证券日报网12月12日讯震裕科技（300953）在12月11日回答调研者提问时表示，根据公司2025年半年报 披露：公司在组件产品产业化的基础上，不断迭代系统集成，通过加工工艺的不断改进，加速反向式行 星滚柱丝杠—线性执行器模组—高度集成仿生臂的迭代；考虑到为客户整机减重、减小发热量已迭代至 第三代产品，相比上一代产品减重22.5%，执行器装机工况表面温度降低13%，已具备规模化量产能 力；模组体积较前代缩小30%以上；下一代高度集成化模组正在开发，预计下半年推出市场。此外还通 过微型滚柱丝杠、微型滚珠丝杠、微型行星齿轮组及微型蜗杆齿轮等组件的产业化为下游客户灵巧手硬 件提供定制化的集成方案。明年公司将推出旋转关节模组。 ...

前言 液冷+机器人，液冷产品布局覆盖服务器机柜内外部，部分品类已进入逐步放量阶段，布局灵巧手、旋转 关节等环节，顺利完成第一代旋转关节模组、执行器模组的开发，这家公司热管理领域客户包括宁德时 代、比亚迪、蔚来等龙头。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

Core Insights - 汇川技术 has transformed from a single variable frequency drive supplier to a comprehensive provider of integrated solutions in industrial automation, new energy vehicle drives, and smart elevators, aiming to become the ecological foundation for industrial digitalization [1] Group 1: Industry Challenges and Solutions - The company identifies three major challenges in industrial upgrading: enhancing single equipment efficiency, the investment value of multi-variety small-batch production lines, and data silos in digital transformation [2] - 汇川技术 aims to break down data silos by unifying data semantics and creating an open architecture to provide solutions based on data definitions for various customer scenarios [2] - The company has assisted over ten industries in completing smart factory planning, achieving over 30% reduction in order response cycles in sectors like new energy and automotive parts [2] Group 2: Smart Manufacturing Pathways - 汇川技术 emphasizes that smart manufacturing should be a systematic project that addresses pain points and creates value, summarizing three pathways: "通血脉" (connecting bloodlines), "长智慧" (growing wisdom), and "赋工具" (empowering tools) [3] - The company has improved yield rates in lithium battery production from 82% to 99.2% by integrating tension control models with AI visual recognition [3] - In precision dispensing scenarios, the company has achieved a control precision of ±0.02mm, significantly reducing defect rates [3] Group 3: Innovative Solutions - 汇川技术 introduced several innovative solutions at the recent conference, addressing the fragmentation of factory equipment data and the challenges of realizing intelligent manufacturing visions [4] - The company is developing a standardized platform, InoQuickPro, which allows engineers to easily upgrade smart systems and adjust production line logic [4] Group 4: Industrial Robotics - 汇川技术 is focusing on humanoid robots, aiming to become a high-performance, cost-effective supplier of core components and subsystems [6] - The company has already begun mass production of key components such as drives and motors, with plans to launch joint modules and bionic arms soon [6] - 汇川技术 emphasizes that its components meet industrial-grade standards, which are higher than those for service or performance robots [6] Group 5: Global Expansion - 汇川技术 is targeting developed and emerging markets, focusing on regions like Korea, India, Vietnam, Europe, and the Americas for its global strategy [7] - The company's overseas business revenue, including automotive, reached approximately 1.32 billion yuan in the first half of 2025, marking a 39% year-on-year increase [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q3 2025 results that met expectations, with revenue of 3.89 billion yuan, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 230 million yuan, up 14.5% year-on-year. The company is a leader in automotive thermal management in China and is expanding into data energy and robotics, which opens up future growth opportunities. The projected net profits for 2025-2027 are 960 million yuan, 1.48 billion yuan, and 1.86 billion yuan, with corresponding P/E ratios of 29.2x, 19.0x, and 15.2x [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of approximately 3.89 billion yuan, a year-on-year increase of 27.4% and a quarter-on-quarter increase of 3.7%. The growth in revenue is attributed to the recovery in the commercial vehicle sector and increased sales from certain passenger vehicle clients. The net profit for Q3 2025 was 230 million yuan, a year-on-year increase of 14.5% and a quarter-on-quarter increase of 0.7%. The net profit margin was 5.9%, down 0.7 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The gross margin for Q3 2025 was 19.4%, down 0.9 percentage points year-on-year but up 0.6 percentage points quarter-on-quarter [2][10]. Business Segments - The digital energy business is rapidly expanding, with revenue of 690 million yuan in the first half of 2025, a year-on-year increase of 58.9%. The company has developed a range of liquid cooling products for data centers and is also expanding into energy storage and ultra-fast charging for new energy heavy trucks. In the robotics sector, the company is actively developing humanoid robots and has established a joint venture to focus on dexterous hands [10]. Future Outlook - The company is positioned as a leader in automotive thermal management and is venturing into new areas such as data energy and robotics. The projected net profits for 2025-2027 are 960 million yuan, 1.48 billion yuan, and 1.86 billion yuan, with corresponding P/E ratios of 29.2x, 19.0x, and 15.2x, indicating strong growth potential [2][10].

