Group 1 - Huangshi City has been focusing on industrial strength and modernizing its industrial system, achieving an average annual growth of 14.4% in industrial output value since the 14th Five-Year Plan [1] - The intelligent factory of Zhongse Daye Hongsheng Copper Industry features over 130,000 smart sensing points and has improved labor efficiency by 60% compared to the industry average [1] - Huangshi has invested nearly 100 billion yuan in industrial technological transformation to shift traditional industries from "scale expansion" to "quality and efficiency improvement" [1] Group 2 - Huangshi is focusing on strategic emerging industries such as new materials and optoelectronic information, promoting a shift from "single-point breakthroughs" to "cluster rise" [1] - The city has established the world's first large-scale automated production line for fiber laser devices and has broken foreign monopolies in high-end wafer regeneration technology [1] - By 2029, Huangshi aims for the future industry output value to reach 10 billion yuan, creating new growth opportunities for high-quality urban development [2]

经济日报武汉12月23日讯 近年来，湖北省黄石市坚持工业强市，加快构建现代化产业体系。黄石市委 书记郄英才介绍，通过"数""智"引领，黄石已形成传统产业焕新、新兴产业勃发、未来产业领航的良好 发展态势。"十四五"以来，黄石市规上工业总产值年均增长14.4%。 走进中色大冶弘盛铜业智能工厂，超13万个智能感知点昼夜采集数据，剥片机器人以0.01毫米的精度剥 离阴极铜板。"作为国内首个整体规划、全新建设的铜冶炼全流程智能工厂，我们的劳动效率较行业平 均水平提高60%。"弘盛铜业有限公司党委书记、董事长骆祎说。 "十四五"期间，黄石以近千亿元工业技改资金点燃转型引擎，推动钢铁、铜冶炼等传统产业从"规模扩 张"向"质效提升"转型。黄石还聚焦新材料、光电子信息等战略性新兴产业，以链式思维延链补链强 链，推动新兴产业从"单点突破"向"集群崛起"跨越。 锐科光纤激光技术股份有限公司建成全球首条规模化光纤激光器自动化生产线，晶芯半导体（黄石）有 限公司打破国外企业在高端晶圆再生领域的技术垄断……未来5年，黄石将继续延伸光电子信息全产业 链。 布局未来，黄石已做足准备。东贝集团的机器人关节电机进入测试阶段，产品通过工业互联网实 ...

近年来，湖北省黄石市坚持工业强市，加快构建现代化产业体系。黄石市委书记郄英才介绍，通 过"数""智"引领，黄石已形成传统产业焕新、新兴产业勃发、未来产业领航的良好发展态势。"十四 五"以来，黄石市规上工业总产值年均增长14.4%。 锐科光纤激光技术股份有限公司建成全球首条规模化光纤激光器自动化生产线，晶芯半导体（黄石）有 限公司打破国外企业在高端晶圆再生领域的技术垄断……未来5年，黄石将继续延伸光电子信息全产业 链。 布局未来，黄石已做足准备。东贝集团的机器人关节电机进入测试阶段，产品通过工业互联网实现远程 运维；华中地区首个"低空+保税区"智慧巡检示范项目在黄石棋盘洲综合保税区落地，助推综保区智慧 化转型……到2029年，黄石未来产业产值将冲刺100亿元，为城市高质量发展开拓全新增长空间。 （文章来源：经济日报） 走进中色大冶弘盛铜业智能工厂，超13万个智能感知点昼夜采集数据，剥片机器人以0.01毫米的精度剥 离阴极铜板。"作为国内首个整体规划、全新建设的铜冶炼全流程智能工厂，我们的劳动效率较行业平 均水平提高60%。"弘盛铜业有限公司党委书记、董事长骆祎说。 "十四五"期间，黄石以近千亿元工业技改资金点燃 ...

摘要 德昌股份汽车 EPS 电机业务进入放量期，2024 年营收达 4 亿元，占比 10%，预计 2027 年达 15 亿元，成为核心业务，净利润率约 15%。 公司家电业务定位为现金流来源，虽受关税和降价影响，但通过提高自 制率和优化项目，未来将注重盈利能力提升，预计保持 10%-15%的稳 健增长。 德昌股份积极布局机器人关节电机，凭借强大的产品力，有望卡位国内 外头部本体客户，并已间接对接特斯拉，市场空间巨大。 市场对德昌股份认知存在误区，忽视了汽车 EPS 电机和机器人关节电机 等新兴业务的潜力，公司正积极拓展这些高增长领域。 预计德昌股份 2025 年净利润约 2 亿元，2026 年预计达到 4 亿元左右， 主要受家电业务盈利波动影响，但汽车 EPS 电机业务将贡献显著增长。 基于特斯拉机器人量产数量测算，德昌股份在机器人本体市场取得类似 进展，其市场空间与现有市值相近，未来三年市值仍有翻倍空间。 德昌股份在汽车 EPS 电机和机器人等业务上具备增长潜力，公司专注于 核心业务发展，值得持续跟踪和关注，股价在未来三年内翻倍的可能性 较高。 Q&A 德昌股份的核心逻辑是什么？公司在汽车 EPS 电机和机 ...

