中国汽车为机器人培育起合格的产业链 "激光雷达现在越做越便宜，它在人形机器人里并不算很贵的零部件。"智元机器人通用业务部总裁王闯近期对第一财经表示。 中国汽车产业的蓬勃发展，带动激光雷达大规模推广。汽车产业的竞争也把压力传递给供应商，从而使激光雷达越来越有性价比。芯片、动力电池同样如 此。 中国汽车的电动化、智能化趋势，是人形机器人产业的前浪。汽车培育的激光雷达、芯片以及动力电池等核心部件，智驾算法工程师等人才，成为中国机 器人竞争力的源泉。 汽车为机器人开路 十年时间，激光雷达的价格降低到原来的十分之一。 美国企业如Waymo早期尝试自动驾驶的时候，所搭载的64线激光雷达售价高达8万美元。这种高昂的价格，使激光雷达无法大面积下放到车上，也限制了 自动驾驶的演进。 随着中国汽车产业跟上智能化浪潮，中国激光雷达企业速腾聚创、禾赛科技等崛起，激光雷达也不再成为车企的沉重负担。速腾聚创、禾赛等都已经推出 了万元以下，甚至是千元左右的产品，而且性能远超十年前，使激光雷达几乎成为智能驾驶的标配。 "自动驾驶一直都在卷性能,安全问题被消费者高度关注。最近国家相关部门也推出了强标。配备激光雷达的自动驾驶的渗透率在快速提升, ...

2025 年 8 月 24 日投资者关系活动记录表 编号：2025007 证券代码：002139 证券简称：拓邦股份 深圳拓邦股份有限公司 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 其他： | | | | 月 8 24 花旗银行，Point 72，中金公司，天风证券，招商证券，中信证券，由榕 | 日：20:00—21:00（电话会议） | | | 咨询，中信建投，浙商证券，英大信托，国泰君安资管，泉果基金，国 | | | 参与单位名 | 联基金，中国人保，广东恒健，Pleiad Investment Advisors Limited，正圆 | | | 称、时间 | 投资，同泰基金，永赢基金，南方基金，君和资管，玄卜投资，兴业基 | | | | 金，圆信永丰，睿谷投资，兴银理财，中银三星，钜米资本，中冀投资， | | | | Limited，银华基管、明见投资、东兴基金、 Willing Capital | Management | | | 恒泰证券 | ...

证券研究报告 | 北交所定期报告 | | --- | 投资要点： hyzqdatemark 2025 年 08 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 政策和创新推动中国小家电市场发展，关注北交所相关标的 ——北交所消费服务产业跟踪第二十八期（20250824） 请务必仔细阅读正文之后的评级说明和重要声明 联系人 国补政策与技术创新共振，小家电行业或将迎来结构性机遇。中国小家电销售渠道 逐步向线上转移，线上平台成为驱动增长的核心引擎。根据奥维云网、头豹研究院 数据显示，小家电线上销售占比从 2020 年的 68%持续攀升至 2024 年的 79%，同 期厨房小家电线下零售额不断下滑，2024 年同比下降 9.1%。中国小家电市场规模 稳增，其中厨房小家电市场集中度较高。根据奥维云网、头豹研究院和炼丹炉大数 据信息，我国小家电市场规模保持增长，预计 2027 年市场规模达 5392 亿元。国家 消费品"以旧换新"政策在家电领域持续加 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 一 周大 事件 1. 前7个月深圳电子关键中间品集成电路出口1339.3亿元 同比增长40.9% 2. 机构：二季度DRAM市场规模创历史季度新高 3. 泰凌微：拟收购上海磐启微电子 4. 魏哲家证实美政府不入股台积电 5. 存储现货市场以持稳为主 行业DDR4内存条与LPDDR4X产品高位盘整 行业风向前瞻 总投资额超400亿元 一批重大科技产业项目落地上海临港 一批重大科技产业项目在上海自贸区临港新片区集中签约落地，项目涵盖集成电路、高端装备、汽 车软件、人工智能等方向， 总投资额超400亿元 ，包括盛合晶微三维芯片集成项目、重型燃气轮 机项目、脑机接口验证平台项目、水下机器人项目等六个项目集中签约落地。今年以来，上海自贸 区临港新片区招商引资保持高速发展态势，上半年共签约前沿产业项目投资额850亿元，主导产业 集中度超过90%。其中通过"走出去招商"签约项目56个、投资额612亿元；存量企业再投资项目 29个、投资额239亿元。 (央视新闻) 前 ...

