岱美股份 20251125 摘要 品。如果产品达到相关要求，将与高校团队进一步合作，并可能将其纳入公司 新成立的机器人子公司中。 岱美股份计划加大在机器人领域的投入，利用自身客户资源和稳定的经 营基础，在电子皮肤、自动化场景中的柔性机器人以及工业型机器人的 零部件等方面进行布局，以期抓住家用机器人市场的发展潜力。 岱美股份与上海和广东的高校合作，依托自身在面料、织物及注塑件方 面的优势，共同开发电子皮肤技术路线，并与传感器供应商合作，形成 初步优势产品，前期投入包括几百万产学研费用及试验材料费用。 岱美股份作为特斯拉的重要供应商，在人形机器人的电子皮肤采购方面 具备客户资源优势和北美产能布局优势，已得到特斯拉的正向回应，但 实质性落地仍需等待成熟产品推出。 岱美股份重点关注指尖触觉、手臂包护和穿戴三个方向的电子皮肤技术， 采用织物包布、注塑成型和硅胶粘护等不同材料和工艺，以覆盖并实现 预期功能。 2025 年前三季度岱美股份收入持平，利润略有下滑，主要受北美市场 新能源补贴削减影响，导致高价值车型销量下降，以及 5 月份的火灾事 故造成损失，但预计保险理赔将弥补这些损失。 Q&A 岱美股份在机器人业务方面的具 ...

近年来，人形机器人高速发展，高柔性电子皮肤触觉传感器阵列可覆盖其多部位，媲美甚至超越人类皮肤感觉功能，有效地实现机器人的触觉感知，对人形 机器人有着不可替代的作用。 电子皮肤是"机器感知世界的最后一公里"，技术突破与产业化意义重大。例如，电子皮肤赋予人形机器人、工业机械臂精细化触觉，推动机器人从"重复作 业"向"柔性操作"转型，据东北证券测算，能提升工业机器人操作精度40%、降低不良率30%。 当前，欧美日企业凭先发优势占高端市场。数据显示，全球柔性触觉传感器TOP5厂商均为海外，合计占57.1%份额。国内厂商加速布局，凭政策与制造优势 缩小技术差距。长期看，国内人形机器人市场规模或达十万亿级别，电子皮肤作为人形机器人实现触觉感知核心零部件，有望依托人形机器人需求维持高速 发展。 电子皮肤概述 电子皮肤则是一种模拟天然皮肤功能的设备，柔性触觉传感电子皮肤可以模仿人体皮肤的触觉传感功能和灵活性能，可以附着在人体皮肤或机器人等表面， 感知各种刺激，如压力、温度等。 电子皮肤的核心材料是柔性基底和导电活性材料，工作原理是将压力变化转为电信号变化。柔性压力传感器要求更严苛，需兼具柔韧性与灵敏压力感应功 能，且受应力时 ...

Core Insights - The report highlights the significant growth potential of the electronic skin industry, projecting a market size of $756 million by 2030, driven by the demand for humanoid robots [6][7] - The report emphasizes the competitive landscape, noting that leading companies in the flexible tactile sensor market are predominantly based in Europe, the US, and Japan, holding 57.1% of the market share [6][7] - The report discusses the technological barriers in the electronic skin industry, focusing on materials, manufacturing processes, and algorithms as critical areas needing breakthroughs [6][7] Industry Overview - The electronic skin technology is categorized into five main types, with resistive, capacitive, and piezoelectric sensors being the most common [6] - The report indicates that the demand for humanoid robots is expected to drive the growth of the electronic skin market, with a long-term potential reaching trillions in the domestic humanoid robot market [6][7] - The report identifies key companies in the electronic skin sector, including Fulei New Materials, Hanwei Technology, and others, highlighting their technological advancements and market strategies [6][7] Company Analysis - The report provides an analysis of Zhongji Xuchuang (300308.SZ), noting a revenue of 25 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.4% [8] - The company’s gross margin and net margin have shown continuous improvement, indicating a shift towards higher-end product offerings [8] - The report mentions the company's plans for an H-share listing to enhance its international strategy and financing capabilities [8]

