证券研究报告 | 2025年10月11日 北交所 2025 年 9 月月报 优于大市 北证 50 持续回调，北交所新股表现亮眼 本月北交所股票成交活跃度保持活跃，两融余额继续提升。本月北交所新增 上市公司 3 家，为三协电机（920100.BJ）、锦华新材（920015.BJ）、世昌 股份（920022.BJ）。北交所上市公司总数为 277 家，总市值为 8687.88 亿 元，流通市值为 5404.74 亿元，环比分别减少 4.3%和 2.6%。 流动性和市场成交活跃度方面，本月北交所股票成交活跃度保持活跃， 单月成交数量和成交金额为 260.28 亿股和 6156.38 亿元，成交量环比 上升 0.2%，成交金额环比下降 4.1%。两融方面，北交所 9 月两融余额 维持高位，日均值达到 76.73 亿元，环比上升 11.28%。全月两融水平再 上台阶，两融余额峰值逼近 80 亿元。 估值方面，截至 9 月 30 日，北证 50 指数市盈率（PE-TTM）为 50.90 倍， 处于近两年 88.25%的分位数水平，市净率（PB-MRQ）为 13.18 倍，处于 近两年 95.46%的分位数水平。股息率为 0 ...

DEUTZ (0E4K) M&A Announcement September 02, 2025 04:30 AM ET Company ParticipantsSebastian Schulte - CEO & ChairmanConference Call ParticipantsNone - AnalystOperatorGood morning, and welcome to conference call on the acquisition of Sobek Group. Please note that this call is being recorded, and a replay will be available on deuts.com later today. By participating in this call, you are consenting to this. I'm pleased to welcome Doet's CEO, Sebastian Scholter, and CFO, Oliver Neu. So Sebastian will provide an ...

Summary of DEUTZ Conference Call on Acquisition of Sobek Group Company and Industry Overview - **Company**: DEUTZ AG - **Acquisition Target**: Sobek Group - **Industry**: Defense, specifically focusing on unmanned aerial vehicles (UAVs) and dual-use technologies Key Points and Arguments 1. **Acquisition Purpose**: DEUTZ aims to strengthen its defense business through the acquisition of Sobek, a specialist in drive systems for drones and other applications, with a strong focus on military use [3][4] 2. **Market Growth**: The European NATO defense budgets are experiencing a significant compound annual growth rate (CAGR) since 2022, driven by geopolitical changes, with expectations of continued growth [6][7] 3. **Shift in Defense Spending**: There is a notable shift from traditional defense companies to tech-focused defense companies, particularly in the UAV sector, with drones expected to play a crucial role in future military operations [7][8] 4. **UAV Market Growth**: The European UAV market is projected to grow at a CAGR of 23% until 2030, with a focus on small and mid-sized UAVs that are essential for modern defense strategies [9][10] 5. **Sobek's Position**: Sobek is an established and profitable company with a revenue range of €10 million to €12 million annually, primarily serving the motorsports and defense sectors [14][15] 6. **Defense Revenue Share**: Currently, approximately 50% of Sobek's revenue comes from military drones, with expectations for this share to increase significantly in the coming years [51][66] 7. **Technological Edge**: The acquisition is expected to provide DEUTZ with a technological edge in advanced drive systems and access to new defense ecosystems [27][66] 8. **Local Supply Chains**: Sobek's German manufacturing setup offers resilience in the supply chain, which is critical for military applications [23][24] 9. **Financial Aspects**: The acquisition was negotiated at an EBITDA multiple of 11x, which DEUTZ considers favorable compared to higher valuations in the defense sector [30][74] 10. **Future Growth Plans**: DEUTZ aims to grow its defense business unit significantly over the next few years, targeting a revenue of double-digit millions in military business [38][66] Additional Important Insights - **Integration Strategy**: DEUTZ plans a low-touch integration approach to maintain Sobek's entrepreneurial dynamics and scalability [31][32] - **Market Positioning**: DEUTZ is transitioning from a traditional internal combustion engine business to a multi-business company, including a focus on defense technologies [28][29] - **Cross-Selling Opportunities**: There are expectations for cross-selling opportunities with existing products and traditional customers [30][39] - **Future Market Potential**: The defense unit is expected to grow but will not dominate DEUTZ's overall revenue in the near term [38][66] This summary encapsulates the key points discussed during the conference call regarding DEUTZ's acquisition of Sobek and the strategic implications for the company's future in the defense sector.

