公司公布3Q25 业绩：截至前三季度，公司录得收入约12.15 亿港元（同比+30%），归母净利润4.88 亿 港元（同比+22%），基本符合市场预期。同时，公司于11 月14 日自愿公告新的股份回购计划，自2025 年11 月17 日至2028 年12 月31 日，从公开市场以市场购回的方式，回购不超过价值10 亿港元的股份。 2H25 机器人版图投资加速。截至3Q25，首程集团管理的多支产业基金已完成对宇树科技、云深处、星 海图等多家机器人产业链投资。近期宇树科技完成IPO 辅导1，首程控股通过北京机器人产业发展投资 基金持有股份2，有望进入投资收益正循环。 发展趋势 机构：中金公司 研究员：孙元祺/郭威秀/谭钦元 3Q 业绩基本符合市场预期 我们维持2025-2026 年归母净利润预测6.48 亿港元及7.51 亿港元不变（同比+58%及+16%），维持跑赢 行业评级及目标价3.30港元，目标价对应2.8 倍2025 年市净率，较当前股价隐含45%的上行空间。公司 当前交易于1.9 倍2025 年市净率和2.0 倍2026 年市净率。 风险 机器人体验店触达终端，新商业模式孵化中。2025 年以来，公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has signed an investment agreement with Shanghai Haohai Xingkong Robot Co., Ltd. to establish a joint venture focused on building a robot manufacturing base, which will enhance its production capabilities and support future growth [5][6] - The company has a strong order backlog with 42 new projects under development, which is more than double the number of projects from 2023, indicating robust future growth potential [6] - The company's revenue for the first half of 2025 increased by 21.10% year-on-year, with a net profit growth of 17.10%, and a gross margin of 29.94%, significantly higher than the automotive parts sector average of 18.56% [6] Financial Projections - The projected net profits for the company from 2025 to 2027 are expected to be 2.18 billion, 2.66 billion, and 3.22 billion respectively, with year-on-year growth rates of 27.10%, 22.06%, and 20.93% [8] - The estimated price-to-earnings (PE) ratios for the same period are 26.11x, 21.39x, and 17.69x, indicating a favorable valuation trend [8] - Revenue forecasts for 2025, 2026, and 2027 are 1.49 billion, 1.78 billion, and 2.10 billion respectively, with annual growth rates of 21.6%, 19.7%, and 17.8% [10]

Core Viewpoint - The strategic partnership between Shanghai Haohai Star Robot Co., Ltd. and Zhejiang Xiantong Rubber & Plastic Co., Ltd. aims to enhance the manufacturing capabilities of embodied intelligent robots and commercial service robots, marking a significant step towards industrialization in the robotics sector [1][4][9]. Group 1: Strategic Collaboration - Zhejiang Xiantong invests 40 million yuan in Haohai Star, acquiring a 10% stake and becoming a strategic shareholder [1]. - Both companies will establish a joint venture to build a robot manufacturing base, focusing on the production of various types of robots [1][2]. - The collaboration is seen as a critical move for Haohai Star as it transitions into the industrialization phase of its operations [4]. Group 2: Manufacturing and R&D Capabilities - Haohai Star's CEO emphasizes the need for technological leadership and scalable delivery capabilities to achieve breakthroughs in the robotics industry [4]. - Zhejiang Xiantong brings over 30 years of high-end precision manufacturing experience and a robust quality management system, which will support Haohai Star's transition from R&D to market delivery [4][5]. - The partnership aims to address the core challenges of industrializing robotics by converting embodied intelligence technology into scalable products [6]. Group 3: Market Insights and Future Outlook - The robotics industry is moving from technology demonstration to large-scale application, with mass production capabilities being a key bottleneck [6]. - Haohai Star has developed a product line covering education, healthcare, and commercial sectors, indicating a strategic insight into industry trends [6]. - The collaboration is expected to enhance the manufacturing capabilities and reduce costs, facilitating faster product development and market entry [5][6]. Group 4: Leadership and Experience - Haohai Star's CEO has 20 years of experience in the robotics field, having previously worked with leading companies and contributed to the development of notable humanoid robots [7]. - The CEO's vision for the company includes preparing for the mass production of humanoid robots aimed at complex applications in various sectors [7]. Group 5: Ecosystem Development - Haohai Star emphasizes the importance of ecosystem cooperation and industry chain collaboration, viewing the partnership with Zhejiang Xiantong as a key component of its strategy [9]. - The company plans to expand its network of industry partners to create a more comprehensive robotics ecosystem [9].

