中鼎股份：人形机器人相关密封产品等在同步开发中 部分产品已经完成定点配套 智通财经7月18日电，中鼎股份(000887.SZ)发布投资者关系活动记录表公告称，人形机器人是公司未来 发展的核心战略业务，公司旗下子公司安徽睿思博公司专注于拓展人形机器人部件总成产品相关业务， 公司目前技术团队在谐波减速产品领域具备核心竞争优势，相关产线已经调试完成，正在进行试生产。 同时公司现有密封、橡胶业务及轻量化业务在机器人领域也有运用，人形机器人相关密封产品、橡胶产 品及连杆产品也在同步开发中，部分产品已经完成定点配套。公司目前专注生产谐波减速器、力觉传感 器，未来将逐步拓展到其他相关产品领域，最终实现机器人关节总成产品的生产制造。 ...

产品的生产制造。 2、目前公司生产的谐波减速器与哪些公司有合作？ 目前公司及子公司已与浙江五洲新春集团股份有限公司、深 圳市众擎机器人科技有限公司、埃夫特智能装备股份有限公司签 署战略合作协议，提升公司在人形机器人部件总成产品领域核心 优势，加速推动公司机器人谐波减速器及部件总成产品的生产配 套，同时公司也正在与其他机器人相关公司进行业务对接。 3、请问目前公司人形机器人在谐波减速器以外的产品上是 否有布局，产品主要应用在哪个部位？ 证券代码：000887 证券简称：中鼎股份 安徽中鼎密封件股份有限公司投资者关系活动记录表 编号：2025-003 投资者关系活动 类别 特定对象调研分析师会议 媒体采访业绩说明会 新闻发布会路演活动 现场参观 其他 参与单位名称及 人员姓名 华安证券 陈佳敏 华安证券 张志邦 华安证券 刘千琳 东吴证券 杨默曦 上海茂典资产 杨宇豪 时间 2025 年 7 月 17 日(周四) 地点 公司会议室 上市公司接待人 员姓名 1、证券事务代表汪松源 2、证券科长罗倩 投资者关系活动 主要内容介绍 一、公司参观 参观公司车间等； 二、交流沟通 1、请简单介绍下公司目前机器人相关产品业务 ...

人形机器人-技术持续迭代，变革孕育新机 20250701 摘要 国内机器人企业在 2025 年出货量和成本控制方面表现优异，智源、宇 树、优必选等公司出货量均超 1,000 台，行业平均降幅达 50%以上， 如乐聚机器人售价大幅下降，得益于规模化生产和设备国产化。 行星滚柱丝杠领域加工工艺突破，企业数量显著增加，包括北特、贝斯 特等公司，以及汽车零部件企业如斯凌、雷迪克等也开始布局，加速行 业发展，提高产能并降低成本。 丝杠加工工艺向以车代磨方向发展，但刀具消耗大，仍处于探索阶段。 头部企业开始布局烧设备，提升加工效率并降低成本，如双灵收购科之 星等案例表明了这一趋势。 减速器行业探索新型摆线针轮减速器，结合谐波和行星减速器优点，体 积小、扭矩传递能力强且成本更低，但需进一步试验验证其稳定性和抗 冲击能力。 灵巧手领域国产厂商快速追赶，推出 6 到 20 个自由度的产品，本体厂 商和上市公司积极参与，形成百花齐放局面。兆威机电和新动力源采用 直驱方式，提高机械手的灵活性。 2025 年，国内机器人企业在出货量和成本控制方面表现优异。智源、宇树、 优必选等公司的出货量均超过 1,000 台，其中智源和宇树更是达 ...

