证券日报网讯标榜股份10月9日在互动平台回答投资者提问时表示，公司目前未涉及滚珠丝杠产品。公 司密切关注相关行业的发展及材料的应用，并正进行研究。 （文章来源：证券日报） ...

格隆汇10月9日丨标榜股份(301181.SZ)在投资者互动平台表示，公司目前未涉及滚珠丝杠产品。公司密 切关注相关行业的发展及材料的应用，并正进行研究。 ...

证券研究报告 | 公司深度 | 汽车零部件 汽车轻量化领军企业，全面布局发展机器人业务 ——嵘泰股份深度报告 投资要点 ❑ 机器人：公司全面布局磨床、丝杠和电机，关节总成发展潜力大。 丝杠：2025 年 4 月，公司与润孚动力（军品级丝杠供应商）合资成立江苏润泰 （公司出资 6500 万元，持股 45%），合资公司业务聚焦人形机器人和汽车底盘的 行星滚柱丝杠、滚珠丝杠。 磨床：公司子公司河北力准机械拟与润孚成立螺纹设备公司，持股比例 65%/35%，开发生产滚珠及滚柱螺纹设备。河北力准从事高端定制化数控机床销 售，2022-2024 年收入端 CAGR 46%，2024 年收入 1.7 亿元，净利润 0.41 亿元。 螺纹设备制造壁垒较高，内螺纹磨削行程精度要求高，我国市场中德国等厂外资 商市占率较高。公司布局磨床环节，有望实现制造成本降低，及生产效率提升， 提升丝杠产品的价格及品质竞争力。 电机：2025 年 8 月，公司出资 3306 万元收购澳多电子 51%股权。其成立于 2010 年，优势产品为电动踏板等，机电一体化能力强。 ❑ 主业：新能源轻量化持续推进，公司顺应行业趋势扩产壮大。 行业：根据测算， ...

Core Viewpoint - Tianfeng Securities reports that planetary roller screws offer higher precision, longer lifespan, and greater load capacity, with potential applications in automotive steer-by-wire chassis systems [1] Application Areas - In the robotics sector, ball screws and planetary roller screws are predominant; in the automotive sector, ball screws are widely used in chassis, while planetary roller screws are emerging as a new technological direction [2] - In braking systems, the trend is moving from traditional hydraulic brakes to electro-hydraulic mixed brakes (EHB) and then to electromechanical brakes (EMB), with planetary roller screws gradually replacing existing technologies due to their low friction, high load capacity, and long lifespan [2] - In steering systems, rear-wheel steering technology (RWS) can control the rear wheel's steering angle, significantly enhancing vehicle handling; planetary roller screws may be used in this technology, offering advantages over current ball screws or belt drives [2] - In active suspension systems, planetary roller screws possess higher load capacity, longer lifespan, and more compact structure, indicating potential for increased application in electric suspension systems as performance requirements evolve [2] Competitive Landscape - The market is currently dominated by international leaders, with foreign manufacturers holding over 60% market share in 2022; Swiss company GSA/Rollvis leads with a 52% share [3]

Core Viewpoint - Tianfeng Securities reports that lead screws, driven by motors, convert rotational force into linear motion, playing a crucial role in precision transmission systems, particularly in emerging industries like electric vehicles and robotics [1] Group 1: Lead Screw Types and Applications - Lead screws can be categorized into sliding, rolling, and hydrostatic types based on friction characteristics [1] - Rolling lead screws are further divided into ball lead screws and planetary roller lead screws [1] - Ball lead screws are predominantly used in robotics, while rolling lead screws are widely applied in automotive chassis [1] Group 2: Future Outlook - Tianfeng Securities expresses optimism about the future application of planetary roller lead screws in the automotive sector [1]

Group 1: Stock Market Activity - 28 stocks were listed on the institutional trading leaderboard, with 12 stocks seeing net buying and 16 stocks experiencing net selling [1] - The top three stocks with the highest net buying by institutions were: Lixing Co., Ltd. (1.45 billion), Inspur Information (1.3 billion), and Heng'erda (1.06 billion) [1] Group 2: Key Stocks Overview - Lixing Co., Ltd. (300421.SZ) saw a price increase of 7.05% with 4 buyers and 1 seller [2] - Inspur Information (000977.SZ) experienced a price increase of 9.99, with 1 buyer and 1 seller [2] - Heng'erda had 4 institutions net buying 1.06 billion, and the company is actively promoting the localization of high-precision thread grinding machines and the industrialization of ball screws and planetary roller screws [3] Group 3: Industry Developments - Alibaba Cloud is expanding its global infrastructure, adding data centers in Brazil, France, and the Netherlands, supported by nine departments for establishing international data centers and cloud computing centers in various regions [3] - Inspur Information has maintained the top position in China's liquid cooling server market for three consecutive years, with over 700 core patents in liquid cooling technology [3] - China Fusion Company is set to build a fusion experimental device in Shanghai to verify its high-temperature superconducting magnets [5] - Shanghai Electric is actively involved in the nuclear fusion industry, focusing on the mainstream research direction of magnetic confinement with Tokamak technology [5]

Group 1 - The core viewpoint of the report indicates that Beite Technology is expected to achieve a year-on-year revenue growth of 14.7% and a net profit growth of 61.3% in the first half of 2025 [1] - The company has successfully established the conditions for mass production in its screw rod business, which is seen as a new growth driver [1] - Beite Technology is actively developing key products such as star rolling screw rods and ball screw rods to cater to emerging industries like automotive, high-end equipment, and robotics [1] Group 2 - The company plans to invest 1.85 billion yuan and 350 million yuan to build factories in Kunshan, Jiangsu, and Thailand, respectively, to better serve domestic and international clients [1] - The report suggests that Beite Technology will benefit from its leading position in the screw rod sector, maintaining a "buy" investment recommendation [1]

