拓斯达 20250822 摘要 拓斯达上半年营收增长 22.66%，毛利率 38.83%。工业机器人板块收 入微增，其中多关节机器人增长 80%，但自动化系统因聚焦头部客户而 收缩。注塑板块辅机营收增长 30%，注塑机主机下降 30%，但电动注 塑机实现几千万元收入，毛利率提升。 数控机床板块营收同比增长 83.74%，销量约 200 台，主要受益于人形 机器人零部件加工、低空飞行器及航空领域订单。智能能源及环境管理 系统（绿能）业务营收大幅减少，正逐步剥离。 2025 年上半年电动注塑机销量预计小几千万，全年可能达到大几千万。 自动化业务订单主要来自客户海外建厂，尤其是苹果新机型工艺更新需 求，市场反应良好，四轴和六轴机器人也有显著增长。 数控机床行业竞争激烈，价格和毛利率有所下降。与华为在核心算法方 面无新进展，主要与智谱 AI 合作，成立合资公司，机器人产品使用智谱 AI 大模型，9 月 12 日发布轮式人形机器人。 2025 年上半年工业机器人及自动化、注塑机及配套设备毛利率约为 40%，数控机床约为 27%-28%，绿能业务约为 9%。海外市场增长显 著，不含绿能产品类收入增长超过 90%。 Q&A ...

事件评论 行业景气与供需共振双轮驱动，国产注塑机出海提速。注塑机作为塑料成型的核心装备，可加工各类复 杂精密塑料制品，广泛应用于新能源汽车、医疗、3C 电子等众多领域。塑料制品应用领域的广泛性， 为注塑机需求的平稳增长奠定了基础。随着注塑机下游厂商加速海外建厂，叠加新兴市场需求潜力释放 及我国注塑机竞争力持续提升，国内注塑机出口需求显著增长。需求端方面，下游应用领域的海外建厂 催化了设备出海需求。行业层面，国内注塑机2025H1 出口金额同比+29%，其中东南亚地区增速达 94%，东南亚占出口比例达到36%；对南亚出口增速30%，其他多数地区也保持双位数以上增速。同 时，全球人均塑料消费量呈增长趋势，新兴市场因人均消费基数较低，存在广阔的提升空间。供给侧层 面，中国注塑机的全球竞争力逐步凸显。其产量已连续22 年位居全球首位，占全球总量的50%，销售 收入占全球市场的1/3，产品出口至200 多个国家和地区，持续保持全球最大注塑机出口国的地位， 2024 年贸易顺差扩大至16.52 亿美元。在全球市场格局中，中国头部企业如海天国际、伊之密的市场份 额持续上升，与欧洲、日本企业的技术差距正逐步缩小。在中国注塑机 ...

8月22日，拓斯达接待了Fullerton Fund Management Company Limited等多家机构调研。调研中公司表 示，上半年持续推进"聚焦产品，收缩项目"的战略转型，深化业务结构调整。报告期内公司产品类业务 规模稳步增长，但智能能源及环境管理系统业务规模收缩67.20%。 2025年上半年，拓斯达经营活动现金流净额为4341.61万元，同比增长6644.87%。公司存货账面价值为 8.13亿元，较上年末增加1.83亿元。 拓斯达最新股价为36.88元，较前一交易日上涨1.10%。公司2025年上半年实现营业收入10.86亿元，归 属于上市公司股东的净利润2873万元。 风险提示：投资有风险，入市需谨慎。本文不构成任何投资建议。 拓斯达主营业务为工业机器人、注塑机、数控机床等智能装备的研发、生产和销售。公司致力于为制造 企业提供智能制造整体解决方案，目标是成为全球领先的智能装备服务商。 ...

证券代码：300607 证券简称：拓斯达 广东拓斯达科技股份有限公司 投资者关系活动记录表 3、公司工业机器人业务发展情况 编号：2025006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☑电话/网络会议 | | 参与单位名称及 | Fullerton Fund Management Company Limited、LYGH Capital | | | Pte. Ltd、Orchid Public Investment Management Co Limited、 | | 人员姓名 | OXBRIDGE CAPITAL LIMITED、北京星允投资管理有限公司、鸿 | | | 运私募基金管理（海南）有限公司、华福证券、嘉实基金管理 | | | 有限公司、开源证券股份有限公司、凯基证券亚洲有限公司、 | | | 平安银行股份有限公司、平安证券股份有限公司、群益国际控 | | | 股有限公司、上海弥远投资管理有限公司、上海天猊投资管理 | | | 有限公司、 ...

