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豪能股份(603809):中报业绩稳健,积极布局减速器产能
股票研究 /[Table_Date] 2025.09.18 中报业绩稳健,积极布局减速器产能 豪能股份(603809) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 石佳艺(分析师) | 021-38676666 | shijiayi@gtht.com | S0880525070001 | 本报告导读: | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,946 | 2,360 | 2,922 | 3,524 | 4,201 | | (+/-)% | 32.2% | 21.3% | 23.8% | 20.6% | 19.2% | | 净利润(归母) | 182 | 322 | 433 | 543 | 669 ...
高测股份20250828
2025-08-28 15:15
Summary of Gaoce Co., Ltd. Conference Call Company Overview - Gaoce Co., Ltd. reported a revenue of 1.452 billion yuan in the first half of 2025, with a net profit loss of 122 million yuan, a year-on-year decline of 151.26% [2][3] - The second quarter showed improvement with a revenue of 766 million yuan, an increase of 11.63% quarter-on-quarter, and a net profit loss narrowed by 80.56% [2][3] Key Business Segments Revenue Breakdown - Wafer slicing service revenue accounted for 48.98% of total revenue, amounting to 711 million yuan - Diamond wire revenue was 23.42%, totaling 340 million yuan - Photovoltaic equipment revenue was 7.45%, at 108 million yuan - Innovative business revenue reached 133 million yuan [4] Market Position - Gaoce maintains a leading market share in the overseas photovoltaic equipment market despite domestic demand being sluggish [6] - The company has expanded its innovative business into stone and 3C device sectors, with new products like thin slicing machines and 12-inch diamond wire slicing machines undergoing customer testing [2][9] Operational Strategies Cost Reduction and Efficiency Improvement - Gaoce has implemented technical upgrades to enhance single-machine capacity and reduce costs, collaborating with strategic clients like Yingfa Technology and Tongwei to optimize customer structure [2][10] - The company is focusing on platform-based technology development, applying hard and brittle material processing experience to metal material processing [10][15] Production Capacity and Utilization - The company’s production capacity utilization rate was approximately 60-70% in Q1 2025, improving to over 80% in Q2 [11] - Expected production in Q3 is projected to increase further, with a monthly output of around 6 billion pieces [31] Innovations and New Products Diamond Wire Innovations - Gaoce's diamond wire sales reached 30.3 million kilometers in the first half of 2025, with a 77.29% share from U-shaped wires [7] - The company has introduced coating technology and developed composite metal tendons, enhancing performance and addressing customer pain points [19] Robotics and Automation - A dedicated robotics product line has been established, focusing on humanoid robot reducers, including planetary, harmonic, and cycloidal reducers [16][22] - The team consists of experienced members from leading companies, emphasizing customized development based on client needs [16] Market Challenges and Responses - The company faced significant price declines in Q2 2025, leading to increased losses, but has optimized cooperation models to mitigate pressure [14][27] - Gaoce is actively working on cost reduction strategies, including material adjustments and waste recovery, to maintain profitability despite rising raw material costs [27] Future Outlook - The company anticipates a bullish outlook for diamond wire shipments in the second half of 2025, with expected market share growth despite a decline in terminal demand [32] - Gaoce plans to enhance its R&D investment in robotics to align with uncertain customer demands and maintain competitive advantages [38] Conclusion - Gaoce Co., Ltd. is navigating a challenging market environment with strategic collaborations, innovative product development, and a focus on cost efficiency, positioning itself for potential recovery and growth in the coming quarters.
科达利:摆线减速机与谐波减速机产线可以实现共用
Zheng Quan Ri Bao Wang· 2025-08-28 08:13
Core Viewpoint - The company Keda Li (002850) announced on August 28 that its cycloidal gear and harmonic gear production lines can be shared, enhancing manufacturing efficiency and precision [1] Group 1: Company Insights - Keda Li's advantage lies in its high reduction ratio precision gear processing technology, which can improve the accuracy and rigidity of cycloidal gear [1] - The cycloidal gear is suitable for the lower body of humanoid robots, addressing issues of low precision and insufficient reduction ratio in planetary gear systems [1] Group 2: Industry Context - The use of wire cutting slow-moving technology in the production of cycloidal and harmonic gears indicates a trend towards advanced manufacturing techniques in the gear industry [1]
科达利:科盟创新目前主要围绕谐波减速机、关节模组及摆线减速机三大产品方向展开布局
Zheng Quan Ri Bao Wang· 2025-08-28 08:13
Core Viewpoint - The company Keda Li (科达利) is focusing on three main product areas: harmonic reducers, joint modules, and cycloidal reducers, with a strategy of continuous optimization based on market demand and development trends [1] Group 1: Product Development - Keda Li has established a product development approach since its inception, aiming to dynamically optimize and iterate product directions in response to market needs [1] - In the harmonic reducer sector, the company is prioritizing the development of lightweight products using innovative materials such as aluminum-steel composites and special PEEK materials, which have received positive market feedback [1] Group 2: Market Applications - The special PEEK material harmonic reducers are particularly gaining attention in the humanoid robot field, where customer requirements for product lifespan are less stringent compared to industrial robots [1] - The company is working on continuously optimizing manufacturing processes to achieve cost reduction and mass production of these specialized material products [1]
科达利(002850) - 投资者关系活动记录表(2025年8月27日)
2025-08-28 01:14
