积极布局储能和超算中心热管理。基于自研热管理控制器及控制算法，管路系统及密封等核心技术，公 司在储能领域已推出系列化液冷机组，及浸没式液冷机组；超算中心热管理领域主要产品为CDU(冷液 分配装置)，未来根据实际需要，逐步将浸没式技术运用到超算中心热管理中，目前公司正在加速与客 户对接。2025 半年度公司热管理系统业务累计获得订单约为71 亿元。 致力于形成人形机器人关节总成的生产制造能力。公司通过安徽睿思博公司、星汇传感等子公司在关节 总成、谐波减速器、行星减速器、力觉传感器等产品上完成产业布局，目前公司的橡胶产品已经完成配 套，轻量化骨骼已经向客户送样。除与众擎机器人、埃夫特签署战略合作协议外，也与深圳逐际动力科 技有限公司签订项目意向合作协议，形成上下游产业链布局，推进机器人本体智造及代工业务发展。 风险提示：全球乘用车景气度下行，原材料涨价，人形机器人研发进展不及预期，汇率波动 目标价29.93 元，维持"增持"评级。考虑到公司2025 上半年业绩稳健，我们上调25-27 年EPS 至 1.30/1.45/1.62 元，考虑到公司积极布局液冷和人形机器人关节总成业务，给予公司2025 年23 倍PE， ...

据证券之星公开数据整理，近期中鼎股份（000887）发布2025年中报。截至本报告期末，公司营业总收 入98.46亿元，同比上升1.83%，归母净利润8.17亿元，同比上升14.11%。按单季度数据看，第二季度营 业总收入49.92亿元，同比上升0.31%，第二季度归母净利润4.15亿元，同比上升16.74%。本报告期中鼎 股份盈利能力上升，毛利率同比增幅6.08%，净利率同比增幅11.08%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率23.58%，同比增6.08%，净利率8.26%，同比增 11.08%，销售费用、管理费用、财务费用总计8.13亿元，三费占营收比8.25%，同比减11.76%，每股净 资产10.41元，同比增10.0%，每股经营性现金流0.47元，同比减13.56%，每股收益0.62元，同比增 14.81% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 96.69亿 | 98.46 Z | 1.83% | | 归母净利润(元) | 7.16亿 | 8.17 亿 | 14.11% | | ...

公司披露 2025 年半年度报告， 2025H1 营收 98.46 亿元，同比 +1.83% ；归母净利润 8.17 亿元，同 比 +14.11% ； 扣非归母净利 7.80 亿元，同比 +21.53% 。利润分 配方面，公司拟以特定总股本为基数每 10 股派发现金红利 0.50 元（含税），合计派现约 6,582.45 万元，不送红股、不以公积金转增股本。 0 2 分 析 判 断 ► 25Q2 业绩符合预期 盈利能力提升 1 ）营收端： 公司 2025Q2 营收 49.92 亿元，同比 +0.31% ，环比 +2.84% ，在手订单释放带动营收稳健增长； 2 ）利润端： 公司 2025Q2 归母净利润 4.15 亿元，同比 +16.74% ，环比 +3.04% ，同环比均增长，符合预期； 2025Q2 公司毛利率为 23.83% ，同比 +1.78pct ，环比 +0.51pct ，毛利率水平同环比上升，系产品结构改变所致。公司净利率为 8.30% ，同环比分别 +1.06/+0.08pct ； 销量不及预期；新业务发展不及预期；原材料价格波动等。 3 ）费用端： 公司 2025Q2 销售 / 管理 / 研 ...

Core Viewpoint - The company is focusing on humanoid robots as a core strategic business, with ongoing development of related sealing products and components [1] Group 1: Business Development - The subsidiary Anhui Ruisi Bo is dedicated to expanding the business related to humanoid robot assembly products [1] - The company has a competitive advantage in the technology of harmonic drive products, with production lines already debugged and in trial production [1] Group 2: Product Development - Existing sealing, rubber, and lightweight businesses are being applied in the robotics field, with some humanoid robot-related sealing products and rubber products already in designated matching [1] - The company is currently focused on producing harmonic reducers and force sensors, with plans to gradually expand into other related product areas, ultimately achieving the production of robot joint assembly products [1]

