证券日报网讯12月18日，征和工业（003033）在互动平台回答投资者提问时表示，公司依托在链传动领 域的核心技术积淀，与七腾机器人及其下属公司建立业务对接。在人形机器人领域，上海触碰未来机器 人有限公司是七腾机器人在人形产品的发展载体，征和工业与触碰未来已对接业务合作，积极进行技术 协同和场景应用，深度聚焦征和微型链、链式传动灵巧手、链式关节等机器人核心部件。同时，公司将 依托七腾机器人在防爆巡检等领域的优势，发挥微型链及链传动技术在复杂、恶劣环境中的性能优势， 持续推动合作落地。若有相关事项达到信息披露标准，公司将按照相关规定及时履行信息披露义务。 ...

格隆汇12月18日丨征和工业(003033.SZ)在投资者互动平台表示，公司依托在链传动领域的核心技术积 淀，与七腾机器人及其下属公司建立业务对接。在人形机器人领域，上海触碰未来机器人有限公司是七 腾机器人在人形产品的发展载体，征和工业与触碰未来已对接业务合作，积极进行技术协同和场景应 用，深度聚焦征和微型链、链式传动灵巧手、链式关节等机器人核心部件。同时，公司将依托七腾机器 人在防爆巡检等领域的优势，发挥微型链及链传动技术在复杂、恶劣环境中的性能优势，持续推动合作 落地。 ...

格隆汇12月18日丨征和工业(003033.SZ)在投资者互动平台表示，公司依托在链传动领域的核心技术积 淀，与七腾机器人及其下属公司建立业务对接。在人形机器人领域，上海触碰未来机器人有限公司是七 腾机器人在人形产品的发展载体，征和工业与触碰未来已对接业务合作，积极进行技术协同和场景应 用，深度聚焦征和微型链、链式传动灵巧手、链式关节等机器人核心部件。同时，公司将依托七腾机器 人在防爆巡检等领域的优势，发挥微型链及链传动技术在复杂、恶劣环境中的性能优势，持续推动合作 落地。 ...

Core Viewpoint - Zhenghe Industrial (003033.SZ) positions itself as a global leader in chain system technology, focusing on domestic market development and achieving import substitution through core technologies [1] Group 1: Business Impact - The company's direct export revenue from Japanese products is relatively small and has not had a substantial impact on its business [1] - Zhenghe Industrial will carefully assess its business with Japanese export customers and comply with relevant national policies and regulations [1] Group 2: Technological Advancements - The company has developed micro chains that are now applied in high-end scenarios such as robotic dexterous hands and joint modules, indicating progress in the robotics sector that has surpassed leading Japanese competitors [1]

Core Viewpoint - Zhongyou Securities report indicates that Zhenghe Industrial achieved a net profit attributable to shareholders of 133 million yuan in Q1-Q3 2025, representing a year-on-year increase of 35.7% [1] - The company reported a net profit of 44 million yuan in Q3 alone, with a year-on-year growth of 14.65% [1] Financial Performance - Revenue and net profit attributable to shareholders show steady growth, with an increase in gross margin and a decrease in expense ratio [1] - The company focuses on high-value-added single products, with several seed businesses expected to gradually enter the harvest period [1] Product Development - The company is developing micro-chain products with several technical advantages, including: - High lifespan and load capacity, with a single chain's cycle life exceeding one million times and maximum destructive load strength over 30 kilograms [1] - Lightweight design, with micro-chains weighing less than or equal to 20g/m [1] - High control precision, maintaining a precision level of 0.1 to 0.2 millimeters without significant stretching or wear [1] - Low maintenance costs throughout the product lifecycle [1] - Long-term transmission efficiency maintained at over 95% [1] Strategic Partnerships and Future Plans - The company has established a strategic partnership with Shanghai Zhuoyide Robotics Co., Ltd., and is developing pilot application scenarios in the dexterous hand field to promote collaborative development [1] - The company plans to raise funds through a private placement to invest in high-quality sectors such as agricultural machinery components, garden saw chains, and micro-chains [1] Valuation - The projected PE valuations for the company from 2025 to 2027 are 32.79, 28.33, and 22.93 respectively, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company reported a revenue of 1.39 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.24%. The net profit attributable to shareholders was 133 million yuan, up 35.7% year-on-year [4] - The company is focusing on high-value-added products and has several seed businesses expected to gradually enter a harvest phase. It aims to raise up to 818 million yuan through a private placement to invest in agricultural machinery components, garden tools, and micro-chain systems [6] - The company has established a strategic partnership with Shanghai Zhuoyide Robot Co., Ltd. to develop applications in the field of dexterous robotic hands, leveraging its micro-chain products [5] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 22.80%, an increase of 0.67 percentage points year-on-year. The expense ratio decreased by 0.12 percentage points to 13.85% [5] - The company forecasts revenues of 1.986 billion yuan, 2.251 billion yuan, and 2.524 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.22%, 13.35%, and 12.14% [7][11] - The projected net profit attributable to shareholders for the same years is 170 million yuan, 197 million yuan, and 244 million yuan, with growth rates of 30.10%, 15.71%, and 23.55% [7][11] Valuation Metrics - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 32.79, 28.33, and 22.93, respectively [7][11] - The company’s total market capitalization is 5.6 billion yuan, with a total share capital of 82 million shares [3]