登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002979 证券简称：雷赛智能 公告编号：2025-078 深圳市雷赛智能控制股份有限公司 关于召开2025年 第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）第五届董事会第二十三次会议于2025年12月12日 审议并通过了《关于召开2025年第二次临时股东会的议案》，公司董事会决定于2025年12月30日（星期 二）以现场表决和网络投票相结合的方式召开公司2025年第二次临时股东会。现就召开本次股东会的有 关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025年第二次临时股东会 4、会议召开的时间： （1）现场会议时间：2025年12月30日14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2025年12月30日9:15-9:25， 9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为2025年12月30日9:15 至15:00的任意时间 5、 ...

12月12日晚，雷赛智能(002979)披露定增预案，公司拟向特定对象发行股份，预计募集资金总额不超过 11.44亿元（含本数）。 募投项目包括智能装备运动控制核心零部件研发及产业化项目、信息化建设及智能仓储项目以及补充流 动资金，分别拟使用募投资金7.53亿元、1.41亿元和2.5亿元。在此次发行募集资金到位前，雷赛智能将 根据募集资金投资项目的实际情况，以自筹资金先行投入。 定增预案显示，此次募投项目——智能装备运动控制核心零部件研发及产业化项目，拟在东莞新购置的 土地上新建办公楼及生产厂房等，总投资共计7.58亿元建设智能装备运动控制核心零部件研发及产业化 项目。该项目将在雷赛智能现有步进、伺服及控制技术类产品体系的基础上，通过新建智能化产线，实 现部分生产工序的自动化升级与全流程数字化追溯，显著扩大生产规模，满足光伏、锂电、半导体及人 形机器人等高端领域对小型化、高可靠性核心零部件的市场需求。 上述项目建成后，将有效提升雷赛智能的智能化生产水平与核心制造能力，有助于改善传统生产模式效 率偏低、精度一致性差的问题，为突破高端核心零部件的量产瓶颈创造条件。与此同时，通过构建自主 可控的规模化产能供给体系， ...

Summary of LeiSai Intelligent Conference Call Company Overview - LeiSai Intelligent focuses on the humanoid robot industry, particularly in the field of hand-eye-brain coordination, achieving significant advancements in integrated arm and visual feedback technology, leading among domestic component companies [2][4][6] Key Points Industry and Market Position - The humanoid robot industry is experiencing rapid growth, with significant policy support from the government, aiming to promote the application of humanoid robots [14][16] - LeiSai's servo system has become the largest revenue source, accounting for 45% of total revenue in 2024, with a market share reaching 3.6% and positioned as the second among domestic competitors [3][13] Financial Performance - Despite a challenging macro environment, LeiSai maintained positive revenue growth, with a projected 12% increase in revenue and over 40% increase in profit for 2024 [2][11] - Gross margin is close to 39%, and net margin is 13%, with control technology gross margin stable above 65% [2][11] Research and Development - LeiSai emphasizes R&D, with over one-third of its workforce dedicated to this area and R&D investment exceeding 12%, which is high compared to industry peers [2][7] - The founder has a strong academic background, ensuring technological leadership [7] Employee Incentives - The company has implemented a stock incentive and employee shareholding plan covering 292 employees, enhancing motivation and confidence in company growth [2][8] Product and Technology Development - LeiSai has expanded its product offerings, including high-density frameless motors and drive systems, with plans for further innovations in linear and rotational modules [17][18] - The company is also developing new retail solutions, including a series of dexterous hands with varying degrees of freedom [19] Marketing and Distribution Strategy - The marketing model has shifted from direct sales to a distribution model, increasing the distribution ratio from 2% in 2021 to 48% in 2024 [12] - This strategy aims to enhance sales efficiency and profit margins through a collaborative approach across regional, industry, and product lines [12] Future Directions - LeiSai plans to continue investing in mobile robots and key components, focusing on high-power density frameless motors and micro servo systems [22] - The company aims to leverage its motion control technology to empower the humanoid robot industry and explore new market opportunities [22] Additional Insights - The company has a strong commitment to expanding its capabilities in the humanoid robot sector, with significant investments in technology and product development [14][22] - The competitive landscape includes other players like ZhaoWei and YingShiJunZhu, but LeiSai stands out for providing comprehensive solutions [20]