Investment Rating - The report maintains an "Add-A" rating for the company, indicating a positive outlook for the stock [2][6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 790 million yuan, up 21.9% year-on-year, and net profit at 110 million yuan, up 20.7% year-on-year [3]. - The company's main products, including micro drive systems and precision parts, have shown growth in revenue and improved profitability, with the micro drive systems contributing 63.3% to total revenue [3][4]. - The company is advancing its research and development in robotic dexterous hands and core components, launching new products and enhancing production capabilities [4][5]. Financial Performance - For Q2 2025, the company achieved a revenue of 420 million yuan, a year-on-year increase of 25.9%, and a net profit of 60 million yuan, up 52.3% year-on-year [3]. - The gross margin for Q2 2025 was 32.2%, an increase of 2.5 percentage points year-on-year, while the net margin was 14%, up 2.4 percentage points year-on-year [4]. - The company expects earnings per share (EPS) to grow from 1.12 yuan in 2025 to 1.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 108.8 to 67.3 over the same period [6][9]. Market Position and Strategy - The company is recognized as a global leader in micro drive and drive system solutions, benefiting from trends in miniaturization, automation, and intelligence across various sectors including smart vehicles and robotics [6]. - The company has initiated overseas production capacity in Thailand and is in the process of listing on the Hong Kong Stock Exchange, indicating a strategic expansion into international markets [5][6].

Core Insights - Koller Electric Motor Group Co., Ltd. reported strong growth in both revenue and net profit for the first half of 2025, with revenue approximately 907 million yuan, a year-on-year increase of 13.91%, and net profit around 29.18 million yuan, up 23.31% [2] - The second quarter of 2025 showed particularly impressive results, with quarterly revenue of about 487 million yuan, a 7.64% increase year-on-year, and net profit of approximately 26.94 million yuan, a significant rise of 110.45% compared to the same period last year [2] Company Developments - Koller focuses on the research, production, and sales of motors and drive control systems, with applications in home appliances, office automation, and medical devices [2] - The company has increased its R&D investment, with R&D expenses rising by 19.97% year-on-year, targeting core technologies such as high-precision servo motors and brushless DC motors [2] - New products launched include servo systems for industrial robots and low-power motors suitable for smart home applications, receiving positive market feedback [2] Market Expansion - Koller has made significant progress in expanding into the robotics and industrial machine sectors, with customized servo systems for collaborative robots validated by leading companies and industrial machine-specific motors entering prototype testing [3] - The company is also exploring the electric vehicle sector, having developed a vehicle-mounted cooling fan motor and established cooperation intentions with new energy vehicle manufacturers, contributing to future growth [3] - The steady growth in performance is attributed to ongoing investment in core technology R&D and early positioning in new market segments, with plans to accelerate production capacity to meet demand for new products [3]

Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]

当人形机器人的手指试图精准抓取一枚硬币，其关节处的方寸之地正进行着毫厘级的精密布控。 8月10日，北京亦庄，世界机器人大会C馆，一个人流密集的展台上摆放着几排外径不一的圆柱体和方 形黑盒，它们便是贝丰科技此次带来的电机、齿轮箱及驱动器新品——针对运动控制的一整套解决方 案，电机是其中的核心部件。 人形机器人要在指尖、关节等狭小空间内实现握力跃升和精细操作，必须搭载高功率密度微型电机。然 而传统电机功率密度低、噪声大、振动强、适配性差，行业亟须一场"高寿命、高可靠、低噪声、低振 动"的革新。 从灵巧手到微型电机的纵深处，一条国产供应链正被高倍显微镜聚焦。 "四痛"当头毫厘间尽现精密博弈 微型电机被誉为人形机器人的"肌肉纤维"，其性能直接决定着灵巧手的操作精度与关节运动的流畅度。 长期以来，微型电机行业面临四大痛点。 寿命与可靠性是首要难题。机器人电机需高频次、长周期运转，过热导致的线圈烧毁、磁钢退磁等问 题，令整机随时可能"罢工"。 带载能力不足则限制了机器人的应用场景。功率密度低、额定转矩小的电机，在搬运重物或执行高强度 作业时往往只能"小马拉大车"，力不从心。 噪声与振动失控形成恶性循环。电机运转时的振动不 ...