丨证券研究报告丨 港股研究丨公司点评丨海天国际（1882.HK） [Table_Title] 海天国际：注塑机出口景气，海外布局稳步推进 报告要点 [Table_Summary] 公司发布 2025 中报，2025H1 实现营收 90.18 亿元，同比+12.5%；归母净利润 17.12 亿元， 同比+12.6%。25H1 公司海外市场收入同比+34.65%，海外收入占比达到 42.3%（24 年为 37.3%），反映公司全球份额持续扩张，注塑机出海逻辑持续验证。海外扩产方面，海天国际加 速全球化，正向"五五战略"推进，已在印度、墨西哥落地产能，日本、塞尔维亚等地新建产 能预计 2025 年起相继投产，同时通过供应链升级和数字化监控降本增效，匹配全球化需求。 展望后续，注塑机出口景气有望持续，公司作为全球龙头有望充分受益。 分析师及联系人 [Table_Author] 赵智勇 曹小敏 杨文建 SAC：S0490517110001 SAC：S0490521050001 SAC：S0490525070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579. ...

Core Viewpoint - Guangdong Topstar Technology Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, with a 36.98% decrease in revenue compared to the same period last year, amounting to approximately 1.09 billion yuan [4][5]. Financial Performance - Revenue for the reporting period was 1,086,076,814.69 yuan, down from 1,723,474,417.91 yuan in the previous year, representing a 36.98% decrease [4]. - Net profit attributable to shareholders was 20,428,374.32 yuan, a decrease of 28.53% from 28,584,577.98 yuan in the same period last year [4]. - Basic and diluted earnings per share both decreased by 25% to 0.06 yuan per share [4]. - Total assets increased by 1.82% to 6,043,510,583.71 yuan compared to the end of the previous year [4]. Industry Overview - The company operates in the high-end equipment manufacturing sector, specifically in the intelligent manufacturing equipment industry, which is a key area supported by national policies [5][6]. - The industrial robot market in China has seen significant growth, with the country being the largest application market for industrial robots globally for ten consecutive years [6][7]. - The demand for automation in manufacturing is increasing due to challenges such as labor shortages and rising labor costs, driving the need for industrial robots [6][7]. Product and Service Offerings - The company specializes in industrial robots, CNC machine tools, and injection molding machines, providing comprehensive automation solutions [11][12]. - Key products include multi-joint robots, Cartesian robots, and various types of injection molding machines, which are designed for high precision and efficiency [11][12]. - The company has developed a range of automation application solutions that integrate industrial robots with vision systems and other auxiliary equipment to enhance production efficiency [13][14]. Market Trends - The market for electric injection molding machines is expected to grow significantly, driven by trends towards energy efficiency and automation [9][10]. - The five-axis CNC machine tools are gaining traction due to their ability to handle complex machining tasks, which is essential for industries such as aerospace and automotive [8][9]. - The company is positioned to benefit from the increasing demand for high-end CNC machine tools and automation solutions across various sectors, including 3C, automotive, and food and beverage industries [5][6].

雅鲁藏布江大项目正式开工，工程机械行业迎重大机遇 20250821 摘要 2025 年 1-7 月挖掘机出口增速超 10%，叉车、重卡等产品表现良好， 反映全球制造业复苏。中大型挖掘机出口占比提升，显著拉动利润增长， 毛利率高于小型挖掘机 5-10 个百分点。 预计下半年美联储降息将改善全球投资环境，带动海外需求增长。中国 工程机械企业凭借成本优势逐步取代小松和卡特彼勒的市场份额，国内 外市场均处于上行周期起点。 雅江项目总投资 1.2 万亿元，土建投资约 7,000 多亿元，工程机械占比 15%-20%，拉动需求超 1,000 亿元。预计五年工期内，每年设备采购 规模约 250-300 亿元，相当于四大主机厂收入总规模的 10%左右。 雅江项目设备采购预算约 1,800 亿元，混凝土与土方设备占比 30%- 35%，盾构占比 10%-15%，自卸车、塔吊等占比 20%-25%。设备采 购预计从 2025 年 Q4 至 2026 年 Q1 开始，集中在 2026 年上半年，以 新设备为主。 雅江项目对无人化和电动化设备需求高，无人矿用机械技术进展快，预 计 2024 年无人矿卡产品放量，渗透率已达 6%并有望 ...