1、市场趋势：踏浪逐牛，再攀高峰。2025年中国股市演绎"信心重估牛"，市场重估科技G2与国际化背 景下的中国股市，估值有所修复，但并未过热。2025年A股盈利结束2022年-2024年的下行周期，盈利 不再低于市场预期，出现筑底回暖迹象，景气线索占比明显提升。2026年，东方财富证券对中国股市趋 势依然乐观，微观增量资金流入有望持续增强，可关注三个预期差：企业盈利有望超预期、中国AI进 展有望超预期、中美扩大"务实合作"有望超预期。同时，也要关注新的波动风险点，尤其是美国再通胀 与AI应用商业化的赛跑。总体来看，2026年牛市继续已是一致预期，但注意驾驭波动，把握好节奏与 结构变化是影响超额收益的胜负手。 （一）重磅消息 11月21日晚间，据证监会官网披露，多只科创板芯片类ETF以及首批科创创业人工智能ETF正式获批， 有望吸引更多增量资金入市。根据监管披露的信息，这批产品中有4只上证科创板芯片设计主题ETF，3 只上证科创板芯片ETF，另外还有2只首批科创创业人工智能ETF。另据报道，还有多只科创创业人工 智能ETF和科技主题主动权益类基金获批，传递出监管部门支持战略性新兴产业的积极信号。这些精准 锚定硬 ...

智通财经APP获悉，山西证券发布研报称，电子皮肤赋予人形机器人触觉感知，是人形机器人交互的关 键，从海内外市场竞争格局上看，欧美日企业凭借先发优势占据高端市场，全球柔性触觉传感器TOP5 厂商均为海外企业，合计占据57.1%的市场份额。国内厂商加速布局，凭借政策支持和制造能力优势与 国外技术快速缩小差距。长期看，国内人形机器人市场规模可达十万亿级别，电子皮肤作为人形机器人 实现触觉感知核心零部件，有望依托人形机器人需求增长，维持高速发展。 山西证券主要观点如下： 电子皮肤赋予人形机器人触觉感知，是人形机器人交互的关键 电子皮肤是模拟天然皮肤功能的仿生柔性触觉传感器系统，可以感知压力、温度等各种刺激，广泛应用 于智能医疗、智能控制系统和智能机器人等领域。 电子皮肤从技术路线上可以分为五大类，压阻式、电容式、压电式是最常用的三种路线。压阻式传感器 结构简单、低成本，适合于基础的压力映射和触觉反馈系统，能有效平衡工艺难度、成本和量产规模等 因素，是目前人形机器人领域主流技术路线，特斯拉、汉威科技、福莱新材等知名企业均在压阻式传感 器技术进行了布局；电容式传感器灵敏度高，适合于高精度的触觉感测；压电式传感器具备自供电 ...

Investment Rating - The report maintains an investment rating of "B" for the electronic skin industry, indicating a leading position in the market [1]. Core Insights - The electronic skin is a key tactile sensing system for humanoid robots, enabling them to interact with their environment through pressure and temperature sensing [13]. - The market for electronic skin is projected to reach $756 million by 2030, driven by the increasing demand for humanoid robots [4]. - The industry faces three major barriers: materials, manufacturing processes, and algorithms, which are critical for establishing competitive advantages [24][32]. Summary by Sections 1. Electronic Skin: Key to Humanoid Robot Interaction - Electronic skin mimics natural skin functions and is essential for humanoid robots to perceive their surroundings [13]. - The technology can be categorized into resistive, capacitive, and piezoelectric types, with resistive sensors being the most common in humanoid robots [2][21]. 2. Domestic Enterprises Accelerating Layout - Overseas companies dominate the high-end market, holding approximately 57.1% of the global flexible tactile sensor market share [4][41]. - Domestic companies are rapidly closing the technology gap, supported by favorable policies and manufacturing capabilities, with firms like Fulei New Materials and Hanwei Technology emerging as key players [5][46]. 3. Key Companies to Watch - Fulei New Materials has completed pilot production and is supplying small batches to leading clients in the dexterous hand sector [5]. - Hanwei Technology has established partnerships with nearly 30 robot manufacturers and is expanding its production capacity [5]. - Keli Sensor and other companies are also making strides in the electronic skin sector, focusing on multi-physical sensors and flexible tactile sensors [5][46].

