2025 年 09 月 25 日 技术突破与战略协同并举，智能化浪潮中实现持 续增长 买入(首次) 投资要点 | 分析师：尤少炜 | S1050525030002 | | --- | --- | | yousw@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 4 | | 当前股价（元） | 48.93 | | 总市值（亿元） | 154 | | 总股本（百万股） | 314 | | 流通股本（百万股） | 221 | | 52 周价格范围（元） | 20.58-53.86 | | 日均成交额（百万元） | 677.8 | 市场表现 资料来源：Wind，华鑫证券研究 0 50 100 150 200 (%) 雷赛智能 沪深300 相关研究 —雷赛智能（002979.SZ）公司动态研究报告 ▌自动化行业迎结构性机遇，智能化与国产替代驱 动增长 自动化行业正面临智能化、高精度、绿色化的转型趋势，工 业自动化生产线及机器人成为核心增长点。据睿工业数据， 2024 年中国自动化市场规模达 3000 亿元，其中 OEM 领域超 1,000 亿元，而人形机器人市场预计从 2024 年的 27. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance in 2025 met expectations, with revenue and profit showing both year-on-year and quarter-on-quarter growth. The company capitalized on structural opportunities in emerging industries to offset declines in the photovoltaic sector while maintaining its position as the No. 2 player in the domestic servo system market. Overall profitability remains robust [2][11]. - The company has made significant progress in its humanoid robot core components, including joint modules, frameless torque motors, hollow cup motors, and dexterous hands. Most clients have achieved progress, and several large commercial orders have been secured, leading to substantial revenue growth. The company plans to initiate trial production and small-scale manufacturing of 15 new dexterous hand products in Q3 2025 [2][11]. Financial Performance - In H1 2025, the company achieved revenue of 891 million, a year-on-year increase of 8.28%. The net profit attributable to the parent company was 119 million, up 2.22% year-on-year. For Q2 2025, revenue reached 501 million, a year-on-year increase of 13.40%, with net profit of 63 million, up 2.19% year-on-year [6][11]. - The company's gross margin slightly improved to 38.78%, with a year-on-year increase of 0.67 percentage points. The sales net profit margin was 13.94%, down 0.42 percentage points year-on-year [11]. Business Segments - The company continues to deepen its customer needs in traditional advantageous industries while capturing structural opportunities in emerging sectors. The revenue growth rates for various segments in H1 2025 were 19.3% for servo systems, -4.1% for stepper systems, and 11.3% for programmable logic controllers [11]. - The control technology segment has seen significant growth, with PLC product revenue increasing by 44.09% year-on-year [11]. Future Outlook - The company is optimistic about the development of its humanoid robot business and plans to continue its innovation-driven strategy, focusing on high-end servo product research and solutions in cutting-edge fields. The projected net profits for 2025 and 2026 are 257 million and 317 million, respectively, with corresponding PE ratios of 60x and 48x [11].

Core Viewpoint - The industrial automation sector in China has reached an internationally leading level, particularly in emerging fields such as embodied intelligent robots and humanoid robots, with companies like Boke Co., Ltd. at the forefront of this development [2][5]. Company Overview - Boke Co., Ltd. was successfully listed on the Sci-Tech Innovation Board in November 2020, raising 381 million yuan, which significantly boosted the company's confidence and investment capabilities in humanoid and embodied intelligent robots [4]. - The company reported a revenue of 311 million yuan in the first half of 2025, representing a year-on-year growth of 21.28%, and a net profit of 26 million yuan, up 13.58% from the previous year [4]. Globalization Strategy - Boke Co., Ltd. aims for global outreach and has established a mission focused on components to achieve global robotics [2][5]. - The company is optimistic about the growth of international sales and revenue share in the coming years due to technological advancements and globalization efforts [2][5]. Industry Insights - The robotics industry is characterized by various categories, including industrial robots, mobile robots, and AGV robots, which are currently in a mature phase with substantial growth [6]. - The fields of embodied intelligent robots and humanoid robots are still in the technology introduction phase, with new demands emerging and driving the development of new technological solutions [6]. Strategic Focus - Boke Co., Ltd. aims to combine the long-term development of robotics with short-term market demands to ensure sustained commercial success [6][7]. - The company aspires to be the "most knowledgeable component company in robotics," focusing on providing not just hardware but also supporting component models that facilitate the successful application of humanoid robots [6][8].

