Summary of Zhaowei Electromechanical Conference Call Company Overview - Zhaowei Electromechanical has launched two new dexterous hands: DM17 and LM06, targeting different applications in home and industrial settings respectively [2][3]. Product Features and Applications - **DM17**: - Designed for home use with 17 degrees of freedom - Utilizes linear motor drive - Finger pressure ranges from 5 to 12 Newtons - Capable of enduring over one million cycles - Available for purchase on JD.com and Zhaowei's official website [4][5]. - **LM06**: - Designed for factory repetitive tasks with 6 active degrees of freedom - Grip strength of 200 Newtons and fingertip pressure of 15 to 20 Newtons - Aimed at high-load scenarios [4][5]. Technical Advancements - Zhaowei has developed three types of brushless hollow cup motors and a micro ball screw linear drive module, achieving over 30% efficiency improvement and a module efficiency greater than 95% [7]. - The company has also made significant advancements in tactile sensors, achieving a collection frequency of over 100 Hz and a lifespan exceeding 1 million cycles [10]. Market Position and Competitive Landscape - DM17 is positioned as a leading product in the market with 17 active degrees of freedom, while competitors like Linxingqiao offer 18 to 21 degrees [11]. - The tactile sensor technology varies among manufacturers, with Zhaowei adopting piezoresistive and piezoelectric technologies, while others like Mingxingqiao use capacitive solutions [12][13]. Industry Development Stage - The dexterous hand industry is currently in a standardization and ecosystem-building phase, with a trend towards higher degrees of freedom and enhanced multi-modal perception capabilities [14]. - The cost of dexterous hands is decreasing as the industry matures, with products like Mingxingqiao's priced at 8,800 Yuan and Huilin's at 2,999 Yuan [15]. Future Outlook - Zhaowei plans to continue developing the DM series with models DM18, DM19, and DM20, focusing on increasing degrees of freedom and collaborative ecosystem development [8]. - The company has applied for 26 patents and is involved in setting industry standards, maintaining a fully self-developed core component strategy [9]. Valuation and Investment Potential - Zhaowei's current market capitalization is approximately 24.7 billion Yuan, with a reasonable valuation of its main business at around 10 billion Yuan [20]. - If Zhaowei establishes itself as a dexterous hand module provider, the expected unit value could reach 50,000 Yuan, reflecting a potential market for 60,000 units [20][21]. Key Factors for Industry Growth - Continuous exploration of products and downstream application scenarios, along with industry standards and ecosystem cooperation, are critical for the development of the dexterous hand industry [18]. Potential Participants in the Industry - Future participants may include leading humanoid robot manufacturers and third-party companies specializing in dexterous hands, providing standardized products to robot manufacturers [19].

汽车及机器人丝杠专家 20250702 摘要 行星滚柱丝杠在安全性、载荷能力和寿命方面优于传统滚珠丝杠，但成 本是关键制约因素。汽车制造商只有在价格降至可接受范围内（如 500 元以内）才会考虑大规模采用，并将其作为宣传亮点。 目前国内行星滚柱丝杠的生产成本较高，主要因为仍处于小批量生产阶 段，缺乏规模化生产线。成本构成尚不明确，但未来随着批量化生产的 实现，成本有望下降。 行星滚柱丝杠与传统钢球之间通常采用一对一替代方案。在汽车转向系 统中，每辆车通常需要两个行星滚柱丝杠，而在制动系统中，根据制造 商的不同，可能需要一个或两个。 传统钢球单价差异大，低端产品约六七十元，高端产品达三四百元。20 万元以内车型通常采用一两百元的钢球。若行星滚珠单价控制在 500 元 左右，约为钢球单价的 10 倍溢价，整车企业或考虑采用。 国内主机厂在行星滚珠丝杠制造方面尚不成熟，虽有企业能制造，但高 质量且能实用化的不多。军工领域注重质量，汽车行业关注价格和寿命， 需求侧重点不同。 Q&A 行星滚柱丝杠在汽车制动和转向系统中应用的技术变革是什么？ 行星滚柱丝杠相比传统的滚珠丝杠具有显著优势，包括承载能力大、扭矩高、 使用寿命 ...

机床&新能源需求稳健增长，人形机器人打开市场新空间 丝杠约占人形机器人价值量的 19%，人形机器人带来大量市场需求。若该行假设单台人形机器人对于 行星滚柱丝杠的需求稳定在14个，若再考虑到灵巧手空心杯关节中使用的微型行星滚柱丝杠(17个)，则 潜在市场需求更加广阔，预计2030年对应的行星滚柱丝杠市场将超过450亿元。欧洲企业占据绝大部分 市场份额，国产率替代空间大。全球滚柱丝杠厂商主要有Ewellix(隶属于SKF集团)、Rollvis(瑞士)、 GSA(瑞士)、Rexroth(德国)、CMC(美国)、南京工艺(中国)、济宁博特(中国)等，其中2023年Rollvis、 GSA在我国滚柱丝杠领域的市占率分别高达29%和27%，合计占比近60%，南京工艺、济宁博特市场份 额分别约为6%和5%，国产替代空间较大。 智通财经APP获悉，东吴证券发布研报称，丝杠为核心传动部件，技术壁垒高，国产化率相比其他核心 部件低，该行认为随着国内高端机床/高端设备产量提升，将拉动滚珠丝杠需求;新能源汽车的发展使得 丝杠应用前景广阔;未来人形机器人逐渐迈向产业化并逐渐放量，行星滚柱丝杠行业空间将迎来较大提 升。推荐福达股份(60 ...

