格隆汇7月21日丨蓝思科技(300433.SZ)在互动平台表示，北美大客户是全球优质客户，公司与北美大客 户从初代产品开始，至今已有多年合作历史。作为北美大客户的核心供应商，公司通过与客户联合研 发，持续提升创新能力，成为行业技术标杆；通过与客户的生态协同，显著增强公司抗周期能力和风险 抵御能力。近几年，公司在多个新赛道取得突破，来自北美大客户的收入占公司总营收的比例下降，公 司新客户、新项目、新产品占比在持续上升。 公司与Rokid从设计、研发、制造到股权多层面合作，提 供从外观件、结构件、功能模组到整机组装全链条一站式服务，公司强大的垂直整合能力能够保障其及 时交付终端用户，同时以较高的单品总价值量为公司贡献业绩增量。 在机器人方面，公司与智元机器 人联合交付灵犀X1，承接其全系列多款人形机器人业务，近期与智元机器人合资成立湖南智启未来科 技有限公司，并完成对智元机器人旗下浙江智鼎机器人的战略投资，进一步强化双方在开源生态、技术 创新及成本优化上的协同效应。公司同时为多家人形机器人公司提供头部模组、关节模组、灵巧手、躯 干壳体等结构件及整机组装服务；在北美机器人头部客户已确定相关模组和结构件份额，其他模组 ...

Core Insights - The machine dog concept stocks have gained significant attention, with A-share related companies reaching a market value of nearly 600 billion and an average increase of almost 20% this year, with some stocks like Dongtu Technology and Wanma Co. doubling in value [1][3] - Key companies receiving substantial financing include EVE Energy, Zhongding Holdings, and others, indicating strong interest in the sector [1][3] Industry Overview - Machine dogs are not mere toys but represent a practical application of advanced robotics technology, exemplified by the domestic machine dog "Black Panther 2.0" breaking a ten-year speed record at 10.3 meters per second [3] - The technology behind machine dogs, such as spring knee joint technology and dynamic center of gravity adjustment systems, has potential applications in humanoid robots and logistics vehicles, suggesting vast future market opportunities [3] Funding Dynamics - Financing funds are focusing on companies like EVE Energy, which provides high-performance batteries, and Zhongding Holdings, which holds exclusive patents in the sensor field, indicating their critical roles in the machine dog supply chain [3][4] - The presence of strong technical barriers and pricing power among these companies enhances their attractiveness to investors [3][4] Market Opportunities - Three key areas present significant opportunities: 1. Technological breakthroughs leading to new market segments, such as brain-machine interface technology for controlling machine dogs [4] 2. Policy support, including subsidies of up to 5 million for machine dog companies under the national "Robot+" strategy [4] 3. Confirmed application scenarios, with companies like Shenhao Technology and Chen'an Technology already deploying machine dogs in practical settings [4] Investment Considerations - Investors should focus on two core indicators: 1. Technical conversion capabilities, as seen with companies like Optoelectronics Co., which provide adaptable solutions for various robotic applications [4] 2. Institutional recognition, with seven companies being surveyed more than five times this year, indicating strong interest from professional funds [4] Cautionary Notes - The machine dog sector is still in its early stages, with some companies merely engaging in concept hype; true investment opportunities lie with those possessing core technologies and established client relationships [5] - Companies like Wanma Co. are highlighted for their solid technical foundations and collaborations, which are essential for long-term investment viability [5]