安培龙 20250826 摘要 安培龙 2025 年上半年净利润同比增长 24.76%至 3,827 万元，压力传 感器营收占比过半，达 52.79%，同比增长 61.88%，汽车领域营收占 比最高，为 56.28%，同比增长 52.97%。 国内市场营收同比增长 38.03%，占比 84.56%，是主要增长动力；北 美大客户通过第三方供应链贡献显著增量，欧洲 Stellantis 增长近十倍， 对汽车业务增速贡献大。 公司预计 2026 年下半年通过技术降本等措施显著改善毛利率，目标维 持在 30%左右，国外高毛利率订单将部分对冲国内降价压力。 研发费用增加主要集中在力传感器和 IC 方面，虽短期内对业绩无直接贡 献，但对未来技术储备和竞争力提升具有重要意义，预计 2026 年自研 IC 渗透率达 10%左右。 为北美客户准备的专线年产量约 200 万颗，第二条泰国生产线产能 300 万颗，基本满足当前订单预测，并有望成为主要供应商，占比超 50%。 公司凭借低成本和高可靠性设计方案，有望替代海外供应商，尤其是在 人形机器人用六维力传感器领域，预计未来价格在 1,000-2000 元之间。 氧传感器项目已开 ...

Core Viewpoint - The article highlights the growth potential of Anpeilong, a leading domestic sensor manufacturer, focusing on its strategic development in force sensors for robotics and autonomous driving, aiming to create a new growth driver by 2024 [4]. Group 1: Company Overview - Anpeilong is recognized as one of the first "little giant" enterprises in the national specialized and innovative sector in 2019, primarily producing thermistors, temperature sensors, pressure sensors, oxygen sensors, and force sensors, with applications in automotive, home appliances, and photovoltaic sectors [4]. - The company is targeting emerging markets in robotics and autonomous driving by developing force sensors, which is expected to establish a third growth pillar [4]. Group 2: Financial Performance - From 2020 to 2024, Anpeilong's revenue is projected to grow from 420 million to 940 million yuan, reflecting a CAGR of 22.5%, with pressure sensors being the main revenue driver [5]. - The gross margin is expected to remain stable between 31% and 34% from 2022 to 2024; however, net profit margin is slightly declining due to increased depreciation and asset impairment, projected at 8.8% in 2024, with net profit stabilizing between 80 million and 90 million yuan [5]. Group 3: Market Position and Opportunities - Anpeilong is positioned as a key player in the domestic sensor import substitution market, with significant growth potential as high-end products still rely on imports despite rapid domestic technological advancements [6]. - The global temperature sensor market is expected to grow at a CAGR of 5.1% from 2023 to 2029; the domestic pressure sensor market is projected to grow at a CAGR of 10.2% from 2024 to 2026; and the domestic six-dimensional force sensor market is anticipated to grow at a CAGR of 47.5% from 2024 to 2030, indicating vast downstream market demand and substantial domestic substitution opportunities [6]. Group 4: Competitive Advantages - Anpeilong has developed a robust vertical industry chain and a strong technological barrier over 26 years, focusing on the production of ceramic sensitive materials, which supports its continuous development in high-end sensors [7]. - The company has established stable partnerships with well-known brands such as Midea Group, BYD, and Green Mountain Coffee, ensuring a solid customer base [7].

