Group 1 - The latest stock price of Buke Co., Ltd. is 98.85 yuan, an increase of 5.25 yuan from the previous trading day [1] - The stock opened at 92.72 yuan, reached a high of 99.31 yuan, and a low of 92.48 yuan, with a trading volume of 14,994 hands and a transaction amount of 145 million yuan [1] - Buke Co., Ltd. primarily engages in the research, development, production, and sales of industrial automation control products, including human-machine interfaces, servo systems, and stepping systems [1] Group 2 - The controlling shareholder, Shanghai Bujin Information Consulting Co., Ltd., plans to reduce its holdings by no more than 2.725 million shares, accounting for 3% of the total share capital [1] - The reduction plan will be implemented from August 27, 2025, to November 26, 2025 [1] - On the day of reporting, the net inflow of main funds into Buke Co., Ltd. was 14.5363 million yuan, with a cumulative net inflow of 13.4248 million yuan over the past five days [1]

Market Trends and Growth Potential - The automation industry is experiencing a shift towards intelligent, high-precision, green, and compact solutions, with a projected market size of nearly ¥3,000 billion in 2024 for the overall automation market in China, and over ¥1,000 billion for the OEM automation market [3] - The humanoid robot market is expected to grow from ¥27.6 billion in 2024 to ¥104.71 billion by 2026, potentially reaching ¥3,000 billion by 2035 [3] - The demand for high-performance equipment is increasing due to the upgrade of intelligent manufacturing automation, creating significant market opportunities [3] Business Growth Drivers - The company's growth in industrial automation relies on several key drivers, including market share gains in servo systems and PLC products, and a focus on high-quality growth through strategic initiatives [4] - Specific measures include capturing import market share, expanding into mid-to-low-end markets, deepening strategic industry engagement, and enhancing channel network expansion [4] - The company aims to increase the proportion of high-margin products and improve penetration in intelligent manufacturing and robotics applications [4] Robotics Industry Positioning - The company positions itself as a core component and solution provider in the embodied robotics sector, focusing on key technologies for humanoid robots [6] - Business layout includes three subsidiaries targeting high-density motors, hollow cup motors, and collaborative development with major clients [7] - The company has established partnerships with hundreds of domestic and international robotics firms, enhancing its market presence [8] Technological Advancements and Product Development - The company is leveraging its technological expertise to develop core components for humanoid robots, collaborating with academic institutions to advance joint modules and high-precision servo drives [9] - Recent product releases, such as the DH2015 dexterous hand solution, feature high degrees of freedom, robust communication capabilities, and significant load-bearing capacity, positioning the company as a leader in the market [11] - The company plans to initiate trial production of the DH2015 in Q3 2025, aiming to meet diverse application needs across industrial automation and consumer markets [11] Investment Risks and Disclosure - The robotics industry faces long development cycles and significant investment risks, particularly in technology R&D and market expansion [12] - The company adheres to strict information disclosure regulations to ensure transparency and accuracy in its communications with investors [12]

Summary of LeiSai Intelligent Conference Call Company and Industry Overview - **Company**: LeiSai Intelligent - **Industry**: Automation and Robotics - **Market Focus**: Advanced manufacturing sectors including 3C electronics, semiconductors, and machine tools Key Points and Arguments 1. **Product Offering and Market Potential**: LeiSai Intelligent extends its product line to provide comprehensive solutions including controllers, servo systems, and components, targeting a broad market with significant revenue growth potential. The servo system market share is close to 5%, ranking among the top domestic companies [2][3][4] 2. **Channel Upgrade Strategy**: The company has implemented a channel upgrade strategy by learning from competitors like Huichuan Technology to build a collaborative sales system, enhancing understanding of downstream demand, and introducing quality brand distributors to expand into mid-to-low-end markets. By 2024, the revenue from distributors is expected to rise to nearly 50% [2][5] 3. **Stock Incentive Plan**: A new round of stock incentive plans is set to launch in May 2025, which is anticipated to accelerate the main business development and significantly enhance net profit [2][6] 4. **Entry into Humanoid Robotics**: LeiSai Intelligent is leveraging its technological reuse and channel advantages to enter the motor and control segment of humanoid robotics, aiming to cultivate a second growth curve. The target for frameless motor orders is set at 100,000 units for this year, with production capacity reaching 300,000 units [2][7][8] 5. **Market Recovery**: The domestic automation market is expected to experience slight positive growth in Q1 2024 after three years of decline, driven by factors such as AI integration, low-altitude economy, domestic substitution, and digital transformation [2][9] 6. **Profit Margins**: The company maintains stable profit margins across its product lines: servo systems at approximately 28%, stepper systems at around 40%, and control technology products at over 65% [4][12] 7. **Demand Recovery in Downstream Industries**: The recovery in the automation industry is most pronounced in downstream sectors such as 3C electronics and semiconductors, which account for 40% to 50% of the company's business [2][11] 8. **Future Trends in Automation**: The automation industry is expected to see significant growth due to digital transformation initiatives and the impact of low-altitude economy and smart industries over the next three to five years [2][10] 9. **Competitive Landscape**: LeiSai Intelligent faces competition in the controller market, particularly from foreign brands in the PLC segment, but is gaining market share in high-end manufacturing sectors [2][13] 10. **Robotics Component Market**: Key components for humanoid robots include actuators and sensors, with frameless torque motors and hollow cup motors being critical. LeiSai's products are positioned competitively against foreign brands in terms of performance and cost [2][17] Additional Important Insights - **Management and Strategic Focus**: The company is transitioning to a process-oriented organization inspired by Huawei's strategic model, which is expected to improve operational efficiency and profitability [2][15] - **Long-term Growth Projections**: LeiSai aims for a compound annual growth rate of 25% to 30% in net profit over the next three years, with a target market capitalization exceeding 16 billion [2][22] - **Risks**: Potential risks include economic downturns in manufacturing, uncertainties in the development of cutting-edge technologies, and increasing market competition [2][22]

