编辑 杨娟娟 新京报贝壳财经讯 11月16日，针对"公司现有电子皮肤年产能可以满足多少台人形机器人的生产？近期 是否有新建电子皮肤产能计划"等问题，汉威科技在互动平台回复投资者称，公司柔性传感器板块拥有 年产超千万支的超净印刷线和组装线，并于今年完成了一期产线的扩建并已经投入使用，未来将根据下 游需求对后期的扩产计划进行适时调整。目前来看产品几乎不受产能限制，能够满足下游需求。 ...

(本文来自第一财经) 针对"公司现有电子皮肤年产能可以满足多少台人形机器人的生产？近期是否有新建电子皮肤产能计 划？"等问题，汉威科技在互动平台表示，公司柔性传感器板块拥有年产超千万支的超净印刷线和组装 线，并于今年完成了一期产线的扩建并已经投入使用，未来将根据下游需求对后期的扩产计划进行适时 调整。目前来看产品几乎不受产能限制，能够满足下游需求。 ...

人民财讯11月16日电，针对"公司现有电子皮肤年产能可以满足多少台人形机器人的生产？近期是否有 新建电子皮肤产能计划"等问题，汉威科技（300007）11月16日在互动平台回复投资者称，公司柔性传 感器板块拥有年产超千万支的超净印刷线和组装线，并于今年完成了一期产线的扩建并已经投入使用， 未来将根据下游需求对后期的扩产计划进行适时调整。目前来看产品几乎不受产能限制，能够满足下游 需求。 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [1][9]. Core Views - The company has shown stable performance with revenue and profit growth, driven by structural growth in its main business [4][9]. - The company is actively expanding into the humanoid robotics sector, establishing a comprehensive product matrix that includes various types of sensors [5][9]. - The company is increasing its R&D investment, focusing on core sensor technologies and IoT applications, which supports its long-term growth [6][9]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.702 billion yuan, a year-on-year increase of 8.44%, and a net profit attributable to shareholders of 84.843 million yuan, up 6.33% [2][4]. - The third quarter of 2025 saw revenue of 525 million yuan, a 15.20% increase year-on-year, while net profit attributable to shareholders was 25.7697 million yuan, a slight decline of 8.57% [4]. - The gross margin for the first three quarters was 31.08%, an increase of 1.33 percentage points year-on-year, and the net margin was 4.99%, up 0.78 percentage points [4]. Market Position and Strategy - The company is a leader in the domestic sensor and IoT industry, with ongoing deepening of its layout in high-growth areas such as humanoid robotics, automotive electronics, and smart home applications [9]. - The strategic divestment of non-core assets is expected to further focus on its main business [9]. - The company plans to transfer 65% of its stake in Hanwei Zhiyuan for 440 million yuan, which is anticipated to significantly boost net profit for 2025 [9]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.415 billion yuan, 2.586 billion yuan, and 2.928 billion yuan, respectively [11]. - Expected net profits for the same years are 515 million yuan, 189 million yuan, and 227 million yuan, with corresponding EPS of 1.57 yuan, 0.58 yuan, and 0.69 yuan [11].

福莱新材（605488.SH）11月7日在投资者互动平台表示，目前公司的柔性传感器相关产品已更新至第二 代，具备"真柔性、全曲面、三维力"三大核心技术，大幅提升了柔性传感器性能，技术上已有多项新突 破。公司已与国内外多家灵巧手公司以及人形机器人公司合作，密切跟踪、持续保持应用领域的技术迭 代及发展趋势，稳步推进业务发展。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在人形机器人电子皮肤领域有什么技术优 势和创新，是否有产品落地？与哪些机器人公司合作？ ...

Core Viewpoint - The company reported a significant narrowing of revenue and profit decline in Q3 2025, indicating potential stabilization after a challenging adjustment period in its core business [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 39.375 billion, a year-on-year decline of 31.47%, and a net profit attributable to shareholders of 337 million, down 35.78% [1]. - In Q3 alone, the company recorded revenue of 14.005 billion, a decrease of 24.75%, and a net profit of 116 million, down 10.73%, showing a significant improvement compared to the first half of the year [1][2]. - Key profitability indicators such as gross margin and net margin improved, with Q3 gross margin at 5.30%, up 1.66 percentage points year-on-year, and net margin at 1.01%, up 0.25 percentage points year-on-year [2]. Group 2: Strategic Adjustments - The revenue decline was primarily due to a strategic decision to focus on high-margin core businesses, which is starting to yield positive results in Q3 [2]. - The company has enhanced its operational quality through new product launches and increased procurement from manufacturers with credit terms, leading to a significant increase in operating cash flow [2]. Group 3: New Business Initiatives - The company established a 500 million industrial fund in collaboration with Shenzhen State-owned Assets Supervision and Administration Commission, focusing on smart terminals, artificial intelligence, and low-altitude economy [3]. - The company invested 660 million to become a shareholder in Honor, which completed its IPO counseling record in June 2025, with a clear timeline for the IPO process [3]. Group 4: Future Outlook - Revenue projections for 2025-2027 are 51.572 billion, 53.284 billion, and 55.662 billion, with net profits of 528 million, 622 million, and 688 million respectively, indicating a positive growth trajectory [4]. - The company maintains a "buy" rating based on the expected recovery in the consumer electronics industry and ongoing improvements in key profitability metrics [4].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - The company is involved in deep earth economy and humanoid robots, with products suitable for both marine and land applications, and has delivered samples of flexible sensors and electronic skin to leading humanoid robot enterprises [1] - The company is expanding its production of high-speed data communication products, with 400G/800G products in mass shipment and a capability for 1.6T mass delivery, aiming to fill market gaps and seize opportunities in the CPO optical engine sector [1]

