东方证券表示，三花智控大力发展机器人及数据中心液冷新兴业务，打开新增长空间。上半年公司继续 聚焦机器人机电执行器业务，配合客户进行全系列产品研发、迭代、送样，取得客户认可并最终实现量 产落地；我们认为公司在机器人执行器领域具备先发优势，有望在机器人产业化进程中抢占更多市场份 额。 消息方面，首程控股近日披露，未来6个月将在全国重点城市陆续开设10家机器人4S店，并计划在一年 内推动20家体验店落地。这些门店将集展示、体验、销售、服务于一体，成为机器人产业应用化和消费 化的重要窗口。作为宇树科技、加速进化、松延动力等头部企业的一级代理商，首程控股将在机器人 4S店重点展示人形机器人、四足机器人、消费级机器人等产品，并叠加生态企业的技术成果，推动机 器人走进更多产业与家庭场景。 截至10:03，上证指数下跌0.92%，机器人ETF（562500）下跌0.90%，盘初曾数次实现翻红，当前蛰伏 水下震荡蓄势。成分股方面，东杰智能逆势领涨5.11%；石头科技领跌3.99%，科沃斯下跌3.21%，绿的 谐波、景业智能、秦川机床等多股下跌超2%。流动性方面，盘中成交金额达4.34亿元，量能稳健释 放。机器人ETF近日"吸金 ...

核心观点 汽车及家电业务稳定增长，积极布局机器 人及液冷业务 盈利预测与投资建议 ⚫ 略调整收入、毛利率及费用率等，预测 2025-2027 年净利润 41.18、48.64、55.61 亿元（原为 36.66、42.46、47.48 亿元），可比公司 25 年 PE 平均估值 42 倍，目 标价 41.16 元，维持买入评级。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 24,558 | 27,947 | 34,640 | 39,396 | 44,392 | | 同比增长 (%) | 15.0% | 13.8% | 23.9% | 13.7% | 12.7% | | 营业利润(百万元) | 3,553 | 3,710 | 4,885 | 5,770 | 6,597 | | 同比增长 (%) | 15.8% | 4.4% | 31.7% | 18.1% | 14.3% | | 归属母公司净利润(百万元) | 2,921 | 3,099 | 4,1 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 01 年 月 日 Q2 家电行业需求增长，助力业绩超预期。从下游来看，1）汽车：2025H1， 国内新能源车销量达 694 万台，同比超 40%；特斯拉全球交付 72 万辆， 同比-13%。受益于汽车对热管理需求提升，公司 H1 业务收入 58.7 亿元， 占比 36%，同比+9%；2）家电：2025H1，中国空调累计产量 16329.6 万 台，同比增长 5.5%。受益于补贴政策拉动家电行业需求，公司 H1 业务收 入 103.9 亿元，占比 64%，同比+25%。 精细化管理下，盈利能力稳健。2025H1，公司销售毛利率 28.1%，同比 +0.7pct，销售净利率 13.2%，同比+2.0pct，其中 2025Q2，公司销售毛 利率 29.3%，同比+1.4pct，环比+2.4pct，销售净利率 14.1%，同比 +2.0pct，环比+2.1pct，预计主要系公司通过优化产品销售结构，积极推 进降本增效，优化全球产能布局，从而使得总体毛利率维持在较高水平。 分业务看，公司 H1 制冷空调零部件毛利率 28%，同比+0.7pct，汽车 ...

Core Viewpoint - Multiple foreign institutions are optimistic about Chinese assets, with Deutsche Bank noting that the valuation of the Chinese stock market remains low compared to global markets, which is expected to support further market rebound through long-term foreign capital inflows [1] Group 1: Company Research - A total of 210 A-share listed companies have attracted attention from foreign institutions since March, with 33 companies receiving over 10 foreign institution inquiries, including 澜起科技, 汇川技术, 奥普特, 埃斯顿, and 三花智控, each receiving more than 30 inquiries [1] - 澜起科技 revealed that its product value in the DDR5 generation significantly increases compared to DDR4, with new chip demands expected to grow in the memory interconnect field, enhancing the company's market scale in the coming years [1] - 26 companies that were researched by foreign institutions reported their 2024 performance, with 百利天恒, 中微半导, and 英诺激光 turning profitable, while 13 companies, including 思特威-W and 移远通信, reported year-on-year net profit growth, resulting in an overall positive reporting ratio exceeding 65% [2] Group 2: Industry Focus - The majority of companies receiving attention from foreign institutions are concentrated in the technology sector, with 12 companies in the electronics industry, 9 in machinery, and 3 in computing, collectively accounting for over 70% of the total [5] - Among the five companies with over 30 foreign institution inquiries, four are related to the robotics sector, including 汇川技术 and 埃斯顿, which focus on industrial robots, while 奥普特 specializes in machine vision, and 三花智控 is involved in the development of electromechanical actuators for robots [9] - 汇川技术 indicated that its industrial robots are widely applied in various industries, including automotive and labor-intensive sectors, highlighting the growing demand for robotic products [9] - 三花智控 is expanding its bionic robot strategy, focusing on electromechanical actuators and collaborating with clients for product development and mass production [9]