Group 1: Product Development and Innovation - The company focuses on three main product directions: harmonic reducers, joint modules, and cycloidal reducers [2][3] - In the harmonic reducer sector, the company is developing lightweight products using aluminum-steel composites and special PEEK materials, receiving positive market feedback, especially in humanoid robotics [2][3] - The joint module is being enhanced through self-developed technologies to improve torque-to-weight ratio and energy efficiency, with energy consumption reduced by 50% compared to previous models [3][4] Group 2: Competitive Advantages - The company has established strong partnerships with key players like Weichuang Electric for technology training and production, enhancing overall capabilities [4] - There is significant room for innovation in the structure and material selection of harmonic reducers, giving integrated manufacturers an edge in optimizing joint module business [4][5] - The integration of resources from Keda Li, Taiwan Mengli, and Taiwan Mengying has created a global service network, facilitating customer cooperation [5] Group 3: Market Dynamics and Challenges - The sample testing cycle for customers typically lasts at least 1-2 months, with ongoing adjustments needed due to rapid advancements in humanoid robotics technology [6] - The production lines for cycloidal reducers can be shared with harmonic reducers, utilizing wire cutting technology to enhance precision and rigidity [7] - The company's reducers are designed to be lightweight, energy-efficient, and high in transmission efficiency, with aluminum-steel reducers being 30%-60% lighter than standard products while maintaining strength and improving heat dissipation [7]
【科达利(002850.SZ)】主业盈利稳健,人形机器人平台化布局——2025年半年报点评(殷中枢/陈无忌)
光大证券研究· 2025-08-19 23:05
Core Viewpoint - The company reported a strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational capabilities and market demand [3]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit attributable to shareholders of 769 million yuan, up 18.72% year-on-year [3]. - In Q2 2025, the company recorded revenue of 3.623 billion yuan, reflecting a year-on-year growth of 23.34% and a quarter-on-quarter increase of 19.90%. The net profit for Q2 was 382 million yuan, which is a year-on-year increase of 12.54% but a quarter-on-quarter decline of 1.36% [3]. Profitability Analysis - The company's Q2 2025 gross margin was 23.43%, showing a year-on-year decline of 0.39 percentage points but a quarter-on-quarter increase of 1.23 percentage points. The net profit margin was 10.47%, down 1.04 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to credit impairment provisions [4]. - After adjusting for credit and asset impairments, the company's net profit attributable to shareholders was 431 million yuan, with an adjusted net profit margin of 11.90%, indicating stable profitability [4]. Product Development and Market Expansion - The company is positioning itself as a platform company for robot components, leveraging its precision processing and large-scale manufacturing capabilities. Its humanoid robot subsidiary, Kemon, focuses on gear reducers and joint modules [5]. - The core product, the reducer, has entered testing phases with several high-quality domestic and international clients. The company has developed a lightweight aluminum-steel product that balances weight and torque [5]. - The joint assembly is in the technology development stage, with samples sent for performance optimization in collaboration with clients [5]. - The establishment of a joint venture, Yizhi Lingqiao, aims to promote the industrialization of dexterous hands, enhancing the application scenarios for robotics [5].
科达利:公司自主研发的摆线减速机已完成相应测试并送样
Zheng Quan Ri Bao Wang· 2025-08-18 10:47
Core Viewpoint - The company Keda Li (002850) has announced the successful completion of testing for its self-developed cycloidal reducer and is currently collaborating with clients for optimization and in-depth development [1] Group 1: Product Development - The company has developed a new aluminum-steel lightweight product that balances lightweight design and torque, further solidifying its technological advantage in the core transmission field [1] Group 2: Market Position - The advancements in the reducer materials domain have allowed the company to innovate and enhance its competitive position within the industry [1]
科达利(002850):Q2营收增长亮眼,外延机器人成果丰硕
Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong revenue growth in Q2, with total revenue reaching 6.645 billion yuan in the first half of 2025, representing a year-on-year increase of 22%. The net profit attributable to the parent company was 769 million yuan, up 19% year-on-year, with a net profit margin of 11.6% [7] - The company has established a solid customer base for its structural components, securing long-term supply agreements with major clients such as Inpai Battery and Honeycomb Energy, which are expected to drive revenue growth [7] - The company is actively expanding its product offerings in the robotics sector, focusing on key components such as reducers and robotic hands, with new products successfully shipped for various applications [7] - The report slightly adjusts the profit forecast for 2025-2027, estimating net profits of 1.770 billion yuan, 2.171 billion yuan, and 2.608 billion yuan respectively, with corresponding price-to-earnings ratios of 19, 16, and 13 [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 14.734 billion yuan, with a year-on-year growth rate of 22.5%. The net profit for 2025 is expected to be 1.770 billion yuan, reflecting a growth rate of 20.3% [6] - The gross margin for Q2 2025 reached 23.4%, showing a quarter-on-quarter increase of 1.2 percentage points, indicating potential for further cost reduction in the upcoming peak season [7] - The company's return on equity (ROE) is projected to improve from 6.3% in 2025 to 15.4% by 2027, demonstrating strong profitability potential [6]
科达利:摆线减速机已完成相应测试并送样
Ge Long Hui· 2025-08-18 08:05
Core Viewpoint - The company has successfully developed a cycloidal reducer and is currently optimizing solutions in collaboration with clients, reinforcing its technological advantage in the core transmission field [1] Group 1 - The company has completed testing and sample delivery for its self-developed cycloidal reducer [1] - The company is working with clients on solution optimization and in-depth development [1] - The company has innovatively developed a new lightweight aluminum-steel product that balances lightweight design and torque [1]
科达利(002850.SZ):摆线减速机已完成相应测试并送样
Ge Long Hui· 2025-08-18 07:12
Core Viewpoint - The company Keda Li (002850.SZ) has successfully completed testing of its self-developed cycloidal reducer and is currently collaborating with clients for optimization and further development [1] Group 1 - The cycloidal reducer has undergone relevant testing and samples have been sent out [1] - The company is leveraging its previous experience in reducer materials to innovate a new lightweight product that balances weight and torque [1] - This innovation strengthens the company's technological advantage in the core transmission field [1]