Group 1 - Company Fulaient has invested 25 million yuan in Taishen Technology, acquiring a 6.1106% stake [1] - Taishen Technology specializes in flexible tactile sensing chips and AI solutions, targeting sectors like new energy and consumer electronics [1] - The company was founded in 2018 and is headquartered in Shenzhen, recognized as a national high-tech enterprise [1] Group 2 - Taishen Technology's chief scientist, Professor Pan Tingrui, invented the fourth-generation flexible sensing mechanism, achieving fully flexible and 100% transparent sensors with a cost reduction of up to 90% [2] - The technology utilizes pressure sensing principles through deformable ionic materials, allowing for intelligent tactile upgrades across various substrates [2] - Taishen Technology's core technological advantage lies in its independent "material-formula-process" system, enabling rapid large-scale applications without relying on traditional semiconductor processes [2] Group 3 - Fulaient's main business involves the research, production, and sales of disperse dyes and their filter cakes, with a revenue of 385 million yuan in the first half of the year, a 24.36% year-on-year decline [3] - The decline in revenue is attributed to product structure optimization and reduced production of low-profit filter cakes, while the textile dyeing industry shows signs of recovery [3] - Fulaient aims to collaborate with Taishen Technology to develop new flexible sensing polymer composite materials, leveraging their expertise in materials [3] Group 4 - The collaboration between Fulaient and Taishen Technology is expected to lead to the development of new flexible sensing materials for smart sensing fabrics, electronic skin, and human-computer interaction interfaces [4] - This partnership aims to explore emerging markets requiring highly flexible and personalized sensing solutions for sports and outdoor applications [4] - The strategic collaboration is anticipated to foster ecological symbiosis between the two companies [4]

Summary of Key Points from Conference Call Industry Overview - The focus is on the humanoid robot sector, with significant developments expected in the coming years, particularly driven by advancements in technology and automation in various industries [1][6][10]. Core Insights and Arguments - **Tesla's Developments**: Tesla is set to release a new generation of humanoid robots on October 9, featuring significant changes such as clothing, integrated flexible sensors, visual cameras in the palms, and wireless charging in the feet. This indicates a growing emphasis on home application scenarios and increased reliance on sensors [2][10]. - **Japanese Convenience Store Automation**: A startup from the University of Tokyo, TX, has introduced a robotic arm named Go, aiming to deploy humanoid robots in convenience stores like 711 by 2029 to replace night staff. Collaborations with other convenience store chains like Lawson and FamilyMart have been established, indicating a high certainty of industry implementation [1][4]. - **Market Growth Expectations**: The humanoid robot market is expected to see high growth potential over the next three to five years, with large-scale applications anticipated around 2029-2030. The sector is viewed as a critical investment opportunity due to its growth certainty [1][5][10]. - **Technological Trends**: Future trends in humanoid robots include lightweight and compact designs, optimized joints, advancements in motor technology (e.g., axial flux motors), and new sensor technologies (e.g., tactile and visual sensors) [1][5]. Additional Important Content - **Investment Opportunities**: The report highlights the potential for significant market effects in the A-share market by Q4 2025, particularly in the sensor field, including electronic skin and flexible sensors. Companies like Aoyou Zhongguang's 3D vision technology are also noted as key areas of interest [1][7]. - **Domestic Robot Development**: Domestic companies are accelerating their intelligent robotics development, with notable events such as Yuzhu Technology planning to submit IPO materials in Q4 2025 and Figure completing a C-round financing with a valuation of $39 billion [11]. - **Recommended Investment Targets**: Investors are advised to focus on automotive component companies involved in robotics, including Top Group, Yinlun Co., Junsheng Electronics, and others, as they exhibit high growth potential [12].

Core Viewpoint - Hanwei Technology holds the leading market share in domestic gas sensors, with flexible sensors opening up growth opportunities [1] Group 1: Market Position and Product Focus - The company focuses on its core business, with high-margin sensors and smart instruments continuously increasing their revenue share [1] - Hanwei Technology consolidates its existing advantages in gas sensors while actively advancing its layout in optoelectronic and flexible sensors, being one of the earliest companies in China to engage in flexible sensor R&D [1] - The company has a globally leading capability in the industrialization of flexible sensors [1] Group 2: Performance and Growth Potential - The main business is experiencing a performance inflection point, with improved profitability [1] - The humanoid robot segment is entering an expansion phase, with electronic skin being a key component for achieving "embodied intelligence" [1] - The company has established a multi-dimensional product matrix covering "touch - balance - force control - smell" in the field of embodied intelligence [1] Group 3: Investment Rating - The report initiates coverage with an "Accumulate" rating [1]