本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 查看完整报告 特别申明： 我们认为与国内其他丝杠供应商相比，双林股份在丝杠设备和技术方面均具备优势：1）设备：当前国内 制造高精度磨床的厂商较少，2025 年 1 月公司收购科之鑫掌握丝杠核心生产设备自研能力、实现丝杠产业 链一体化布局；2）技术：公司为少数掌握反向式行星滚柱丝杠生产能力的企业之一，丝杠与座椅驱动器 在传动方式和加工方式上高度相似，公司在相关领域具备一定的技术同源性（2024 年公司 HDM 国内市占 率 32.8%、位居第一）；3）客户：公司已与国内头部人形机器人公司深入绑定+同步研发，客户结构也在 不断优化改进，有望随着 2H26E 机器人逐步上量爬坡而同步受益。 主业稳健，四大事业部共驱成长 公司主业表现稳健：1）内外饰件及机电：产品品类持 ...

Core Insights - The Chinese automotive industry is experiencing unprecedented strategic opportunities driven by the dual forces of policy and market changes, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][2] - The transformation towards smart, green, and integrated development is reshaping the competitive landscape of the world's largest automotive market, with companies like Shuanglin Co., Ltd. seizing these opportunities for intelligent transformation [1][2] Industry Performance - In September, China's automotive production and sales reached 3.276 million and 3.226 million units respectively, marking a month-on-month increase of 16.4% and 12.9%, and a year-on-year increase of 17.1% and 14.9% [2] - From January to September, the production and sales of automobiles totaled 24.333 million and 24.436 million units, reflecting a year-on-year growth of 13.3% and 12.9% [2] - New energy vehicles (NEVs) saw production and sales exceeding 11 million units, with a year-on-year growth of over 30%, accounting for 46.1% of total new car sales [2] Company Performance - Shuanglin Co., Ltd. reported a revenue of 3.855 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.12%, and a net profit attributable to shareholders of 402 million yuan, up 9.77% [3] - The company has demonstrated strong core competitiveness and market position, with a significant increase in its net profit excluding non-recurring items, which grew by 45.57% [3] Strategic Transformation - Shuanglin Co., Ltd. is expanding into the humanoid robot sector, leveraging its long-term technical expertise in automotive components to develop key products such as planetary roller screws and humanoid robot joint modules [4] - The company has integrated its production capabilities across the entire supply chain, enhancing product consistency and yield rates, which positions it favorably in the humanoid robot component market [4] Future Outlook - The company plans to establish production lines for roller screws and linear joint modules, aiming for significant capacity by 2025 and 2026, with potential overseas investments considered for 2026 [5] - Industry experts predict that 2026 will be a pivotal year for humanoid robot deliveries, with the global market potentially exceeding $150 billion by 2035, presenting a substantial growth opportunity for Shuanglin Co., Ltd. [5][6] - The chairman of Shuanglin Co., Ltd. emphasized the company's role as a core enabler in the smart mobility era, indicating a strategic shift towards high-end manufacturing and quality development in the automotive parts industry [6]

Core Viewpoint - A new robotics company, Hefei Youai Zhihui Robot Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange, potentially becoming the first publicly listed company focused on mobile operational robots [1] Group 1: Company Overview - Hefei Youai Zhihui is one of the earliest companies to explore embodied intelligence technology and has achieved large-scale application [1] - The company primarily provides high-generalization intelligent models and multi-form robots with perception, mobility, and operational capabilities [1] - According to a report by Frost & Sullivan, Youai Zhihui is the world's leading industrial mobile operational robot company based on projected revenue for 2024, and it ranks first among mobile operational robot companies in China [1] Group 2: Financial Performance - The company reported revenues of 77.896 million yuan, 108 million yuan, 255 million yuan, and 127 million yuan for the years 2022 to 2025 H1, respectively [2] - Net losses for the same periods were 235 million yuan, 260 million yuan, 200 million yuan, and 140 million yuan [2] - Compared to humanoid robots, the industrial embodied intelligence sector has a clearer path to profitability, with the core issue being the timing of commercialization [2] Group 3: Market Trends - There is a surge of robotics companies seeking IPOs in Hong Kong, including emerging firms like Megatech and established A-share companies pursuing a dual-platform strategy [1][3] - The Hong Kong Stock Exchange has opened a green channel for unprofitable companies, significantly lowering the listing threshold for companies in the embodied intelligence sector [4][5] - The performance of already listed robotics companies in the secondary market has provided confidence to the industry and venture capital institutions, despite many being in a loss-making state [5] Group 4: Future Outlook - The financing enthusiasm in the robotics industry is expected to continue, with several companies in Beijing and Shanghai advancing their IPO processes [5][6] - The sustainability of this financing trend will depend on companies' ability to deliver continuous technological breakthroughs and clear commercialization paths [6]