Group 1: Company Overview and Strategic Focus - The company is focusing on humanoid robots as a core strategic business, with a subsidiary dedicated to expanding related component assembly products [1] - The technical team has a competitive advantage in harmonic reducer products, with production lines already in trial production [1] - Existing sealing, rubber, and lightweight businesses are being integrated into the robotics sector, with some products already in development [1] Group 2: Partnerships and Collaborations - The company has signed strategic cooperation agreements with Zhejiang Wuzhou New Spring Group, Shenzhen Zhongqing Robot Technology, and Aft Intelligent Equipment to enhance its core advantages in humanoid robot components [3] - Ongoing business connections are being established with other robotics-related companies [3] Group 3: Product Development and Applications - A joint venture has been established to advance the development of tactile sensors for humanoid robots, including six-dimensional force sensors and torque sensors [4] - These sensors will be applied in critical areas such as robot wrists, ankles, and execution mechanisms [4] Group 4: Financial Performance and Market Position - In 2024, the revenue from the thermal management business reached 5.072 billion yuan, with significant growth potential due to the rise of electric vehicles [5] - The value of fluid pipeline products for electric vehicles has increased significantly, with unit values rising from approximately 300 yuan to nearly 1,000 yuan, and up to 1,500 yuan for extended-range electric vehicles [5] Group 5: Regional Performance and Profitability - As of 2024, production distribution is 65.25% in Asia, 24.41% in Europe, and 10.34% in America, with domestic operations showing higher profit margins due to lower costs and effective management [6] - The transition from regional to modular management has improved profitability in overseas operations through cost control and optimization [6] Group 6: Other Business Segments and Future Outlook - Other business segments, including appliances and military applications, generated 2.333 billion yuan in revenue in 2024, accounting for 12.37% of total revenue, with stable growth expected [6] - The company has implemented strategic reserves to mitigate the impact of raw material price fluctuations [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the domestic robotics industry, highlighting significant advancements in 2025, particularly in component manufacturing and cost control [1][2][3]. Core Insights and Arguments - **Robotics Shipment and Cost Control**: Domestic companies like Zhiyuan, Yushu, and Ubtech have exceeded 1,000 units in shipments, with an average cost reduction of over 50% across the industry. For instance, the price of a robot from Leju has dropped significantly due to scale production and localization [1][3]. - **Technological Advancements**: The processing speed of screw components has improved, with breakthroughs in manufacturing capabilities for harmonic reducers. The price of ball screws has decreased from several thousand to below 1,000 RMB, while harmonic reducers have dropped from 1,500 to 1,000 RMB [2][4]. - **New Developments in Gearbox Industry**: The exploration of new cycloidal pinwheel reducers combines the advantages of harmonic and planetary reducers, offering smaller size, higher torque transmission, and lower costs, although further testing is needed for stability and impact resistance [11][12]. - **Lightweight Robotics**: The trend towards lightweight robots is evident, with materials like aluminum alloys, magnesium alloys, and engineering plastics being utilized to enhance speed and efficiency. For example, Tesla's second-generation robot has reduced weight by 10 kg, improving speed by 30% [20][3]. - **Brain System Development**: The robotic brain system is in a breakthrough phase, focusing on training frameworks and reinforcement learning, but faces challenges due to insufficient high-quality data [21]. Additional Important Content - **Market Dynamics**: Tesla's development in the robotics sector has been slower than expected due to leadership changes, while domestic companies are performing strongly [5]. - **Screw Processing Trends**: The industry is moving towards using turning instead of grinding for screw processing, although this method has high tool consumption and is still in the exploratory phase [7][9]. - **Emerging Companies**: New entrants in the planetary roller screw sector, including companies like Beite and Best, are increasing production capacity and reducing costs [6]. - **Dexterous Hand Innovations**: Domestic manufacturers are rapidly catching up in the dexterous hand segment, with products offering 6 to 20 degrees of freedom, indicating a diverse and competitive market [12][14]. - **Sensor Technology**: The development of tactile and force sensors is ongoing, with various companies exploring different technologies to enhance robotic capabilities [19][17]. Investment Recommendations - The domestic robotics industry is expected to continue exceeding expectations in the second half of 2025, with a focus on cost reduction and technological breakthroughs. Investors should monitor developments in key components and the impact of leading companies like Tesla on the sector's growth [23][24].

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]