Core Viewpoint - The screw rod, as a core linear drive component, has a high technical barrier in its thread processing technology, which is crucial for its manufacturing and application across various industries such as machine tools, aerospace, robotics, and automotive [2][6]. Group 1: Screw Rod Types and Applications - Screw rods can be categorized into three types based on friction characteristics: trapezoidal screw rods, ball screw rods, and planetary roller screw rods, with ball screw rods achieving a transmission efficiency of 90%-96%, significantly higher than trapezoidal screw rods [2][6]. - Planetary roller screw rods outperform ball screw rods in load capacity, lifespan, lead, space, and speed, making them suitable for high-precision and high-load applications [2][20]. Group 2: Market Demand and Growth - The demand for screw rods is expected to grow steadily due to the robust growth in machine tools and new energy sectors, with humanoid robots opening new market opportunities. The market for planetary roller screw rods is projected to exceed 45 billion yuan by 2030 [3][4]. - In humanoid robots, screw rods account for approximately 19% of the value, with a potential demand for 14 planetary roller screw rods per robot, plus additional micro planetary roller screw rods used in dexterous hands [3][4]. Group 3: Competitive Landscape - European companies dominate the planetary roller screw rod market, with significant market share held by foreign firms such as Rollvis and GSA, which together account for nearly 60% of the market in China. This indicates substantial room for domestic replacement [3][4]. - The screw rod industry has a complete supply chain, with upstream components including raw materials and processing equipment, midstream products being various types of screw rods, and downstream applications spanning automotive, humanoid robots, industrial mother machines, and more [47][48]. Group 4: Investment Recommendations - The investment outlook for screw rods is positive, with recommendations for companies such as Fuda Co., Ltd. and Beite Technology, while also suggesting to monitor companies like Shuanglin Co., Ltd. and Wuzhou Xinchun [4][6].

证券研究报告 人形机器人催化丝杠国产化，优质企业乘势而上 ——丝杠行业深度报告 证券分析师：黄细里 执业证书编号：S0600520010001 证券分析师：郭雨蒙 执业证书编号：S0600525030002 二零二五年六月二十七日 请务必阅读正文之后的免责声明部分 报告核心观点 ◼丝杠作为直线传动部件应用广泛，螺纹加工工艺是丝杠加工的核心壁垒。丝杠是一种机械传动 元件，主要用于将旋转运动转换为直线运动。按照摩擦特性可以分为梯形丝杠、滚珠丝杠和滚 柱丝杠三类，广泛应用于机床、航空航天、机器人、汽车等领域。滚珠丝杠传动效率一般能达 到90%-96%，约为梯形丝杠的2-4倍。行星滚柱丝杠在承载能力及寿命、在导程和空间、速度 等方面均优于滚珠丝杠。目前应用于丝杠副螺纹制造技术主要有磨削技术、滚轧成型和旋风铣 削技术三种。磨削精度高，轧制效率高，旋风铣较均衡。 ◼机床&新能源需求稳健增长，人形机器人打开市场新空间。丝杠约占人形机器人价值量的 19%， 人形机器人带来大量市场需求。若我们假设单台人形机器人对于行星滚柱丝杠的需求稳定在14 个，若再考虑到灵巧手空心杯关节中使用的微型行星滚柱丝杠（17个），则潜在市场需求更加 ...

Core Viewpoint - The company has achieved significant technological advancements in the processing of key components for planetary roller screws, including lead screws, nuts, rollers, and internal gears [1] Group 1: Technological Developments - The company has developed proprietary PCBN milling inserts and tool holders capable of processing multi-start thread lead screws and rollers with a precision of ±1μm [1] - Specialized PCBN turning and milling inserts have been created to meet the specific requirements for nut processing, such as multi-start threads, high-precision pitches, and slender structures [1] - The company has developed multiple hard alloy milling inserts for trapezoidal lead screw processing, ensuring that the machining precision meets customer requirements [1] Group 2: Market Expansion and Revenue - The company's ball screw processing tools are actively expanding in the market, generating some revenue in the fiscal year 2024 [1] - The processing tools for planetary roller screws and trapezoidal lead screws are currently in the customer sample testing phase, with minimal revenue expected in the fiscal year 2024 [1]

