10月21日，深圳市智微智能科技股份有限公司公布2025年第三季度报告。报告显示，智微智能第三季度营收为10.26亿元，同比下降6.08%，公司归属于上市 公司股东的净利润2923.56万元，同比增长13.67%。前三季度公司实现营业收入29.73亿元，同比增长6.89%，归属于上市公司股东的净利润1.31亿元，同比增 长达59.3%。 | | | | | 上年同期增 | 告期末 | | | 末比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 泥 | | | | 1 | | | | 调整前 | 调整后 | 调整后 | | 调整前 | 调整后 | 调 | | 营业收入 | 1.026.105 | 1.092.58 | 1.092.58 | -6.08% | 2.972.959. | 2.781.25 | 2.781.257. | | | (元) | .088.88 | 2.812.55 | 2.812.55 | | 655.39 | 7.744.22 | 744.22 | | | 归属于上市公 司股东的净利 | 29.23 ...

Core Viewpoint - The company, Zhiwei Intelligent (智微智能), has developed an intelligent controller that supports major control chips from Intel, Rockchip, and Nvidia Jetson, specifically designed for mobile, industrial, and robotic applications [1] Group 1: Product Features - The intelligent controller offers high-performance processing, high-speed communication, and reliable design features such as efficient heat dissipation and reinforced shock resistance [1] - For instance, the EII-6300 model supports mainstream large language models (LLMs) like Qwen and DeepSeek, as well as hierarchical visual language models (VLMs) such as CLIP, and commonly used visual language action models like OpenVLA [1]

证券研究报告 | 公司更新 | 专用设备 新时达(002527) 报告日期：2025 年 09 月 10 日 运动控制主业拐点向上，海尔入主加速具身智能落地 ——新时达推荐报告 投资要点 1. 一句话逻辑 国产机器人龙头，运动控制主业拐点向上，海尔入主有望推动公司具身智能/人 形机器人整机落地进程超预期。 2. 超预期逻辑 市场认为：公司成长性、盈利能力偏弱。 我们认为： 1）公司为控制类龙头，海尔入主加速公司具身智能落地，打开成长空间。 ①公司深耕运控技术三十载，控制类产品迭代能力强。具体看：i. 市占率居前。 公司电梯控制器全球第二、SCARA 工业机器人国内出货量第四；ii. 自动化产品 国产替代先锋、一体化程度较高。公司早期打破电梯控制外资垄断，后成为国 内首家实现机器人驱控一体的厂商，并可实现机器人控制器+伺服驱动自供。 ②海尔成为公司新实控人，未来公司有望受益海尔机器人持续推进。具体而 言，海尔已有四大布局：i. 成立机器人事业部、控股公司；ii. 海尔创投（海尔集 团控股）倡导发起 100 亿元具身智能创投基金；iii. 海尔联合乐聚机器人等具身 智能参与者共同成立"具身智能创新生态联盟"；iv ...

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The report emphasizes the transformation and elevation of the company under Haier's leadership, focusing on integrated solutions and embodied intelligence [2][12] - The company is positioned as a leading domestic robot manufacturer, with a strong emphasis on upgrading from industrial robots to comprehensive solutions [7][12] - Financial forecasts indicate a significant recovery in profitability, with expected net profits turning positive in 2025 and substantial growth in subsequent years [3][7] Summary by Sections Financial Summary - Projected revenues for 2024A, 2025E, 2026E, and 2027E are 3,357 million, 3,543 million, 3,798 million, and 4,153 million respectively, with growth rates of -0.9%, 5.5%, 7.2%, and 9.3% [3] - Expected net profit for 2025E is 13 million, with a significant increase to 84 million in 2026E and 190 million in 2027E, reflecting growth rates of 567.3% and 127.6% respectively [3] - Earnings per share are projected to be -0.4, 0.0, 0.1, and 0.3 for the years 2024A to 2027E [3] Business Overview - The company is a leader in industrial automation and robotics, with a focus on elevator controllers and SCARA robots, holding the second position globally in elevator controllers and fourth in domestic SCARA robot shipments [20][25] - The report highlights the company's strategy to capture structural demand in the elevator industry, particularly in urban rail and renovation projects, with a projected growth in elevator procurement in 2025 [29][34] - The company is also expanding into semiconductor robotics, targeting high-end markets with low domestic production rates [41][42] Haier's Empowerment - Haier's acquisition is expected to enhance the company's product offerings and financial performance, leveraging Haier's industrial internet ecosystem to provide integrated manufacturing solutions [12][51] - The partnership is anticipated to improve operational efficiency and reduce costs through shared supply chains and management practices [63][66] - The report notes that Haier's investment of 12.19 billion yuan in new shares will bolster the company's liquidity and strategic initiatives [67] Profitability Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 290% in net profit from 2025 to 2027, with price-to-earnings ratios projected at 860, 129, and 57 for the respective years [7][12] - The report indicates that the company's gross margin is expected to improve, as it benefits from Haier's global supply chain and operational efficiencies [66]