液冷：当下算力中心规模快速增长，加之服务器机柜功耗提升。政策端能耗要求PUE 日趋严格，行业 端散热需求提升，液冷成主要方向。公司2022 年布局汽车水冷板产品，现已开启液冷板产能建设。展 望未来，公司积极把握人工智能的快速发展，凭借自身技术及客户关系优势，有望实现订单突破。 低空经济：低空经济稳步推进，2026 年市场空间有望达万亿。公司成立敏翼科技，总经理产业履历深 厚，未来有望成低空领域核心供应商。目前公司已与亿航智能于2025 年7 月签署战略合作协议，共同研 发和生产eVTOL 电动垂直起降飞行器的关键部件。 投资建议：汽车主业加速成长，新业务有望陆续落地公司汽车业务受益欧洲新能源提速，电池盒业务推 动主业加速增长。新业务方面，公司前瞻布局多元化业务赛道，机器人、液冷、低空等业务新进展不断 推进，打造全新增长曲线。同时，随着公司进入产能收获期，资本开支下降，现金流改善，未来分红率 有望提升，公司估值中枢有望持续回升至2024 年以前水平，看好公司后续迎来"戴维斯双击"。预计公 司2025-2027 年归母净利润分别为28.1、33.1、40.6 亿元，对应PE 分别为12.9X、11.0X、8.9X ...

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is experiencing accelerated growth in its core automotive business, driven by the rapid adoption of new energy vehicles in Europe, while also making significant strides in new business areas such as robotics, liquid cooling, and low-altitude economy [10][18]. Summary by Sections Company Overview - The company is a global leader in automotive exterior parts and has successfully expanded into the battery box business since 2017, becoming one of the top players in this sector. The ongoing increase in the penetration of new energy vehicles in Europe is expected to further boost the company's core business growth [3][7]. Business Performance - The company is entering a capacity harvesting phase, with operational efficiency improving and profitability on an upward trajectory. The capital expenditure peaked in 2022 at 34.1 billion, but is projected to decrease significantly in 2024, supporting future dividend increases [6][26]. Battery Box Business - As one of the largest battery box suppliers globally, the company benefits from Europe's clear carbon reduction goals and the resurgence of electric vehicle subsidies. The penetration rate of new energy vehicles in Europe is expected to reach approximately 19.6% in 2024, with significant growth anticipated in subsequent years [7][49]. New Business Ventures - The company is strategically diversifying into multiple business areas, including robotics, liquid cooling, and low-altitude economy, which are expected to create new growth trajectories. The robotics sector is projected to see significant advancements by 2025, while liquid cooling is becoming increasingly important due to rising energy efficiency demands [8][9]. Financial Projections - The company is expected to see substantial increases in net profit, with projections of 28.1 billion, 33.1 billion, and 40.6 billion for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 12.9X, 11.0X, and 8.9X [10][18].

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①人形机器人+柔性皮肤，与兆威机电深度合作，电子皮肤产品已获批量订单并实现供货，这家公司即将 发布集成大模型的新一代柔性传感系统； ②超聚变+华为昇腾，与超聚变共推AI知识库一体机，打造自有 品牌昇腾大模型一体机，这家公司深度绑定国产算力与英伟达生态。 ...

Core Viewpoint - Zhejiang Fulai New Materials Co., Ltd. is set to hold a new product launch and investor communication meeting on November 27, showcasing innovations in flexible sensors, chips, algorithms, and large models [1] Group 1: Product Development - The upcoming product integrates multiple core technological breakthroughs in flexible sensing systems [1] - Fulai New Materials has transitioned from a material supplier to a provider of intelligent sensing solutions, with its self-developed "electronic skin" products already in mass supply for humanoid robots, dexterous hands, and industrial inspection [1] Group 2: Strategic Collaborations - The company has established a joint laboratory with Zhejiang Tsinghua Flexible Electronics Technology Research Institute and recruited algorithm and large model expert Liao Yongxing to enhance its capabilities [1] - Fulai New Materials has formed a strategic partnership with Tongzhi Technology to promote an integrated solution encompassing "materials-sensing-algorithms-terminals" [1] Group 3: Market Position - With over 20 years of experience in the new materials sector, Fulai New Materials is gaining widespread recognition from domestic and international clients for its innovative solutions [1]