证券研究报告 | 公司深度 | 专用设备 新时达(002527) 报告日期：2025 年 09 月 04 日 海尔入主、转型升维：国产机器人龙头加码一体化方案/具身智能 ——新时达深度报告 投资要点 ①落地节奏：拟 25 年推出具身智能控制器/整机，9 月发布具身智能焊接方案。 ②海尔助力：i. 大模型、数据层面。公司可依托海尔卡奥斯天智工业大模型+工 业互联网数据集；ii. 场景层面。公司产品有望进入海尔智家全球工厂进行试 验；iii. 订单导入。车端，海尔已收购汽车之家，（曾）深度合作长安/奇瑞；家 端，公司计划为海尔白电部门正在研发的人形机器人提供"小脑"技术。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 3,357 | 3,543 | 3,798 | 4,153 | | (+/-) (%) | -0.9% | 5.5% | 7.2% | 9.3% | | 归母净利润 | (288) | 13 | 84 | 190 | | (+/-) (%) ...

投资要点 核心逻辑：工业机器人向整体解决方案升级、盈利上修、具身智能或年内落地? 公司护城河：国产机器 人龙头，控制器+伺服驱动全链自供1）市占率居前。电梯控制器全球第二、SCARA 工业机器人国内出 货量第四。 2）自动化产品国产替代先锋、一体化程度较高。①国产替代：打破电梯控制外资垄断、国内首家实现 机器人驱控一体；②一体化：控制器+伺服驱动自供。 公司可共享海尔全球供应链，及"人单合一"高效管理模式；②现金流或更加充裕。海尔卡奥斯拟斥资 12.19 亿元全额认购公司发行新股。 3）具身智能、场景落地：与海尔联合布局工业&家庭机器人①落地节奏：拟25 年推出具身智能控制器/ 整机，9 月发布具身智能焊接方案。 ②海尔助力：i. 大模型、数据层面。公司可依托海尔卡奥斯天智工业大模型+工业互联网数据集；ii. 场 景层面。公司产品有望进入海尔智家全球工厂进行试验；iii. 订单导入。车端，海尔已收购汽车之家， （曾）深度合作长安/奇瑞；家端，公司计划为海尔白电部门正在研发的人形机器人提供"小脑"技术。 盈利预测与估值：我们预计25~27 年公司归母净利分别为0.13、0.84、1.90 亿元，同比扭亏、+56 ...

天准科技在互动平台表示，针对机器人行业，公司布局了具身智能控制器，已经获得多个知名客户的订 单。 ...

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].