公司基本信息 | 产业别 | 电气设备 | | --- | --- | | A 股价(2025/7/7) | 100.80 | | 深证成指(2025/7/7) | 10435.51 | | 股价 12 个月高/低 | 168.33/34.12 | | 总发行股数(百万) | 240.20 | | A 股数(百万) | 206.20 | | A 市值(亿元) | 207.85 | | 主要股东 | 深圳前海兆威 | | | 金融控股有限 | | | 公司(35.44%) | | 每股净值(元) | 13.43 | | 股价/账面净值 | 7.51 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -3.5 -11.0 130.0 | 近期评等 2025 年 07 月 08 日 赵旭东 H70556@capital.com.tw 目标价(元) 118 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 产品组合 | | | | 微型传动系统 | | 63.3% | | 精密零件 | | 30.7% | | 精密模具及其他 | | 6.0% | 机构投资者占流通 A ...

Core Viewpoint - Zhaowei Electromechanical (003021.SZ) aims for a dual listing in Hong Kong to raise funds for the development of its self-branded products, particularly in the field of dexterous robotic hands, amidst a competitive landscape in the humanoid robotics sector [2][3][8]. Company Overview - Zhaowei Electromechanical is recognized as the leading provider of integrated micro-drive systems in China and the fourth globally, with significant sales in sectors such as smart vehicles, embodied robotics, consumer and medical technology, and advanced manufacturing [2][4]. - The company has established long-term partnerships with major industry players like Bosch, BYD, Li Auto, and Changan [2]. Financial Performance - Zhaowei's revenue from sales in the new energy vehicle sector reached approximately 683 million yuan, accounting for 44% of its total revenue [2]. - The company has shown steady financial growth, with a compound annual growth rate (CAGR) of 15% in revenue over the past three years, projecting a revenue of 1.525 billion yuan in 2024, a year-on-year increase of 26.42% [11]. Market Trends - The market for embodied robotics is expected to grow significantly, with a projected CAGR of 77%, reaching a market size of 162 billion yuan by 2029 [2]. - The humanoid robotics sector has seen increased competition, with several companies, including Zhaowei, launching their own dexterous hands, which are critical components in humanoid robots [9][10]. Product Development - Zhaowei launched its first-generation dexterous hand product in November 2024, featuring 17 degrees of freedom, which garnered significant industry attention [6][7]. - The company has developed a second-generation dexterous hand with 20 degrees of freedom, designed for complex gripping actions and high reliability over extended use [7]. Funding and Expansion Plans - The funds raised from the Hong Kong listing will primarily be used for the development of dexterous hands and other platform products, as well as for expanding production capacity and establishing a global sales network [3][8]. - Zhaowei aims to enhance its global competitiveness in humanoid robotics through strategic partnerships and potential acquisitions [8]. Competitive Landscape - The dexterous hand market is becoming increasingly crowded, with numerous companies entering the space, which raises commercialization uncertainties for Zhaowei [9][10]. - Major players in the humanoid robotics sector are leaning towards in-house development of dexterous hands, which may impact Zhaowei's market opportunities [10].

深圳市兆威机电股份有限公司 证券代码：003021 证券简称：兆威机电编号：2025-005 | | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | | | --- | --- | --- | --- | | 投资者关系活动 类别 | | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | 其他（深交所 2025 全球投资者大会） | | | | 5 活动参与人员 | 家机构（共 6 人）参与于 2025 年 5 月 20 日举行的深交所 | | 2025 | | | | 全球投资者大会，其中包括： | | | | Hongshan Group 、 Redient Capital 、 Grand Alliance | | Asset | | | Management、Hua Capital、汇丰前海证券 | | | | 时间 | 年 月 日 2025 5 20 | | | | 地点 | 深圳市福田区深南大道 号 6001 | | | | 形式 | 线下交流 | | | | 上市公司接待人 | 董事会秘书：牛东峰先生 | | | | 员姓名 | 投资者 ...

行业风口：人形机器人开启智能革命新纪元 作为人工智能技术的终极载体之一，人形机器人正以惊人的速度从实验室走向产业化。特斯拉、英伟达等全球科技巨头持续加 码布局，资本市场的热度更是直追新能源汽车赛道。 行业分析师普遍预测，2025年将成为人形机器人量产与商业化落地的关键转折点，这一颠覆性产品有望重塑全球制造业与服务 业格局。 华为生态链：从技术储备到产业落地的全面突围 作为中国科技标杆企业，华为正通过"技术+生态"双轮驱动战略，在具身智能机器人领域构建护城河。2025年2月，华为提 交"MATEROBOT"商标注册申请，覆盖远程临场机器人、可编程类人机器人等前沿领域。资本层面动作频频：5月8日，深圳哈 勃投资具身智能研发商千寻智能；5月12日，华为与优必选签署战略合作协议，双方将在产品研发、场景落地及产业协同等方 面展开深度合作，相较腾讯云与越疆科技的单一业务合作，华为此次布局展现出全产业链覆盖的野心。 核心供应链：五家隐形冠军浮出水面 在华为机器人生态体系中，五家核心供应商已形成技术支撑矩阵： 兆威机电：凭借自主研发的微型传动系统，为服务机器人提供高精度"灵巧手"解决方案，其与华为共建的具身智能创新中心正 突 ...