要闻提示 NEWS REMIND 1.苹果起诉！前员工跳槽OPPO，用U盘拷走63份机密文件，OPPO回应 2. 网传奇瑞应届生员工发邮件反对周六培训开会，当事人发帖称"已离职" 3. 深耕算力行业二十载，居静如今All in大同做全产业链玩家 4. 美团客服回应"退款问题"：系订单信息滞后，"不查询就不退款"等系误会 8. Meta冻结AI部门招聘，暂停对外扩编并限制内部人员流动 今日头条 HEADLINE NEWS 苹果起诉！前员工跳槽OPPO，用U盘拷走63份机密文件，OPPO回应 5. 8月生产出了9月的车？问界M8被曝出现"预制车" 6. 周鸿祎谈OpenAI开源：被中国大模型厂家逼得无路可走了 7. 马斯克旗下"巨硬"公司开始招人，公司名字疑似内涵微软 近日，苹果向加州北区法院提交诉讼，指控前Apple Watch传感系统架构师Chen Shi窃取了与Apple Watch开发相关的商业机密，并将这些信息提供给了OPPO，以便OPPO开发竞争可穿戴设备。苹果在诉 状中写道，Chen Shi在离职前的数周时间里，从公司下载了63份机密文件转存至U盘，并与多位同事进行 一对一会面套取信息。这些文件涉及 ...

行业研究丨深度报告丨家用电器 [Table_Title] 解构龙头系列之六： 如何看待扫地机景气、格局与龙头盈利趋势？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 景气维度，全基站价格下拓叠加国补有力拉动，2024A&2025H1 内销增长更多由销量驱动，景 气度优异；外销或亦正进入全基站价格下拓的行业红利期，增长持续性较强。格局维度，内销 产品仍然体现出差异化竞争空间，科沃斯活水洗地产品快速渗透，头部厂商有望跟进；外销边 际来看石头 Prime Day 后价盘稳健，科沃斯产品评分有所提升。基于此推荐经营有望向好的扫 地机器人龙头：石头科技（区域延展&价位拓宽&洗地机放量拉动规模延续增长，Q3 起业绩基 数走低&洗地机+洗衣机盈利改善）；科沃斯（产品力提升带动内外销增长，盈利进入改善通道）。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 26 家用电器 cjzqdt11111 [Table_Title 解构龙头系列之六： 2] ...

Core Viewpoint - The article contrasts the strategic approaches of two major players in the smart cleaning industry, Ecovacs and Roborock, highlighting Roborock's aggressive market expansion versus Ecovacs' cautious profit-oriented strategy [2][5]. Group 1: Company Performance - As of mid-2025, Roborock's revenue surged approximately 79% to 7.9 billion, narrowing the revenue gap with Ecovacs, which reported mid-term revenue of 8.7 billion [2]. - Roborock's profit declined over 40% year-on-year, with negative operating cash flow of -0.823 billion, marking its worst performance in six years [2][3]. - Ecovacs experienced nearly fivefold growth in operating cash flow year-on-year, with total profit almost double that of Roborock [2]. Group 2: Strategic Approaches - Roborock has been focusing on aggressive market capture, leading to a significant increase in sales expenses, which rose 145% year-on-year to 2.165 billion, while overall operating costs increased by 115% [5]. - In contrast, Ecovacs maintained a more conservative approach, with its R&D and management expenses growing at a rate lower than revenue growth, resulting in a slight increase in overall gross margin to 49.7% [5][6]. - Roborock's shift towards a direct sales model and increased marketing costs have contributed to its declining gross margin, which fell from 53.8% to 44.6% [5][6]. Group 3: Market Dynamics - Roborock's market share surpassed Ecovacs for the first time in 2024, reaching 19.3%, while Ecovacs held 13.6% [6]. - The top five global brands in the vacuum cleaner market saw their combined market share increase from 59.9% to 63.4% within a year, with Chinese brands benefiting from government subsidies [6]. - Investor sentiment appears to favor Roborock's aggressive growth strategy, as evidenced by a 24.5% increase in its stock price following its mid-year report, while Ecovacs' stock price slightly declined [7][8].

Core Viewpoint - DJI's entry into the smart cleaning market with its first robot vacuum, ROMO, intensifies competition against existing players like Ecovacs and Roborock, who have adopted contrasting strategies in their market approaches [1] Company Strategies - Ecovacs adopts a cautious expansion strategy focused on profit retention, while Roborock prioritizes revenue growth over profitability to capture market share [1][2] - Roborock's strategy has led to a significant increase in revenue, with a 79% year-on-year growth to 7.9 billion yuan, narrowing the revenue gap with Ecovacs to the lowest level in history [1] Financial Performance - Roborock's profit has declined by over 40%, with negative operating cash flow of -0.823 billion yuan, marking its worst performance in six years [1] - In contrast, Ecovacs' operating cash flow has increased nearly fivefold, with total profit almost double that of Roborock [1] Cost Management - Roborock's sales expenses surged by 145% to 2.165 billion yuan, significantly impacting its profitability, while Ecovacs managed to keep its cost growth below revenue growth [3] - Ecovacs' overall gross margin slightly increased to 49.7%, while Roborock's gross margin fell sharply from 53.8% to 44.6% [3][4] Market Dynamics - Roborock's entry into the floor washing machine market has contributed to its revenue growth but has also diluted its overall gross margin due to lower margins in that segment [4] - In 2024, Roborock's revenue from floor washing machines is expected to grow nearly 100%, while its robot vacuum revenue is projected to increase by about 34% [4] Market Share and Investor Sentiment - Roborock surpassed Ecovacs in global shipments in 2024, achieving a market share of 19.3% in Q1 2025, while Ecovacs held 13.6% [4] - Despite Ecovacs showing positive growth in multiple profit indicators, investors seem to favor Roborock's aggressive growth strategy, as evidenced by a 24.5 yuan increase in its stock price shortly after its earnings report [5]

