Core Viewpoint - The screw rod, as a core linear drive component, has a high technical barrier in its thread processing technology, which is crucial for its manufacturing and application across various industries such as machine tools, aerospace, robotics, and automotive [2][6]. Group 1: Screw Rod Types and Applications - Screw rods can be categorized into three types based on friction characteristics: trapezoidal screw rods, ball screw rods, and planetary roller screw rods, with ball screw rods achieving a transmission efficiency of 90%-96%, significantly higher than trapezoidal screw rods [2][6]. - Planetary roller screw rods outperform ball screw rods in load capacity, lifespan, lead, space, and speed, making them suitable for high-precision and high-load applications [2][20]. Group 2: Market Demand and Growth - The demand for screw rods is expected to grow steadily due to the robust growth in machine tools and new energy sectors, with humanoid robots opening new market opportunities. The market for planetary roller screw rods is projected to exceed 45 billion yuan by 2030 [3][4]. - In humanoid robots, screw rods account for approximately 19% of the value, with a potential demand for 14 planetary roller screw rods per robot, plus additional micro planetary roller screw rods used in dexterous hands [3][4]. Group 3: Competitive Landscape - European companies dominate the planetary roller screw rod market, with significant market share held by foreign firms such as Rollvis and GSA, which together account for nearly 60% of the market in China. This indicates substantial room for domestic replacement [3][4]. - The screw rod industry has a complete supply chain, with upstream components including raw materials and processing equipment, midstream products being various types of screw rods, and downstream applications spanning automotive, humanoid robots, industrial mother machines, and more [47][48]. Group 4: Investment Recommendations - The investment outlook for screw rods is positive, with recommendations for companies such as Fuda Co., Ltd. and Beite Technology, while also suggesting to monitor companies like Shuanglin Co., Ltd. and Wuzhou Xinchun [4][6].

证券研究报告 人形机器人催化丝杠国产化，优质企业乘势而上 ——丝杠行业深度报告 证券分析师：黄细里 执业证书编号：S0600520010001 证券分析师：郭雨蒙 执业证书编号：S0600525030002 二零二五年六月二十七日 请务必阅读正文之后的免责声明部分 报告核心观点 ◼丝杠作为直线传动部件应用广泛，螺纹加工工艺是丝杠加工的核心壁垒。丝杠是一种机械传动 元件，主要用于将旋转运动转换为直线运动。按照摩擦特性可以分为梯形丝杠、滚珠丝杠和滚 柱丝杠三类，广泛应用于机床、航空航天、机器人、汽车等领域。滚珠丝杠传动效率一般能达 到90%-96%，约为梯形丝杠的2-4倍。行星滚柱丝杠在承载能力及寿命、在导程和空间、速度 等方面均优于滚珠丝杠。目前应用于丝杠副螺纹制造技术主要有磨削技术、滚轧成型和旋风铣 削技术三种。磨削精度高，轧制效率高，旋风铣较均衡。 ◼机床&新能源需求稳健增长，人形机器人打开市场新空间。丝杠约占人形机器人价值量的 19%， 人形机器人带来大量市场需求。若我们假设单台人形机器人对于行星滚柱丝杠的需求稳定在14 个，若再考虑到灵巧手空心杯关节中使用的微型行星滚柱丝杠（17个），则潜在市场需求更加 ...

Core Viewpoint - The company has achieved significant technological advancements in the processing of key components for planetary roller screws, including lead screws, nuts, rollers, and internal gears [1] Group 1: Technological Developments - The company has developed proprietary PCBN milling inserts and tool holders capable of processing multi-start thread lead screws and rollers with a precision of ±1μm [1] - Specialized PCBN turning and milling inserts have been created to meet the specific requirements for nut processing, such as multi-start threads, high-precision pitches, and slender structures [1] - The company has developed multiple hard alloy milling inserts for trapezoidal lead screw processing, ensuring that the machining precision meets customer requirements [1] Group 2: Market Expansion and Revenue - The company's ball screw processing tools are actively expanding in the market, generating some revenue in the fiscal year 2024 [1] - The processing tools for planetary roller screws and trapezoidal lead screws are currently in the customer sample testing phase, with minimal revenue expected in the fiscal year 2024 [1]

❑ 事件：2025 年 5 月 19 日，总书记考察五洲新春参股公司洛轴公司。 5 月 19 日下午，总书记考察国内轴承领先企业洛轴公司。 证券研究报告 | 公司点评 | 通用设备 五洲新春(603667) 报告日期：2025 年 05 月 25 日 国产轴承龙头，卡位人形机器人、EMB 系统等高增长赛道 ——五洲新春点评报告 投资要点 2024 年 1 月，五洲新春参与洛轴公司的股权公开摘牌受让，拟直接受让比例为 8.5%。本 次战略投资有利于公司风电滚子产品市场的开拓及双方的技术互补。 ❑ 人形机器人零部件业务加速布局，打造新增长曲线 2 月 28 日，公司发布公告，拟投资 15 亿布局行星滚柱丝杠、微型滚珠丝杆等产能，持续 加码具身智能赛道；3 月 11 日，公司发布公告称与杭州新剑签订《战略合作框架协议》， 针对行星滚柱丝杠、微型滚珠丝杠的行星滚柱和螺母套部件、谐波减速器，智能汽车用线 控系统丝杠（REPS），机械电子（EMB）制动系统丝杠，智能主动悬架滚柱丝杠，后转 向梯形丝杠等核心零部件和组件产品展开全方位战略合作。 我们预计 2030 年中美制造业、家政业的人形机器人需求合计约 210 万台，空 ...

