奥普特分析师会议 调研日期：2025年08月26日 调研行业：仪器仪表 参与调研的机构：2025年半年度业绩说明会(所有投资者)等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL C ...

[Table_Title] 证券研究报告 / 公司点评报告 H1 业绩同比+130%，加速机器人零部件布局 --- 2025 H1 半年报点评 [Table_Summary] 事件：根据公司公告，2025H1 公司实现营收 8.65 亿元（同比+19.66%）， 实现归母净利润 0.56 亿元（同比+130.08%），实现扣非归母净利润 0.51 亿元（同比+140.95%）。 点评 各项业务多点开花，营收利润双线增长，盈利能力显著提升 （1）公司传统汽车零部件（凸轮轴总成、连杆总成及曲轴减震器）：新 客户产品销售量逐步增长，产能利用率提升，合计实现营业收入 3.18 亿 元（同比+20.92%）； （2）涡轮增压器总成：受益于涡轮增压器在经济型车型和混动汽车的配 置率日益提升，涡轮增压器市场规模呈现增长态势，公司实现营业收入 4.51 亿元（同比+11.79%）；2025 年公司预计新增涡轮增压器产能 40 万 台/年，建成后涡轮增压器总成产能达到 220 万台/年。随着公司涡轮增压 器进入理想、吉利、奇瑞等知名客户市场，产销量有望保持快速增长。 （3）民用航空业务：军品业务景气度同比回升，国产大飞机 C9 ...

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].

Group 1 - The 2025 World Robot Conference opened in Beijing, showcasing advancements in humanoid robotics, particularly by Lumos Robotics, founded by CTO Cao Junliang [1] - Lumos Robotics' flagship product, Lumos LUS2, is a full-sized humanoid robot capable of complex tasks, featuring modular design and open architecture, aimed at various applications including education and entertainment [1] - The company has received orders for its products, with production costs projected to be between 60,000 to 80,000 yuan, and plans to achieve mass production by next year [1] Group 2 - The company has successfully completed approximately four rounds of financing since September of last year, with a relatively low valuation, emphasizing the need for humanoid robots to find profitable revenue streams [2] - Cao Junliang expressed that the current market's dexterous hands are overly complex, suggesting that a simpler design with three fingers can accomplish 99% of tasks, which would reduce costs and energy consumption [2] - The timeline for humanoid robots entering household scenarios is estimated to be at least five years, while wheeled robots may be applicable within three years for simpler tasks [2]

Group 1 - The Shanghai Municipal Government has released the "Implementation Plan for the Development of Embodied Intelligence Industry," aiming for breakthroughs in at least 20 core technologies and a core industry scale exceeding 50 billion yuan by 2027 [1] - The plan includes key measures such as supporting critical technology research in perception decision-making, motion control, and collaborative hardware-software systems, with funding support of up to 30% and a maximum of 50 million yuan per project [1] - The plan emphasizes the integration of resources to build five major platforms, providing substantial financial support for companies achieving certain computational power rental scales [1] Group 2 - The plan aims to promote the long-term development of the industry by focusing on core component R&D, accelerating mass production, and enhancing leading enterprises to build specialized industrial clusters [2] - Industry experts highlight Shanghai's advantages in developing the embodied intelligence sector, citing its rich financial resources, strong innovation atmosphere, and high-level research institutions [2] - Several companies in Shanghai are increasing their investments in the embodied intelligence sector, such as Ant Group's establishment of Ant Lingbo Technology, which focuses on humanoid robots in healthcare and eldercare [2] Group 3 - Companies like Fengyuzhu Culture Technology Co., Ltd. have established research institutes to integrate AI technology with practical applications, enhancing the capabilities of embodied devices [3] - Innovations in core components are notable, with companies like OmniVision Technologies providing advanced image sensors for robots, and Mingzhi Electric Co., Ltd. achieving significant advancements in robotic joint modules and drive systems [3] - Experts suggest that companies should focus on soft-hard collaboration and leverage capital to accelerate technology commercialization through platforms like the Sci-Tech Innovation Board [3]