上海证券近日发布汽车与零部件行业周报：汽车板块涨跌幅+2.46%，子板块汽车零部件 表现最佳。过去一周，上证A股涨跌幅为+2.01%，申万汽车涨跌幅为+2.46%，在31个申万 一级行业中排名第11，处于中上位置。汽车行业各子板块中，汽车零部件+3.17%、摩托车 及其他+2.28%、乘用车+2.04%、汽车服务+1.26%、商用车+0.17%。 以下为研究报告摘要： 市场回顾 汽车板块涨跌幅+2.46%，子板块汽车零部件表现最佳。过去一周，上证A股涨跌幅为 +2.01%，申万汽车涨跌幅为+2.46%，在31个申万一级行业中排名第11，处于中上位置。汽 车行业各子板块中，汽车零部件+3.17%、摩托车及其他+2.28%、乘用车+2.04%、汽车服务 +1.26%、商用车+0.17%。 中，部分产品已完成定点配套。合肥星汇传感技术有限公司的成立将加速实现中鼎在人形机 器人部件总成产品业务推进目标。 小鹏汇天"陆地航母"飞行体生产许可证申请获受理。5月9日，小鹏汇天"陆地航母"飞行 体（代号：X3-F）生产许可证（PC）申请获得民用航空中南地区管理局受理，标志着飞行 汽车产品量产体系开始接受局方审查，是小鹏汇天向 ...

装备制造 [Table_ReportDate] 2025 年 5 月 12 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 工程机械景气持续，展现业绩弹性 [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 数据来源：聚源资讯 [Table_ReportType]装备制造行业周报（5 月第 2 周） [Table_S 市场行情回顾： ummar ...

Market Performance - The Guosen humanoid robot index increased by 3.21% during the week (April 28 - May 2), outperforming the CSI 300 index by 3.64 percentage points and the Shanghai Composite index by 3.7 percentage points, with a year-to-date increase of 16.5% [1] - Notable stock performances include: - Top Group up 1.83% - Sanhua Intelligent Control up 5.3% - Zhongding Holdings up 7.66% - Silver Wheel Holdings up 2.75% - Xiangxin Technology up 12.17% - Shuanghuan Transmission up 4.56% - Slin Technology up 13.24% - Other companies also showed significant increases, with Meili Technology up 9.65% [1] Industry Dynamics - Chery delivered 220 humanoid robots in its first global batch [2] - Yushu's humanoid robot completed a 13.2 km run in 118 minutes [2] - UBTECH signed a small batch procurement contract for humanoid robots [2] - Lingchu Intelligent released the Psi R1 large model [2] - UPS is in talks with Figure AI for humanoid robot deployment [2] - Digital Huaxia launched the world's first dual-mode humanoid robot [2] - Strategic collaborations were established between Magic Atom, Tianqi Automation, and the Wuxi government for humanoid robots [2] - Government initiatives include Xi Jinping's emphasis on building a globally influential technology innovation hub and the establishment of the Shanghai embodied intelligence fund [2] - Various financing activities occurred, including nearly 100 million RMB in B3 round investment for Yinshi Robotics and several million-dollar rounds for other companies [2] Core Insights - Tesla's humanoid robot Optimus is gradually clarifying its mass production schedule, alongside ongoing developments from major players like Figure, Zhiyuan, Huawei, Yushu, and Xiaomi, indicating a potential acceleration in the humanoid robot industry [3] - The humanoid robot sector is expected to see significant growth, with 2025 projected as a pivotal year for industry explosion, presenting opportunities for industrial upgrades [3] - Investment recommendations include: - Assembly segment: Top Group, Sanhua Intelligent Control - Reducer segment: Shuanghuan Transmission, Precision Forging Technology - Other related companies: Silver Wheel Holdings, Junsheng Electronics, Ruihu Mould, Meili Technology [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved a revenue of 18.854 billion yuan in 2024, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year. In Q1 2025, the revenue was 4.854 billion yuan, with a year-on-year growth of 3.45%, and a net profit of 403 million yuan, reflecting an increase of 11.52% year-on-year [1]. - The gross margin has been on an upward trend, reaching 22.82% in 2024, an increase of 0.86 percentage points year-on-year, and 23.32% in Q1 2025, up 0.91 percentage points year-on-year. The expense ratios for sales, management, R&D, and finance remained stable [1]. - The company is actively expanding its business in the new energy vehicle sector, with sales in this area reaching 7.249 billion yuan in 2024, accounting for 40.20% of the total automotive business revenue [2]. - The humanoid robot business is identified as a core strategic area for future development, with a focus on harmonic reducer products and related components. The company has established strategic partnerships to enhance its competitive edge in this field [3]. Financial Summary - The company forecasts net profits of 1.663 billion yuan, 1.868 billion yuan, and 2.111 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.26 yuan, 1.42 yuan, and 1.60 yuan. The PE ratios are projected to be 13.73, 12.22, and 10.82 for the same years [3][5]. - The total revenue is expected to grow from 20.989 billion yuan in 2025 to 26.822 billion yuan in 2027, with a compound annual growth rate of approximately 12.65% [5]. - The company’s gross margin is projected to remain stable at around 22.8% over the forecast period [11]. Market Data - As of April 29, 2025, the company's stock closed at 17.34 yuan, with a market capitalization of approximately 22.83 billion yuan [6]. - The stock has shown a 12-month absolute return of 35% and a relative return of 30% compared to the market benchmark [9].

