机器人：三大零部件布局，第二曲线全面发力：公司从2024 年起将机器人零部件作为第二主业方向， 主要为机器人金属外壳压铸、行星滚柱丝杠与机器人电机三个方面。2025 年公司滚柱丝杠新专利攻克 行业难题，降低振动噪音、制造难度及生产成本，有利于机器人和新能源汽车领域的大规模量产。 投资建议：公司汽车业务外延发展，机器人全面发力。我们预计公司2025-2027 年实现营业收入 30.50/40.55/44.65 亿元，归母净利润2.2/3.0/3.6 亿元。对应PE 分别为41/30/25 倍，首次覆盖，给予"买 入"评级。 由汽车压铸向外延伸，切入机器人赛道：公司是国内领先的汽车精密压铸件生产企业之一，主要产品包 括汽车转向系统、传动系统等铝合金精密压铸件。 公司2022 年以来收入利润连续增长，2025 年前三季度营业收入同比增长19%，归母净利润同比增长 17%。公司近年来由汽车压铸向外拓展，并切入机器人赛道。2022 年公司收购力准机械53%股权，业务 拓展到非标智能制造装备。2025 年4 月公司与润孚动力成立合资公司，专业生产机器人和汽车的行星滚 柱丝杠。2025 年9 月公司购买中山澳多51%股权， ...

人民财讯12月11日电，万里扬（002434）12月11日在机构调研时表示，公司机器人零部件产品主要包括 机器人电机、谐波减速器、行星减速器等单品和组合的关节模组等产品。目前，公司正在为2个客户共 11个产品进行开发制造，包括谐波减速器、谐波关节模组、行星关节模组。其中，3个型号的行星关节 模组已完成制造，其他产品也将陆续完成制造，并交付给客户进行测试。同时，正在和多家客户进行技 术交流和产品对接，积极推动开发更多客户市场。产能方面，一方面，公司现有的加工设备、工艺技术 等，可以满足机器人零部件产品多个工序的加工制造。另一方面，已完善投入需要新建的测试、加工等 设备，预计2026年3月设备到位并完成调试、5月达到批量生产状态。 ...

| 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 国盛证券、华创证券、长江证券 | | 人员姓名 | | | 时间 | 2025 年 12 月 11 日 | | 地点 | 公司金华基地 | | 上市公司接待人 | 财务总监、董事会秘书 张雷刚 | | 员姓名 | 万里扬机器人科技公司总经理 郭恩有 1、公司机器人零部件业务进展情况 | | | 答：公司机器人零部件产品主要包括机器人电机、谐波减速器、行星减速 器等单品和组合的关节模组等产品。 | | | 目前，公司正在为2个客户共11个产品进行开发制造，包括谐波减速器、 | | | 谐波关节模组、行星关节模组。其中，3个型号的行星关节模组已完成制造， | | 投资者关系活动 | 其他产品也将陆续完成制造，并交付给客户进行测试。 | | 主要内容介绍 | 同时，正在和多家客户进行技术交流和产品对接，积极推动开发更多客户 | | | 市场。 | | | ...

①动储需求旺盛，驱动磷矿年增需求超 400 万吨！机构看好磷化工产业链发展前景，这些公司兼具 资源布局与业绩弹性。 ②这家机器人关节电机"黑马"市场定位存在巨大预期差！坐稳内资 EPS 电机头把交椅，跨界机器人 电机、未来有望获得国内外头部机器人本体订单， 14.7 倍 PE 香不香？ 前言 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 【今日速览】 点击付费阅读，解锁市场最强音，把握投资机会！ ...

Group 1 - The company Bertley (603596.SH) has established a lead screw company and a motor company focused on key components for robotics [1] - The robotics company is currently in the process of being set up, with production equipment for lead screws and motors in the selection phase [1] - Mass production is expected to be achieved by mid-next year [1]

Core Viewpoint - The company is actively developing products such as robotic motors, harmonic reducers, and planetary reducers, focusing on joint modules and their applications in the market [1] Group 1 - The company is emphasizing the development of single products and combinations of joint modules [1] - There is a strong push to quickly develop a series of standardized products [1] - The company is working to connect with mainstream machine customers to expedite the realization of supporting applications [1]