Investment Rating - The report gives a "Buy" rating for the company, Ampelron (301413.SZ) [3][5]. Core Viewpoints - Ampelron is a leading domestic sensor manufacturer focusing on the strategic development of force sensors for robotics and autonomous driving, aiming to create a third growth driver by 2024 [1][2]. - The company has experienced rapid revenue growth, with a projected increase from 420 million yuan in 2020 to 940 million yuan in 2024, representing a CAGR of 22.5%. Pressure sensors are identified as the main revenue growth engine [1][21]. - The report highlights the significant market potential for domestic sensor replacements, particularly in high-end products where there is still reliance on imports. Ampelron's established technology positions it well to compete internationally [2][51]. Summary by Sections Company Overview - Ampelron, established in 1999, is recognized as one of the first national "specialized and innovative" small giants, producing various sensors including thermistors, pressure sensors, and force sensors, with applications in automotive, home appliances, and photovoltaic sectors [1][15]. Financial Performance - From 2020 to 2024, Ampelron's revenue is expected to grow significantly, with a stable gross margin between 31% and 34%. However, net profit margins are slightly declining due to increased depreciation and asset impairment [1][31]. - The company’s net profit is projected to stabilize between 80 million and 90 million yuan from 2022 to 2024, with a net profit margin of 8.8% in 2024 [1][31]. Market Potential - The report indicates a broad market space for domestic sensor replacements, with the pressure sensor market expected to grow at a CAGR of 10.2% from 2024 to 2026, and the six-dimensional force sensor market projected to grow at a staggering CAGR of 47.5% from 2024 to 2030 [2][51]. - Ampelron has established a solid customer base, collaborating with well-known brands such as Midea and BYD, which strengthens its market position [2][51]. Profit Forecast and Valuation - The forecast for Ampelron's net profit from 2025 to 2027 is 120 million, 140 million, and 170 million yuan respectively, with corresponding EPS of 1.19, 1.46, and 1.77 yuan. The current stock price reflects a PE ratio of 72, 58, and 48 for the years 2025 to 2027 [3][4].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [8]. Core Views - The company has a strong foundation in temperature, pressure, and oxygen sensors, with significant growth potential in force sensors for robotics applications [1]. - The company has successfully expanded its customer base, leading to increased product sales and steady revenue growth, with a projected revenue CAGR of around 20% from 2020 to 2024 [35]. - The pressure sensor segment is expected to surpass temperature and thermal resistors as the company's primary revenue source by 2024 [23]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of thermal resistors, temperature sensors, oxygen sensors, and pressure sensors, with a comprehensive product range and advanced R&D capabilities [16][6]. - The company has established a strong market position with a diverse customer base, including major domestic and international companies [16]. Market Performance - The company’s revenue is projected to reach 1.17 billion yuan in 2025, with a growth rate of 24.5%, and net profit is expected to be 112 million yuan, reflecting a growth rate of 36.1% [8][10]. - The gross margin has remained stable around 30% from 2021 to 2023, with slight fluctuations due to production capacity and new factory amortization [39][38]. Product Segments - The thermal resistor and temperature sensor markets are expected to grow steadily, with the global NTC market projected to reach 5.1 billion yuan by 2030 [44]. - The pressure sensor market is anticipated to grow significantly, with the global market for medium and low-pressure sealed pressure sensors expected to reach 589 million USD by 2032 [5]. - The oxygen sensor market is also expanding, with a projected market size of 7.417 billion USD by 2032, driven by applications in automotive and medical sectors [7]. Financial Projections - The company’s earnings per share (EPS) are projected to be 1.14, 1.45, and 1.83 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 75.7X, 59.6X, and 47.3X [8][10]. - The company is expected to maintain a stable gross margin across its product lines, with pressure sensors, thermal resistors, and oxygen sensors projected to have gross margins of 31.61%, 33.15%, and 25.74% in 2024 [39].

