雷赛智能 20250518 摘要 • 雷赛智能通过运动平台化建设，助力人形机器人产业链发展，尤其在手眼 脑协同领域取得显著进展，从躯干下半身逐步落地到手臂一体化及视觉反 馈，实现小脑协同，技术在国内零部件公司中领先。 • 公司经历了三次创业，从技术驱动到资本赋能，再到智能化转型与战略突 破。上市后迎来爆发式增长，推出多种新产品，并切入人形机器人核心零 部件领域。 • 雷赛智能重视研发投入，研发人员占比超过三分之一，研发投入占比超过 12%，主要研发负责人具有资深背景和十年以上经验，确保技术领先。 • 公司发布股权激励和员工持股计划，覆盖大量员工，显示出激励力度大且 覆盖面广，有助于增强员工积极性并提升公司发展信心。 • 通过持续拓品类和扩渠道，公司运控平台化逐渐成型，伺服系统已进入国 产头部序列。经销占比快速提升至接近一半，有望拉动工作效率及利润率 提升。 • 尽管大环境不佳，公司收入端仍维持正增长。2024 年收入上升 12%，利 润上升超过 40%。毛利率接近 39%，净利率 13%，控制类技术毛利率稳 定在 65%以上。 • 伺服系统占比持续提升，2024 年已占公司收入 45%，成为第一大收入来 源。 ...

| 投资者关系活动 | 公司高管与投资者交流主要内容： | | --- | --- | | 主要内容介绍 | | | | Q1:公司目前盈利水平如何？ | | | A:您好，2024年，在关税贸易战等局势复杂、技术变革加 | | | 速的背景下，行业竞争和市场内卷不断加剧，公司所处的OEM | | | 自动化行业有效需求不足，市场规模同比下降5%。 | | | 光伏、锂电行业需求的大幅下滑对公司业务增长也产生了 | | | 较大的不利影响，公司通过深耕传统优势的3C、电子制造、半 | | | 导体设备、特种机床等行业，拓展包装行业及优质渠道网络 | | | 等，在弥补光伏、锂电行业销售收入下滑的缺口的同时实现业 | | | 务稳步增长，业绩完成情况稍不及预期，2024年实现营业收入 | | | 15.84亿元，同比上升11.93%。 | | | 公司落地多项降本增效措施，减少前期管理变革成本等， | | | 取得较好的效果，成本费用增速低于销售收入增速；2024年实 | | | 现归属于上市公司股东净利润2.005亿元，同比上升44.67%， | | | 扣非归母净利润1.961亿元，同比上升57.61%。谢 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Insights - The company is a leading enterprise in the field of intelligent motion control, benefiting significantly from the development of humanoid robots [3]. - Revenue for 2024 is projected to be 1.584 billion yuan, representing a year-on-year growth of 11.93%, while net profit attributable to the parent company is expected to reach 200 million yuan, a 44.67% increase [1][4]. - The company has a strong focus on the intelligent manufacturing sector, with rapid growth in control technology-related revenues [2]. Financial Performance - In 2024, the company achieved a gross margin of 38.27% and a net margin of 12.65%, both showing improvements from the previous year [1]. - The company’s revenue is expected to grow to 1.994 billion yuan in 2025, with a net profit of 269 million yuan, reflecting a growth rate of 25.9% and 34.3% respectively [4][44]. - The company has maintained a stable growth trajectory, with a compound annual growth rate (CAGR) of 19.02% in revenue from 2019 to 2024 [17]. Business Segments - The company’s main business segments include servo systems, stepper systems, control technology, and mobile robots, with significant advancements in each area [10][11]. - In 2024, revenue from servo systems is expected to reach 709 million yuan, a year-on-year increase of 11.37%, while control technology revenue is projected to grow by 46.68% to 252 million yuan [2][41]. - The company has been actively developing products for the mobile robot sector, including high-density frameless torque motors and servo drivers [3][30]. Market Position and Strategy - The company has established a strong market presence in the intelligent manufacturing sector, particularly in the 3C and semiconductor equipment fields [2]. - The strategic focus on humanoid robots and related components positions the company as a key player in the emerging market for humanoid robotics [3][30]. - The company has received recognition for its innovative solutions, including awards for excellence in supply chain management [32]. Valuation - The report estimates a reasonable valuation range for the company between 52.62 and 61.27 yuan, based on projected earnings and market comparisons [54]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 52, 39, and 30 respectively, indicating strong growth potential [54].

Core Viewpoint - The company, 雷赛智能, reported a modest performance in 2023, attributing challenges to macroeconomic downturns and significant declines in the new energy sector, while planning to increase investments in humanoid robotics and focus on domestic key component production for high-quality business development [1][2]. Financial Performance - In 2023, 雷赛智能 achieved a revenue of 1.584 billion yuan, a year-on-year increase of nearly 12%, and a net profit of approximately 200 million yuan, reflecting a growth of nearly 45%, with earnings per share at 0.65 yuan [1]. - In Q1 2024, the company reported a net profit of about 55.82 million yuan, a year-on-year growth of 2.25%, with expectations for accelerated growth in Q2 [2]. Business Strategy - 雷赛智能 is focusing on deepening its presence in traditional sectors such as 3C, electronics manufacturing, semiconductor equipment, and special machine tools, while also expanding into the packaging industry to offset declines in solar and lithium battery sales [1]. - The company has introduced over 200 new channel partners and is transitioning from single product sales to a combination of products and complete solution marketing to enhance value [2]. Product Development - The company is investing significantly in humanoid robotics, with substantial orders for core components like frameless torque motors and hollow cup motors, although current revenue from this segment is still small [2][3]. - 雷赛智能 is advancing its general robot motion control system products into the R&D phase, leveraging its extensive experience in motion control technology [2]. Market Expansion - The company aims to achieve a revenue growth of 20%-30% and a net profit growth of 30%-50% by 2025, focusing on humanoid robotics and overseas market expansion [3]. - The impact of U.S. tariffs on the company is minimal, as exports to the U.S. account for less than 1% of revenue, potentially accelerating domestic automation opportunities [3]. Supply Chain Management - 雷赛智能 emphasizes the localization of key components and maintains a strategy to ensure core material supply, with minimal impact from U.S. tariff policies on procurement costs [3].

2025年04月27日，雷赛智能2024年度及2025年第一季度网上业绩说明会在全景网顺利举行。出席本次业 绩说明会的人员有雷赛智能 董事长、总经理李卫平、董事会秘书向少华、董事、财务总监游道平、独 立董事杨健。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问44 个，公司嘉宾共回答问题43个，答复率97.73%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：目前很多机器人整机公司都有自研灵巧手的想法，公司灵巧手已经落地，后续推广阶段有什么 成本或者功能优势？目前是否有企业和公司灵巧手打算合作？ 回答：公司暂未回复。 2、问：尊敬的李董事长:公司业绩相对于同类公司,业绩及成长性都属于上乘,但股价远远低于它们,其实, 公司股价在二级市场上的表现是最好的广告效应,股价及市值提升,是对公司实力最好的宣传,是对公司产 品最有效的推介.真心希望公司管理层确实重视市值管理,也祝公司前程似锦,股价屡创新高.【征集问题】 回答：您好。公司一直聚焦于主营业务，以长期且稳定的业绩，回报全体股东实现为股东创造更大价值 目标，公司对未来充满信心。同时，股价在二级 ...