Core Viewpoint - The company demonstrates robust revenue growth in the first half of the year, driven by expansion in overseas markets and advancements in humanoid robotics, indicating a potential second growth curve. Financial Performance - The company reported a total revenue of 1.34 billion yuan in the first half of the year, representing a year-on-year increase of 16.6% [1] - The net profit attributable to shareholders was 98 million yuan, up 13.3% year-on-year, while the net profit excluding non-recurring items was 85 million yuan, reflecting a 12.7% increase [1] - In Q2, revenue reached 678 million yuan, a 6.2% year-on-year growth and a 2.4% quarter-on-quarter increase [1] - The gross margin for Q2 was 21.9%, down 2.6 percentage points year-on-year but up 0.3 percentage points quarter-on-quarter [1] Market Expansion and Strategic Initiatives - The company is actively expanding its overseas market presence, achieving record delivery volumes and focusing on the humanoid robotics sector to create a second growth curve [1] - The Mexican factory has turned profitable, with revenue of 291 million yuan in the first half, a 36.1% increase year-on-year, and a net profit of 19.95 million yuan, compared to a loss of 11.38 million yuan in the same period last year [1] Investment and Development Plans - By April 2025, the company plans to complete a private placement to raise funds for smart manufacturing projects in the electric vehicle parts sector, aiming to enhance automation and production efficiency [2] - The company is collaborating with major domestic robotics firms to develop humanoid robot products, with significant progress in metal shell production and partnerships in planetary roller screw technology [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 256 million, 321 million, and 398 million yuan respectively, with an updated target price of 49.14 yuan based on a 54 times PE average valuation for comparable companies [4]

格隆汇9月4日丨佳电股份(000922.SZ)于近期投资者关系活动表示，公司数字化转型项目均围绕主营业 务开展，公司暂未布局机器人电机领域。 ...

查看完整报告 1H25公司总营业收入同比+16.6%至人民币13.4亿元（约占我们原预测2025全年的41%），归母净利润同比 +13.3%至人民币0.98亿元（约占我们原预测2025全年的39%）；其中，2Q25营业收入同比+6.2%/环比 +2.4%至6.8亿元，归母净利润同比+12.8%/环比+2.6%至0.49亿元。 费用端整体优化，墨西哥工厂步入盈利 1H25公司毛利率同比-1.8pcts至21.8%，销售/管理/研发三费费用率同比-0.8pcts至13.2%；其中2Q25公司毛 利率同比-3.5pcts/环比+0.3pcts至21.9%，销售/管理/研发三费费用率同比-0.5pcts/环比-0.6pcts至12.9%。我 们判断，1）新项目放量+精细化管理有望持续带动公司整体费用优化；2）墨西哥工厂已实现净利润层面 转正（1H25莱昂嵘泰实现净利润1,995万元 vs. 1H24亏损1,138万元），国际贸易冲突不确定背景下，公司 或凭海外本地化生产优势，增强对博世、采埃孚等海外客户配套能力。我们看好2H25E蔚来、采埃孚等项 目上量带动公司盈利持续改善前景。 外延并购与内生发展并举，机器人第二增 ...

2025 年 9 月 1 日 要点 2Q25 业绩符合预期：1H25 公司总营业收入同比+16.6%至人民币 13.4 亿元（约 占我们原预测 2025 全年的 41%），归母净利润同比+13.3%至人民币 0.98 亿元 （约占我们原预测 2025 全年的 39%）；其中，2Q25 营业收入同比+6.2%/环比 +2.4%至 6.8 亿元，归母净利润同比+12.8%/环比+2.6%至 0.49 亿元。 费用端整体优化，墨西哥工厂步入盈利：1H25 公司毛利率同比-1.8pcts 至 21.8%，销售/管理/研发三费费用率同比-0.8pcts 至 13.2%；其中 2Q25 公司毛 利率同比-3.5pcts/环比+0.3pcts 至 21.9%，销售/管理/研发三费费用率同比 -0.5pcts/环比-0.6pcts 至 12.9%。我们判断，1）新项目放量+精细化管理有望 持续带动公司整体费用优化；2）墨西哥工厂已实现净利润层面转正（1H25 莱 昂嵘泰实现净利润 1,995 万元 vs. 1H24 亏损 1,138 万元），国际贸易冲突不确 定背景下，公司或凭海外本地化生产优势，增强对博世、采埃孚等海外客户 ...

每经AI快讯，国金证券发文称，机器人电机高温高扭需求迫切：高转矩密度+低转矩波动+强过载能力 +散热属性是电机的核心能力指标。机器人在各种复杂环境中完成搬运、抓取、行走等任务，需要较大 的力矩来驱动，如智元远征A2Max机器人关节峰值扭矩达450Nm。而受限于机器人尺寸较小，关节电 机则需要拥有单位密度下较高的转矩输出能力。在工业机械臂、手术机器人等需要完成精密操作的机器 人系统中，关节电机对低齿槽转矩的要求很高。在诸如腿足关节等与环境频繁交互的关节中，电机常处 于周期性的短时高过载工况，峰值转矩需求高达额定转矩需求的5-10倍。同时当电机处于过载工况时， 绕组具有极高的损耗密度，短时内会产生巨大的热量。因此，高性能机器人关节电机需要拥有良好耐高 温和散热属性。在保持功率密度不变的情况下，谐波磁场磁路设计将电机体积缩小一半，实现功率密度 的跃迁，有望持续打开工业及人形机器人应用空间。 ...