Investment Rating - The report gives a "Buy" rating for the company, Buke Co., Ltd. (步科股份) [1] Core Views - Buke Co., Ltd. is actively expanding its "Mobile + Collaboration" market and is a leader in the "frameless" torque motor sector, with significant growth potential in the humanoid robot market [1][6][10] - The company has a comprehensive product line in industrial automation, including human-machine interfaces, programmable logic controllers, servo systems, and low-voltage frequency converters, positioning it as a leading supplier in the automation control and robotics sector [6][14] - The report highlights the company's strong market position in mobile robot servo systems, with a significant increase in sales of its servo wheel products and a robust growth forecast for humanoid robot applications [8][9][10] Financial Summary - Projected total revenue (in million) for 2024A is 547, with a year-on-year growth rate of 8.1%, and expected to reach 1,080 by 2027E, with a growth rate of 25.1% [2] - Projected net profit attributable to shareholders (in million) for 2024A is 49, with a year-on-year decline of 19.4%, but expected to rebound to 123 by 2027E, with a growth rate of 19.7% [2] - Earnings per share (in yuan) are projected to increase from 0.58 in 2024A to 1.47 in 2027E [2] Market Position and Growth Drivers - The company has a leading market share in the mobile robot low-voltage servo sector, with cumulative shipments exceeding 1.2 million units, serving over 400,000 AGV/AMR units, making it the top player in the mobile robot industry [6][8][45] - The humanoid robot torque motor market is expected to reach 200 million yuan by 2025, with a compound annual growth rate (CAGR) of 91.7% from 2025 to 2030, indicating substantial growth opportunities [9][66] - The report emphasizes the increasing demand for automation driven by rising labor costs and an aging population, which is expected to boost the industrial automation rate [35][40] Product and Technology Development - Buke Co., Ltd. has developed an integrated servo wheel module that combines a driver, motor, reducer, and wheel, which has seen significant sales growth, with an expected 38,000 units sold in 2024, representing a year-on-year increase of 118.5% [6][50] - The company has received small batch orders for its frameless torque motors in the humanoid robot sector, indicating a strong foothold in this emerging market [9][67] - The report outlines the company's strategic focus on expanding its product offerings in the humanoid robot market, leveraging its existing technology and market position [10][66]

Group 1 - The company, Shanghai Buke Automation Co., Ltd., is planning to issue A-shares to specific investors in 2023, with the total number of shares not exceeding 25,200,000 [4][5] - The issuance will be subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [3][7] - The final issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [3][6] Group 2 - The total amount of funds raised, after deducting issuance costs, will be allocated to specific projects, including the construction of an intelligent manufacturing production base, with a total investment of RMB 66,115.62 million [5] - The project aims to achieve an annual production capacity of 1.81 million industrial control products, but faces risks related to market demand and competition [8][10] - The company has experienced fluctuations in revenue, with reported revenues of RMB 53,930.65 million, RMB 50,648.03 million, and RMB 54,746.85 million for the years 2022, 2023, and 2024 respectively [10][11] Group 3 - The company is currently facing challenges related to production capacity and market competition, which may impact its sales growth and profitability [10][11] - The company’s major shareholders include various investment funds, with the largest shareholder holding 44.02% of the shares [15] - The company operates in the industrial automation sector, which is characterized by high technical requirements and significant R&D investments [12][14]

