亚普股份 20260127 摘要 国内旋变市场亚普股份通过收购银霜公司已替代部分日本东木川份额， 并有望进入北美市场。银霜核心团队来自中电科 21 所，该所参与多项 航天项目，奠定了银霜在航天军工领域的基础。 未来 5 年，人形机器人销量预计达 100-200 万台，对应 30 亿元市场空 间，若销量增至 1,000 万台以上，市场规模将扩大数十倍。小卫星发射 增加，每颗卫星需 6-8 颗旋变，市场规模达 18 亿元。 人形机器人关节需高可靠性和长寿命的位置传感设备。旋转变压器比磁 编码、电感编码和光编码更能适应高温、粉尘等复杂环境，且新能源汽 车已广泛采用，技术路径逐渐向机器人迁移。 人形机器人可能使用约 15 个旋转变压器，占总编码数量约 1/3。大腿、 小腿等体积要求不高的关节可率先应用，腰部、髋部等受力大的关节需 技术迭代后应用。 机器人旋变市场空间广阔，每个机器人约需 15 个旋变，单价高于汽车 旋变（150-200 元，汽车旋变的 1.5-2 倍）。预计 2030 年机器人数量 达 200 万台，市场规模达 60 亿元，北美市场约 30 亿元。 Q&A 目前国内机器人领域在电机配合的编码器方面有哪 ...

Core Viewpoint - The article provides an overview of the passenger car recall situation in December 2025, highlighting a total of 199,141 vehicles recalled, which represents an 18.55% decrease compared to November 2025 [2][9]. Group 1: Recall Statistics - A total of 18 passenger car recall announcements were made in December 2025, involving 199,141 vehicles [2][9]. - Japanese brands accounted for nearly 60% of the total recalls, with Toyota, Honda, and Lexus recalling 117,014 vehicles, representing 58.76% of the total [3][10]. - American brands, including Ford, Jeep, and Lincoln, recalled 56,089 vehicles, making up 28.17% of the total recalls [3][10]. - German brands, such as Audi and Volkswagen, recalled 25,739 vehicles, which is 12.93% of the total [3][10]. - Korean brand Genesis recalled 299 vehicles, accounting for 0.15% of the total [3][10]. Group 2: Reasons for Recall - The primary reasons for the recalls in December 2025 were identified as issues with advanced driver assistance systems, fuel systems, and specialized devices for new energy vehicles [4][11]. - Toyota and Lexus recalled 93,882 vehicles due to a design flaw in the panoramic monitoring system, which could affect the driver's judgment of the vehicle's surroundings [5][12]. - Ford recalled 38,473 vehicles due to a stress concentration issue at the connection between the fuel hose and the fuel tank, which could lead to fuel leakage under certain conditions [6][13]. - Honda recalled 22,696 vehicles due to a software setting issue in the power control system that could cause a loss of driving power and potential emissions non-compliance [7][14][15].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **large-bore diesel engine** industry, particularly in the context of the **data center** sector in the United States and China [1][2][3][13]. Core Insights and Arguments - **Production Capacity Constraints**: The production capacity for large-bore diesel engines in the U.S. is constrained due to manufacturing capabilities, testing capabilities, and supply chain issues. Major suppliers like Bosch are hesitant to invest in diesel-related businesses due to energy transition concerns, exacerbating supply bottlenecks [1][3][4][14]. - **Data Center Demand**: The demand for diesel engines in data centers has surged, with the U.S. being the largest market. Local brands are experiencing delivery constraints due to a backlog of orders, despite some production expansion in the past two years [2][13]. - **Cost Sensitivity**: The cost of backup power systems in data centers is significant, accounting for about 25% of total costs. This cost sensitivity influences the choice between domestic and foreign engine units [1][7]. - **Challenges in Domestic Substitution**: High-tech components such as Bosch fuel pumps and ABB turbochargers are difficult to replace domestically due to high technical barriers and long investment return cycles. However, basic metal components have a higher degree of localization [1][10][11]. - **Future of Domestic Brands**: Domestic brands like Yuchai are expected to grow, with projected shipments of 400 to 500 units by 2025. However, the pace of domestic substitution will be gradual due to the need for reliability and performance improvements [7][20]. Additional Important Content - **Market Dynamics**: The U.S. market for large-bore diesel engines is experiencing a significant increase in demand, particularly in data centers, while the Chinese market is facing overcapacity issues [13][20]. - **Pricing Trends**: Prices for large diesel generators from foreign brands range from 3.2 million to 3.5 million RMB, with domestic brands priced similarly. Prices are expected to rise by about 10% in 2025 due to supply chain issues and increased demand [27][29]. - **Supply Chain Issues**: The supply chain for diesel engines is under pressure, with foreign brands like Cummins and Caterpillar showing limited willingness to expand production. This has led to a sustained state of supply chain tension [14][15][32]. - **Technological Developments**: While large-bore diesel technology is mature, there are no significant new developments on the horizon. Future directions may include fuel cells and gas turbines, but these are not yet widely applied in backup power systems [21][22]. - **Energy Storage Systems**: Energy storage systems have potential as a supplement to diesel generators but cannot fully replace them due to reliability and cost issues. Current technology allows for partial replacement in specific scenarios [22][24][25]. Conclusion - The large-bore diesel engine market is facing significant challenges and opportunities, particularly in the context of data center demand. The interplay between domestic and foreign brands, along with technological advancements and cost considerations, will shape the future landscape of this industry.