证 券 研 究 报 告 Company Report: Haitian International (01882 HK) 中文版 Muyang Zhao 赵沐阳 (852) 25095375 公司报告： Chinese version muyang.zhao@gtjas.com.hk 20 August 2025 供应链迁移推动海外注塑机需求 [Table_Summary] 我们上调至"买入"，并上调目标价至 26.00 港元。海天国际（"公司"）公 布了强劲的中期业绩，海外销售增长高于预期，国内销售保持稳定。鉴于关税 环境不确定，供应链从中国大陆向东南亚转移，推动了海外销售增长，我们预 计这种情况将在今年剩余时间内持续。若这种趋势延续，强劲的海外销售可能 会抵消疲弱的国内销售。因此，我们分别上调 2025-2027 年收入预测至人民币 179.49 亿元（+1.2%）/人民币 177.11 亿元（+0.1%）/人民币 203.09 亿元 （+1.0%）。我们预计公司 2025/ 2026/ 2027 年的每股盈利分别为人民币 2.127 元（+2.6%）、人民币 2.032 元（+1.4%）和人民币 2.3 ...

Core Viewpoint - CICC maintains the profit forecast for Haitian International (01882) at 3.64 billion and 4.067 billion yuan for 2025 and 2026 respectively, with the current stock price corresponding to a P/E of 8.8x and 7.8x for those years, indicating a 35% upside potential based on a target price of 29.5 HKD [1] Group 1: Financial Performance - In 1H25, the company's revenue reached 9.018 billion yuan, reflecting a year-on-year growth of 12.5%, while the net profit attributable to the parent company was 1.712 billion yuan, also up by 12.6% [1] - The company's 1H25 performance aligns with CICC's expectations, with overseas market demand being a significant contributor to growth, as overseas revenue increased by 34.7% [2] Group 2: Sales Breakdown - In 1H25, domestic and overseas sales were 5.20 billion and 3.82 billion yuan respectively, with domestic sales growing by 0.3% and overseas sales by 34.7% [2] - The growth in overseas sales is attributed to the company's ongoing international expansion and structural adjustments in the global supply chain, particularly in Southeast Asia [2] Group 3: Product Performance - Sales of injection molding machines increased by 12.1% to 8.637 billion yuan in 1H25, while parts and services sales rose by 21.0% to 381 million yuan [3] - The revenue from the Mars, Jupiter, and electric series in 1H25 was 5.855 billion, 1.672 billion, and 1.072 billion yuan respectively, with year-on-year growth rates of 13.2%, 14.7%, and 5.3% [3] Group 4: Profitability and Efficiency - The company's gross margin in 1H25 was 32.8%, an increase of 0.5 percentage points year-on-year, primarily due to lower raw material prices; the net profit margin remained stable at 19.0% [4] - The net cash flow from operating activities was 1.402 billion yuan, reflecting an increase of 197 million yuan year-on-year, indicating improved management of working capital [4] Group 5: Global Strategy - The company continues to deepen its overseas capacity investment and market expansion, with overseas revenue accounting for 42.3% of total revenue in 1H25, up by 6.9 percentage points year-on-year [5] - The company hosted open house events at its global factories, attracting over 3,000 clients, partners, and investors from more than 20 countries, indicating strong international engagement [5] - With the completion of the second phase of factories in Serbia and India expected in 2025, the company anticipates further increases in overseas revenue share [5]

本文源自：金融界 作者：行情君 8月18日，力劲科技(00558)盘中上涨7.51%，截至09:30，报7.3元/股，成交7793.69万元。 力劲科技集团有限公司是一家专注于设计制造压铸机的投资控股公司，主要通过三个分部运营业务：热 室和冷室压铸机制造与销售、注塑机及相关配件的制造与销售，以及电脑数控加工相关产品及配件的制 造与销售。 截至2024年年报，力劲科技营业总收入53.75亿元、净利润3.23亿元。 ...