绑定宁王的喜与忧。 作者 | 贝壳XY 编辑 | 小白 初闻新能源汽车，似乎已经过去了十余年之久。时至今日，这一行业不仅经久不衰，反而展现出愈发 强劲的增长势头！ 中汽协最新数据显示，2025年8月，我国新能源汽车产销环比、同比双增长，增长均在25%以上。202 5年1-8月，新能源汽车产销分别同比增长37.3%和36.7%，增速持续迅猛。 看到这组数字，风云君赶忙扒拉扒拉A股中的新能源汽车产业链公司，看看有没有未曾覆盖过的"漏 网之鱼"——别说，还真发现一家！ 震裕科技（300953.SZ），主营三电领域的精密结构件，是宁德时代眼前的"红人"，近几年业务持续 拓展，二级市场股价也屡创新高，年初至今涨幅已接近230%！ （来源：市值风云 APP ） 那么，这家公司的真实质地究竟如何，一起来瞧瞧？ （ 注： 定转子 铁芯 ） 这堆铁片，并不是随便冲出来的，而是通过高精度级进模具冲压而成，每片厚度误差不能超过一根头 发丝的数十分之一。并且，模具还得承受住每分钟上千次的冲压磨损，精度一旦下降，铁芯就变形， 电机就"心脏病"，整车就"趴窝"。 可以说，谁掌握了铁芯模具，谁就掌握了电机的"心脏手术刀"——震裕科技，就是 ...

Summary of Zhenyu Technology Conference Call Company Overview - **Company**: Zhenyu Technology - **Industry**: Precision manufacturing, robotics, lithium battery components Key Financial Performance - **Revenue**: 2025 H1 revenue reached 40 billion CNY, a 30% year-on-year increase [2] - **Net Profit**: Net profit attributable to shareholders was 2.11 billion CNY, up 60% year-on-year [2] - **Precision Components Revenue**: 32 billion CNY, with lithium battery components contributing 25 billion CNY, growing over 40% [1][2] - **Motor Core Revenue**: 7 billion CNY, with a gross margin exceeding 20% [1][2] - **Mold Business**: Revenue of 2.3 billion CNY, a 15% increase, with a stable gross margin above 50% [1][3] - **Operating Cash Flow**: Positive cash flow of 1.7 billion CNY in H1, with 2.2 billion CNY in Q2 [1][3] Business Segments Precision Components - **Lithium Battery Components**: Gross margin improved from 12% to nearly 13%, reaching 16% in Q2 [1][5] - **Motor Cores**: Steady performance with expected profitability improvement from increased production of Jiangjiang process cores [6] Mold Business - **Growth**: Continued growth with a focus on external sales despite some internal consumption [8] Robotics Sector - **New Business Focus**: Emphasis on precision manufacturing systems, providing competitive hardware solutions in robotics [4] - **Product Development**: Third-generation linear actuators developed, achieving a weight reduction of 22.5% [4][12] - **Client Engagement**: Direct engagement with major domestic and international robotics clients, including Xiaopeng and Xiaomi [4][9] Future Outlook - **Growth Drivers**: Anticipated growth in precision components driven by increasing downstream demand [6] - **Solid-State Battery Impact**: Short-term impact on lithium battery components is expected to be minimal [7] - **Capital Expenditure Plans**: Plans for new land and factory construction, focusing on automated production lines for planetary roller screws [14] - **International Expansion**: Consideration of establishing production capabilities in Serbia for robotics components [15][18] Market Dynamics - **Competition**: Increasing competition in the industry, but few can consistently provide high-quality products [17] - **Pricing Trends**: Prices are expected to decline with increased production scale, but profitability remains intact [17] Strategic Initiatives - **Marketing and Sales**: Enhanced efforts in marketing and sales for the planetary roller screw market, with potential revenue growth in the second half of the year [16] - **Technological Development**: Ongoing development of integrated solutions, including the creation of a highly integrated bionic arm [21][22] Investment Considerations - **Market Position**: Zhenyu Technology's strong performance and strategic initiatives provide a solid foundation for potential investment opportunities [23]

Group 1 - The company reported a revenue of 1.224 billion yuan for H1 2025, a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 105 million yuan, a slight increase of 1.38% year-on-year, indicating that overall performance met expectations [1] - The automotive parts business maintained stable growth, while the humanoid robot business, including harmonic reducers and dexterous hands, achieved multiple breakthroughs, gradually forming a dual-driven development model of "automotive + robotics" [1] - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 401 million, 603 million, and 761 million yuan for 2025-2027, corresponding to current price-earnings ratios of 31.8, 23.9, and 18.0 times, respectively, and maintains a "buy" rating [1] Group 2 - In the EGR business segment, revenue reached 451 million yuan in H1 2025, a year-on-year increase of 27.44%, benefiting from the trend of hybridization in oil vehicles, with increased market share in passenger vehicles and breakthroughs in the commercial vehicle market [2] - The new energy business generated revenue of 484 million yuan, a year-on-year increase of 6.05%, with significant advancements in welding technology for thin materials and successful project acquisitions, indicating strong growth momentum [2] - The precision automotive parts segment achieved revenue of 287 million yuan, a year-on-year increase of 19.61%, with 50 small assembly projects accumulated in the first half of the year, indicating a steady release of performance as new project orders continue to be delivered [2] Group 3 - The humanoid robot business is steadily advancing, focusing on breakthroughs in core components such as dexterous hand assemblies, harmonic reducers, and joint modules [3] - The company has successfully developed a compact and lightweight harmonic reducer, reducing weight by 30%-40% compared to traditional products, and is expected to achieve a production capacity of 70,000 harmonic reducers by Q1 2026 [3] - The dexterous hand products are continuously iterating, with plans to form three product lines: military-grade, industrial-grade, and consumer-grade, alongside a strategic investment in a technology company to enhance sensor technology [3]

