伟创电气是变频器、伺服电机和PLC（可编程逻辑控制器）的供应商。 中国人形机器人 从伟创电气看行业进展 CITI的观点 我们今日（1月20日）与未评级的伟创电气（688698.SS）管理层进行了交流，以了解人形机器人领域的关键发展 动态。 伟创电气是变频器、伺服电机和PLC（可编程逻辑控制器）的供应商。 近期，该公司不仅向中国人形机器人制造商供应旋转关节模块、无铁芯电机、无框电机以及灵巧手组件，还通过 为灵巧手提供微型电机，成功进入领先的美国人 中国人形机器人 从伟创电气看行业进展 CITI的观点 我们今日（1月20日）与未评级的伟创电气（688698.SS）管理层进行了交流，以了解人形机器人领域的关键发展 动态。 近期，该公司不仅向中国人形机器人制造商供应旋转关节模块、无铁芯电机、无框电机以及灵巧手组件，还通过 为灵巧手提供微型电机，成功进入领先的美国人形机器人制造商供应链。 管理层的主要观点包括：1）相较于中国的客户，伟创对美国人形机器人制造商的量产进度更具信心，因其产品开 发流程更为严谨；2）该美国客户的产能需求在2027年可能较2026年的每周1，000台增长十倍。 这一判断支持我们此前的观点，即优先 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The focus is on uncovering investment value from significant events, analyzing industry chain companies, and interpreting key policy points [1] - The product aims to provide users with quick information that impacts the market, presented in a professional yet accessible manner [1] Group 2 - The company has established itself as an excellent supplier in the intelligent robotics sector, particularly with its dexterous hand components [1] - The company’s subsidiary has launched two types of dexterous hand components, and its various motor products hold a leading market share [1] - In the field of LiDAR, the company has secured clients such as Hesai and Suteng Juchuang, indicating strong market demand [1] - The production bases in Malaysia and Thailand are expected to achieve mass production by the end of the year [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in net profit for H1 2025, with a year-on-year growth of 60.5%, exceeding expectations. The total revenue for H1 2025 reached 4.05 billion yuan, representing a 29.2% increase year-on-year [6][7] - The company has adjusted its earnings per share (EPS) forecast for 2025-2027, now expecting net profits of 508 million, 1.008 billion, and 1.399 billion yuan respectively, reflecting a substantial upward revision from previous estimates [6][9] - The growth in revenue and profit is attributed to increased production and sales from lithium battery structural components and automation line utilization, alongside continuous growth in precision mold and motor core businesses [6][7] Financial Summary - For H1 2025, the company achieved total revenue of 4.05 billion yuan, with a net profit of 210 million yuan. The second quarter alone saw revenues of 2.25 billion yuan, a 33.4% increase year-on-year [6] - The company’s gross margin for lithium battery structural components reached approximately 13% in H1 2025, with a further increase to nearly 15% in Q2 2025. The motor core business maintained a gross margin above 20% [7] - The financial projections indicate a significant increase in revenue from 6.019 billion yuan in 2023 to an estimated 17.777 billion yuan by 2027, with net profit expected to rise from 43 million yuan in 2023 to 1.399 billion yuan in 2027 [9][12] Business Development - The company is advancing its robotics segment, which includes a complete product chain for humanoid robots, and is currently undergoing supplier onboarding processes with major overseas clients [8] - The company has established semi-automated production lines for planetary roller screws and is accelerating the construction of fully automated production lines to ensure consistency and stability in large-scale production [8] - The domestic and international core customers in the robotics sector are expected to drive significant growth as the humanoid robot industry progresses towards commercialization [8]