Summary of Zhaowei Electromechanical Conference Call Company Overview - Zhaowei Electromechanical has launched two new dexterous hands: DM17 and LM06, targeting different applications in home and industrial settings respectively [2][3]. Product Features and Applications - **DM17**: - Designed for home use with 17 degrees of freedom - Utilizes linear motor drive - Finger pressure ranges from 5 to 12 Newtons - Capable of enduring over one million cycles - Available for purchase on JD.com and Zhaowei's official website [4][5]. - **LM06**: - Designed for factory repetitive tasks with 6 active degrees of freedom - Grip strength of 200 Newtons and fingertip pressure of 15 to 20 Newtons - Aimed at high-load scenarios [4][5]. Technical Advancements - Zhaowei has developed three types of brushless hollow cup motors and a micro ball screw linear drive module, achieving over 30% efficiency improvement and a module efficiency greater than 95% [7]. - The company has also made significant advancements in tactile sensors, achieving a collection frequency of over 100 Hz and a lifespan exceeding 1 million cycles [10]. Market Position and Competitive Landscape - DM17 is positioned as a leading product in the market with 17 active degrees of freedom, while competitors like Linxingqiao offer 18 to 21 degrees [11]. - The tactile sensor technology varies among manufacturers, with Zhaowei adopting piezoresistive and piezoelectric technologies, while others like Mingxingqiao use capacitive solutions [12][13]. Industry Development Stage - The dexterous hand industry is currently in a standardization and ecosystem-building phase, with a trend towards higher degrees of freedom and enhanced multi-modal perception capabilities [14]. - The cost of dexterous hands is decreasing as the industry matures, with products like Mingxingqiao's priced at 8,800 Yuan and Huilin's at 2,999 Yuan [15]. Future Outlook - Zhaowei plans to continue developing the DM series with models DM18, DM19, and DM20, focusing on increasing degrees of freedom and collaborative ecosystem development [8]. - The company has applied for 26 patents and is involved in setting industry standards, maintaining a fully self-developed core component strategy [9]. Valuation and Investment Potential - Zhaowei's current market capitalization is approximately 24.7 billion Yuan, with a reasonable valuation of its main business at around 10 billion Yuan [20]. - If Zhaowei establishes itself as a dexterous hand module provider, the expected unit value could reach 50,000 Yuan, reflecting a potential market for 60,000 units [20][21]. Key Factors for Industry Growth - Continuous exploration of products and downstream application scenarios, along with industry standards and ecosystem cooperation, are critical for the development of the dexterous hand industry [18]. Potential Participants in the Industry - Future participants may include leading humanoid robot manufacturers and third-party companies specializing in dexterous hands, providing standardized products to robot manufacturers [19].

Investment Rating - The report maintains a "Buy" rating for the company [10][12]. Core Viewpoints - The company is a leading player in both the driver and controller sectors in China, with a strong focus on humanoid robots, which are expected to drive significant growth in the motion control industry [3][7]. - The company has launched new products, including high-power density motors and micro servo drivers, enhancing its capabilities in providing core components for robotic systems [3][9]. - The automation industry is anticipated to experience a cyclical recovery, driven by domestic substitution and emerging demand, which will likely contribute to the company's rapid growth [3][8]. Summary by Sections Company Overview - The company has undergone three entrepreneurial phases since its establishment in 1997, focusing on motion control technology and expanding into general automation and humanoid robotics markets [7][22][25]. - The founder, with a strong technical background, emphasizes R&D, with over 33% of employees in R&D and a research expense ratio exceeding 12% [7][27][28]. Product and Market Strategy - The company has transitioned from a controller-centric approach to a platform-based layout that includes drivers and motors, establishing a comprehensive product range [8][38]. - The company has seen a significant increase in its market share in the servo system sector, with a rise to 3.6% in Q1 2025, ranking second among domestic competitors [8][61]. Financial Performance - The company achieved a revenue of 1.584 billion yuan in 2024, marking an 11.93% year-on-year increase, with a net profit of 200 million yuan, up 44.7% [42][45]. - The gross margin for the control technology segment remains high at over 65%, reflecting the company's strong pricing power and customer loyalty [45]. Marketing and Sales Strategy - The company has shifted its marketing strategy from direct sales to a channel-based approach, increasing the proportion of revenue from distributors from 24.6% in 2021 to 48.3% in 2024 [49][50]. - The company is focusing on expanding its presence in emerging markets and enhancing its product offerings to drive sales growth [49][50]. Future Outlook - The humanoid robot market is expected to grow rapidly, with the company positioned to benefit from this trend through its advanced component solutions [9][65]. - The company forecasts net profits of 263 million, 335 million, and 420 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [10].

Group 1: Investor Relations Activities - The company held an earnings briefing on May 8, 2025, via the investor relations interactive platform [3] - Key attendees included the General Manager, Financial Officer, Board Secretary, and Sponsor Representative [3] Group 2: Order and Product Development - The company is currently in the R&D and sample testing phase for humanoid robot components, with no large-scale supply yet [5] - The company has initiated the construction of a motor factory in Thailand, expected to be operational within 2025 [5] - The company is focusing on precision motion control products, including linear actuators and brushless motors, to enhance its market position [8] Group 3: Strategic Partnerships and Collaborations - The company maintains a long-term strategic partnership with Mindray Medical, supplying core components for medical devices [7] - The company has established a global marketing network, successfully expanding its customer base in non-U.S. markets since 2024 [5] Group 4: Shareholder Value and Market Management - The company plans to enhance shareholder returns through cash dividends, stock buybacks, and mergers and acquisitions [8] - The company emphasizes investor relations management to effectively communicate its value creation potential to the market [9] Group 5: Product Offerings and Innovations - The company has developed various linear transmission products, including T-type screws and ball screws, with high precision specifications [10] - The company aims to provide high-performance, high-precision products in the robotics sector, focusing on key components like hollow cup motors and precision gearboxes [12] Group 6: New Ventures - The establishment of Changzhou Dingzhi New Energy Co., Ltd. aims to integrate resources for the development of electric motors and battery packs, promoting sustainable growth [13]