Core Viewpoint - Dechang Co., Ltd. is a leading domestic enterprise in automotive EPS motors, extending its high-end motor technology into the robotics sector, particularly in joint motors, which is expected to yield significant domestic and international orders in the future [1] Group 1: Company Overview - Dechang Co., Ltd. has transitioned from a home appliance-focused company to a leader in automotive EPS motors, establishing a second growth curve with higher technical barriers and stronger profitability [1] - The company is currently in a growth phase, having entered a volume production period for its automotive EPS motor business, positioning itself as a leader among domestic competitors [1] Group 2: Future Prospects - By 2025, Dechang plans to leverage its high-end motor technology in the robotics field, specifically targeting joint motors, which is anticipated to lead to breakthroughs with key clients [1] - The company is also recognized as one of the top ten vacuum cleaner exporters, further enhancing its growth potential in the robotics joint motor business [1] Group 3: Financial Metrics - Based on the closing price on December 5, 2025, the price-to-earnings (PE) ratios are projected to be 41.5, 21.0, and 14.7 times, leading to an upgraded rating of "Buy" [1]

Investment Rating - The investment rating for 德昌股份 is upgraded to "Buy" [6][8]. Core Views - 德昌股份 is a leading domestic enterprise in automotive EPS motors, extending its high-end motor technology barriers into the robotics sector, particularly in joint motors, which is expected to open up growth opportunities [1][5]. - The market currently perceives the company as a traditional home appliance manufacturer, underestimating its growth potential [2][3]. Summary by Sections Business Transformation - The company's business focus has significantly shifted, with home appliance operations serving as a cash cow. The automotive EPS motor business, developed over the past five years, has entered a growth phase and is becoming the second growth curve for the company. The market's understanding of the automotive EPS motor sector is limited, as it has higher technical barriers compared to ordinary motors. Previously, the global market was dominated by foreign giants like Nidec and Bosch, but 德昌股份 has established itself as a leading domestic player with strong product capabilities and competitive advantages [3][5]. Robotics Sector Potential - The difficulty of entering the robotics joint motor market is higher than market expectations, and the company's capabilities in this area are significantly underestimated. There is little market anticipation regarding the company's foray into this sector [3][5]. Performance Indicators and Catalysts - Key performance indicators include the revenue share and profitability of automotive EPS motors, as well as customer acquisition and order status in the robotics sector. Catalysts for growth include an increase in revenue share from automotive EPS motors and successful breakthroughs in customer acquisition for the robotics business [4][5]. Financial Forecasts - Revenue projections for 德昌股份 from 2025 to 2027 are estimated at 46.9 billion, 53.9 billion, and 63.2 billion yuan, representing year-on-year growth rates of 14.6%, 14.8%, and 17.3% respectively. The net profit attributable to the parent company is forecasted to be 2.0 billion, 4.0 billion, and 5.7 billion yuan, with significant fluctuations in growth rates [6][12].

Core Viewpoint - The chairman of the company believes that the hardware revolution driven by AI is at a critical point, predicting that 2026 will be the true "AI edge year" [4][5][6] Group 1: Company Developments - The company has launched its smart robot manufacturing park in Yong'an, Hunan, which covers 400 acres and has a factory area of approximately 189,000 square meters, capable of producing 10,000 sets of large automation equipment and 500,000 units of embodied intelligent robots annually [6][7] - The company has integrated its smart robot division with its software platform to adapt to the trends of the AI era, focusing on both hardware and software solutions [7][8] - The company has established a vertical integration platform in the robotics field since 2016, covering key components such as liquid metal materials, six-dimensional force sensors, and robotic hands, positioning itself as one of the largest manufacturers of embodied intelligent hardware globally [7][9] Group 2: Market Opportunities - Research predicts that by 2028, the penetration rate of edge devices supporting generative AI will exceed 75%, with a market size surpassing $800 billion, indicating significant growth opportunities in consumer electronics and automotive electronics [9][10] - The company is transitioning from selling components to providing complete machine assembly services, enhancing its value chain in the consumer electronics sector [9][11] - In the automotive electronics sector, the company is collaborating with over 30 domestic and international automotive brands to supply advanced glass products that integrate smart features, significantly increasing the value per vehicle [11][12] Group 3: Future Plans - The company has set a "three-year attack plan" to increase R&D investment, focusing on edge hardware, multi-modal integration technology, and new material processes, aiming to become a global leader in AI edge hardware manufacturing [12] - In the robotics sector, the company plans to enhance the lightweight technology of humanoid robot joint modules and aims to significantly increase the scale of core components and assembly by 2026 [12]