6月25日，深交所审核通过了南方精工2.02亿元再融资项目。此前南方精工拟发行股份募集资金总额不超过20,175.62万元，用 于"精密制动、传动零部件产线建设项目""精密工业轴承产线建设项目"。 本项目总投资19,202.17万元，其中建设投资16,562.07万元，铺底流动资金2,640.1万元。根据计划，本项目产品中，滚珠丝杠 副产品完全达产年产能为300万套/年，平均销售单价为64.91元/套；液力变矩器内外圈产品完全达产年产能为270万套/年，平 均销售单价为11.13元/套；重卡汽车转向轴承产品完全达产年产能为20万套/年，平均销售单价为27.82元/套。 "精密工业轴承产线建设项目"将由南方精工实施，项目实施地点位于江苏省常州市武进高新技术开发区龙翔路公司现有厂 房。本项目拟新建工业实体套圈滚针轴承产品生产线，扩大公司精密工业轴承产品生产规模。 本项目总投资17,407.25万元，其中建设投资14,848.05万元，铺底流动资金2,559.20万元。根据计划，该项目年均销售收入为 22,910.79万元。本项目工业滚针轴承产品完全达产年产能为500万套/年，平均销售单价为45.82元/套。 其中 ...

1·[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 06 月 25 日 [Table_Title] 帕西尼感知完成融资，五洲新春发布定 增预案加码 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 6 月 15 日至 6 月 20 日，人形机器人概念指数下跌 2.35%， 相较沪深 300 指数跑输 1.90pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 28.44%，相较沪深 300 指数跑赢 27.75pct。 A 股人形机器人指数（iFinD 概念）相关个股中，中京电子周涨幅 最大（+32.60%），斯菱股份周跌幅最大（-21.06%）。 周观点 6 月 16 日，五洲新春披露 2025 年度向特定对象发行 A 股股票预案， 拟募集资金总额不超过 10 亿元，用于具身智能机器人和汽车智驾核 心零部件研发与产业化项目以及补充流动资金。此次募投项目建设地 点位于浙江省新昌县，总投资 10.55 亿元，拟使用募集资金 7 亿元， 项目建设期 3 年。项目达产后，可实现年产 98 万套行星滚柱丝杠、 210 万套微 ...

雷迪克与北方机械选择合作的核心原因是什么？未来的合作战略和愿景如何？ 雷迪克与北方机械经过近一年的充分交流和沟通，最终决定合作。北方机械在 技术和团队方面具有显著优势，尤其是在四缸发动机制作方面有几十年的经验。 雷迪克希望在人形机器人领域取得发展，因此选择与北方机械合作。双方将继 续拓展原有市场，并重点拓展人形机器人相关试制的合作。双方都非常看好机 器人发展的方向，利用北方沉淀了几十年的丝杠工艺、技术、经验，加上雷迪 克的资金和资源赋能，相信能够在未来更深层次的合作中，把人形机器人上的 雷迪克积极布局汽车丝杠业务，认为电动车发展对零部件功能提出新要 求，电控刹车和转向系统市场潜力巨大。公司已采购设备并组建团队， 与主机厂合作，预计新增转向和自动化需求将带来百亿级市场。 北方机械丝杠业务月产能为 7-8 万支，人形机器人备产 1 万支套，计划 明年将机器人丝杠月产量增至 5 万根。公司关注以车代磨工艺路线，致 力于优化生产流程，提高效率并确保产品质量，满足市场需求。 公司已完成车洗磨复合专机改造，所有工序均自行完成。尽管进口设备 性能优良，但性价比不高，因此主要采用国产设备并进行技术改进，以 满足机器人大批量生 ...

本次向特定对象发行A股股票募集资金总额不超过100,000.00万元（含本数）， 扣除发行费用后，募集资金拟投资于以下项目： 单位：万元 序号 项目名称 项目总投资 拟投入募集资金 具身智能机器人和汽车智驾核心零部件研发与产业化 项目 证券代码：603667 证券简称：五洲新春 浙江五洲新春集团股份有限公司 （浙江省新昌县七星街道泰坦大道 199 号） 募集资金使用的可行性分析报告 二〇二五年六月 一、本次募集资金使用计划 合计 135,474.62 100,000.00 在本次发行募集资金到位之前，公司可根据募集资金投资项目进度的实际情 况，以自筹资金先行投入，并在募集资金到位后按照相关法律、法规规定的程序 予以置换。 本次发行募集资金到位之后，若扣除发行费用后的实际募集资金净额少于拟 投入募集资金总额，在本次发行募集资金投资项目范围内，公司将根据实际募集 资金数额，对上述项目的募集资金投入金额进行适当调整，募集资金不足部分由 公司以自有或自筹资金解决。 二、本次募集资金投资项目的必要性及可行性分析 （一）具身智能机器人和汽车智驾核心零部件研发与产业化项目 本项目实施主体为母公司五洲新春，建设地点位于浙江省 ...