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]

Core Viewpoint - Zhenyu Technology experienced a decline of 1.90% in stock price on August 26, with a trading volume of 891 million yuan, indicating a significant market activity and investor sentiment shift [1] Financing Summary - On August 26, Zhenyu Technology had a financing buy-in amount of 94.926 million yuan and a financing repayment of 126 million yuan, resulting in a net financing outflow of 31.015 million yuan [1] - The total financing and securities lending balance for Zhenyu Technology reached 853 million yuan, with the financing balance accounting for 3.78% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 1,100 shares and a securities lending sell-out of the same amount, with a sell-out value of 142,600 yuan at the closing price [1] Business Performance - For the period from January to March 2025, Zhenyu Technology reported an operating income of 1.793 billion yuan, representing a year-on-year growth of 24.24%, and a net profit attributable to shareholders of 72.861 million yuan, up 38.90% year-on-year [2] - The company has cumulatively distributed dividends of 70.497 million yuan since its A-share listing, with 40.432 million yuan distributed over the past three years [3] Shareholder Information - As of August 20, the number of shareholders for Zhenyu Technology increased to 21,200, a rise of 3.98%, while the average circulating shares per person decreased by 3.83% to 5,872 shares [2] - Among the top ten circulating shareholders, Yongying Advanced Manufacturing Smart Selection Mixed Fund (018124) is the fourth largest, increasing its holdings by 2.499 million shares to 3.468 million shares [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company has a strong growth trajectory in precision manufacturing, particularly in the fields of electric motor cores and lithium battery structural components, with a significant increase in revenue and profit margins expected [8][14]. - The entry into the humanoid robot sector is seen as a strategic move, with high technical barriers and substantial profit potential [8][14]. - The company is expected to benefit from automation improvements and cost reductions, leading to a recovery in profit margins [8][14]. Summary by Sections 1. Company Overview - The company has been deeply involved in the precision mold industry for over 20 years, expanding into electric motor cores and lithium battery structural components, achieving rapid growth [14]. - Established in 1994, the company has evolved from manufacturing steel needles to becoming a leader in precision stamping molds and structural components [14]. 2. Financial Performance - The company’s revenue grew from 1.193 billion to 7.129 billion yuan from 2020 to 2024, with a CAGR of 42.96% [23]. - The net profit increased from 130 million to 254 million yuan during the same period, reflecting a CAGR of 14.42% [23]. - The company’s gross margin for lithium battery structural components is projected to rise to over 12% by 2025 [8][23]. 3. Precision Molding Business - The precision stamping mold technology is critical for downstream component performance, and the company is recognized as a domestic leader in this field [33][40]. - The company’s molds are used in various industries, including automotive and industrial control, with a focus on high efficiency and precision [33][40]. 4. Lithium Battery Structural Components - The company has established strong partnerships with major clients like CATL, leading to a rapid increase in market share [8][14]. - Revenue from lithium battery structural components is expected to grow by over 35% starting in 2025, driven by increased demand from second and third-tier battery clients [8][14]. 5. Humanoid Robot Sector - The company is entering the humanoid robot market, focusing on the production of precision components such as lead screws, which are essential for robot functionality [8][14]. - The lead screw market is characterized by high technical barriers, and the company is well-positioned to capture significant market share due to its existing precision manufacturing capabilities [8][14]. 6. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 413 million, 575 million, and 785 million yuan respectively, with year-on-year growth rates of 62.67%, 39.21%, and 36.52% [1][8].