Group 1: Company Insights - Yapu Co., Ltd. is expanding its overseas business leveraging its global layout and brand influence, with significant growth potential in its fuel system business, which serves major international and domestic automotive manufacturers [1] - The company is focusing on the development of IV-type hydrogen storage bottles and has successfully launched some valve products in the market, while also expanding its thermal management product line [1] - The recent acquisition of Winshang Technology enhances Yapu's capabilities in rotary transformers and special motor products, catering to various automotive and industrial clients [1] Group 2: Industry Trends - Huitian Co., Ltd. emphasizes differentiated operations and sustainable long-term benefits, with projected revenues of approximately 10.093 billion yuan from the enterprise communications market and about 2.408 billion yuan from the automotive sector in 2024 [2] - The company is accelerating customer certification and product introduction at its Thailand production base, aiming to control initial costs while responding to the growing demand for 800G switches in the data center market [2] - Huitian is increasing capital expenditure for a new high-end printed circuit board expansion project, expecting capacity improvements by the second half of 2025 [2]

Core Viewpoint - AKWEL reported a consolidated revenue of €255.6 million for Q1 2025, reflecting a decline of 4.0% compared to the previous year, amid a general downturn in global automotive production, with exceptions in China and Japan [2][4]. Revenue Summary - The consolidated revenue for Q1 2025 (January 1 to March 31) was €255.6 million, down from €263.5 million in Q1 2024, marking a decrease of 3.0% [4]. - The revenue decline was attributed to a 4.0% drop when adjusted for constant business scope and exchange rates [4]. Regional Revenue Distribution - Revenue from product and functional business was €247.8 million, down 3.3%, with growth in emissions control (+10.4%) and cooling systems (+4.5%), while air management (-27.1%), mechanical components (-8.7%), and fuel systems (-2.7%) saw declines [5]. - Revenue from the tooling business remained stable at €5.6 million [5]. - Regional revenue breakdown: EMEA: €170.7 million (-3.8%), Americas: €76.4 million (-1.9%), Asia: €8.5 million (+2.8%) [8]. Financial Position - As of March 31, 2025, the company reported a net cash position (excluding lease liabilities) of €149.6 million, an increase of €4.6 million from December 31, 2024 [5]. - The investment amount for the period was €8.6 million, compared to €20.2 million in the same period of 2024 [5]. Market Outlook - The company maintains its expectation for a decline in full-year revenue for 2025, anticipating a decrease similar to the previous year, despite a narrowing of the decline compared to the last two quarters [5].