Group 1 - The company plans to invest 40 million yuan to acquire a 10% stake in Haohai Xingkong and establish a joint venture named "Haohai Xiantong" to enter the robotics sector [1] - The joint venture will focus on manufacturing embodied intelligent robots, commercial service robots, and consumer robots, enhancing Haohai Xingkong's core component R&D capabilities [1] - The partnership is not expected to significantly impact the company's financial status or operating results for 2025 [1] Group 2 - Haohai Xingkong specializes in the R&D and innovation of embodied intelligence, commercial service, and consumer robots, with a product line covering education, healthcare, and commercial sectors [2] - The company has 30 years of experience in high-end precision manufacturing and a robust quality management system, which will strengthen Haohai Xingkong's delivery capabilities [2] - The company has a strong position in the automotive sealing strip industry, with a self-manufacturing rate of 90% for tooling and molds, and a rich customer base including major automotive manufacturers [2] Group 3 - The company has 42 new projects under research and has doubled the number of new projects compared to 2023 [2] - The company is expanding its advanced production capacity, with an estimated 2 billion yuan in advanced production space by the end of 2024 [2] - The company aims to leverage its production experience and cost control to compete with foreign manufacturers and expand market share [2]

Investment Rating - The investment rating for Zhejiang Xiantong is "Buy" (maintained) [2] Core Views - The company has entered a strategic partnership with Haohai Xingkong, investing 40 million yuan for a 10% stake and establishing a joint venture named "Haohai Xiantong" to develop a robot manufacturing base [5][6] - The collaboration aims to leverage the strengths of both companies, combining Xiantong's 30 years of high-end precision manufacturing experience with Haohai Xingkong's expertise in intelligent and commercial service robots [6] - The financial impact of this partnership on the company's 2025 results is expected to be minimal, with maintained earnings forecasts for 2025-2027 [5] Financial Performance and Projections - Revenue is projected to grow from 1,066 million yuan in 2023 to 2,072 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.1% [8][10] - Net profit attributable to the parent company is expected to increase from 151 million yuan in 2023 to 332 million yuan in 2027, with a notable growth rate of 38.4% in 2025 [8][10] - The company's gross margin is forecasted to improve from 28.7% in 2023 to 31.9% in 2027, indicating enhanced operational efficiency [8][11] Market Position and Competitive Advantage - Zhejiang Xiantong is recognized as a leader in the automotive sealing strip industry, with a self-manufacturing rate of tooling molds reaching 90%, showcasing strong cost control capabilities [7] - The company has a diverse customer base, including major automotive manufacturers, and is actively expanding its advanced production capacity [7] - The establishment of the joint venture is expected to enhance the company's competitive position in the robotics sector, supported by a robust supply chain in Taizhou [6][7]

Core Viewpoint - Zhejiang Xiantong has announced a partnership with Shanghai Haohai Xingkong Robot Co., Ltd. to establish a joint venture focused on the robotics sector, particularly in education, healthcare, and commercial applications [1][2]. Group 1: Joint Venture Details - The joint venture will have a registered capital of 20 million RMB, with Zhejiang Xiantong contributing 10.2 million RMB (51%) and Haohai Xingkong contributing 9.8 million RMB (49%) [1]. - The joint venture will focus on robot assembly, key component development, supply chain management, and after-sales services [1]. Group 2: Investment and Strategic Goals - Zhejiang Xiantong plans to invest 40 million RMB to acquire a 10% stake in Haohai Xingkong, which will support the establishment of a robot production base [1]. - The collaboration aims to leverage Zhejiang Xiantong's expertise in polymer materials and precision mold development to meet the lightweight structural needs of robots [2]. Group 3: Operational Synergies - The joint venture will provide complete production services for Haohai Xingkong's intelligent robots and will engage in core component development [2]. - Zhejiang Xiantong will manage production, quality control, and supply chain optimization, while Haohai Xingkong will contribute technology, patents, and market support [2][3]. Group 4: Leadership and Governance - The governance structure of the joint venture will feature a complementary leadership model, with Zhejiang Xiantong's former controlling shareholder serving as chairman and Haohai Xingkong's chairman as vice-chairman [3]. - This structure is designed to ensure efficient collaboration in strategy and execution [3]. Group 5: Market Context and Future Outlook - The partnership is seen as a significant move for Zhejiang Xiantong to diversify its business and explore new growth avenues in the robotics industry [2]. - The collaboration is expected to enhance product development and industrialization efficiency by integrating technology and manufacturing capabilities [3].

Group 1 - Zhejiang Xiantong plans to invest 40 million yuan in Shanghai Haohai Xingkong, acquiring a 10% stake, and will establish a joint venture for robot production in Taizhou, Zhejiang [1] - The joint venture will focus on the production of intelligent robots, commercial service robots, and consumer robots, leveraging both companies' strengths in technology and market access [1][2] - The management of Zhejiang Xiantong emphasizes the strategic importance of this partnership, with key leadership roles assigned to both companies to ensure deep collaboration [1] Group 2 - The partnership is seen as a "strong alliance," combining Zhejiang Xiantong's expertise in automotive sealing with Haohai Xingkong's robotics technology, which is expected to lower manufacturing costs [2] - The automotive industry has a natural advantage in entering the robotics field, as companies can leverage existing manufacturing experience and technology [2] - Zhejiang Xiantong has a strong background in automotive sealing production and has been serving both domestic and international automotive clients since its establishment [2]