Summary of BlueDai Technology Conference Call Company Overview - **Company**: BlueDai Technology - **Date**: July 10, 2025 Key Points Share Transfer and Strategic Partnership - BlueDai Technology's controlling shareholder plans to transfer 18% of shares to state-owned BoRui Capital, aiming to inject stability and resources into the company, particularly in the automotive and touch display sectors, with a transaction price set at a 10% discount to the closing price [2][4][6] - The company maintains operational stability, with Mr. Zhu Junhan continuing to lead the team, focusing on business development in both Chongqing and Ma'anshan [2][4] Business Development and Market Position - BlueDai Technology is expected to benefit from industrial empowerment and synergy effects through cooperation with state-owned enterprises, especially in the Ma'anshan region, which has advantageous resources for new energy vehicle clients [2][7] - The automotive and digital display businesses are experiencing steady growth, with plans to launch robotics-related operations in 2024, receiving positive market feedback [2][8] Financial Projections - For 2025, BlueDai Technology anticipates automotive transmission revenue of approximately 2.3 billion RMB and touch display revenue of about 2 billion RMB, with gross margins of around 16% and 12% respectively [2][18] - The company plans to produce 50,000 to 100,000 sets of robotic joint modules, with order expectations ranging from 50,000 to 80,000 sets [2][18] Regional Focus and Government Support - The choice to collaborate in Ma'anshan is based on its geographical advantages and the long-standing cooperation with the local government, which has provided substantial support [3][4] - The partnership with state-owned capital is seen as a strategic move to expand market opportunities and enhance business stability [7][10] Operational Stability and Management - The transfer of shares will lead to changes in the controlling shareholder but will not disrupt the company's operational stability, with the existing management team remaining in place [4][14] - The company emphasizes maintaining a stable core management team and may consider equity incentives to align interests post-transaction [16] Robotics and Production Capacity - BlueDai Technology's robotic joint module assembly capacity can reach approximately 200,000 sets annually, with current reducer assembly at about 50,000 sets [4][19] - The company is exploring expansion plans to meet the demand for robotic joint modules, with potential new projects on the horizon [19][29] Market Trends and Customer Relationships - The touch display business has shown recovery after facing challenges, with expectations for improved profitability in 2025 due to product structure optimization [17][18] - BlueDai Technology has established good business relationships with clients like SaiLiSi, focusing on electric drive systems and precision gears, while also engaging in sample trials for robotics [22][23] Future Outlook - The introduction of state-owned capital is expected to positively impact BlueDai Technology's growth trajectory, with a focus on maintaining existing business while exploring new opportunities [33] - The company is optimistic about its performance in the coming years, leveraging its strategic partnerships and market positioning to drive growth [33]

Core Viewpoint - Lumos Robotics has successfully completed its angel++ round of financing, with a total of nearly 200 million yuan raised in its angel round, aimed at enhancing product development and deepening industrial collaboration for the commercialization of embodied intelligence [4][6]. Company Overview - Lumos Robotics, founded in 2024, focuses on the research, sales, and development of embodied intelligent robots, including humanoid robots and core components such as robotic joints and sensory modules [4][5]. - The founding team includes members from top universities and has nearly ten years of collaborative research experience in key technology areas such as perception, decision-making, and execution [5]. Product Development - The company has launched its full-size humanoid robot LUS and is preparing for mass production, with expectations for bulk shipments within the year [5][6]. - Lumos Robotics has developed core components like high-performance integrated joints and high-precision encoders, ensuring high performance while controlling production costs [6]. Technological Innovation - The company has introduced the LUX series sensory modules, which integrate tactile feedback, visual recognition, and motion control to provide a comprehensive intelligent solution [8]. - The founder highlighted the importance of tactile perception for dexterous operations, with plans to launch the first VTLA multimodal robot model that incorporates tactile data [10]. Strategic Partnerships - Lumos Robotics has established strategic collaborations with notable companies such as Demar Technology and COSCO Shipping to accelerate the commercialization of embodied intelligence in logistics and smart manufacturing [10]. - The partnerships aim to enhance the integration of robotic technology with the physical industry, expanding applications in various sectors including industrial, logistics, service, and healthcare [10]. Investor Insights - Investors like Fosun Rui Zheng Capital express confidence in Lumos Robotics' potential for commercializing its technology in industrial scenarios, emphasizing the importance of scene implementation for the next phase of embodied intelligence [11].

