经营分析 1、净利率维持强劲。公司 1-3Q25 毛利率 23.16 %，同比-0.03pct， 四费率 9.32%，同比+0.46pct，投资收益 0.13 亿元，同比+0.56 亿 元，扣非归母净利率 10.6%，同比-0.8pct，单 Q3 公司毛利率 23.7%， 环比+0.2pct，四费率 9.3%，环比-0.19pct，扣非归母净利率 10.32%，环比+0.2pct。Q3 收入环比提升较小主因产品降价，Q3 公 司补缴税款加回后预计维持 11%的净利率。 2、主业持续稳健成长，明年预期仍有高增。公司 Q3 产能利用率较 高，Q4 收入预计环比较大。后续预计根据客户需求还有扩产，海 外基地预计明年进一步放量，明年我们预期整体收入增速超 30%。 3、人形机器人多方位布局。公司参股公司科盟创新布局三大类产 品，谐波减速器、摆线减速器、旋转关节总成，其中谐波减速器主 推钢铝复合谐波；在摆线减速器方面，公司已具备样品，下半年将 开始送样客户，应用于人形下肢和髋关节；执行器方面，公司推出 轴向磁通电机旋转关节，下半年送样客户。 业绩简评 10 月 28 日，公司发布三季报业绩。1-3Q25 收入 106. ...

Core Insights - The article discusses the recent developments surrounding the company Sanhua Intelligent Control, particularly its role as a Tier 1 supplier for Tesla's Optimus project, and how it has positively influenced the robotics sector despite the retraction of a significant procurement order [2][5]. Group 1: Company Developments - Sanhua Intelligent Control was reported to have received a $685 million (approximately 5 billion yuan) order from Tesla for Optimus linear actuators, which led to a surge in its stock price and positively impacted the robotics sector [2][4]. - Following the initial excitement, Sanhua issued a statement denying the validity of the procurement order, which caused a brief market correction but did not significantly affect its stock performance [5][8]. - On October 17, Sanhua announced an increase in its share buyback price limit from 35.75 yuan to 60.00 yuan per share, extending the buyback period until February 28, 2026, indicating confidence in its stock value [8]. Group 2: Market Reactions - Despite the denial of the procurement order, Sanhua's stock exhibited resilience, showing an upward trend and leading the robotics sector in performance during the subsequent market downturn [8][9]. - On October 20, Sanhua continued to lead the robotics sector, with a reported expenditure of 20.01 million yuan to repurchase 430,000 shares, further demonstrating its commitment to shareholder value [9]. Group 3: Industry Outlook - The article highlights that the robotics sector is poised for potential growth in the fourth quarter, driven by multiple upcoming events related to Tesla's Optimus project, including factory audits and performance reviews [10]. - A comprehensive list of nearly 70 companies involved in the Tesla Optimus supply chain has been compiled, indicating a robust ecosystem supporting the robotics industry [10].

近日，特斯拉动作频频，先是发布"宏图计划"第四篇章完整文件，将人工智能与人形机器人置于战略核心，然 后又是疑似Optimus新型号人形机器人曝光，金色涂装+人机对话+精巧拟人的灵巧手引发热议，随后又开通 了"TeslaAI"微博账号，马斯克又在最近的All-In上表示特斯拉目前正在设计的Optimus V3将解决手部灵活 性、拥有AI大脑，并且有望实现量产。 特斯拉的这一系列消息，无疑再度引发了市场对其人形机器人发展的关注。特斯拉在人形机器人领域的持续投 入——Optimus的迭代与量产，离不开其供应链体系。 本文盘点了部分有望在特斯拉供应链上发力的企业。 ▍ 三花智控 浙江三花智能控制股份有限公司成立于1994年公司秉持"专注领先、创新超越"的经营战略，以热泵技术和热 管理系统产品的研究与应用为核心，专注于冷热转换、温度智能控制的环境热管理解决方案开发，致力于建筑 暖通、电器设备和新能源汽车热管理领域的专业化经营。 三花智控自成立以来，始终专注于热管理技术的研发、推广和应用，业务主要分为制冷空调电器零部件业务和 汽车零部件两大板块。 制冷空调电器零部件业务方面，三花智控主要从事控制元器件、子系统和技术解决方 ...

