心的技术优势是什么（例如，是特定材料的工艺、传动精度、还是集 成能力）？ ...

长源东谷 20251116 长安东吴业绩增长主要由以下几个方面驱动：首先，从 2024 年第四季度开始， 公司业绩快速增长，这得益于乘用车混动化趋势和新能源车渗透率提升。其次， 公司从商用车缸体缸盖业务转向乘用车新能源混动缸体缸盖领域，与比亚迪和 赛力斯建立紧密合作关系。2023 年出货量约为八九万套，到 2024 年增加至 54 万套。今年（2025 年）继续保持快速增长态势，并将突破更多新客户。 摘要 长安东吴受益于乘用车混动化和新能源车渗透率提升，自 2024 年 Q4 起业绩快速增长，与比亚迪、赛力斯等建立紧密合作，2024 年乘用车 缸体缸盖出货量达 54 万套，预计 2025 年将继续增长并拓展新客户。 尽管市场担忧购置补贴退坡和价格战，但长安东吴通过不断进入新客户 并保持高供应占比，有效对冲行业波动，维持盈利能力。公司供应比例 高且价格相对稳定。 长安东吴在商用车领域与玉柴、康明斯紧密合作，受益于数据中心需求 增长，大功率柴油发电机需求显著增加，传统商用车发动机业务稳中有 增，未来两年增长潜力巨大。 长安东吴积极布局人形机器人领域，与五八智能建立战略合作，利用其 精密加工能力和客户资源，有望在关 ...

Core Viewpoint - Zhongding Co., Ltd. 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 has finished the supporting development of its rubber products and has sent samples of lightweight skeletons to customers [1] - The company is actively engaging in the development of robotic body manufacturing and OEM business [1] Group 2: Strategic Partnerships - Zhongding has signed a project intention cooperation agreement with Shenzhen Zhujidi Power Technology Co., Ltd. to enhance its upstream and downstream industrial chain layout [1]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, indicating a positive trend in its financial performance [3][4][5]. Financial Performance - For Q1-Q3 2025, the company's revenue reached 14.555 billion yuan, a year-on-year increase of 0.41%, while the net profit attributable to shareholders was 1.307 billion yuan, up 24.26% year-on-year [3]. - In Q3 2025, the revenue was 4.708 billion yuan, showing a decrease of 2.44% year-on-year and 5.68% quarter-on-quarter. However, the net profit for the same quarter was 490 million yuan, reflecting a significant increase of 45.93% year-on-year and 18.11% quarter-on-quarter [4]. - The net profit margin for Q1-Q3 2025 was 8.98%, an increase of 1.72 percentage points year-on-year, while the gross profit margin was 24.29%, up 1.99 percentage points year-on-year [5]. Cost and Expense Analysis - The expense ratio for Q3 2025 was 15.66%, which is an increase of 1.5 percentage points year-on-year and 3.03 percentage points quarter-on-quarter. The breakdown of expenses includes sales, management, R&D, and financial expenses [6]. Business Development - The company is making progress in its robotics business, having signed a strategic cooperation agreement with the government of Hefei to establish a robotics industry chain. Additionally, it plans to set up a joint venture for manufacturing robotic bodies [7]. - The company has completed its industrial layout in various components such as joint assemblies and harmonic reducers, with products already being supplied to clients like Chery and Efort [7]. Profit Forecast and Investment Rating - The profit forecast for the company has been adjusted upwards for 2025-2027, with expected net profits of 1.748 billion yuan in 2025, 1.891 billion yuan in 2026, and 2.119 billion yuan in 2027. The current market capitalization corresponds to price-to-earnings ratios of 17x, 16x, and 14x for the respective years [8].

Investment Rating - The investment rating for Zhongding Co., Ltd. is "Recommended" (maintained) [1]. Core Views - The company has demonstrated strong profitability resilience and is steadily advancing its humanoid robot supporting business. The traditional non-tire rubber component business remains stable, while new businesses such as air suspension and lightweight components are developing steadily, opening new growth opportunities [8]. Summary by Sections Company Overview - Zhongding Co., Ltd. operates in the automotive industry, with a total market capitalization of 30.1 billion yuan and a total share capital of 1,316 million shares [1]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 14.6 billion yuan (up 0.4% year-on-year) and a net profit attributable to shareholders of 1.3 billion yuan (up 24% year-on-year) [4]. - The company's gross margin reached 25.8% and net margin 10.4% in the third quarter, indicating robust profitability [7]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are as follows: - 2025: 20.9 billion yuan (up 10.9% year-on-year) - 2026: 23.8 billion yuan (up 13.7% year-on-year) - 2027: 27.0 billion yuan (up 13.8% year-on-year) [6]. - Net profit forecasts for the same period are: - 2025: 1.7 billion yuan - 2026: 1.9 billion yuan - 2027: 2.0 billion yuan [8]. Business Segments - The company is actively involved in air suspension systems, lightweight components, and thermal management systems, with significant orders received in these areas. For instance, the air suspension business has accumulated orders worth approximately 15.8 billion yuan, while the lightweight business has orders totaling about 5.5 billion yuan [7][8]. - In the humanoid robot sector, the company has established partnerships to enhance its core advantages in component assembly, with ongoing projects to develop robotic joints and lightweight skeletons [8].