Summary of LeiSai Intelligent Conference Call Company Overview - LeiSai Intelligent focuses on the humanoid robot industry, particularly in the field of hand-eye-brain coordination, achieving significant advancements in integrated arm and visual feedback technology, leading among domestic component companies [2][4][6] Key Points Industry and Market Position - The humanoid robot industry is experiencing rapid growth, with significant policy support from the government, aiming to promote the application of humanoid robots [14][16] - LeiSai's servo system has become the largest revenue source, accounting for 45% of total revenue in 2024, with a market share reaching 3.6% and positioned as the second among domestic competitors [3][13] Financial Performance - Despite a challenging macro environment, LeiSai maintained positive revenue growth, with a projected 12% increase in revenue and over 40% increase in profit for 2024 [2][11] - Gross margin is close to 39%, and net margin is 13%, with control technology gross margin stable above 65% [2][11] Research and Development - LeiSai emphasizes R&D, with over one-third of its workforce dedicated to this area and R&D investment exceeding 12%, which is high compared to industry peers [2][7] - The founder has a strong academic background, ensuring technological leadership [7] Employee Incentives - The company has implemented a stock incentive and employee shareholding plan covering 292 employees, enhancing motivation and confidence in company growth [2][8] Product and Technology Development - LeiSai has expanded its product offerings, including high-density frameless motors and drive systems, with plans for further innovations in linear and rotational modules [17][18] - The company is also developing new retail solutions, including a series of dexterous hands with varying degrees of freedom [19] Marketing and Distribution Strategy - The marketing model has shifted from direct sales to a distribution model, increasing the distribution ratio from 2% in 2021 to 48% in 2024 [12] - This strategy aims to enhance sales efficiency and profit margins through a collaborative approach across regional, industry, and product lines [12] Future Directions - LeiSai plans to continue investing in mobile robots and key components, focusing on high-power density frameless motors and micro servo systems [22] - The company aims to leverage its motion control technology to empower the humanoid robot industry and explore new market opportunities [22] Additional Insights - The company has a strong commitment to expanding its capabilities in the humanoid robot sector, with significant investments in technology and product development [14][22] - The competitive landscape includes other players like ZhaoWei and YingShiJunZhu, but LeiSai stands out for providing comprehensive solutions [20]

Group 1: Company Performance - In 2024, the company achieved a revenue of 1.584 billion CNY, a year-on-year increase of 11.93% [4] - The net profit attributable to shareholders was 200.5 million CNY, up 44.67% year-on-year, while the net profit excluding non-recurring items was 196.1 million CNY, an increase of 57.61% [4] - The overall market size of the OEM automation industry exceeds 100 billion CNY, with the overall automation market in China nearing 300 billion CNY in 2024 [6][7] Group 2: Market Challenges and Strategies - The automation industry is facing a 5% year-on-year decline in market size due to insufficient effective demand and significant downturns in the photovoltaic and lithium battery sectors [4] - The company plans to achieve a revenue growth of 20%-30% and a net profit growth of 30%-50% by 2025 [6] - The company is focusing on enhancing its marketing strategy by introducing over 200 new channel partners and establishing more than 30 offices in major cities [4][6] Group 3: Industry Trends and Opportunities - The humanoid robot market is projected to reach approximately 2.76 billion CNY in 2024, growing to 10.471 billion CNY by 2026, and potentially reaching 300 billion CNY by 2035 [6][9] - The global market for dexterous hands in humanoid robots is expected to reach 32.06 billion CNY by 2030, with a compound annual growth rate of 81.2% [9] - The company is leveraging government policies aimed at fostering "new quality productivity" to drive growth in the automation sector [6] Group 4: Product Development and Innovation - The company is focusing on core products such as servo systems, stepper systems, and control technology, providing comprehensive motion control solutions [5] - The establishment of subsidiaries like Shanghai Leisai Robot Technology Co., Ltd. and Shenzhen Agile Drive Control Technology Co., Ltd. aims to enhance product offerings in high-density motors and dexterous hands [7][9] - The company is actively developing a "brain" for robotic motion control systems, with several products already in the R&D phase [8]

2025 年 05 月 08 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 75 期 观点精粹: 最新报告摘要 核心产品持续涨价，2025Q1 业绩同比大幅改善--利民股份/农化制品(002734/212208) 公司点评 周期底部筑牢成本优势，阿拉善二期顺利推进中--远兴能源/化学原料(000683/212202) 公司动态研究 业绩保持增长，打造机器人第二增长曲线--雷赛智能/自动化设备(002979/216407) 公司动态研究 2025Q1 业绩超预期，有望逐步进入利润释放周期--福田汽车/商用车(600166/212806) 公司动态研究 多家车企发布 4 月销量，美国宣布豁免加拿大和墨西哥汽车零部件 25%关税--行业周报 价值型资金或仍为主要定价力量--资产配置报告 表活+油脂化学品双发力，2024 年归母净利润同比大增--赞宇科技/化学制品(002637/212203) 公司动态研究 定增加码智能芯片布局，迎接自主可控发展机遇--寒武纪/半导体(688256/212701) ...