0 1 事 件 概 述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 188.54 亿 元 ， 同 比 +9.33% ；归母净利润 12.52 亿元，同比 +10.63% ；扣非归母净利润 10.75 亿元，同比 +10.06% ； 2 ） 2025Q1 营收 48.54 亿元，同比 +3.45% ，环比 +11.37% ；归母净利润 4.03 亿元，同比 +11.52% ，环 比 +101.46% ；扣非归母净利润 3.67 亿元，同比 +21.43% ，环比 +189.02% 。 0 2 分 析 判 断 ► 2024 圆满收官 2025Q1 符合预期 1 ）收入端： 公司 2024Q4 营收 43.59 亿元，同比 -2.50% ，环比 -9.68% ； 2025Q1 营收 48.54 亿 元，同比 +3.45% ，环比 +11.37% ，在手订单释放带动营收稳健增长； 2 ）利润端： 公司 2024Q4 归母净 利润 2.00 亿元，同比 -21.84% ，环比 -40.48% ，同环比下滑系减值影响； 2025Q1 归母净利润 4.03 亿 元，同比 + ...

Core Insights - The company reported a revenue of 18.854 billion yuan for 2024, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year [1] - For Q1 2025, the company achieved a revenue of 4.854 billion yuan, a year-on-year increase of 3.45% and a quarter-on-quarter increase of 11.37%, with a net profit of 403 million yuan, up 11.52% year-on-year and 101.46% quarter-on-quarter [1][2] Revenue Performance - In Q4 2024, the company recorded a revenue of 4.359 billion yuan, down 2.50% year-on-year and 9.68% quarter-on-quarter, while Q1 2025 showed a recovery with a revenue of 4.854 billion yuan [2] - The company’s order backlog has contributed to stable revenue growth, indicating a positive outlook for future performance [2] Profitability Analysis - The gross profit margin for Q4 2024 was 24.52%, an increase of 1.22 percentage points year-on-year and 2.07 percentage points quarter-on-quarter, while Q1 2025 saw a gross profit margin of 23.32%, up 0.90 percentage points year-on-year but down 1.20 percentage points quarter-on-quarter [2] - The net profit for Q4 2024 was 200 million yuan, down 21.84% year-on-year and 40.48% quarter-on-quarter, primarily due to impairment impacts [2] Cost Structure - The company’s expense ratios for Q4 2024 were 1.54% for sales, 5.89% for management, 3.98% for R&D, and 0.87% for financial expenses, showing a mixed trend in year-on-year and quarter-on-quarter changes [2] - In Q1 2025, the expense ratios were 2.37% for sales, 5.51% for management, 5.04% for R&D, and 0.92% for financial expenses, reflecting normal fluctuations [2] Business Development - The company is actively expanding in the new energy vehicle sector, focusing on intelligent chassis systems and has achieved significant order growth in thermal management, lightweighting, and air suspension systems [3] - The company has signed multiple strategic cooperation agreements to expand its humanoid robot product line, indicating a strong commitment to this emerging market [3] Future Projections - Revenue projections for 2025-2027 are estimated at 21.68 billion, 24.39 billion, and 27.69 billion yuan, with net profits of 1.65 billion, 1.89 billion, and 2.17 billion yuan respectively [4] - The company is expected to maintain a strong market position in the automotive sector while advancing in the robotics field, potentially leading to increased performance and valuation [4]