Core Viewpoint - The report by Guojin Securities on Leisai Intelligent highlights stable growth in its main business and the potential for its robotics segment, maintaining a "buy" rating for the company [1]. Financial Performance - In the first half of 2025, Leisai Intelligent achieved revenue of 889 million yuan, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 120 million yuan, up 2.2% year-on-year, with a gross margin of 38.8%, an increase of 0.7 percentage points [2]. - For Q2 2025, the company reported revenue of 500 million yuan, a year-on-year increase of 13.4%, and a net profit of 60 million yuan, also up 2.2% year-on-year, with a gross margin of 39.1%, remaining stable [2]. Operational Analysis - The industrial control main business is showing steady growth, driven by servo and PLC systems. The domestic OEM automation market grew by 2% year-on-year [3]. - Revenue from the servo system reached 430 million yuan in H1 2025, up 19.3% year-on-year, with a gross margin of 27.6% [3]. - Control technology revenue was 140 million yuan, an increase of 11.3% year-on-year, with PLC revenue growing by 44.1% [3]. - The stepping system faced increased competition, resulting in a revenue decline of 4.1% year-on-year to 310 million yuan, but the gross margin improved by 4.1 percentage points to 42.7% [3]. - The company is focusing on human-shaped robots as a second growth curve, with several large clients testing its products and achieving significant commercial orders [3]. Expense and Cash Flow - In H1 2025, the company's sales, management, and R&D expense ratios were 8.4%, 4.7%, and 11.6%, respectively, reflecting increases due to marketing and new equity incentive costs [4]. - The operating cash flow showed significant improvement, with a net amount of 50 million yuan, a year-on-year increase of 115.9% [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 260 million yuan, 330 million yuan, and 400 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30%, 25%, and 23% [5]. - The current price corresponds to a PE ratio of 57, 46, and 37 for the years 2025, 2026, and 2027 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.20 [1][5]. Core Views - The company's revenue for the first half of 2025 reached RMB 891 million, a year-on-year increase of 8.28%, while the net profit attributable to the parent company was RMB 119 million, up 2.22% year-on-year. The second quarter saw revenue of RMB 501 million, reflecting a year-on-year increase of 13.40% and a quarter-on-quarter increase of 28.27% [1]. - The company is expected to achieve steady growth in its main business through application expansion and sales transformation, with the humanoid robot product layout potentially creating a second growth curve [1]. - The servo system segment reported revenue of RMB 427 million, a year-on-year increase of 19.29%, while the PLC segment saw a significant growth of 44.09% year-on-year, indicating a successful expansion into the servo and PLC fields [2]. - The gross margin for the first half of 2025 was 38.78%, with a net margin of 13.94%. The company experienced a significant improvement in cash flow, with operating cash flow reaching RMB 50 million, a year-on-year increase of 115.87% [3]. - The humanoid business is being developed through subsidiaries focusing on core components and solutions, which is expected to drive revenue growth in this segment [4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of RMB 891 million and a net profit of RMB 119 million, with Q2 figures showing a revenue of RMB 501 million and a net profit of RMB 63 million [1]. - The gross margin for the first half was 38.78%, and the net margin was 13.94% [3]. Business Segments - The servo system segment generated RMB 427 million in revenue, up 19.29% year-on-year, while the PLC segment saw a 44.09% increase in revenue [2]. - The humanoid robot business is being developed through various subsidiaries, focusing on core components and solutions [4]. Profitability and Cash Flow - The company achieved a gross margin of 38.78% and a net margin of 13.94% for the first half of 2025, with significant improvements in cash flow [3]. Future Outlook - The company maintains its profit forecast for 2025-2027, expecting net profits of RMB 271 million, RMB 339 million, and RMB 389 million respectively, with corresponding EPS of RMB 0.86, RMB 1.08, and RMB 1.24 [5].

Core Viewpoint - The company, Leisai Intelligent, has experienced rapid market share growth in the servo system and small to medium PLC products within the Chinese market, while maintaining a significant market share in the stepper system [2] Group 1: Market Performance - The servo system and small to medium PLC products have achieved fast market share growth in China [2] - The stepper system continues to hold a large market share in the Chinese market [2] Group 2: Future Outlook - The company plans to leverage its "three-line synergy" marketing system to enhance its competitive edge in key regions [2] - There is a focus on consolidating technological leadership in research and development [2] - The company aims to improve its refined management capabilities to seize opportunities in "new quality productivity" and lay a solid foundation for high-quality growth over the next three to five years [2]

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]