Fundraising Activities - L Catterton announced a successful fundraising round with approximately $11 billion in capital commitments, marking the highest fundraising scale in the history of its flagship buyout fund, growth fund, and European fund [2] - Cathay Innovation Fund completed its third phase fundraising, reaching $1 billion, making it the largest AI-focused fund in the EU [3] - Ctrip Group established a tourism innovation fund with a total investment of 1 billion yuan, focusing on long-term investments in innovative projects [4] - Shenzhen Oriental Fortune Investment Management received approval to issue technology innovation bonds, marking the first private venture capital tech innovation bond in the market [5][6] Investment Focus and Strategy - L Catterton's fundraising reflects institutional investors' long-term confidence in quality consumer assets, shifting the focus from traffic-driven growth to product and brand competitiveness [2] - Cathay Innovation Fund emphasizes deep applications of AI in specific industries rather than general infrastructure, indicating a shift from technology worship to scenario-driven investments [3] - The new tourism innovation fund by Ctrip aims to reshape destination growth models and promote cross-industry collaboration [4] - The technology innovation bonds will target strategic emerging industries such as AI, digital economy, new energy, and biomedicine [6] Mergers and Acquisitions - Tianmai Technology disclosed that Qiming Venture Partners will acquire a 26.10% stake, potentially becoming the controlling shareholder, marking a significant case of private equity involvement in public company acquisitions [7] Robotics Sector Developments - Lumos Robotics completed a second angel round of financing, raising nearly 200 million yuan in total, indicating a trend towards industrialization in the embodied intelligence sector [8] - Diguang Robotics announced a $100 million Series A financing round, focusing on developing a comprehensive product system from chips to software [9]

Core Insights - Lumos Robotics has completed a Series A++ financing round, raising nearly 200 million in total since its angel round, with investors including Fosun RZ Capital and DeMa Technology [1][8] - The company focuses on the development and commercialization of embodied intelligent robots, with key products including the LUS and MOS humanoid robot series [1][4] - The team consists of members from top universities and has extensive experience in the field of embodied robotics, particularly in perception, decision-making, and execution technologies [2] Company Developments - Lumos Robotics launched its full-size humanoid robot LUS earlier this year, with core components fully self-developed and ready for mass production by the end of the year [4] - The company has developed high-performance integrated joints, high-precision encoders, and multi-modal sensors to ensure performance and cost control [4] - The recently released LUX series tactile-visual module integrates tactile feedback, visual recognition, and motion control for a comprehensive intelligent solution [5] Future Plans - The founder of Lumos Robotics highlighted the importance of tactile perception for dexterous operations, with plans to introduce the first VTLA multi-modal robot model [6] - The company has established strategic partnerships with notable firms like DeMa Technology and COSCO Shipping to accelerate the commercialization of embodied intelligence in logistics and smart manufacturing [6] - Future efforts will focus on expanding the product matrix to meet diverse industrial needs and enhancing collaboration with industry partners across various sectors [6]

Core Insights - In 2024, companies listed on the Shanghai Stock Exchange (SSE) are expected to exceed 1 trillion yuan in R&D investment, accounting for nearly 40% of the national R&D expenditure, showcasing strong innovation capabilities [1] - The embodiment of intelligent technology is becoming a new engine for industrial upgrading, with SSE-listed companies continuously breaking through key core technologies and launching innovative products and solutions [1] Company Highlights - Ningbo Keli Sensor Technology Co., Ltd. has developed a six-dimensional force sensor that acts as the "tactile nerve" for robots, achieving a coupling error of less than 1.0%, significantly below the industry average [2] - Shanghai Weir Semiconductor Co., Ltd. has introduced advanced CMOS image sensors, such as the OG09A10, utilizing Nyxel® near-infrared technology to provide clear images even in low-light conditions, achieving over 20% growth in high-end smartphone and automotive sectors [2] - Shanghai Mingzhi Electric Co., Ltd. has made significant advancements in robotic joint modules and hollow cup motors, reducing energy consumption and thermal loss while maintaining competitive pricing [2][3] R&D Investment Trends - Mingzhi Electric's R&D expenses increased from 152 million yuan in 2020 to 242 million yuan in 2024, with the R&D investment ratio rising from 6.87% to over 10% [5] - Keli Sensor has invested approximately 20 million yuan in sensor technology for embodiment intelligence over the past two years, with around 10% of total R&D dedicated to this area [5] - Wolong Electric Drive Group Co., Ltd. reported R&D spending of 805 million yuan in 2024, representing 3.95% of revenue, focusing on breakthroughs in various fields including bionic robots and electric aviation [5] Market Applications and Impact - The application of embodiment intelligence technology is reshaping various industries, from industrial automation to healthcare and logistics [6] - Keli Sensor's six-dimensional force sensor enhances efficiency in industrial robots and aids in personalized rehabilitation plans in healthcare [6] - Weir Semiconductor's image sensors have gained a significant market share in high-end smartphones and automotive sectors, ranking second globally in automotive image sensors in 2024 [6] - Wolong Electric's collaboration with COMAC on electric aviation technology has led to significant advancements in eVTOL applications for urban air transport and emergency rescue [6] Future Outlook - The market for embodiment intelligence is entering a deep cultivation phase, with ongoing improvements needed in hardware lightweighting, software intelligence, and hardware-software collaboration [6]