据悉，目前在机器人赛道公司已形成三大系列产品为主的产品机构：反向式行星滚柱丝杠、线性执行器 以及灵巧手精密零部件，并已取得国内外客户小批量订单。本次签订的《战略合作协议》包括机器人领 域产能的投资，项目建设需要一定周期，下游需求仍存在不确定性，公司2025年前三季度主营业务营收 约66亿元，目前公司机器人相关业务收入占比极小，项目建成后短期内公司收入结构预计不会发生较大 变化。 震裕科技（300953）(300953.SZ)公告，公司拟和宁海县投资促进中心签订《战略合作协议》，计划于 2025年-2030年期间在宁海县投资建设精密部件制造装备及工艺装备和精密结构件、人形机器人精密模 组及零部件项目，投资总额为人民币21.1亿元，分三期实施。一期投资协议计划于近期和《战略合作协 议》同步签署。 ...

据悉，目前在机器人赛道公司已形成三大系列产品为主的产品机构：反向式行星滚柱丝杠、线性执行器 以及灵巧手精密零部件，并已取得国内外客户小批量订单。本次签订的《战略合作协议》包括机器人领 域产能的投资，项目建设需要一定周期，下游需求仍存在不确定性，公司2025年前三季度主营业务营收 约66亿元，目前公司机器人相关业务收入占比极小，项目建成后短期内公司收入结构预计不会发生较大 变化。 智通财经APP讯，震裕科技(300953.SZ)公告，公司拟和宁海县投资促进中心签订《战略合作协议》，计 划于2025年-2030年期间在宁海县投资建设精密部件制造装备及工艺装备和精密结构件、人形机器人精 密模组及零部件项目，投资总额为人民币21.1亿元，分三期实施。一期投资协议计划于近期和《战略合 作协议》同步签署。 ...

每经记者｜蔡鼎 每经编辑｜董兴生 10月27日晚间，震裕科技（300953.SZ，股价178.58元，市值309.8亿元）发布包括2025年第三季度报告 在内的多份公告。公司宣布注销全资子公司太仓范斯特机械科技有限公司（以下简称"太仓范斯特"）及 江苏范斯特科技有限公司（以下简称"江苏范斯特"），拟终止在江苏太仓投资建设的新能源汽车动力系 统核心零部件项目。 同时，震裕科技拟和宁海县投资促进中心签订《战略合作协议》，计划于2025年至2030年期间在宁海县 投建精密部件制造装备及工艺装备和精密结构件、人形机器人精密模组及零部件项目，投资总额为21.1 亿元，分三期实施。一期投资协议计划于近期和《战略合作协议》同步签署。 公告显示，上述人形机器人投资相关议案已经公司第五届董事会第九次会议审议通过，但尚需提交股东 会审议批准。公司将于11月12日召开2025年度第二次临时股东会，审议包括上述议案在内的多项议案。 二期与三期正式协议初步计划明年签署 公告显示，上述项目分三期实施。具体来看，一期项目投建"年产100万套精密部件用制造装备及精密结 构件项目"，初步选址宁波南部滨海经济开发区，占地约51.3亩；二期项目投 ...

公司在发展精密级进冲压模具及下游精密结构件业务的同时，抓住人形机器人等新兴业务领域产业快速 发展的历史机遇，聚焦并不断拓展机器人产业链关键产品和核心技术，实现模具、精密结构件业务、制 造装备和工艺装备与机器人精密零部件业务的协同发展，为公司保持快速发展奠定基础。目前在机器人 赛道公司已形成三大系列产品为主的产品机构：反向式行星滚柱丝杠、线性执行器以及灵巧手精密零部 件，并已取得国内外客户小批量订单，但相关业务收入占比极小。公司目前在人形机器人新产品研发及 小批量交付上具备一定的先发优势，为保证公司的核心竞争力，公司急需在新兴领域储备及分批建设相 关产能。 格隆汇10月27日丨震裕科技(300953.SZ)公布，为把握市场增长机遇，宁波震裕科技股份有限公司计划 进一步扩大现有业务产品产能并建设新兴领域业务产品产能。结合行业发展趋势及公司战略规划，公司 拟和宁海县投资促进中心签订《战略合作协议》，计划于2025年~2030年期间在宁海县投资建设精密部 件制造装备及工艺装备和精密结构件、人形机器人精密模组及零部件项目，投资总额为人民币21.1亿 元。一期投资协议计划于近期和《战略合作协议》同步签署。①一期项目在宁海 ...