Core Viewpoint - The article discusses the upcoming launch of a new brushless DC motor by Beifeng Technology, which is expected to significantly enhance the capabilities of robots, particularly in terms of perception and operational efficiency [3][10]. Group 1: Technological Innovations - Beifeng Technology's new brushless motor features a unique patented coil and bearing chamber design, resulting in high power density, lightweight, and compact structure, which leads to improved energy efficiency and reduced power consumption [4][5]. - The innovative motor allows for the integration of more motors within the same volume, increasing the degrees of freedom and flexibility of robotic hands [7]. - The motor provides greater power output in the same size, enabling robotic hands to grip heavier objects and respond more quickly, enhancing the precision of movements [8]. Group 2: Impact on Robotics - The high-precision motor technology not only empowers robotic hands with precise force control but also enables surgical and industrial robots to perform unprecedented complex tasks, reshaping the future of robotic applications [10]. - The launch event on June 20 is positioned as a significant milestone for the robotics industry, particularly for humanoid and high-end medical robots, marking a breakthrough in overcoming core component limitations [10][12]. Group 3: Company Background - Beifeng Technology, based in Hangzhou, specializes in the manufacturing of micro high-performance fans and motors, recognized as a national-level "little giant" enterprise and a national high-tech enterprise [13].

Group 1 - Company officially established Zhejiang Wanliyang Robot Technology Co., Ltd., marking a significant step in its journey into the robotics industry [1] - The new company will focus on the research, production, and sales of robotic joint modules, including motors, harmonic reducers, and planetary reducers [1] - Wanliyang aims to enhance its product layout in the robotics sector and promote technological advancement and industrial upgrading [1][2] Group 2 - The robotics industry is a core strategic business for Wanliyang, leveraging nearly 30 years of experience in automotive transmission and precision manufacturing [2] - The company’s harmonic reducer project aims to achieve international first-class standards in transmission precision, durability, and noise, with applications in industrial and humanoid robots [2] - Wanliyang's robotic reducers are expected to create new revenue and profit growth points through improved precision manufacturing and smart manufacturing capabilities [2] Group 3 - After nearly two years of development, Wanliyang's harmonic reducer project has made progress, with products ready for humanoid robot applications [3] - The harmonic reducer has met expected performance indicators, and the company is currently engaging with customers to expand product models [3] Group 4 - Wanliyang's competitive advantages in robotic reducers include comprehensive product design and manufacturing capabilities, strong cost control, and robust quality control [4] - The company can utilize existing production equipment for both automotive and robotic components, minimizing new procurement costs [4] - Wanliyang plans to accelerate product testing and mass supply to clients, further advancing its goals in the robotics industry [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **dexterous hand industry**, highlighting its potential for widespread application in households over the next 5-10 years, driven by advancements in micro-screw and tactile sensors [1][2]. Core Components of Dexterous Hands - Dexterous hands consist of three core components: **motors**, **reduction components**, and **transmission modules**. Common motor types include hollow cup motors, brushless DC motors, and frameless torque motors [3][4]. Development Trends - The industry is witnessing a **diversification of design solutions**, with companies exploring various technological routes. Notable examples include Tesla's tendon-driven designs and other companies' unique approaches [1][2][18][19]. Key Technologies and Components - **Micro-screws** are becoming the mainstream transmission solution due to their efficiency, outperforming worm gears and gear transmissions [1][13]. - **Tactile sensors** are crucial for enhancing the precision and stability of dexterous hands, with companies like Hanwei Technology and Fule New Materials actively developing these technologies [1][7][8]. Motor Selection Impact - Motor selection significantly affects the performance of dexterous hands. Hollow cup motors are favored for their high power density but are costly, while brushless DC motors are more economical but have lower power density [6][10]. Investment Opportunities - Recommended investment targets include **Zhejiang Rongtai** and **Hengli Hydraulic** in the micro-screw sector, and **Hanwei Technology** and **Fule New Materials** in the tactile sensor field, as these companies hold competitive advantages in their respective areas [9][26][27]. Cost and Industrialization Challenges - The high cost of dexterous hands, which can exceed tens of thousands of yuan, poses a significant barrier to industrialization. Companies must focus on cost-effectiveness to meet industrial application demands [24]. Future Development and Market Trends - The industry anticipates that a specific design solution will mature and gain widespread acceptance within the next 3-5 years, as companies focus on their technological routes [22]. Competitive Landscape - Companies like **Zhejiang Rongtai** and **Hengli Hydraulic** are noted for their competitive edge in the micro-screw sector, while **Hanwei Technology** and its subsidiaries are highlighted in the tactile sensor domain [25][26][27]. Conclusion - The dexterous hand industry is evolving with significant technological advancements and investment opportunities, but challenges related to cost and design standardization remain critical for future growth and industrial application.