维宏股份 20260304 摘要 3 月迎来特斯拉 T 发包与 V3 人形机器人发布双重催化，灵巧手作为工程 难度最高环节，其内部电机与模组化供应成为核心投资逻辑。 维宏股份通过收购悍姆电子切入机器人赛道，具备"驱控+电机"整合 能力，可提供高集成度小模组，对标鸣志、兆威等 200-300 亿市值企业。 悍姆电子团队背景深厚，客户覆盖国内近 10 家头部灵巧手厂商；2026 年微型电机出货量预期达 30-50 万台，国内市占率有望升至 20%。 公司主业工控国产化稳健，2024 年营收 4.7 亿、利润 6,600 万，毛利 率长期维持 50%以上；激光切割市占率 20%（全国第二），雕刻领域 市占第一。 灵巧手电机 ASP 约 1 万元，模组 ASP 约 3 万元；公司目前市值约 45 亿 元，机器人业务弹性巨大，且市场对其特斯拉链预期差尚存，向下风险 有限。 研发投入强度高，研发费用率约 25%，自研 CAD/CAM 软件构建技术护 城河；金切业务受新能源与航天驱动，增速已超越传统激光业务。 Q&A 在当前机器人板块回调、风险偏好下行的背景下，推荐威宏股份（300,508） 的核心逻辑与短期催化判断是什么 ...

Summary of the Conference Call for Yinlun Co., Ltd. Company Overview - **Company**: Yinlun Co., Ltd. - **Industry**: Manufacturing, specifically in cooling systems and components for vehicles and data centers Key Points and Arguments Global Expansion and Production Capacity - Yinlun has established a significant global presence with production bases in the US, Mexico, Southeast Asia, and Europe to adapt to international trade changes and ensure supply chain stability [2][4] - The company anticipates a production value of **$30 million** in North America by 2025, with the Mexican factory expected to generate **900 million RMB** and the new Polish factory projected to earn **160 million RMB** [2][3] Impact of Tariffs - The impact of US tariffs is manageable for Yinlun, as the company is expanding production capabilities in the US and Mexico to mitigate tariff challenges while maintaining market share [2][6] - Despite potential tariff increases in Mexico, the company is prepared to ensure order acquisition and enhance competitiveness through its overseas layout [4][12] Robotics and Data Center Business - Yinlun has begun mass supplying small modules in the humanoid robot sector and aims to become a supplier of rotary actuator assemblies, targeting core customers in North America and domestically, including TAPSI, DPIH, PCI, and Amazon [2][17] - In the data center business, the focus is on large server clients, with developments in cooling towers and diesel generators, expecting revenue realization this year [2][30] Revenue and Market Share - In 2024, overseas revenue reached over **800 million RMB**, accounting for **44%** of total revenue, with a target of increasing this to **60-78 billion RMB** by 2028 [4][34] - The company’s Mexican factories primarily supply the US market, with expected revenues of **600 million RMB** for both 2024 and 2025 [20] Future Plans and Market Adaptation - Plans include expanding production capacity in the Houston area and further developing facilities in Mexico and Southeast Asia, with a new research center in Frankfurt to support European market growth [7][32] - The company is adapting to potential tariff changes by ensuring flexibility in production capacity and optimizing the supply chain to meet market demands [12][22] Additional Important Insights - The company has a cautious outlook on the potential for further tariff increases from Mexico, noting that some products may be exempt due to local production limitations [8][21] - Yinlun's global layout allows it to respond effectively to political and tariff disruptions, maintaining competitiveness despite potential challenges [32] - The company is optimistic about the growth of its overseas business, which is seen as a significant opportunity for domestic enterprises to expand internationally [34][37] Conclusion Yinlun Co., Ltd. is strategically positioned to navigate the complexities of international trade and tariffs through its global manufacturing footprint. The company is focused on expanding its market share in robotics and data centers while ensuring adaptability to changing market conditions. The outlook for overseas revenue growth remains strong, providing a solid foundation for future investments and business development.