Industry Overview - The general motion control (GMC) industry in China is experiencing a significant transformation towards high-end and intelligent manufacturing, leading to increased demand for motion control technology [1][13] - The market size of the general motion control industry in China is projected to reach 28.233 billion yuan in 2024, representing a year-on-year growth of 11.76% [1][13] - High-performance, multi-axis synchronous, and intelligent motion control systems are becoming mainstream, aligning closely with the core needs of manufacturing upgrades [1][13] Industry Development History - The development of the general motion control industry in China has gone through five stages, starting from the introduction of automation technology in the late 20th century to the current phase of deep integration with emerging technologies like AI and IoT [4][5][6] - The initial stage (1990s to 2001) saw reliance on imported technology, while the period from 2001 to 2005 marked the emergence of domestic brands like GSK Technology, which broke foreign monopolies [4][5] - The rapid development phase (2005 to 2014) was characterized by increased R&D investment and improvements in product performance, allowing domestic companies to enter mid-to-high-end markets [5][6] Industry Chain - The upstream of the general motion control industry includes raw materials, core components, and production equipment, while the midstream focuses on manufacturing motion control products [8][9] - The downstream consists of industries such as industrial robots, machine tools, semiconductors, and packaging machinery, which are the primary customers for motion controllers [8][9] Market Size - The demand for general motion control technology is significantly driven by the acceleration of China's manufacturing sector towards high-end and intelligent solutions [1][13] - The integration of new sensors, actuators, and control chips enhances control precision and response efficiency, facilitating the transition from traditional dedicated controllers to open and reconfigurable controllers [1][13] Key Companies' Performance - The market is currently characterized by a "three-legged" competition among domestic and foreign brands, with companies like Inovance Technology and GSK Technology making significant strides in the mid-to-high-end market [15][20] - GSK Technology reported a revenue of 251 million yuan in 2023 for its core control components, while Inovance Technology achieved a market share of 28% in the servo system market by 2024 [15][20] Industry Development Trends - The future of the general motion control industry in China is expected to focus on high performance, multi-axis synchronization, and intelligent adaptive control, driven by the push for smart manufacturing and Industry 4.0 [22] - The application of motion control technology is expanding beyond traditional sectors to include new energy vehicles, medical devices, and smart home technologies [23][24] - Domestic brands are projected to capture over 70% of the market share, with an accelerated pace of domestic substitution and intensified competition against foreign brands [25]

Group 1 - The company reported a revenue of 1.584 billion yuan in 2024, an increase of 11.93% year-on-year, and a net profit of 200 million yuan, up 44.67% year-on-year [1] - In Q4 2024, the company achieved a revenue of 429 million yuan, representing an 18.68% year-on-year growth and a 29.25% quarter-on-quarter increase [1] - For Q1 2025, the company recorded a revenue of 390 million yuan, a 2.36% year-on-year increase but a 9.00% decrease quarter-on-quarter [1] Group 2 - The company increased its R&D investment in servo and PLC products, with R&D expenses of 195 million yuan in 2024 and 48 million yuan in Q1 2025, representing 12.30% and 12.40% of revenue respectively [2] - The servo system business generated a revenue of 709 million yuan in 2024, growing by 11.37% year-on-year, while the stepper system business revenue was 606 million yuan, up 3.01% year-on-year [2] - The control technology business saw a revenue of 252 million yuan, a significant increase of 46.68% year-on-year, with PLC product revenue soaring by 88.16% [2] Group 3 - The company has been focusing on the robotics industry since 2018, successfully developing key products such as high-density frameless torque motors and servo drives by the end of 2023 [3] - In March 2025, the company launched the DH series dexterous hand solutions, which include models with 11, 20, and 24 degrees of freedom, applicable in industrial, commercial, and home scenarios [3] - The company maintains a "buy" rating, with projected EPS for 2025, 2026, and 2027 at 0.86 yuan, 1.06 yuan, and 1.30 yuan, corresponding to PE ratios of 52x, 42x, and 35x respectively [3]