Group 1 - The core logic indicates that industrial robots are upgrading to comprehensive solutions, with profit revisions and potential implementation of embodied intelligence within the year [1] - The company is a leading domestic player in industrial robots, with significant market share in elevator controllers and SCARA industrial robots [1] - The company is a pioneer in domestic automation product substitution, breaking foreign monopolies in elevator control and achieving integrated robot drive control [1] Group 2 - The elevator controller market is expected to see long-term stable growth, driven by new demands in the elevator industry such as urban transit, old elevator upgrades, and international expansion [1] - The domestic elevator procurement market is projected to grow over 45% year-on-year by 2025, with significant increases in exports to regions like the Middle East and Southeast Asia [1] - The semiconductor robot sector has a low domestic substitution rate of less than 10%, with potential acceleration in equipment localization as domestic wafer fabs emerge [1] Group 3 - Haier's empowerment strategy includes enhancing automation products, improving financial metrics, and implementing embodied intelligence [2] - The company is expected to benefit from a recovery in industrial automation demand, with a projected 2.4% year-on-year growth in Q1 2025 [2] - The company plans to launch embodied intelligence controllers and machines in 2025, with support from Haier's industrial internet data and models [3] Group 4 - Profitability is expected to improve with optimized gross margins and cash flow, supported by Haier's global supply chain and efficient management [3] - The company anticipates significant net profit growth from 2025 to 2027, with a projected CAGR of approximately 290% [3] - Despite a high current valuation compared to peers, the company's semiconductor robot initiatives and Haier's involvement are seen as positive factors for future growth [3]

Group 1 - The company, Tianzhun Technology, has announced its strategic focus on the robotics industry, specifically in the area of embodied intelligent controllers [1] - The company has secured orders from multiple well-known clients, indicating strong market demand for its products [1]

Group 1: Core Insights - Huawei Developer Conference (HDC 2025) showcased Huawei's latest achievements in operating systems and artificial intelligence, revealing significant future strategic layouts [1] Group 2: AI Cloud Services - Huawei Cloud CEO announced the launch of the new generation Ascend AI cloud service based on the CloudMatrix 384 super node architecture, achieving a single card inference throughput of 2300 Tokens/s, nearly a 4-fold increase compared to traditional architectures [2] - The Pangu Model 5.5 was released, featuring comprehensive upgrades in five foundational models, with applications in industries such as steel, where it improved yield rates by 0.8%, generating over 10 million yuan in annual benefits for a single factory [2] Group 3: Embodied Intelligence - The CloudRobo embodied intelligence platform was introduced, integrating end-to-end capabilities including data synthesis, annotation, model development, and cloud-edge collaboration, significantly enhancing data acquisition efficiency [3] - Huawei is actively developing the embodied intelligence industry chain in Shenzhen and Wuxi, with partnerships to create robots for manufacturing scenarios, aiming to double the robot output value in Shenzhen to exceed 300 billion yuan within five years [3] Group 4: Industry Collaboration - Huawei has engaged in deep collaborations with various companies to enhance industrial applications, such as logistics and intelligent sorting, demonstrating the potential of embodied intelligence robots across multiple sectors [4] - The integration of artificial intelligence and robotics is creating unprecedented opportunities in the embodied intelligence field, positioning Huawei as a leader through its CloudRobo platform and partnerships [4]

Core Insights - The hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization [1] - Tesla's Optimus is focusing on algorithm improvements, highlighting the importance of controllers, operational technology, chips, and data collection equipment [1] Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [2] - The upper control utilizes visual-language-action (VLA) models for semantic understanding and action generation, while the lower control is transitioning from traditional model-based control to modern reinforcement learning (RL) and imitation learning (IL) [2] - Future breakthroughs in algorithms need to address challenges such as multi-modal integration, long-term task planning, and Sim-to-Real transfer [2] Data: The Foundation of Algorithm Learning - The quality and diversity of data directly impact algorithm performance, with three main sources: real data (highest precision but lowest volume), synthetic data (cost-effective but domain gap issues), and web data (large scale but requires cleaning) [3] - Real data is primarily collected through teleoperation and motion capture technologies, while synthetic data is generated via simulation platforms like NVIDIA Omniverse [3] Control Systems: The Foundation of Embodied Intelligence - There is no consensus in the industry regarding the division of humanoid robots into "brain" and "cerebellum," with the brain handling complex algorithms and data processing, and the cerebellum managing motion control [4] - The hardware consists of SoC chips, including CPU, GPU, and NPU, along with processors, storage units, communication interfaces, and I/O interfaces [4] - The software includes the operating system, middleware, and upper-layer software, with chips being the core of the controller, often utilizing NVIDIA solutions [4] Investment Opportunities in the Industry - Software is the focus for the next phase of commercialization in robotics, with Tesla's Optimus showing marginal changes primarily in algorithms [5] - Key investment targets include: - Controllers: Tianzhun Technology (embodied intelligence controllers), Zhiwei Intelligent (humanoid robot-specific controllers), Desay SV (leading vehicle domain controller) [5] - Operational technology: Huichuan Technology (PLC and drivers), Xinjie Electric (PLC), Leisai Intelligent (PC-based controllers and boards), Gokong Technology (PC-based controllers and boards), Tuosida (industrial controllers) [5] - Chips: Rockchip (SoC chips), Horizon Robotics (robotics layout) [5] - Data collection equipment: Lingyun Optical (optical motion capture equipment), Aofei Entertainment (stake in Noyton, optical-inertial integrated motion capture solutions) [5]

Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 1. Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].