上海仙工智能科技股份有限公司全球市场总监 机器人行业核心特性 2025年12月11~12日，由《物流技术与应用》杂志主办的"第十三届全球智能物流产业发展大会暨2025全球物流装 备企业家年会"成功举办。作为本次大会的重要组成部分，市场营销论坛率先启幕。会上，上海仙工智能科技股份 有限公司全球市场总监龚紫婷女士在题为《机器人企业的全球化路径与海外市场营销策略》的分享中，结合丰富 的行业经验与仙工智能的海外拓展实践，深入剖析了中国移动机器人企业如何精准定位海外市场痛点、如何建设 全球范围内的本地化体系，为参会者带来了深刻启示和有效建议。演讲内容整理如下： 龚紫婷 1.ToB属性主导决策逻辑：器人行业聚焦企业级客户，产品单价高、使用周期长、解决方案复杂，导致客户决策链 极长，需对接多层级决策者，而非简单的单次交易决策。 2.需求高度非标化：工业物流场景中，货物形态涵盖原材料、半成品、成品等多种类型，不同行业（半导体、汽 车零配件、电子等）的需求差异显著；即使同一行业、同一企业，不同工厂的自动化程度、上层业务系统、车间 布局也存在较大差异，不存在统一的自动化需求标准。 3.机器人成自动化刚需载体：在全球工业变革与数字 ...

Core Viewpoint - The company, as a leader in traditional servers and industrial IoT, possesses a first-mover advantage in AI-enabled industries, with rapid growth in intelligent computing business expected to exceed forecasts [1] Investment Highlights - The company is initiating coverage with a buy rating, predicting EPS of 1.05, 1.27, and 1.46 yuan for 2025-2027, and setting a target price of 88.51 yuan based on PS and PE valuation methods [2] - Traditional sectors are driven by technological and product innovation, while the emerging intelligent computing business is experiencing rapid growth, suggesting future performance may exceed expectations [2] - The company holds a leading position in the overall IoT solutions sector, with its three main traditional business segments covering industrial IoT, ICT infrastructure, and industry terminals, benefiting from a unique supply chain and customer resource advantage [2] - The company is expected to leverage significant policy and industry catalysts in large models and intelligent IoT, leading to substantial upgrades in traditional business segments and high growth in emerging intelligent computing [2] Core Logic - The establishment of the subsidiary Tengyun Intelligent Computing in early 2024 has opened new growth avenues, with the intelligent computing industry characterized by high growth potential and high gross margins, effectively driving a recovery in company performance [3] - Tengyun Intelligent Computing is positioned as a full lifecycle solution provider for AIGC large model computing infrastructure, having developed the AI supercomputing server SYS-8043, suitable for deep learning training and inference applications [3] - The company is expected to become a key supplier for AI computing center construction due to its advantages in GPU server delivery and computing power scheduling platform development, following the implementation of relevant policies in the intelligent computing center industry [3] - AI technology is driving product upgrades in traditional sectors, opening new market opportunities in industrial control machines and industrial robots [3] - The acceleration of technological innovation and domestic substitution in industrial robots enhances the company's competitive edge with its "AI + Robotics" integrated solutions, covering mobile robots, industrial arms, and humanoid robots [3] Catalysts - High growth in intelligent computing revenue and the continuous implementation of AI computing-related policies are expected to act as catalysts for the company's performance [4]