Core Viewpoint - Heng Er Da is accelerating the resolution of high-precision thread grinding machine localization, specialization, and automated assembly processes necessary for the large-scale production of planetary roller screws, indicating a strategic shift towards domestic manufacturing capabilities in high-end equipment [1][4]. Company Development - Since its establishment in 1995, Heng Er Da has evolved from innovations in metal materials and heat treatment processes to become a leading manufacturer of die-cutting and sawing tools, ranking first and second in the industry respectively [2]. - The company has enhanced its research and manufacturing capabilities in the planetary roller screw sector through overseas acquisitions and domestic technology integration, successfully entering the humanoid robot market [2][8]. Acquisition and Integration - In May, Heng Er Da acquired SMS Maschinenbau GmbH, a German precision grinding machine manufacturer, to obtain essential thread grinding technology and high-precision thread grinding machines for planetary roller screw production [2][4]. - The acquisition allows Heng Er Da to leverage SMS's expertise and technology, particularly in high-precision internal and external thread processing, which is critical for the performance and reliability of planetary roller screws [4][8]. Research and Development - Heng Er Da has established a European R&D design center for grinding machines and rolling components, focusing on product design, processing technology, and specialized grinding machines for humanoid robot applications [3][8]. - The company is collaborating with Northwestern Polytechnical University to develop domestic and specialized thread grinding machine technology for planetary roller screws, aiming to enhance processing precision and efficiency [6][7]. Market Demand and Challenges - The market demand for planetary roller screws has surged with the release of Tesla's humanoid robot, which is currently dominated by international giants, highlighting a significant opportunity for domestic alternatives [4]. - The precision processing of planetary roller screws is heavily reliant on high-precision grinding machines and advanced internal thread processing techniques, which are currently bottlenecks in domestic production capabilities [4][8]. Automation and Production Capacity - Heng Er Da is working with Xi'an Wangteng Information Technology Co., Ltd. to establish a joint venture aimed at automating the assembly of planetary roller screws, addressing challenges in production efficiency and cost [7][8]. - The company is building a comprehensive capability covering core equipment, key processes, and large-scale manufacturing to support the domestic production of planetary roller screws [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][5]. Core Insights - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 14.7% in revenue and 61.3% in net profit for the first half of 2025 [5][6]. - The company is expanding its product offerings in the automotive sector, particularly in the steering gear and air conditioning compressor segments, and is investing over 20 billion RMB in new production lines in Jiangsu and Thailand [5][6]. - The company is well-positioned to benefit from the growing demand in the automotive and robotics industries due to its leading position in the screw rod sector [6]. Summary by Sections Company Overview - The company operates in the automotive industry, focusing on components such as steering gear racks and air conditioning compressors [5]. - As of September 23, 2025, the stock price is 57.93 RMB, with a target price set at 68 RMB [1]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.11 billion RMB, reflecting a 14.7% increase year-on-year, driven by strong orders in commercial vehicle air conditioning compressors and aluminum lightweighting [6]. - The net profit attributable to the parent company for the same period was 50 million RMB, marking a 61.3% increase year-on-year [6]. Investment Plans - The company plans to invest approximately 18.5 billion RMB in a new factory in Jiangsu for the development of planetary roller screws, with construction expected to be completed by the end of 2025 [6]. - An additional investment of 3.5 billion RMB is planned for a factory in Thailand, which aims to produce 800,000 sets of planetary roller screws annually [6]. Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits of 110 million RMB, 150 million RMB, and 222 million RMB for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 55%, 35%, and 48% [6][8].

Market Overview - The A-share market experienced a slight decline on September 19, with the Shanghai Composite Index down 0.3% to 3820.09 points and the Shenzhen Component Index down 0.04% [1] - A total of 1909 stocks rose while 3403 stocks fell, with market turnover at 23494.13 billion yuan, a decrease of approximately 8172 billion yuan from the previous day [1] - The human-shaped robot sector saw a significant pullback, while sectors like photolithography machines, tourism hotels, and film and television theaters showed strong performance [1] Human-Shaped Robot Sector - The human-shaped robot index fell by 2.76% on September 19, with major stocks like Wolong Electric Drive, Jinfat Technology, and Wuzhou New Spring hitting the daily limit down [3] - The decline followed a high point reached the previous day, indicating volatility in the sector [3] - Elon Musk dismissed rumors regarding a partnership between PharmAGRI and Tesla for deploying human-shaped robots, which may have contributed to market sentiment [3] Company Performance - Shandong Gao's stock plummeted by 76.02% on September 19, following a 24.22% drop on September 16, marking a total decline of 80.27% within the week [2] - The company has a highly concentrated shareholding structure, with 20 shareholders holding approximately 24% of the issued shares, while two major shareholders control about 68.46% [2] - The stock price had previously surged by 193.6% from April 16 to September 1, indicating extreme volatility [2] Growth Projections - The human-shaped robot market in China is projected to reach nearly 38 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 61% from 2024 to 2030 [4] - Sales of human-shaped robots are expected to increase from approximately 4000 units to 271200 units during the same period [4] High-Performing Stocks - A total of 21 human-shaped robot concept stocks were identified as high-performing, with net profits exceeding 100 million yuan and a year-on-year growth rate above 10% [5] - Notable stocks with significant price corrections include Shuanglin Co., Jieli Yongci, BYD, and Northern Rare Earth, all experiencing declines of over 20% [5] - Companies like Jieli Yongci and Northern Rare Earth reported substantial year-on-year profit increases, with Northern Rare Earth achieving a remarkable 1951.52% growth [6]