【导读】震裕科技计划21.1亿元投建人形机器人精密模组及零部件项目等 见习记者 荧墨 10月27日晚间，震裕科技（300953.SZ）发布公告称，公司拟和宁海县投资促进中心签订《战略合作协 议》，计划于2025年至2030年期间，在宁海县投资建设精密部件制造装备及工艺装备和精密结构件、人 形机器人精密模组及零部件项目，投资总额为人民币21.1亿元。 其中，一期投资协议计划于近期和《战略合作协议》同步签署。本次投资事项不构成关联交易，亦不构 成重大资产重组。 同日，震裕科技发布三季度业绩报告。2025年前三季度，公司实现营业收入65.93亿元，同比增长 31.47%；实现归母净利润4.12亿元，同比增长138.93%。 自筹资金投建产线 在机器人赛道，公司目前已经形成以三大系列产品为主的产品机构。其中包括，反向式行星滚柱丝杠、 线性执行器、灵巧手精密零部件。 公告显示，上述产品已取得国内外客户小批量订单，但相关业务收入占比极小。震裕科技认为，公司在 人形机器人新产品研发、小批量交付上具备一定的先发优势，为保证核心竞争力，公司急需在新兴领域 储备及分批建设相关产能。 需要指出的是，本次对外投资的资金来源，为震裕科 ...

【导读】震裕科技计划21.1亿元投建人形机器人精密模组及零部件项目等 10月27日晚间，震裕科技（300953.SZ）发布公告称，公司拟和宁海县投资促进中心签订 《战略合作协议》，计划于2025年至2030年期间，在宁海县投资建设精密部件制造装备及工 艺装备和精密结构件、人形机器人精密模组及零部件项目，投资总额为人民币21.1亿元。 其中，一期投资协议计划于近期和《战略合作协议》同步签署。本次投资事项不构成关联交 易，亦不构成重大资产重组。 同日，震裕科技发布三季度业绩报告。2025年前三季度，公司实现营业收入65.93亿元，同 比增长31.47%；实现归母净利润4.12亿元，同比增长138.93%。 自筹资金投建产线 在机器人赛道，公司目前已经形成以三大系列产品为主的产品机构。其中包括，反向式行星 滚柱丝杠、线性执行器、灵巧手精密零部件。 公告显示，上述产品已取得国内外客户小批量订单，但相关业务收入占比极小。震裕科技认 为，公司在人形机器人新产品研发、小批量交付上具备一定的先发优势，为保证核心竞争 力，公司急需在新兴领域储备及分批建设相关产能。 需要指出的是，本次对外投资的资金来源，为震裕科技自有资金或自筹 ...

"公司目前在人形机器人新产品研发及小批量交付上具备一定的先发优势，为保证公司的核心竞争力， 公司急需在新兴领域储备及分批建设相关产能。"这是震裕科技对于此次投资的解释。公司目前在机器 人赛道形成了三大系列产品：反向式行星滚柱丝杠、线性执行器以及灵巧手精密零部件，并已取得国内 外客户小批量订单，但相关业务收入占比极小。 根据公司半年报披露，线性执行器模组及反向式行星滚柱丝杠已直接对接海外大客户；国内目前已采用 或正在研发使用线性执行器模组和反向式行星滚柱丝杠的人形机器人本体厂基本实现批量供货、送样、 技术交流等全覆盖，相关产品已经得到国内外多个知名头部人形机器人本体客户验证。 协议中的二期与三期项目正式投资协议初步计划于2026年签署，二期项目在宁海投资建设"年产100万套 精密部件用工艺装备及精密结构件项目"，占地约61.8亩；三期项目在宁海投资建设"年产100万套人形 机器人精密模组及零部件制造"项目，占地约100亩。 震裕科技在公告中称，本次对外投资的资金来源为公司自有资金或自筹资金。根据今晚发布的三季报， 前三季度公司主营业务收入65.93亿元，净利润为4.12亿元，经营现金流净额为2.4亿元，截至三季 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][16]. Core Viewpoints - The company is experiencing rapid revenue growth, with projected revenues increasing from 6,019 million yuan in 2023 to 17,292 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.4% [1][8]. - The net profit attributable to shareholders is expected to rise significantly from 43 million yuan in 2023 to 1,348 million yuan in 2027, with a remarkable growth rate of 493.8% in 2024 [1][8]. - The company is actively expanding into the robotics industry, which is anticipated to become a second growth curve, leveraging its core technologies in precision components and molds [3][8]. Financial Performance Summary - Revenue is projected to grow from 6,019 million yuan in 2023 to 17,292 million yuan in 2027, with year-over-year growth rates of 4.6%, 18.4%, 43.7%, 36.9%, and 23.4% respectively [1][9]. - The net profit attributable to shareholders is forecasted to increase from 43 million yuan in 2023 to 1,348 million yuan in 2027, with significant growth rates of -58.7%, 493.8%, 99.7%, 92.8%, and 37.9% [1][9]. - The company's return on equity (ROE) is expected to improve from 1.6% in 2023 to 23.4% in 2027, indicating enhanced profitability [1][9]. Business Segment Performance - The precision structural components business is projected to generate 32.00 billion yuan in revenue in the first half of 2025, with a year-over-year growth of 28.62% and a gross margin of 14.83% [2]. - The mold business is expected to achieve 2.31 billion yuan in revenue, reflecting a 15.22% increase, although its gross margin is projected to decline to 51.10% [2]. - The company has significantly increased its R&D investment, reaching 1.65 billion yuan in the first half of 2025, which constitutes 4.09% of its revenue [2]. Robotics Industry Development - The company has made substantial progress in the robotics sector, developing various products such as linear actuators and precision components, which are now ready for mass production [3][8]. - The company has established automated production lines for planetary roller screws and linear actuators, enhancing production capacity and efficiency [3][8]. - The integration of advanced technologies in the robotics field is expected to position the company favorably for future growth, with ongoing collaborations with major domestic and international clients [3][8].