Core Insights - Dingzhi Technology positions itself as a core component supplier in the robotics sector, focusing on products such as hollow cup motors, transmission components, linear motion modules, frameless torque motors, and rotary joint modules [2] Company Overview - The company has achieved small batch shipments in the first three quarters of the year [2] - Dingzhi Technology has collaborated with multiple robotics companies and received the "Excellent Partner Award" from Zhiyuan Robotics [2] - The company has also provided small batch samples of motors and module products to several dexterous hand manufacturers, including Zhongke Lingxi [2]

Core Viewpoint - The company, Huichuan Technology, is actively developing its humanoid robot business by enhancing its core product capabilities and key product platforms in response to industry changes [2] Summary by Relevant Categories Humanoid Robot Components - The company is focusing on core components for humanoid robot applications, including: 1. Drives and motors, aiming to improve torque density and control temperature rise to address industry pain points. The company plans to leverage its experience and technology from industrial motor applications for humanoid robots [2] 2. Planetary roller screw products [2] 3. Linear modules and rotary joint modules, all of which have significant market potential in the trend of humanoid robot industrialization [2]

Core Viewpoint - Jiangsu Leili (300660) has developed a key component for robotics, the frameless torque motor, which is essential for its core layout in the robotics sector [1] Group 1: Product Development - The company has independently developed the frameless torque motor, which is a crucial part of its robotics strategy [1] - The frameless torque motor is integrated with planetary gearboxes and encoders to create intelligent linear motion modules and rotary joint modules [1] - These products are designed for use in robotic rotary joints and linear actuators [1] Group 2: Market Activity - The company has already achieved small batch shipments of its frameless torque motor and joint module products [1]

Core Insights - The company reported a revenue of 11.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20%, with a net profit attributable to shareholders of 670 million yuan, up 11% year-on-year [1] - In Q3 2025, the company achieved a revenue of 3.9 billion yuan, with a quarter-on-quarter increase of 27% and a year-on-year increase of 3.7% [1] - The growth in revenue is driven by the heavy truck and new energy passenger vehicle sectors, with wholesale volumes of heavy trucks and new energy passenger vehicles increasing by 20% and 32% year-on-year, respectively [1] Financial Performance - For Q3 2025, the company's gross margin was 19%, and net margin was 7%, showing improvements year-on-year [1] - The company’s operating expenses for Q3 2025 included sales, management, R&D, and financial expense ratios of 1.6%, 4.8%, 4.1%, and 0.6%, respectively, with sales expenses increasing due to expansion in overseas and emerging markets [1] Global Expansion and Future Growth - The company is making progress in its global operations, with North America achieving a revenue of 790 million yuan in the first half of 2025, a 12% year-on-year increase, and a net profit of 34 million yuan, up 93% [2] - The digital energy sector is expanding steadily, with new projects expected to generate an additional annual revenue of 637 million yuan once in mass production [2] - The company is also focusing on embodied intelligence, with significant advancements in product development and partnerships to enhance its market position [2] Investment Outlook - The company is expected to accelerate its growth as a leader in full-scene thermal management, with projected revenues of 15.1 billion yuan, 17.5 billion yuan, and 20.1 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19%, 16%, and 15% respectively [2] - Net profit forecasts for the same period are 990 million yuan, 1.23 billion yuan, and 1.48 billion yuan, with year-on-year growth rates of 26%, 24%, and 20% respectively [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][39]. Core Insights - The company has shown significant revenue growth, with a 27% year-on-year increase in Q3 2025, driven by the recovery in passenger and commercial vehicle sales, as well as rapid growth in digital energy [2][11]. - The company is expanding into new fields such as server liquid cooling and robotics, which are expected to contribute to future growth [5][31]. - The company has a robust order backlog, with new orders expected to generate approximately 9.073 billion yuan in annual sales once fully realized [4][33]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 11.06 billion yuan, a year-on-year increase of 20.1%, and a net profit of 670 million yuan, up 11.2% year-on-year [2][11]. - In Q3 2025, the company reported revenue of 3.89 billion yuan, a 27.4% increase year-on-year, and a net profit of 230 million yuan, reflecting a 14.5% year-on-year growth [2][11]. - The gross margin for Q1-Q3 2025 was 19.3%, a decrease of 0.8 percentage points year-on-year, while the net margin was 7.0%, down 0.5 percentage points year-on-year [3][20]. Business Segments - The passenger vehicle segment saw sales of 25.49 million units of new energy vehicle thermal management products in 2024, accounting for 42% of total revenue [2][12]. - The commercial vehicle segment benefited from policies promoting the replacement of old trucks, with domestic sales reaching 990,000 units in Q3 2025, a 20.2% year-on-year increase [2][12]. - The company is actively developing its digital energy and robotics businesses, with significant progress in product development and patent applications [5][36]. Future Outlook - The company maintains its profit forecast, expecting net profits of 1.089 billion yuan, 1.385 billion yuan, and 1.625 billion yuan for 2025, 2026, and 2027, respectively [5][39]. - The expected earnings per share for the same years are projected to be 1.29 yuan, 1.64 yuan, and 1.93 yuan, with corresponding price-to-earnings ratios of 30, 23, and 20 [5][39]. - The company is enhancing its production capacity and localization efforts, with new facilities in Mexico and Poland expected to contribute to revenue growth [4][28].

Market Overview - The Sci-Tech AI ETF Huaxia (589010) declined by 1.11%, underperforming the broader market, with a trading volume of approximately 37.48 million shares and a turnover of 5.294 billion yuan [1] - The Robot ETF (562500) slightly decreased by 0.19%, closing at 1.027 yuan, with a trading volume of about 9.02 billion yuan, indicating moderate trading activity [1] Industry Insights - Chinese technology companies are seen as a vital link connecting the world, contributing solutions while learning from global advancements, especially in the AI-driven robotics sector, which is viewed as a significant growth engine for the future [2] - The humanoid robot sector in China is experiencing active investment and financing, with 127 disclosed financing events amounting to 36.4 billion yuan from January to August 2025, reaching 1.8 times the total for 2024 [4] Company Developments - Dingzhi Technology is positioning itself as a core component supplier in the humanoid robot field, with stable orders from clients like Zhiyuan Robotics and multiple sample deliveries to various manufacturers [2] - Pingzhi Information has signed over 2.4 billion yuan in orders related to computing power business, with successful deployment of related server projects [3]