Core Insights - The human-shaped robot industry is experiencing a significant influx of investment, with companies like Blue Dot Touch completing substantial funding rounds and planning for future IPOs [1][2][19] - The focus is shifting from complete robots to core components, particularly force sensors, which are essential for the functionality and precision of humanoid robots [1][3][5] - The domestic market in China is expected to grow rapidly, with a strong demand for high-performance products and a robust supply chain [9][12] Company Overview - Blue Dot Touch recently completed nearly 100 million RMB in Series B financing, with plans to apply for a listing on the Sci-Tech Innovation Board by 2028 [1][19] - The company has achieved profitability and is experiencing rapid growth, with a projected annual increase of 200%-300% in the shipment of its force sensors [2][18] - The founder, Liu Wuyue, emphasizes the importance of iterative development and adapting to market needs, indicating a strong organizational capability [16][17] Market Dynamics - The market for humanoid robot force sensors is projected to reach a scale of hundreds of billions, with a significant increase in demand expected in the coming years [3][4][18] - The current production cost of humanoid robots is heavily influenced by the cost of core components, with force sensors accounting for approximately 15% of the total bill of materials [2][14] - The shift towards rational investment in core components reflects a maturation of the industry, moving away from speculative investments in complete robots [5][18] Technological Advancements - Blue Dot Touch has achieved full domestic production of its force sensors, overcoming previous technological barriers [10][11] - The company has developed four core technologies that enable high-performance force sensors, which are critical for precise operations in humanoid robots [10][11] - The integration of AI is enhancing the capabilities of force sensors, allowing for more sophisticated applications in humanoid robots [12][24] Future Outlook - The growth trajectory for humanoid robots is expected to continue for at least the next 5-8 years, with annual growth rates projected to exceed three times [18] - Blue Dot Touch aims to expand its market presence internationally, particularly in North America and Europe, while maintaining a strong foothold in the domestic market [19][20] - The company is focused on enhancing brand recognition and acceptance of Chinese products in the global market [24]

Investment Rating - The report gives a "Strong Buy" rating for Lingyun Co., Ltd. with a target price of 14.9 CNY [1]. Core Views - The company is expected to benefit from the dual drivers of hot stamping and battery box businesses, with a significant increase in revenue and profit projected due to the rising penetration of new energy vehicles [1][6]. - Lingyun has established a strong market position through strategic partnerships and acquisitions, enhancing its capabilities in key automotive components [6][38]. Financial Summary - Projected total revenue for 2024A is 18,837 million CNY, with a growth rate of 0.7% [1]. - Expected net profit attributable to shareholders for 2024A is 655 million CNY, reflecting a year-on-year growth of 3.8% [1]. - Earnings per share are projected to be 0.54 CNY for 2024A, with a price-to-earnings ratio of 22 times [1]. Business Overview - Lingyun Co., Ltd. has over 30 years of experience in the automotive parts industry, with a global presence and a focus on high-strength, lightweight automotive safety systems and various pipeline systems [6][13]. - The company has diversified into new energy battery management systems, fluid control systems, and sensor technology, creating new growth avenues [6][13]. Hot Stamping and Battery Box Business - The hot stamping business is expected to grow due to the increasing demand for lightweight and high-strength components in the automotive industry [23][24]. - The battery box segment is projected to expand significantly as the penetration of new energy vehicles increases, with the market for aluminum battery boxes expected to reach approximately 350 billion CNY by 2027 [38][49]. Sensor Technology Development - Lingyun is actively developing sensor technology, particularly in the field of force sensors for robotics, which is anticipated to open new growth opportunities [6][38]. - The company plans to collaborate with research institutions to accelerate the development of sensor projects, enhancing its long-term growth potential [6][38]. Market Position and Competitive Advantage - Lingyun has established partnerships with major automotive manufacturers, including Tesla, BMW, and Audi, which strengthens its market position [6][38]. - The company has a diversified product portfolio and a broad customer base, which contributes to its competitive advantage in the automotive parts market [6][38].