Core Insights - The company reported its Q3 2025 results, showing a revenue of 14.555 billion yuan for the first three quarters, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.307 billion yuan, up 24.26% year-on-year [1] - Q3 2025 revenue was 4.708 billion yuan, down 2.44% year-on-year and 5.68% quarter-on-quarter, attributed to order delivery and revenue recognition timing [2] - The company has been actively expanding its business in the new energy vehicle sector, achieving significant growth in various segments [3] Financial Performance - Q3 2025 net profit reached 490 million yuan, a year-on-year increase of 45.93% and a quarter-on-quarter increase of 18.11%, meeting expectations [2] - The gross margin for Q3 2025 was 25.78%, up 3.33 percentage points year-on-year and 1.95 percentage points quarter-on-quarter, influenced by a one-time fair value gain of 141 million yuan [2] - The net profit margin was 10.44%, with year-on-year and quarter-on-quarter increases of 3.42 and 2.14 percentage points, respectively [2] Business Development - The company is focusing on the liquid cooling business, having launched a series of liquid cooling units for energy storage, leveraging technology from automotive thermal management [3] - The company has signed multiple strategic cooperation agreements to enter the humanoid robot manufacturing sector, indicating a strong commitment to this core strategic business [4] - The company plans to invest in manufacturing and outsourcing projects related to robot reducers, sensors, and joint assemblies, positioning itself as a leader in the industry chain [4] Investment Outlook - The company is expected to achieve revenues of 21.68 billion yuan, 24.39 billion yuan, and 27.69 billion yuan from 2025 to 2027, with net profits of 1.71 billion yuan, 1.95 billion yuan, and 2.26 billion yuan, respectively [4] - The projected earnings per share (EPS) for the same period are 1.30 yuan, 1.48 yuan, and 1.71 yuan, with corresponding price-to-earnings (PE) ratios of 18, 15, and 13 times based on the closing price of 22.88 yuan on October 29, 2025 [4]

Investment Rating - The report gives a "Strong Buy" rating for the company [4][9]. Core Insights - The company is establishing a turning point in its basic operations, with growth opportunities in robotics and liquid cooling businesses. It is focusing on intelligent chassis systems and expanding into new fields such as humanoid robots, low-altitude economy, AI, and data center thermal management [1][4]. Summary by Sections Company Overview - Anhui Zhongding Sealing Parts Co., Ltd. (stock code: 000887) is a leading global provider of automotive parts and high-end manufacturing solutions, with a focus on sealing systems, fluid technology, vibration reduction, and air suspension [14]. Basic Business: Management Optimization and Steady Development - The company is optimizing overseas management and cost control, enhancing competitiveness, and increasing the speed and certainty of overseas business recovery. The overall profit is expected to continue to improve [2][45]. - The company has a diversified customer structure, with significant sales to major automotive manufacturers, including BYD, Volkswagen, and BMW [52]. Emerging Business: Robotics & Liquid Cooling - The company is actively expanding into the humanoid robot sector, focusing on key components such as harmonic reducers and joint assemblies. It has established strategic partnerships to enhance its competitive edge in this field [3][56]. - In the liquid cooling sector, the company has developed a series of cooling units for energy storage and supercomputing centers, leveraging its proprietary thermal management technologies [3][50]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.68 billion, 1.89 billion, and 2.17 billion yuan in 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17.2, 15.3, and 13.3 [4][10].

Core Viewpoint - The company is actively positioning itself in the humanoid robot sector by providing various components and establishing strategic partnerships to enhance its market presence and capabilities [2]. Group 1: Product Offerings - The company, through its subsidiaries such as Anhui Ruisi Bo and Xinghui Sensors, has completed its industrial layout in key components including joint assemblies, harmonic reducers, planetary reducers, and force sensors [2]. - The company has developed rubber products and lightweight skeletons, which have been sampled to clients, aiming for the production of robot joint assembly products [2]. Group 2: Strategic Partnerships - The company has signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aifute Intelligent Equipment Co., Ltd. to enhance its core advantages in humanoid robot component assembly products and advance market positioning [2]. - Additionally, a project intention cooperation agreement has been established with Shenzhen Zhujidongli Technology Co., Ltd. to develop the upstream and downstream industrial chain and promote the manufacturing and OEM business of humanoid robots [2].

Summary of Dechang Motor's Conference Call Industry and Company Overview - Dechang Motor operates in the automotive small motor sector, providing a comprehensive range of small motors for vehicles, excluding power motors, which lays a solid foundation for entering the humanoid robot market, particularly in motion systems [2][4] - The company has extensive overseas factory resources, especially in the United States, enabling better service to global humanoid robot enterprises and meeting localization demands [2][4] Core Insights and Arguments - Dechang Motor possesses strong in-house capabilities for secondary components production, including powder metallurgy technology, allowing for cost control and improved production efficiency, enhancing long-term profitability [2][4] - Collaboration with Shanghai Mechanical and Electrical further strengthens Dechang Motor's capabilities in secondary components for humanoid robots, with a joint venture established to complement design, manufacturing, and sales channels [2][4][5] - As a leading player in the automotive small electronic water pump business, Dechang Motor has established clear partnerships in the liquid cooling server market, with existing mass production products, indicating rapid growth potential in cooling business [2][7][10] - The cooling business is expected to continue its rapid growth due to trends in smart technology and electrification, with the electronic water pump products showing strong competitiveness, likely to significantly enhance revenue and profit contributions [2][9][10] Future Revenue and Profit Expectations - Revenue is projected to achieve high single-digit growth over the next three years, with profit growth expected to outpace revenue growth due to scale effects, forecasting performance growth rates of 15% and 10% for the fiscal years 2027 and 2028, respectively [3][11] Additional Important Points - Dechang Motor's experience in automotive small motor construction will be leveraged to expand into the humanoid robot market, applying existing technologies to robot motion systems [6] - The company’s vertical integration in production, including self-manufacturing of secondary components, will help control costs and improve long-term profitability [6] - The partnership with Shanghai Mechanical and Electrical is expected to open up the mainland market and enhance development in core components such as joint assemblies and dexterous hand actuators [6][5]

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]