威力传动 摘要 威力传动由减速器业务向增速器领域扩张，受益于金风科技战略调整及 自身齿轮箱制造经验，并已获得相关专利，创始人李亚波在齿轮箱制造 领域有 40 年经验。 公司计划分两期投资增速器，总投资 50 亿元，预计实际使用 40 多亿。 一期投资 20 亿元，2025 年底完成，产能 1,500 台；二期投资 30 亿元， 预计 2028 年实现总产能 4,000 台。 2025 年预计生产增速器 300 台，年底产能调顺至 1,500 台，2026 年 计划生产 1,000 至 1,200 台。国内增速器市场存在缺口，需求量约为 1 万 8 千台，公司产品不愁销路。 增速器行业竞争激烈，南高齿为最大供应商，德力佳紧随其后。威力传 动目标是成为对外销售排名第三的供应商，计划产能 1,500 台。 增速器产品技术壁垒高，投资强度大，设备进口周期长，研发周期长， 且需持续研发和技术迭代，质量控制至关重要。 公司计划逐步提升自制零部件比例，从而提高毛利率和净利率。目标是 实现双位数净利率，初期目标毛利率参考德力佳的 20 多个点，净利率 目标 10 个点左右。 减速器业务方面，2025 年预计销售额可达六七亿元 ...

Core Insights - China's development of horizontal multi-joint robots has started later than in foreign countries, but significant achievements have been made in research and development [1][12] - The market size for horizontal multi-joint robots in China is projected to grow from 557 million yuan in 2015 to 2.672 billion yuan in 2024, with a compound annual growth rate (CAGR) of 19.03% [1][12] - The demand for horizontal multi-joint robots is particularly strong in the 3C industry, where production lines often require hundreds of robots [1][12] Industry Overview - Horizontal multi-joint robots, also known as SCARA robots, are characterized by their four degrees of freedom and are primarily used in high-speed sorting and precision assembly [5][6] - The industrial robot market in China is expected to maintain strong growth, with horizontal multi-joint robots accounting for over 20% of total industrial robot sales [11][12] Market Size and Growth - The Chinese market for horizontal multi-joint robots is expected to reach 2.832 billion yuan by 2025 [1][12] - The global market for horizontal multi-joint robots is projected to grow from approximately 6.88 billion USD in 2024 to 7.822 billion USD in 2025, with the Asia-Pacific region being a key growth area [10][11] Industry Policies - Recent government policies in China have promoted the development of industrial robots, including horizontal multi-joint robots, as part of the push for smart manufacturing and industrial automation [6][7] Industry Chain - The upstream of the horizontal multi-joint robot industry chain includes raw materials and components such as metal materials, control systems, and reducers, while the downstream includes applications in various sectors like 3C electronics, automotive, and food industries [7][8] Competitive Landscape - The global market for horizontal multi-joint robots is highly concentrated, with EPSON holding approximately 30% market share, followed by other major players like FANUC and YAMAHA [14] - Domestic companies such as Estun and Inovance are also significant players in the Chinese market, with Estun being a leader in SCARA robots [14][15] Development Trends - The future of horizontal multi-joint robots is expected to focus on increased intelligence through AI integration, enhanced integration with production systems, and lightweight designs to improve performance and energy efficiency [17][18][19]

证券日报网讯威力传动（300904）9月30日发布公告，在公司回答调研者提问时表示，公司减速器产品 种类较多，多品种的定制化产品生产管理过程复杂度较高，需要依靠完备的信息化系统实现系统化的管 理，打通生产订单下达、生产基础信息准备和下达、生产物资准备和物流、设备运行和管理、工序流转 及外协、质量控制和过程控制等全流程。目前公司已建立PLM系统(产品生命周期管理系统)、ERP系统 (企业资源计划管理系统)、MES系统(制造执行系统)和DNC系统(工业设备物联管理系统)，打通了生产 管理全过程。 ...