Summary of Conference Call Records Company and Industry Overview - The company is involved in the sensor technology sector, particularly focusing on torque sensors and six-dimensional force sensors for robotics applications. The company has established partnerships with leading domestic robot manufacturers to enhance its market competitiveness and meet growing customer demand [2][4]. Key Points and Arguments Financial Performance - In 2025, the company's contract liabilities increased due to a rise in order volume and favorable order turnover, indicating enhanced market competitiveness and growing customer demand [2][4]. - As of the end of 2024, the company had an order backlog of approximately 100 million yuan, with good sales performance expected to continue throughout 2025 [2][18]. Product Development and Market Position - The torque sensor has been successfully integrated into humanoid robots, with each robot utilizing approximately 20 sensors. The company is currently in the small-batch verification stage, with mass production expected to begin in 2026 [2][6][7]. - The company is actively exploring opportunities in the six-dimensional force sensor market, which is essential for robotics. Initial performance indicators show no significant difference compared to foreign brands [2][8][13]. - The company employs traditional electronic strain gauge technology for torque sensors, which is less affected by temperature changes, making it suitable for robotic environments [2][27]. Business Segments and Growth Areas - The defense and military business accounts for 50%-60% of the company's overall revenue. Despite the impact of anti-corruption measures, the order quantity remains optimistic, with limited effects on overall growth and order volume [2][24]. - The civil business, particularly in the electrochemical workstation segment, is expected to maintain over 50% growth, driven by demand from universities and research institutions [22][23]. Customer Engagement and Market Feedback - The company has received positive feedback on its torque sensors, with successful customer validation of samples. A small batch order is expected to be delivered by June [7][12]. - The company has established a dedicated team for accounts receivable management, which is expected to maintain a healthy cash flow situation [21]. Future Outlook and Strategic Plans - The company plans to enhance production efficiency by researching automated equipment to meet potential large order volumes [16]. - The sales team is encouraged to engage more with the market to understand customer needs better, focusing on humanoid robots and collaborative robots [25][26]. Additional Important Information - The civil PHM system's application areas are broad, primarily in port machinery, chemicals, coal, and water management, with limited orders in wind power and tower sectors [22]. - The company is currently in the process of sending samples for six-dimensional force sensors, awaiting customer feedback for further development [15]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, product development, and market positioning within the sensor technology industry.

Summary of Conference Call Records Industry Overview - The conference call discusses the **dexterous hand sensor industry**, highlighting advancements in sensor technology and market trends related to dexterous hands and their applications in robotics and automation [1][2]. Key Points and Arguments 1. **Increased Degrees of Freedom**: Dexterous hands are evolving with degrees of freedom exceeding 10, with products like Lingqiao Intelligent's Hand Zero One 21 achieving 19 degrees and Yushu Technology's Dex 5-1 reaching 20 degrees, indicating a continuous pursuit of operational flexibility in the industry [1]. 2. **Importance of Tactile Sensors**: Tactile sensors are crucial for simulating human skin's ability to perceive temperature, pressure, and other physical variables, even in low-light conditions [1][2]. 3. **Sensor Technology Pathways**: Key technological pathways in dexterous hands include force sensors, position sensors, and various sensing principles such as strain, capacitive, and optical methods, each with distinct advantages and applications [1][5]. 4. **Market Growth Projections**: The global force sensor market reached **$8.89 billion** in 2020 and is expected to grow rapidly, particularly the six-dimensional force sensor market, which is projected to exceed a compound annual growth rate (CAGR) of **100%** post-2024 due to the mass production of humanoid robots [11][12]. 5. **Flexible/Tactile Sensor Market**: The flexible/tactile sensor market was nearly **$2 billion** globally in 2022, with China's market reaching **¥2.47 billion** in 2023, primarily applied in consumer electronics, healthcare, and automotive automation [13]. Additional Important Content 1. **Types of Dexterous Hands**: Various dexterous hand products are highlighted, such as Lingqiao Intelligent's Hand Zero One 21 with 19 degrees of freedom and Yushu Technology's Dex 5-1 with 20 degrees, showcasing the diversity in design and functionality [4]. 2. **Sensor Classification**: Tactile sensors can be classified into capacitive, resistive, piezoelectric, optical, and triboelectric types, each with unique working principles and performance characteristics [8][9]. 3. **Performance Metrics of Tactile Sensors**: Performance metrics such as sensitivity, linearity, response time, resolution, and stability vary across different types of tactile sensors, influencing their application suitability [10]. 4. **Market Concentration**: The six-dimensional force sensor market is highly concentrated, with companies like Yuli Instruments and Landpoint Touch holding over **50%** market share [12]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the dexterous hand sensor industry, its technological advancements, market dynamics, and competitive landscape.