Group 1: Company Performance - In 2024, the company achieved a revenue of 1.584 billion CNY, a year-on-year increase of 11.93% [4] - The net profit attributable to shareholders was 200.5 million CNY, up 44.67% year-on-year, while the net profit excluding non-recurring items was 196.1 million CNY, an increase of 57.61% [4] - The overall market size of the OEM automation industry exceeds 100 billion CNY, with the overall automation market in China nearing 300 billion CNY in 2024 [6][7] Group 2: Market Challenges and Strategies - The automation industry is facing a 5% year-on-year decline in market size due to insufficient effective demand and significant downturns in the photovoltaic and lithium battery sectors [4] - The company plans to achieve a revenue growth of 20%-30% and a net profit growth of 30%-50% by 2025 [6] - The company is focusing on enhancing its marketing strategy by introducing over 200 new channel partners and establishing more than 30 offices in major cities [4][6] Group 3: Industry Trends and Opportunities - The humanoid robot market is projected to reach approximately 2.76 billion CNY in 2024, growing to 10.471 billion CNY by 2026, and potentially reaching 300 billion CNY by 2035 [6][9] - The global market for dexterous hands in humanoid robots is expected to reach 32.06 billion CNY by 2030, with a compound annual growth rate of 81.2% [9] - The company is leveraging government policies aimed at fostering "new quality productivity" to drive growth in the automation sector [6] Group 4: Product Development and Innovation - The company is focusing on core products such as servo systems, stepper systems, and control technology, providing comprehensive motion control solutions [5] - The establishment of subsidiaries like Shanghai Leisai Robot Technology Co., Ltd. and Shenzhen Agile Drive Control Technology Co., Ltd. aims to enhance product offerings in high-density motors and dexterous hands [7][9] - The company is actively developing a "brain" for robotic motion control systems, with several products already in the R&D phase [8]

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].

Core Viewpoint - The company is focused on enhancing its market value and investor returns through strategic initiatives, including a new value management system and ongoing investments in core technologies and market expansion [1][2][9]. Financial Performance - In 2024, the company achieved a revenue of 1.584 billion yuan, representing an increase of 11.93% year-on-year, while net profit attributable to shareholders reached 200.5 million yuan, up 44.67% year-on-year [3][10]. - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares, totaling approximately 97 million yuan, which constitutes 63% of the net profit [5][11]. Market Position and Strategy - The company operates in the OEM automation market, which is valued at over 100 billion yuan, and aims to capture a larger market share despite current industry challenges [4][11]. - The human-shaped robot market is projected to grow significantly, with estimates of 2.76 billion yuan in 2024 and reaching 300 billion yuan by 2035, presenting substantial growth opportunities for the company [4][11]. Product Development and Innovation - The company has established subsidiaries focused on high-density motors and joint module solutions, enhancing its capabilities in the robotics sector [12][17]. - Ongoing research and development efforts are directed towards creating a general-purpose robot motion control system, referred to as the "brain" of robots, which is currently in the development phase [5][12]. Market Challenges - The company faces challenges from a declining market demand in the OEM automation sector, which saw a 5% year-on-year decrease, primarily due to external economic factors and competition [10][11]. - The solar and lithium battery sectors have also experienced significant downturns, impacting overall business growth [10][11]. Future Outlook - The company aims for a revenue growth target of 20%-30% and a net profit increase of 30%-50% for 2025, leveraging its strategic initiatives and market opportunities [11][12]. - The establishment of a new headquarters and R&D base in Dongguan is expected to enhance production capabilities and support long-term growth in the robotics sector [16][17].