Investment Rating - The report does not explicitly state an investment rating for the automotive parts industry, but it highlights significant growth opportunities driven by domestic substitution, smart technology, and lightweight materials. Core Insights - The automotive parts industry in China is experiencing accelerated domestic substitution due to the rise of independent vehicle manufacturers, with a focus on key components like automotive electronics and engine parts [1][16]. - The smart technology trend is pushing the iteration of automotive electronics, with a growing demand for sensors and wiring harnesses, particularly in the context of autonomous driving [1][32]. - Lightweight materials, such as aluminum and engineering plastics, are becoming increasingly important, with aluminum casting offering high cost-performance ratios [1][10]. Summary by Sections 1. Domestic Substitution, Smart Technology, and Lightweight Materials - The rise of independent vehicle manufacturers is driving the acceleration of domestic substitution in core automotive components [1.1][16]. - The automotive electronics sector is evolving due to advancements in smart driving technology, leading to increased demand for various sensors [1.2][32]. - Lightweight materials are gaining traction, with aluminum and engineering plastics extending their applications from decorative to functional components [1.3][10]. 2. Coordination Between Humanoid Robot Components and Automotive Parts - The humanoid robot industry is expected to transition from "0" to "1" in terms of industrialization starting in 2024, with significant overlap in technology and components with the automotive sector [2.1][22]. - Key components such as motors, sensors, and gear reducers are critical for both humanoid robots and automotive applications, indicating a potential growth area for automotive parts suppliers [2.2][27]. 3. Focus on High Scarcity Attributes and Industry Trends - The report emphasizes the importance of identifying high-scarcity and high-growth companies within the automotive parts sector, particularly those benefiting from domestic substitution and the rise of humanoid robots [3.1][35]. - Companies like Lintai New Materials, a leader in wet-type paper-based friction plates, are highlighted for their significant domestic substitution potential [3.1][36]. - Audiwei, a leader in ultrasonic sensors, is noted for its strategic expansion into the humanoid robot sector, showcasing the potential for cross-industry growth [3.2][39].

事件：9 月23 日至26 日，全球石材行业顶级盛会——意大利维罗纳国际石材展览会（MARMO+MAC） 盛大启幕。公司携性能领先的"线锯设备+金刚线"成套切割解决方案首次亮相展会，向世界彰显中国高 端装备制造的硬核技术实力与创新成果，吸引了全球20 余个国家客商的关注与咨询洽谈。 营收利润逐步向好，有望迎来业绩拐点。25Q2 公司实现营业收入7.66 亿元，环比提升11.63%；实现归 母净利润-0.14 亿元，环比提升80.56%，环比实现大幅减亏，主要系公司克服光伏行业下行周期带来的 重大不利影响，对内深耕降本增效，对外聚焦市场，实现金刚线业务、硅片及切割加工服务业务盈利能 力逐步修复，有望迎来业绩拐点。 光伏切割全链条业务覆盖，技术闭环优势显著。公司是国内率先实现"设备+耗材+代工"三位一体融合 发展的企业。(1)切片耗材：公司冷拉钨丝母线产能快速扩充，市占率快速提升，盈利能力逐步修复。 25H1 公司实现金刚线销量（含自用）约3030 万公里，其中钨丝金刚线约2342 万公里，占比约 77.29%。（2）切片代工：公司硅片切片代工业务订单稳步增长，开工率大幅优于行业并持续提升。公 司25H1 硅片产 ...

格隆汇9月26日丨英思特(301622.SZ)在互动平台表示，公司产品可以应用于人形机器人的电机、减速 器、关节灵巧手等领域，其对应的直接客户主要为电机厂商，电机厂商再配套给机器人厂商终端使用。 当前公司已给人形机器人电机客户送样。 ...

巨轮智能（002031.SZ）9月24日在投资者互动平台表示，公司的减速器超过40个机型，包括 E/T/C三个 大类，负荷满足6KG至900KG的客户应用需求。公司获得机器人减速机CR产品认证证书，是国内首批 获得该认证的两家企业之一，且每年都顺利通过CR认证复核检查。超过半数的减速器型号已经被客户 批量试用和采购，并且获得用户的好评。公司XT减速器正在进一步开展细化和轻量化研发工作，为产 品积极寻找应用场景。公司股价波动受多种因素影响，不存在您所说的情况。 （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：公司减速器是否有实际应用于机器人，新型XT减速器 内部测试开始量产销售了吗？ ...