Core Viewpoint - Luxshare Precision officially submitted its listing application to the Hong Kong Stock Exchange on August 18, aiming to raise over $1 billion (approximately 7.18 billion RMB) in its IPO, following other key players in the Apple supply chain [1][3]. Group 1: Company Overview - Founded in 2004 by Wang Laichun, Luxshare Precision has transformed from a small factory to the fourth largest precision manufacturing company globally, with a market value that has significantly increased since its initial public offering in 2010 [3]. - The company is projected to achieve revenues of 268.795 billion RMB and a net profit of 14.579 billion RMB in 2024, maintaining its position as the leading precision manufacturing solution provider in mainland China [3][8]. - Luxshare's components are integrated into every two smartphones, every three smartwatches, and every five electric vehicles globally, serving top brands like Apple, Huawei, and Tesla [3]. Group 2: Strategic Intentions Behind the IPO - The IPO is a strategic move for Luxshare to implement its global expansion plans, with funds primarily allocated to optimizing production bases, enhancing consumer electronics capacity, and investing in smart manufacturing and R&D [5][10]. - Recent acquisitions include a 4.389 billion RMB purchase of a business from Wingtech Technology to strengthen its customization capabilities in consumer electronics, and a 4.4 billion RMB acquisition of the German company Leoni Group to enter the high-end automotive wiring harness market [5][6]. Group 3: Financial Health and R&D Investment - Luxshare maintains a robust financial position, with a gross margin stable at 10%-12% from 2022 to 2024 and a compound annual growth rate of net profit at 19.3% [8]. - As of the first quarter of 2025, the company had cash reserves of 50.244 billion RMB and a debt-to-asset ratio below the industry average, showcasing strong risk resilience [8]. - The company invests significantly in R&D, with expenses reaching 8.556 billion RMB in 2024, accounting for 3.2% of revenue, and holds over 6,996 patents [8]. Group 4: Diversification and Future Prospects - Luxshare is reducing its dependency on a single client, with the share of revenue from consumer electronics decreasing from 85% in 2022 to 72% in 2024, while automotive electronics revenue has grown at a rate of 49.6% over three years [10]. - The company is also venturing into emerging sectors such as AI terminals and low-altitude economy components, with ongoing projects in lightweight battery modules and robotic joint motors [12]. - Chairman Wang Laichun emphasizes the company's ambition to not only follow industry trends but to create them, aiming to become a "super interface" connecting the physical and digital worlds [12].

Digital Currency - Sanwei Xinan has participated in virtual currency and stablecoin-related businesses in Hong Kong [1] - First Capital currently has no plans to apply for stablecoin licenses [1] - Huaming Intelligent has not yet engaged in digital currency business [1] Robotics - Xinbo Co., Ltd. focuses on expanding humanoid robot joint modules through a joint venture [1] - Fangzheng Electric is developing robotic joint motor products [1] Defense and Military - AVIC Shenyang Aircraft Corporation's new district construction project is expected to achieve production line connectivity and trial operation by the end of the year [1] Automotive - Beiqi Blue Valley is actively collaborating with partners like Pony.ai to develop Robotaxi models [1] Electronics - Laibao High-Tech is not involved in supplying Xiaomi's newly released AI smart glasses [1] - Jiangbolong has established long-term cooperation with numerous smart glasses manufacturers [1] Chemical Industry - Aoke Co., Ltd. is not currently involved in the large-scale production of semiconductor materials such as photoresists [1] Other - Fangzheng Electric has secured a development project for an electric aircraft drive system in the first quarter [1] - Kouzi Jiu has seen good sales performance for its mid-range low-priced product series [1] - Ojiwah has resumed shipping original orders to American customers [1] - Stik has achieved bulk supply of optical display products to leading terminal manufacturers [1] - Songyuan Safety has the qualifications to participate in the Xiaomi automotive project but has not yet supplied to Xiaomi [1] - Nanji Guang's Switch2 backlight source module products have achieved stable mass delivery [1] - Hongtiansun's main production bases are operating at full capacity [1] - Rongbai Technology's sulfide electrolyte pilot line is expected to be completed by the end of the year [1]