Core Viewpoint - The company is actively developing products such as robotic motors, harmonic reducers, and planetary reducers, focusing on joint modules and their combinations [1] Group 1 - The company is emphasizing the rapid development of a series of standardized products [1] - The company is working to connect with mainstream machine customers in the market [1] - The goal is to promote the timely realization of supporting applications [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.6 CNY, based on a comparable company PE average valuation of 54 times for 2025 [3][6]. Core Insights - The company is expected to achieve stable profit growth, with projected net profits for 2025, 2026, and 2027 at 254 million, 322 million, and 402 million CNY respectively, reflecting a year-on-year growth of 55.3%, 26.8%, and 24.9% [3][10]. - The company has made significant progress in its robotics business, establishing a comprehensive layout that includes metal shells, lead screws, and motors, which are expected to create a dual main business model of "automobiles + robotics" [10]. - The acquisition of a 51% stake in Zhongshan Aoduo is anticipated to enhance the company's profitability and create synergies, with expected net profits of 45 million, 55 million, 60 million, and 60 million CNY from 2025 to 2028 [10]. Financial Summary - The company's revenue is projected to grow from 2,020 million CNY in 2023 to 4,032 million CNY in 2027, with year-on-year growth rates of 30.7%, 16.4%, 22.8%, 17.8%, and 18.5% [5][11]. - Operating profit is expected to increase from 157 million CNY in 2023 to 470 million CNY in 2027, with significant growth rates of 3.7%, 28.3%, 46.6%, 27.1%, and 25.1% [5][11]. - The gross margin is projected to improve from 21.8% in 2023 to 25.2% in 2027, while the net margin is expected to rise from 7.2% to 10.0% over the same period [5][11].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is deeply engaged in the automotive aluminum die-casting sector and is expanding into the robotics field through acquisitions, aiming for new growth momentum [1][3]. - The company has established a strong customer base, with the top five clients accounting for 84% of revenue by 2024, including major players like Bosch and Thyssenkrupp [1][14]. - The company is expected to benefit from the increasing penetration of automotive lead screws and the expansion into new energy vehicle components, projecting significant profit growth from 2025 to 2027 [3]. Summary by Sections 1. Focus on Automotive Lightweight Die-Casting and Robotics Core Sector - The company specializes in the research and manufacturing of automotive aluminum die-casting parts and is entering the core components of humanoid robots [13]. - It has a history of expanding its business and enhancing its global strategy since its establishment in 2000, including partnerships with Bosch and the establishment of production bases in Mexico and Thailand [13][48]. 2. Financial Performance and Structural Optimization - The company has shown robust revenue growth, with a CAGR of 25% from 2020 to 2024, driven by the lightweight trend in new energy vehicles [22]. - Revenue from automotive-related businesses increased from 0.9 billion to 1.9 billion from 2020 to 2024, with a CAGR of 21% [23]. - The gross margin has remained stable between 22% and 24% over the past three years, with a slight increase in 2024 [28]. 3. Steering Business: Accelerating Smart Steering System Transformation - The domestic market for automotive aluminum die-casting parts is expected to grow at a CAGR of 3.6% from 2021 to 2030, with the market size reaching 186.3 billion in 2023 [37]. - The company has established long-term partnerships with leading global firms, enhancing its competitive advantage through a global production layout [46]. 4. Robotics Business: Joint Ventures in the Robotics Sector - The company has formed joint ventures to enter the robotics lead screw market, leveraging high-precision products recognized by military research institutions [3]. - The acquisition of a motor company aims to enhance its capabilities in the robotics motor sector, creating product synergy [3].

Core Viewpoint - The integration of smart vehicles, smart robots, and low-altitude flying vehicles is accelerating, with the potential to significantly reduce costs and enhance technological development through shared supply chains and resources [1][2][3]. Group 1: Industry Integration - The three industries—smart vehicles, smart robots, and low-altitude flying vehicles—exhibit deep coupling in technology, resources, and application scenarios, primarily supported by artificial intelligence [2][3]. - The supply chain overlap between smart vehicles and smart robots exceeds 60%, with some companies reaching 70%, indicating a strong potential for cross-industry technology reuse [3][4]. - The integration of these industries is expected to replicate the "cost-volume" scissors effect seen in electric vehicles, where component costs have decreased significantly, leading to increased sales [4][5]. Group 2: Cost Reduction Potential - If the cost of flying cars can be controlled to around 200,000 yuan, it would align with ground transportation pricing, as indicated by industry experts [1][5]. - The price of laser radar has dropped from 100,000 yuan in 2019 to 800 yuan today, showcasing the potential for cost reductions in related technologies [4]. - The mass production capabilities of electric vehicle components are expected to facilitate significant cost reductions in smart robots, potentially halving the time from prototype to mass production [5][6]. Group 3: Collaborative Development - Companies are encouraged to establish global manufacturing advantages and promote cross-industry collaboration to enhance technological integration and supply chain efficiency [6][7]. - The establishment of the EAI 100 Innovation Center in Wuhan aims to foster collaboration among over 300 companies in the smart industry, focusing on technology development and standardization [7][8]. - Local governments are recognizing the trend of integration among these industries and are initiating policies to support collaborative development [7].