巨轮智能在互动平台表示，公司的减速器超过40个机型，包括 E/T/C三个大类,负荷满足6KG至900KG的 客户应用需求。获得机器人减速机CR产品认证证书，是国内首批获得该认证的两家企业之一，且每年 都顺利通过CR认证复核检查。超过半数的减速器型号已经被客户批量试用和采购，并且获得用户的好 评。公司XT减速器正在进一步开展细化和轻量化研发工作，为产品积极寻找应用场景。 ...

Core Viewpoint - The recent performance of the humanoid robot sector in the A-share market has been driven by three main factors: a positive industry outlook, the upcoming release of Tesla's Optimus V3, and market capital rotation leading to a rebound effect [1][3]. Investment Opportunities - The core components of the humanoid robot supply chain are seen as the most promising investment opportunities, as there are currently no pure body manufacturers listed in the A-share market [1][3][11]. - Key indicators for identifying companies with technological barriers include sustained high R&D investment, market share growth, and healthy financial metrics such as gross and net profit margins [2][12]. Market Trends - The humanoid robot industry is expected to experience significant growth, with projections indicating that 2025 could mark the year of mass production, driven by increased order volumes from leading manufacturers [6][7]. - The anticipated release of Tesla's third-generation robot is expected to be a major catalyst for the industry, potentially leading to the first humanoid robot model with sales exceeding 10,000 units [2][15]. Technological Advancements - Recent technological breakthroughs in the humanoid robot sector include improvements in production efficiency and cost reduction for key components like lead screws and reducers [9][10]. - The industry is currently focused on enhancing the "brain" of humanoid robots, which involves advancements in algorithms and models to improve interaction with the physical world [9][10]. Commercialization and Application - The industrial manufacturing sector is identified as the primary area for the commercialization of humanoid robots, with significant potential for deployment in automotive production lines [10][11]. - Other potential applications include firefighting and military uses, although these may involve smaller-scale deployments [10]. Financial Metrics and Valuation - Despite the significant increase in stock prices within the humanoid robot sector, the current valuation levels are not considered excessively high, especially when considering the potential for mass production in the future [4][5]. - The long-term growth potential of the humanoid robot market is substantial, with estimates suggesting a market size in the trillions, driven by high sales volumes and technological advancements [12][13]. Investment Strategy - Investors are advised to focus on the upcoming release of Tesla's third-generation robot as a key investment opportunity, while also considering the overall market dynamics and technological developments [15]. - For ordinary investors, engaging with professionally managed funds may provide a viable way to participate in the sector without needing extensive individual research [15].

Group 1 - The core viewpoint of the report is that the company, Tsugami Machine Tool (01651), is expected to achieve an EPS of 2.6 and 3.1 CNY for FY2026/2027, with a CAGR of 22%, and a target price of 38.6 HKD, indicating a potential upside of 17.1% based on current P/E ratios [1] - The company has a strong foothold in China's manufacturing sector, with a product matrix primarily focused on screw machines and supplemented by machining centers and grinding machines. For FY2025, the company is projected to generate revenue of 4.262 billion CNY and a net profit of 780 million CNY, reflecting year-on-year growth of 36.6% and 63% respectively [2] - The company is actively expanding its production capacity to reinforce its leading position in the market. The metal cutting machine tool sector is influenced by capital expenditures in the automotive and general manufacturing industries. The production growth rate for metal cutting tools in China from January to August 2025 is 14.6%, indicating a recovery in the market [3] Group 2 - The company's profitability has significantly increased, maintaining a dividend payout ratio above 40% since FY2023, reflecting its strong operational quality [4] - The company is strategically investing in AI liquid cooling connectors and humanoid robot components, which are expected to drive its second growth phase. Potential catalysts include advancements in liquid cooling infrastructure and humanoid robot grinding machines [5]