Summary of Conference Call Records Company and Industry Involved - **Companies**: - Zhenyu Technology (震裕科技) - Tianyang Technology (天阳科技) - Yongtai Technology (永太科技) - **Industries**: - Robotics - Lithium Battery Materials - Stablecoins and Credit Card Services Key Points and Arguments Zhenyu Technology 1. **Entry into Robotics**: The company is fully entering the robotics field starting from lead screws, planning to build a fully automated production line by 2025. The focus is on precision components and components for robotics, leveraging experience from the new energy vehicle industry [1][2] 2. **Production Capacity**: Two semi-automated production lines for planetary roller screws have been established, with an average daily capacity of 100 sets. A fully automated production line is planned for 2025 to enhance consistency and stability in large-scale production [2] 3. **Product Development**: The company has successfully developed micro lead screw products and received small batch orders for precision components. Some robotic products have already been delivered in small quantities, generating revenue [3] Tianyang Technology 1. **Demand for Stablecoins**: There is a strong demand for stablecoins in the real economy, particularly in cross-border e-commerce and trade, due to their advantages over traditional bank settlements [5][7] 2. **Stablecoin Credit Card Product**: The company is promoting a credit card product that allows users to recharge using stablecoins. The technology for integrating blockchain stablecoin wallets is mature [8] 3. **Market Position**: Tianyang Technology is ranked first in the domestic credit card sector, with over 20 years of development history, establishing itself as a key partner in the payment ecosystem [9] Yongtai Technology 1. **Lithium Battery Material Profitability**: The profitability of the lithium battery materials sector is gradually improving, with a 34% year-on-year increase in structural component revenue in Q1 2025. The company expects continued rapid growth in revenue and profitability due to scale effects [4] 2. **Supply and Demand Balance**: The supply-demand balance for lithium hexafluorophosphate is improving, with a concentration of supply and steady growth in demand from the power and energy storage sectors [11] 3. **Production Efficiency**: The company has increased its production capacity for liquid dual fluorine to 67,000 tons per year, with rising utilization rates and reduced production costs due to process optimization [12] Other Important but Potentially Overlooked Content - The integration of stablecoins into credit card systems is seen as a significant innovation that could enhance transaction efficiency in international trade [7] - The focus on automation and efficiency in production lines across all companies indicates a broader industry trend towards technological advancement and cost reduction [4][12]

Core Viewpoint - The company is expanding its business from traditional precision manufacturing into emerging fields such as robotics, while maintaining a focus on precision stamping molds and lithium battery structural components [1] Group 1: Business Development - The company started with precision manufacturing and has developed a business model centered on precision stamping molds, lithium battery structural components, and precision motor cores, while also venturing into humanoid robotics [1] - In 2015, the company initiated a project for precision structural components for lithium batteries, capitalizing on the growth of the electric vehicle industry [1] - The establishment of the wholly-owned subsidiary Martin Robotics in 2024 marks the company's entry into the robotics sector, achieving breakthroughs in actuator transmission and drive modules [1][3] Group 2: Financial Performance - In 2023, the company's operating revenue reached 6.019 billion yuan, a year-on-year increase of 4.63%, while the net profit attributable to shareholders was 43 million yuan, a significant decline of 58.73% [2] - The decline in net profit was attributed to several factors, including quality compensation from 2022 affecting the power lithium battery top cover, increased R&D expenses, rising management costs, and higher depreciation due to new production facilities [2] - The company’s structural component revenue showed a rebound in growth in 2024, with revenue increasing to 5.75 billion yuan, reflecting a growth rate of 15.5% [3] Group 3: Profitability and Future Outlook - The gross margin for structural components was 13.3% in 2024, recovering from a low of 11.3% in 2023, indicating improved profitability [3] - The company forecasts operating revenues of 9.114 billion, 11.454 billion, and 14.051 billion yuan for 2025 to 2027, with net profits projected at 409 million, 557 million, and 701 million yuan respectively [4] - The company is expected to achieve a net profit of 410 million yuan in 2025, corresponding to a PE ratio of 32, which is higher than the average PE ratio of comparable companies [4]