Core Viewpoint - The company has initiated the development of its first batch of robotic joint precision transmission products, involving six products for two clients [2] Group 1: Company Developments - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the R&D and industrialization of robotic joint precision transmission products [2] - The product platform planning has been preliminarily completed, including categories such as harmonic reducers, planetary reducers, brushless motors, and controllers [2] - Standardization and platform design have been achieved for various product categories, including platform models, diameters, gear ratios, and controller types [2] Group 2: Business Segments - The company's business includes automotive parts and new energy storage [2] - The automotive parts segment focuses on the R&D, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] - The company is also developing non-road transmission/drive system products, including electric drive systems for construction machinery and various tractor systems [2] - The company is expanding its export business for components such as gears, shafts, housings, aluminum die-cast parts, cast iron parts, and forgings [2] - The new energy storage business encompasses power generation side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [2]

Group 1: Automotive Components Business - The company focuses on the research, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [1] - The company is actively developing non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [2] - The company has expanded its international market, increasing direct exports of CVT products and developing electric vehicle (EV) reducers [2] Group 2: Commercial Vehicle Transmission Business - The light truck transmission business is steadily developing existing manual transmission products while actively developing electric products, covering P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with related products gradually entering mass production [2] Group 3: Non-Road Transmission/Drive Systems - The company is focusing on the development of electric drive systems for construction machinery and high-power tractors, with new product research and customer development progressing simultaneously [2] Group 4: New Energy Storage Business - The company has operational independent energy storage power stations in Zhaoqing and Yiwu, with installed capacities of 100MW/200MWh and 100MW/200MWh, respectively [3] - Additional energy storage projects are under construction in Guangdong and Zhejiang, which will further increase revenue from the energy storage business [3] Group 5: Robotics Components Business - The company established Zhejiang Wanyiyang Robotics Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robots [4] - Initial product platform planning has been completed, including standardization and platform design for various types of products [4]

证券日报网讯瑞晨环保（301273）7月29日在互动平台回答投资者提问时表示，公司目前暂没有针对机 器人电机进行技术储备或研发的计划。 ...

【 强 烈建议直接看】 本段视频精华，逻辑更完整 文字版速览 欢迎大家 点击【预约】 按钮 预约 我 下一场直播 本文重点 观点来自： 6 月 3 日本周二直播 传送门 【非会员朋友】 如果你也关注 稀土和电力 欢迎你来体验我的会员内容，里面会更深入分享 全球市场的"投资信息差"。现在下单15天体验，一起交个朋友 （下单后留意短信，点击短信里的链接联系我们领取权益） 注：以上跟投资结论相关的内容出自闫红（证书编号A20230217000983） 最近我们会员专属闭门直播中会重点聊到稀土这个话题。稀土之所以重要，是因为它在电机中的应用， 特别是在机器人电机上的不可替代性。举个例子，电动车的发动机其实是电机，而机器人关节处的驱动 装置（英文叫activator，中文称为驱动器）体积更小，对电机效率要求更高。虽然马斯克已经实现了电 动车电机不再依赖稀土，但机器人电机因体积更小，效率要求更高，依然需要用到稀土中的永磁材料以 提升性能。 以上及直播内容的目的是投资者教育，希望大家从案例中学习管钱知识，因此不构成任何形式的投 资建议和推荐，投资有风险，交易需谨慎！ 如果机器人产业爆发，对稀土的需求必然大幅提升，这是无法绕 ...

根据市场公开信息及4月18日披露的机构调研信息，知名私募盘京投资近期对1家上市公司进行了调研， 相关名单如下： 1）信质集团 （盘京投资参与公司特定对象调研） 调研纪要：信质集团2024年实现营业收入59.18亿元，同比增长28.22%，但经营利润波动，主要因大规 模资本投入、产能利用率提升、折旧摊销、原材料上涨、制造费用增加、研发费用增加。2025年第一季 度公司实现营业收入12.56亿元，盈利能力有所改善。展望2025年，公司将在新能源汽车电机领域持续 快速成长，拓展无人机、工程机械、工业电机、三轮电动车、电摩等领域，推进机器人电机和低空经济 新兴领域。公司聚焦全球化布局、技术驱动、智能制造三大战略，目标有效增长、技术领先、卓越运 营、组织活力，重点突破人形机器人电机和低空经济领域，以新能源汽车电机为增长引擎。公司持续与 第一大股东沟通，相关事项处于内部流程推进中，待收到通知后将及时披露。公司通过全资子公司在匈 牙利设立新公司负责项目建设，正积极推进ODI备案工作。公司出口美国业务收入占比很小，主要集中 在传统电机零部件业务，正与客户讨论应对方式，大力发展新能源电驱、机器人电机业务，降低影响。 机构简介： ...