Key Insights - The report highlights the upcoming launch of Huawei's foldable PC and Apple's foldable iPhone, which are expected to drive rapid development in materials for foldable devices [5] - The non-bank financial sector is seeing regulatory changes aimed at enhancing support for technology enterprises, particularly in mergers and acquisitions [8] - The report discusses the performance of various companies, including their revenue growth and profitability, indicating a positive outlook for several sectors [11][13][16] Industry Commentary - The chemical raw materials sector is experiencing growth due to the anticipated demand for materials used in foldable devices, with a notable increase in the new materials index [5] - The non-bank financial sector is undergoing reforms to improve the service capabilities for technology companies, which is expected to enhance the overall market environment [8] - The textile and apparel industry is likely to benefit from Shanghai's new consumption stimulus plan, particularly in sportswear and jewelry [5] Company Analysis - The report provides insights into the financial performance of various companies, such as: - **Zhenyu Technology**: Achieved revenue of 6.20 billion yuan in 2024, with a net profit of -1.75 billion yuan, indicating a recovery in Q1 2025 with a 23.75% year-on-year revenue increase [9][11] - **Jinxi Axle**: Reported a revenue increase in high-speed train axles, supported by its state-owned enterprise background, which enhances its diversification efforts [16] - **Shanghai Hanxun**: Expected to exceed 150 million yuan in satellite business revenue in 2024, with a significant increase in satellite launches planned for 2025 [21] Financial Performance - Companies are showing varied financial results, with some experiencing significant growth: - **Artis**: Projected to create a second growth engine through large-scale storage, with steady production expansion in the U.S. [5] - **Zhenyu Technology**: Anticipates a recovery in profitability post-transformation, with a focus on human-shaped robots and eVTOL businesses [11] - **Jinxi Axle**: Reported a 33.23% increase in railway vehicle revenue, indicating strong market demand [19] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from emerging trends, such as foldable device materials and advancements in AI and IoT technologies [5][27] - Companies like **Guanghe Tong** are highlighted as leaders in AI IoT, with a strong product matrix and growth potential in smart modules [27] - The overall sentiment is positive for sectors that are adapting to technological advancements and regulatory changes, indicating potential investment opportunities [8][11]

Core Viewpoint - The company has shown significant growth in revenue and profit, driven by automation upgrades and cost reduction strategies, particularly in the lithium battery and mold businesses [3][4][5]. Financial Performance - In 2024, the company achieved a revenue of 7.129 billion yuan, representing a year-on-year growth of 18.45%. The net profit attributable to shareholders was 254 million yuan, a remarkable increase of 493.77%. The non-recurring net profit reached 231 million yuan, soaring by 2528.14% [3]. - For Q4 2024, the company reported a revenue of 2.114 billion yuan, up 21.26% year-on-year and 12.31% quarter-on-quarter. The net profit for this quarter was 82 million yuan, marking a turnaround from losses, with a quarter-on-quarter growth of 100.37% [3]. - The company forecasts a net profit of 69-75 million yuan for Q1 2025, indicating a year-on-year growth of 31.54%-42.97% [4]. Business Segments - The revenue from lithium battery precision structural components reached 4.24 billion yuan in 2024, growing by 29.84%, with a gross margin of 11.28%, an increase of 2.75 percentage points [5]. - The mold business generated 416 million yuan in revenue, up 32.70%, with a high gross margin of 53.85%, reflecting improvements from technological innovation and cost reduction [6]. - The revenue from motor iron cores was 1.509 billion yuan, down 11.78%, but the gross margin improved to 18.85%, an increase of 2.41 percentage points, attributed to the rising proportion of adhesive iron cores [7]. Technological Advancements - The company has developed advanced manufacturing capabilities, including reverse planetary roller screws and linear actuators, with plans to expand production lines to meet increasing demand [8][9].

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Group 1 - The company reported a significant increase in net profit for 2024, with a year-on-year growth of 494%, aiming to become a supplier of "limbs" for humanoid robots [1] - Total revenue for 2024 reached 7.13 billion yuan, representing an 18.4% increase compared to the previous year [1] - The company plans to increase its share capital by 40% and distribute a cash dividend of 2.1 yuan per 10 shares [1] Group 2 - The humanoid robot business is progressing rapidly, with expectations of benefiting from mass production of robots [1] - The company forecasts a net profit of 69 to 75 million yuan for Q1 2025, indicating a year-on-year growth of 32% to 43% [1] - Profit projections for 2025 to 2027 are set at 401 million, 603 million, and 761 million yuan respectively, with corresponding PE ratios of 41.6, 27.7, and 21.9 times [1] Group 3 - The company has established a wholly-owned subsidiary, Martin Robotics, to enter the humanoid robot components market [3] - The company has developed a complete set of mature processes for reverse planetary roller screw and has begun small-batch supply to leading humanoid robot manufacturers [3] - The company is leveraging its precision manufacturing capabilities and industry resources to become a key player in the humanoid robot supply chain [3] Group 4 - The company experienced a revenue increase in the lithium battery precision structural components segment, achieving 4.24 billion yuan in 2024, a year-on-year growth of 29.84% [2] - The gross margin for this segment improved by 2.75 percentage points to 11.28% due to optimized production processes [2] - The motor core segment saw a revenue decline of 11.78% to 1.51 billion yuan, but the gross margin increased to 18.85% due to a higher proportion of high-margin adhesive process cores [2] Group 5 - The mold business segment achieved a revenue of 416 million yuan, a year-on-year increase of 32.70%, with a gross margin of 53.85%, up by 4.93 percentage points [2]