Core Viewpoint - The article discusses the strategic expansion of the company ChaseMe into the drone market, highlighting its ambition to tap into the trillion-dollar low-altitude economy and its competitive positioning against established players like DJI [2][3][12]. Group 1: Company Expansion - ChaseMe has confirmed its entry into the drone business, marking a significant strategic move into a new market [3]. - The company is actively assembling a professional drone R&D team, indicating that its cross-industry development has reached a substantial stage [4]. - ChaseMe's founder, Yu Hao, has a strong aerospace background, which provides the company with inherent advantages in entering the drone market [5]. Group 2: Technological Advantages - The technical expertise accumulated in ChaseMe's core business of robotic vacuum cleaners, such as 3D spatial perception and dynamic obstacle avoidance, can be directly applied to drone flight control and navigation systems [5][7]. - The company's existing technology for generating centimeter-level dynamic maps can significantly enhance drone recognition accuracy and obstacle avoidance success rates [6][8]. Group 3: Market Context - The domestic robotic vacuum cleaner market is becoming increasingly competitive, with a low market penetration rate, prompting players to explore new growth opportunities [9]. - According to IDC data, the Chinese robotic vacuum cleaner market is expected to ship 5.389 million units in 2024, reflecting a year-on-year growth of 6.7% [9]. - ChaseMe aims to diversify its product offerings and expand into broader markets to unlock additional growth potential [9]. Group 4: Competitive Landscape - The drone market is currently dominated by DJI, which holds over 70% of the global consumer drone market share [12]. - Despite the competitive challenges, the growth prospects of the drone industry continue to attract new entrants like ChaseMe and other players [13]. - Industry experts believe that there are still unresolved user pain points in the drone sector, such as flight experience and intelligent interaction, presenting opportunities for new players [13].

Core Viewpoint - The logic of "volume" is more important than "price" in the current industry environment, indicating a shift in competitive dynamics within the vacuum cleaner market [4][28]. Industry Environment - The vacuum cleaner industry is undergoing significant changes since 2022, with increased competition and market saturation. From 2019 to 2022, the market share of the top three brands (CR3) increased, but is projected to decline from 67% to 62% in volume and from 76% to 69% in sales revenue from 2022 to 2024 [4][5]. Company Strategy - Stone Technology (688169.SH) has adopted a strategy of "exchanging price for volume," leading to increased revenue but declining profits. In the first half of 2024, the company reported a revenue of 7.903 billion, a 79% increase year-on-year, while net profit fell by 39.5% to 678 million [6][9]. Sales and Marketing Expenses - The increase in sales expenses is a significant factor, with the sales expense ratio reaching 24.84% in 2024 and further increasing to 27.39% in the first half of 2025. This reflects a shift towards brand building and market promotion, as well as a transition from a local distributor model to a direct sales model [9][11]. Market Position and Performance - Despite the competitive environment, Stone Technology has managed to increase its market share in China from 17% to 22% in sales volume and from 21% to 25% in sales revenue between 2022 and 2024. In the first half of 2025, these figures continued to rise [18][19]. Global Market Leadership - Stone Technology achieved a global market share of 16.0% in 2024, further increasing to 19.3% in the first quarter of 2025, solidifying its position as a global leader in the vacuum cleaner market [21][23]. Growth Dynamics - The shift from price-driven growth to volume-driven growth is evident, with sales volume increasing by 32.9% in 2024, while the average selling price saw minimal growth. This trend is mirrored in the performance of competitors like Ecovacs [24][25]. Brand Influence and New Product Lines - Stone Technology's brand influence has led to a significant increase in sales of its new product line, the floor washing machine, which achieved approximately 970 million in retail sales in the first half of 2025, marking a year-on-year increase of over 600% [35][36]. Market Potential - The penetration rate of vacuum cleaners in China remains low at 4.3%, indicating substantial growth potential. The market is expected to grow significantly as it approaches a balanced penetration rate of 20% [39][40]. Industry Growth Indicators - The vacuum cleaner market is still in a rapid growth phase, with retail sales volume reaching approximately 3.15 million units in the first half of 2025, a 40.7% year-on-year increase [41].