风险提示： 2026年1月9日，斯菱智驱披露接待调研公告，公司于1月8日至1月9日接待淡水泉基金、景顺长城基金、 广发基金、大家资产、建信养老、长城基金等21家机构调研。 调研情况显示，在进口替代方面，斯菱智驱的核心竞争力在于产品制造的差异化，包括打造了适合其商 业模式的供应链和供应商体系，以及"小批量、多品种、快速响应"的柔性生产线，可灵活匹配生产能 力、提高设备利用率、缩短生产周期并保证质量，提升市场响应速度。公司积累了多年研发和生产经 验，产品体系完善，能满足不同客户订单需求并减少试生产时间，加快交付间隔，提高订单管理能力。 截至2025年9月30日，公司主业产品开发取得显著突破，完成多个高附加值型号研发与量产，全年新突 破产品型号数量创历史新高，进一步巩固细分领域技术领先优势。 海外布局方面，2024年斯菱泰国工厂已获得IATF16949体系证书和美国海关认可的原产地证（E－Ruling 认证函）；2025年成功通过ISO14001环境管理体系与ISO45001职业健康安全管理体系国际认证审核， 泰国工厂第三期投资建设顺利推进，通过优化生产布局和强化供应链协同，实现产能利用率持续高位运 行。此外，公司 ...

投资者关系活动记录表 编号：2026-001 证券代码：301550 证券简称：斯菱智驱 浙江斯菱智能驱动集团股份有限公司 2、公司目前的海外布局如何？ 答：2024 年，斯菱泰国工厂已获得 IATF16949 体系 证书和美国海关认可的原产地证（E-Ruling 认证函）2025 年，斯菱泰国工厂成功通过了 ISO14001 环境管理体系 与 ISO45001 职业健康安全管理体系的国际认证审核， 泰国工厂第三期投资建设顺利推进，通过优化生产布局 和强化供应链协同，实现产能利用率持续高位运行。此 外，公司已建立北美市场的本地服务能力，将进一步加 快公司主业全球化产业布局的节奏。 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 景顺长城基金尹群勇、淡水泉基金刘耀阳、广发基金张 毅、大家资产李恩国、建信养老刘亚斌、长城基金吴驰、 农银汇理基金刘荫泽、农银汇理基金宋磊、惠升基金陆 浩然、易方达基金涂程亮、青俪投资袁翔、诺安基金杨 靖康 、博普资产刘世昌、巨子投资邱恩光、杰鼎基金李 华林、中安汇富基金 ...

斯菱智驱（301550.SZ）12月31日在投资者互动平台表示，公司正积极推进机器人零部件产品量产工 作，产品包含谐波减速器、执行器模组及机器人减速器专用轴承等。客户拓展方面，公司目前正积极推 进和国内外客户的沟通与合作。该业务目前未对市场进行大批量供货，如有重大信息，公司将根据相关 规定及时履行信息披露义务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司有人形机器人订单了吗？公司的人形机器人 是供应国外的多还是国内的多？ ...

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in investment decision-making, focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1] Group 1: Product Development - The company is advancing in liquid cooling technology, with product layouts covering both internal and external server cabinet components [1] - Certain product categories have begun to ramp up production, indicating a positive growth trajectory [1] Group 2: Client Base - The company has established a strong client base in the thermal management sector, including leading firms such as CATL, BYD, and NIO [1] Group 3: Technological Advancements - The company has successfully completed the development of the first generation of rotating joint modules and actuator modules, showcasing its innovation capabilities in the industry [1]

Group 1 - A total of 264 listed companies in the Shanghai and Shenzhen markets have been investigated by institutions this week, with the highest frequency of inquiries in the machinery equipment, electronics, and basic chemicals sectors [1] - The automotive and pharmaceutical industries have seen an increase in attention from institutions [1] - The top three sectors in terms of institutional focus are general equipment, specialized equipment, and semiconductors, with rising interest in electricity and plastics [2][3] Group 2 - The companies with the highest number of investigations include Haixia Co. and Weisheng Information, each receiving three inquiries [3] - The top three companies by institutional visit reception volume are Jereh Group (168 visits), Fola New Materials (114 visits), and Kaiying Network (100 visits) [5] - The robotics sector has shown active market performance, with Haon Electric's stock rising nearly 13% following an institutional investigation [5] Group 3 - Fola New Materials is addressing a significant pain point in the robotics industry related to the lack of dexterity in robotic hands, focusing on developing tactile intelligence TPU [7] - Siling Co. is advancing the mass production of robotic components, including harmonic reducers and actuator modules [7] - Aobi Zhongguang is expanding its customer base in the Asia-Pacific market and has established partnerships with several global companies, achieving a 72% market share in the 3D vision market for commercial and industrial mobile robots in South Korea [8] Group 4 - Haon Electric has developed products covering both perception and decision-making in robotics, including ultrasonic radar systems and high-performance control systems [5] - Jereh Group has achieved significant advancements in robotic components, with their harmonic reducers outperforming international products in precision and vibration [9] - Jinli Yongci has established a research center in Hong Kong for the development of embodied robot motor rotors, with small batch deliveries expected by the end of 2025 [10]