研究早观点 2025 年 5 月 14 日 星期三 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,374.87 | 0.17 | | 深证成指 | | 10,288.08 | -0.13 | | 沪深 | 300 | 3,896.26 | 0.15 | | 中小板指 | | 6,370.78 | -0.27 | | 创业板指 | | 2,062.26 | -0.12 | | 科创 50 | | 1,009.68 | -0.15 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】化学原料：新材料周报（250505-0509）-风电光伏累计装 机首超火电，西格里碳素关闭 Lavradio 碳钎维基地 【公司评论】阳光电源(300274.SZ)：阳光电源 2024 年年报及 2025 年 一季报点评-2025 年 Q1 业绩超预期，储能出货高速增长 【公司评论】赛轮轮胎(601058.SH)：赛 ...

Core Viewpoint - The competition between two leading companies in the industrial automation sector, Zhaowei Electromechanical and Raise Intelligent, is intensifying in the humanoid robot market, particularly focusing on the "dexterous hand" technology, which is considered the most valuable part of the upper body of humanoid robots [1][2]. Financial Performance - In 2024, Zhaowei Electromechanical achieved a revenue of 1.525 billion yuan, representing a year-on-year growth of 26.42%, with a net profit of 225 million yuan, up 25.11%. The overall gross margin was 31.43% [1]. - Raise Intelligent reported a revenue of 1.584 billion yuan, with a year-on-year increase of 11.93%, and a net profit of 200 million yuan, which grew by 44.67%. The overall gross margin was 38.27% [1]. R&D Investment - Both companies maintained high levels of R&D investment in 2024, with Zhaowei Electromechanical investing 155 million yuan, accounting for 10.18% of its total revenue, and holding 87 invention patents [1]. - Raise Intelligent invested 195 million yuan in R&D, representing 12.30% of its total revenue, with over 540 patents in its portfolio [1]. Product Differentiation - Zhaowei Electromechanical focuses on high precision and bionic features in its dexterous hand products, utilizing a micro harmonic reducer for 0.05mm positioning accuracy and 17-20 degrees of freedom [2]. - Raise Intelligent emphasizes high load capacity and industrial adaptability, with its DH116 dexterous hand capable of handling loads up to 40kg, targeting logistics and automotive assembly applications [2]. Market Positioning - Zhaowei Electromechanical positions itself as a high-end industrial dexterous hand solution provider, focusing on high freedom, high precision, and human-like products [2]. - Raise Intelligent positions itself as a supplier of core components and modular solutions for robots, targeting the mid-to-low-end market [2]. Supply Chain Strategy - Zhaowei Electromechanical adopts a "vertical integration" strategy, emphasizing the combination of AI algorithms with hand movement control [3]. - Raise Intelligent focuses on "core component breakthroughs," expanding its distribution network and increasing the proportion of its distribution partners [3]. Subsidiary Development - In 2024, both companies established subsidiaries to enter the robotics sector, with Raise Intelligent creating two subsidiaries focused on high-density motors and dexterous hand solutions [3]. - Zhaowei Electromechanical established a subsidiary in the U.S. and previously set up one in Germany [3]. Globalization Efforts - Zhaowei Electromechanical has a faster global expansion, with 14% of its revenue coming from international markets in 2024, growing at 35.15% [4]. - Raise Intelligent's international revenue accounted for only 4% of its total revenue in 2024 [4]. Competitive Outlook - Zhaowei Electromechanical is expected to leverage technological innovation and industrial-grade performance to gain an advantage in the high-end market [5]. - Raise Intelligent's modular solutions and cost control capabilities may provide a competitive edge in the mid-to-low-end market [5].

证券研究报告·行业跟踪周报·机械设备 重点关注关税影响装备出海的机遇和挑战； 推荐关税影响将加速国产化的半导体设备 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】关税点评：对美敞口小，关注美国/墨西哥工厂布局 加上此次 34%关税，工程机械国内对美出口关税达到 79%（25%+20% +34%），直接 出口成本承受难度大，但几家工程机械对美敞口小：三一重工北美敞口约 3%、恒立液 压北美敞口约 5%、中联重科美国敞口约 1%、徐工机械/柳工/山推股份北美敞口均不足 2%，对业绩实际影响较小。同时，若被制裁国采取反制措施，利好中国工程机械品牌， 将给中国工程机械品牌带来更大的机会。 此外，工程机械公司海外工厂布局较早，海外产能可降低关税风险，核心推荐两个方 向：一是有 ...