Core Viewpoint - Keda Li (002850.SZ) reported a steady growth in its performance for the first half of 2025, with a revenue of 6.645 billion yuan and a net profit of 769 million yuan, driven by the increasing sales of new energy vehicles and effective cost reduction measures [2][3][5]. Financial Performance - The company achieved a revenue of 6.645 billion yuan, representing a year-on-year growth of 22.01% [2]. - The net profit attributable to shareholders was 769 million yuan, up 18.72% year-on-year, while the net profit excluding non-recurring items was 720 million yuan, reflecting a growth of 14.61% [2]. - The gross margin for the precision structural components business was 23.26%, showing a slight decline of 0.35% year-on-year [5]. Market Position and Strategy - Keda Li maintains a market share of approximately 40% in the precision structural components sector, with over 50% in the domestic power battery structural components market and over 30% globally [3][5]. - The company has established long-term strategic partnerships with leading domestic manufacturers such as CATL and international clients like Tesla [6]. Research and Development - Keda Li invested 355 million yuan in R&D during the first half of the year, marking a 21.11% increase, focusing on enhancing safety, reliability, lightweight design, and high capacity of power battery precision structural components [5]. - The company has developed key technologies in explosion-proof design and leak-proof handling, establishing a competitive edge in the industry [5]. New Business Ventures - Keda Li is actively exploring the humanoid robot sector, having co-founded Shenzhen Kema Innovation Robot Technology Co., Ltd. with a registered capital of 100 million yuan, where Keda Li holds a 40% stake [7]. - The company is developing core components for humanoid robots, including harmonic reducers and rotary joints, with a focus on lightweight materials [7][8]. - Keda Li has also established partnerships to expand its robot industry chain, including investments in Suzhou Yizhi Smart Drive Technology Co., Ltd. to focus on advanced dexterous hand development [9].

Core Viewpoint - The performance of Fulin Precision (300432) meets market expectations, driven by dual engines of iron-lithium and robotics, with a target price adjustment to 31.5 yuan and a "buy" rating [1] Group 1: Financial Performance - In 2024, the company expects revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit of 400 million yuan, up 173.1% year-on-year, with a gross margin of 12.4%, an increase of 6.9 percentage points [1] - In Q4 2024, revenue is projected at 2.59 billion yuan, with a quarter-on-quarter increase of 63.5% and a year-on-year increase of 13.1%, while net profit is expected to be 90 million yuan, down 161.2% quarter-on-quarter and 51.9% year-on-year [1] - For Q1 2025, revenue is anticipated to be 2.7 billion yuan, reflecting a quarter-on-quarter increase of 80.3% and a year-on-year increase of 4.2%, with a net profit of 120 million yuan, up 211.9% quarter-on-quarter and 43.7% year-on-year [1] Group 2: Iron-Lithium Business - In 2024, iron-lithium shipments are expected to reach 126,000 tons, a year-on-year increase of nearly 179%, with Q4 shipments at 44,000 tons, a quarter-on-quarter increase of 26% [2] - For Q1 2025, shipments are projected to be nearly 50,000 tons, a year-on-year increase of 170%, with a target of 250,000 tons for the year, doubling the previous year's output [2] - The company anticipates a recovery in net profit per ton of iron-lithium to 200 yuan in 2025, driven by cost reductions from self-supplied materials [2] Group 3: Automotive Parts Business - In 2024, the automotive parts business is expected to generate revenue of 3.6 billion yuan, a year-on-year increase of 23%, with new energy components contributing 1.1 billion yuan, up 99% [3] - The gross margin for the automotive parts business is projected at 23.7%, contributing 860 million yuan in gross profit [3] - For Q1 2025, the automotive parts business is expected to contribute a net profit of 80 million yuan, with a stable growth forecast for the year [3] Group 4: Cost Control and Capital Expenditure - In 2024, operating expenses are projected at 620 million yuan, a year-on-year increase of 15.3%, with an expense ratio of 7.3% [4] - Capital expenditure for 2024 is expected to be 810 million yuan, down 32.3%, while Q1 2025 capital expenditure is projected at 300 million yuan, a significant quarter-on-quarter increase [4] - The company reported operating cash flow of 580 million yuan in 2024, an increase of 88.6% year-on-year [4] Group 5: Investment Recommendations - The company has revised its net profit expectations for 2025-2026 to 960 million and 1.54 billion yuan, respectively, with a new forecast for 2027 at 2.04 billion yuan, reflecting significant growth [4] - The target price is set at 31.5 yuan, with a PE ratio of 25x for 2026 [4] - Recent ratings show 7 buy ratings and 1 hold rating from 8 institutions, with an average target price of 27.12 yuan [5]