Core Viewpoint - The company is actively advancing the mass production of robotic components, including harmonic reducers, actuator modules, and specialized bearings for robotic reducers, and has reached a stage of small-batch production [1] Group 1: Company Developments - The company has a competitive advantage in precision component manufacturing, which aligns well with robotic component production, allowing for shared R&D technologies and production equipment [1] - The company aims to leverage its accumulated market and mass production experience to achieve breakthroughs in technology and quality for robotic components [1] - The company has experience in establishing overseas factories and plans to adjust its business strategy based on market developments and customer needs [1]

Group 1: Company Overview and Market Position - The company has a comprehensive product system in the automotive bearing aftermarket, achieving a model coverage rate that enhances its core competitiveness [2] - As of September 30, 2025, the company has made significant breakthroughs in product development, reaching a historical high in the number of new high-value models launched [2] Group 2: Production and Manufacturing Capabilities - The company possesses rich flexible manufacturing experience and mature customization capabilities, which will be gradually applied to new business areas as market conditions evolve [2] - The company is actively advancing the mass production of robotic components, including harmonic reducers and actuator modules, which are at the small-batch production stage [3] Group 3: Strategic Collaborations and Future Plans - The collaboration with strategic investment companies aims to enhance technical synergy and resource sharing, strengthening the company's competitive edge in precision bearing manufacturing [2] - The company is focusing on the research and mass production of harmonic reducers, with plans for a second production line expected to reach capacity by the end of 2025 to meet future market demand [3]

Group 1: Strategic Investments and Collaborations - The company has made a strategic investment in Ningbo Yinqiu Technology Co., Ltd., focusing on the development, production, and sales of precision bearings [1] - The collaboration aims to enhance technological synergy and resource sharing, strengthening the company's competitiveness in the precision bearing sector [2] Group 2: Product Development and Market Focus - The company is actively advancing the mass production of robot components, including harmonic reducers and specialized bearings, with small-scale production already underway [2][3] - The primary sales markets are the aftermarket and original equipment manufacturer (OEM) sectors, with a focus on expanding into Europe, the U.S., Japan, and emerging markets [2] Group 3: Capacity Expansion and Future Plans - A new production line for harmonic reducers is expected to be operational by the end of 2024, aimed at meeting future market demand [3] - The company has established a dedicated robot components division in 2024, focusing on the research and production of robot parts [3]

Core Viewpoint - The company plans to acquire a 24.3% stake in Ningbo Yinqiu Technology Co., Ltd. for 390 million yuan, enhancing its precision bearing production capacity and promoting the development of its robotics business [1] Group 1: Acquisition and Business Expansion - The acquisition aims to strengthen the company's precision bearing business, leveraging synergies to enhance collaboration in key areas such as automotive components and humanoid robot precision bearings [1] - Yinqiu Technology specializes in micro, small, and integrated precision bearings, serving major clients like Dyson, Nidec, Midea, Wolong Electric, and Gree, and holds a leading position in the precision bearing industry [1] - In the first half of 2025, Yinqiu Technology is projected to generate revenue of 560 million yuan and a net profit of 70 million yuan [1] Group 2: Globalization and Production Capacity - The company is accelerating its global layout, with production bases in Xinchang and Thailand, supporting future performance growth [1] - The Xinchang base is expected to gradually release production capacity in the second half of 2025, with an annual output of 6.29 million sets of high-end automotive bearings [1] - The Thailand base completed its second phase of investment in 2024, enhancing equipment utilization and progressing smoothly with the third phase of investment [1] Group 3: Robotics Sector Development - The company has established a robotics division to capitalize on the upcoming mass production in the robotics industry, which is expected to resonate with the automotive supply chain [2] - The company is expanding its product offerings to include harmonic reducers, actuator modules, and lead screws, leveraging its precision manufacturing capabilities [2] - The first production line for harmonic reducers has been launched, and the company is developing actuator modules in parallel [2] Group 4: Profit Forecast - The company is expected to see further growth in performance due to its global expansion and proactive positioning in the robotics sector [2] - Projected net profits for 2025, 2026, and 2027 are 220 million yuan, 260 million yuan, and 350 million yuan, respectively, with corresponding price-to-earnings ratios of 90, 76, and 57 times [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company plans to acquire a 24.3% stake in Ningbo Yinqiu Technology Co., Ltd. for 390 million yuan to enhance its precision bearing production capacity and promote synergy in its robotics business [1] - The acquisition is expected to expand the company's precision bearing business and improve its overall competitiveness and profitability through collaboration in key areas such as automotive components and humanoid robot precision bearings [1] - The company is accelerating its global expansion, with production bases in Xinchang and Thailand, and is establishing localized service capabilities in North America to support future growth [2] - The company has established a robotics division to capitalize on the upcoming mass production in the robotics industry, focusing on harmonic reducers and other related products [2] Financial Summary - The company's projected revenue for 2025 is 952 million yuan, with a year-on-year growth rate of 23% [4] - The net profit forecast for 2025 is 218 million yuan, with a year-on-year growth rate of 14.5% [4] - The earnings per share (EPS) for 2025 is estimated to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 90.3 times [4] - The return on equity (ROE) is expected to increase to 11.3% by 2025 [4]