Core Viewpoint - The article discusses the upcoming humanoid robot combat event organized by Yushu Technology, highlighting the significance of humanoid robots in the context of AI and advanced manufacturing, particularly focusing on the role of planetary roller screws as a core component in humanoid robots [1][3]. Summary by Sections Humanoid Robot Combat Event - Yushu Technology has announced the first humanoid robot combat event scheduled for May 25 in Hangzhou, featuring both performance and competitive segments [1]. - The performance segment will showcase humanoid robots engaging in traditional combat sports, while the competitive segment will involve four teams competing in real-time controlled matches [1]. Importance of Planetary Roller Screws - Planetary roller screws are identified as critical components that convert rotational motion into linear motion, affecting the precision and stability of humanoid robots [1]. - The main types of screws include trapezoidal screws, ball screws, and planetary roller screws, with the latter being favored for its high efficiency, precision, longevity, and load capacity, despite higher manufacturing costs [1][3]. Market Dynamics and Domestic Opportunities - The planetary roller screw market is currently dominated by foreign brands due to their technological lead and established customer bases, as domestic companies began developing these products only in the 1990s [3]. - Domestic leading companies are actively entering the planetary roller screw market, aiming for domestic substitution and growth opportunities in the humanoid robot sector [3]. Company Profiles Beite Technology - Established in 2002, Beite Technology specializes in automotive components and has a strong technical foundation in the industry [4][5]. - The company is expanding into the humanoid robot sector, leveraging its existing technology and product offerings to develop various screw products, including planetary roller screws [7][8]. Wuzhou Xinchun - Founded in 1999, Wuzhou Xinchun has over 20 years of experience in precision manufacturing and is transitioning into high-end applications, including components for humanoid robots [9][11]. - The company has developed several new products, including reverse planetary roller screws, and is focusing on high-end precision screw business as a new growth avenue [11]. Shuanglin Co., Ltd. - Established in 2000, Shuanglin Co., Ltd. specializes in automotive parts and is expanding into humanoid robot components, particularly reverse planetary roller screws [12][14]. - The company has successfully developed prototypes for humanoid robot joints and is establishing production lines for planetary roller screws [12][14]. Best - Founded in 1997, Best focuses on precision components and has extended its business into humanoid robots, developing high-precision screw products [15][17]. - The company is leveraging its subsidiary, Yuhua Precision Machinery, to enhance its technological capabilities in the screw industry [17]. Hengli Hydraulic - Established in 2005, Hengli Hydraulic specializes in hydraulic components and is advancing into linear actuators, including planetary roller screws [18][20]. - The company is investing significantly in R&D for its linear actuator project, which includes various screw products [20]. Slin Co., Ltd. - Founded in 2004, Slin Co., Ltd. is focusing on automotive bearings and is now entering the robot components market, particularly in harmonic reducers and actuators [21][23]. - The company is developing production lines for robot components, including planetary roller screws, to capitalize on the growing market [23].

Core Viewpoint - In Q1 2025, the company reported a revenue of 542 million yuan, a year-on-year increase of 10.73%, and a net profit attributable to shareholders of 23 million yuan, reflecting a significant year-on-year growth of 40.31% [1][2] Financial Performance - The company achieved a gross margin of 18.17%, a decrease of 0.87 percentage points year-on-year, while the net profit margin improved to 4.32%, an increase of 0.91 percentage points year-on-year, primarily due to a decline in operating expenses [2] Business Strategy and Growth Drivers - The company is focusing on a dual layout in "automotive components and emerging businesses," which is expected to inject growth momentum. It has increased R&D investments in innovative projects, including new refrigerants and integrated thermal management systems [3] - The company has leveraged over 20 years of expertise in metal precision machining to develop various screw products, which are crucial for applications in automotive steering, intelligent braking systems, and emerging markets like robotics [3] Earnings Forecast - The company is projected to achieve revenues of 2.262 billion, 2.528 billion, and 2.835 billion yuan from 2025 to 2027, with a year-on-year growth rate of 12%. The net profit attributable to shareholders is expected to reach 100 million, 129 million, and 157 million yuan, with growth rates of 40%, 29%, and 22% respectively. The EPS is forecasted to be 0.30, 0.38, and 0.46 yuan [3]