Financial Performance - In 2024, the company achieved a revenue of CNY 940.16 million, a year-on-year increase of 25.93% [4] - The net profit attributable to shareholders was CNY 82.64 million, up 3.44% year-on-year [4] - In Q1 2025, revenue reached CNY 261.27 million, representing a 42.15% increase [4] - The net profit attributable to shareholders in Q1 2025 was CNY 20.37 million, a 59.49% increase year-on-year [4] Product Performance - Pressure sensors generated CNY 468 million in revenue in 2024, accounting for 49.78% of total revenue, with a growth of 32.17% year-on-year [4] - In Q1 2025, pressure sensors contributed CNY 140.13 million, representing 53.63% of total revenue, with a year-on-year growth of 70.49% [4][5] Strategic Initiatives - The company plans to invest CNY 41.31 million in building an automated production line for the new generation of electronic mechanical brake (EMB) sensors [7][8] - The EMB system offers advantages such as simplified structure and faster response times compared to traditional hydraulic systems [7] - The company aims to enhance its market position in the pressure sensor field by expanding its product line and increasing market share in both domestic and international markets [5][6] Research and Development - R&D expenses for 2024 totaled CNY 62.62 million, accounting for 6.66% of total revenue, a 32.10% increase from the previous year [11] - The company holds 77 patents, including 24 domestic invention patents and 3 overseas invention patents [11][12] - Future R&D efforts will focus on enhancing core technologies such as sensitive ceramic technology and MEMS technology [9] Dividend Policy - The company distributed a cash dividend of CNY 3.00 per 10 shares for the 2024 fiscal year, totaling CNY 29.52 million [10] - Future dividend policies will consider profitability, cash flow, and shareholder expectations [10]

Core Viewpoint - The company reported a revenue of 940 million yuan for 2024, marking a year-on-year increase of 25.93%, and a net profit attributable to shareholders of 82.64 million yuan, up 3.44% year-on-year. A cash dividend of 3 yuan per 10 shares is proposed for distribution to all shareholders [1][2]. Revenue Breakdown - The pressure sensor segment drove growth, achieving a revenue of 468 million yuan, a 32.17% increase, making it the largest revenue source at 49.8% of total revenue. The company has become a leading domestic player in the import substitution of automotive-grade pressure sensors [1]. - Revenue from thermistors and temperature sensors reached 369 million yuan, with a 2.7% increase, particularly in the automotive sector [1]. - Oxygen sensors and others generated revenue of 17.76 million yuan, with the company becoming the first in China to secure a position in the automotive pre-installation market for oxygen sensors, marking a significant milestone [1]. Profitability and Cash Flow - The company's overall gross margin was 32.24%, up 0.42 percentage points year-on-year. However, the increase in management and R&D expense ratios, along with asset impairment losses of 11.58 million yuan and credit impairment losses of 15.21 million yuan, contributed to profit growth lagging behind revenue growth [1]. - The net cash flow from operating activities was 90.23 million yuan, indicating strong profit quality [2]. Technological Advancements - The company leverages mature technology platforms in sensitive ceramic and MEMS technologies, and is actively developing integrated circuit design and R&D, forming a strong competitive edge in the vertical industry chain of materials, IC chips, and sensor modules [2]. - The development of humanoid robots presents new growth opportunities for force sensors, with ongoing collaboration on MEMS-based force sensors for robotic applications [2]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 1.176 billion yuan, 1.439 billion yuan, and 1.688 billion yuan, respectively, with net profits expected to be 114 million yuan, 152 million yuan, and 183 million yuan, leading to corresponding EPS of 1.16 yuan, 1.54 yuan, and 1.86 yuan [2].