证券研究报告 | 公司深度 | 专用设备 新时达(002527) 报告日期：2025 年 09 月 04 日 海尔入主、转型升维：国产机器人龙头加码一体化方案/具身智能 ——新时达深度报告 投资要点 ①落地节奏：拟 25 年推出具身智能控制器/整机，9 月发布具身智能焊接方案。 ②海尔助力：i. 大模型、数据层面。公司可依托海尔卡奥斯天智工业大模型+工 业互联网数据集；ii. 场景层面。公司产品有望进入海尔智家全球工厂进行试 验；iii. 订单导入。车端，海尔已收购汽车之家，（曾）深度合作长安/奇瑞；家 端，公司计划为海尔白电部门正在研发的人形机器人提供"小脑"技术。 财务摘要 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 3,357 | 3,543 | 3,798 | 4,153 | | (+/-) (%) | -0.9% | 5.5% | 7.2% | 9.3% | | 归母净利润 | (288) | 13 | 84 | 190 | | (+/-) (%) ...

投资要点 核心逻辑：工业机器人向整体解决方案升级、盈利上修、具身智能或年内落地? 公司护城河：国产机器 人龙头，控制器+伺服驱动全链自供1）市占率居前。电梯控制器全球第二、SCARA 工业机器人国内出 货量第四。 2）自动化产品国产替代先锋、一体化程度较高。①国产替代：打破电梯控制外资垄断、国内首家实现 机器人驱控一体；②一体化：控制器+伺服驱动自供。 公司可共享海尔全球供应链，及"人单合一"高效管理模式；②现金流或更加充裕。海尔卡奥斯拟斥资 12.19 亿元全额认购公司发行新股。 3）具身智能、场景落地：与海尔联合布局工业&家庭机器人①落地节奏：拟25 年推出具身智能控制器/ 整机，9 月发布具身智能焊接方案。 ②海尔助力：i. 大模型、数据层面。公司可依托海尔卡奥斯天智工业大模型+工业互联网数据集；ii. 场 景层面。公司产品有望进入海尔智家全球工厂进行试验；iii. 订单导入。车端，海尔已收购汽车之家， （曾）深度合作长安/奇瑞；家端，公司计划为海尔白电部门正在研发的人形机器人提供"小脑"技术。 盈利预测与估值：我们预计25~27 年公司归母净利分别为0.13、0.84、1.90 亿元，同比扭亏、+56 ...

Core Viewpoint - Haier Group has successfully completed the acquisition of a 10% stake in New Times, gaining significant control over the company and appointing several executives from Haier to its board of directors [1][2][3] Group 1: Board Composition and Management Changes - New Times has elected a new board of directors consisting of 9 members, including 5 non-independent directors, 3 independent directors, and 1 employee representative [1] - Key executives from Haier Group, including the new chairman Zhan Bo, have been appointed to the board, indicating a strong influence from Haier on New Times' strategic direction [1][2] - Liu Changwen, with a background in Haier, has been appointed as the general manager of New Times, while Li An, also from Haier, serves as the vice general manager and CFO [2] Group 2: Acquisition Details - The acquisition agreement signed on February 21, 2023, involved Haier purchasing a 10% stake in New Times for 1.3 billion yuan, which grants Haier 19.24% of the voting rights [2] - To further solidify its control, Haier plans to invest over 1.2 billion yuan in New Times' upcoming targeted issuance project [2] Group 3: Financial Performance - New Times has faced financial challenges, reporting net losses for three consecutive years: -1.057 billion yuan in 2022, -379 million yuan in 2023, and -288 million yuan in 2024 [3] - The company anticipates a modest profit of 1.55 million to 2.3 million yuan for the first half of 2025, a recovery from a loss of 18.75 million yuan in the same period last year [3] - Despite its struggles, New Times ranks second globally in elevator controllers and fourth in SCARA robot sales, showcasing its competitive position in the market [3]

Core Viewpoint - The acquisition of Shanghai New Times Electric Co., Ltd. by Haier for over 2.5 billion yuan is aimed at enhancing Haier's hardware capabilities within the context of building the COSMOPlat industrial internet ecosystem [2][5]. Group 1: Acquisition Rationale - Haier's strategic investment in New Times is part of its transition from a home appliance manufacturer to an industrial ecosystem builder, focusing on industrial automation and domestic substitution strategies [3][5]. - New Times has significant technological expertise in industrial automation hardware, which will complement Haier's existing software capabilities on the COSMOPlat platform [3][6]. - The acquisition is expected to help both companies break industry barriers and reshape the competitive landscape of the industrial internet sector through a differentiated approach of hardware integration and software ecosystem collaboration [3][10]. Group 2: Financial Context - New Times has faced financial challenges, reporting cumulative losses exceeding 1.7 billion yuan over the past three years, with revenues of 3.097 billion yuan, 3.387 billion yuan, and 3.357 billion yuan from 2022 to 2024 [12][14]. - The acquisition provides New Times with much-needed financial support and access to Haier's global market channels and international R&D resources [10][12]. Group 3: Integration Strategy - Haier plans to integrate New Times through three main dimensions: strategic positioning, supply chain collaboration, and technological fusion [12][14]. - The initial focus will be on redefining New Times as an "industrial automation solution service provider" and implementing Haier's "user-centric" management model to enhance operational efficiency [14][15]. - Haier aims to leverage its procurement and manufacturing advantages to optimize New Times' cost structure and improve operational efficiency [15]. Group 4: Industry Context - The Chinese industrial internet market is projected to reach 1.48625 trillion yuan by 2026, indicating a significant growth opportunity for companies like Haier and New Times [8]. - The acquisition aligns with Haier's broader strategy to establish a digital economy ecosystem, emphasizing the importance of integrating artificial intelligence and robotics into various applications [20][22]. - Haier's dual focus on industrial and household robotics positions it competitively against other major players in the market, such as Midea and Gree, who are also pursuing differentiated strategies in the robotics sector [22][23].

Core Viewpoint - Haier Group has completed the strategic acquisition of a 10% stake in New Timesda, marking its entry into the industrial internet ecosystem through Haier Kaos [1][5] Group 1: Acquisition Details - Haier Kaos acquired 10% of New Timesda's shares for approximately 1.3 billion yuan, gaining 19.24% voting rights, making it the controlling shareholder [1] - Haier plans to invest over 1.2 billion yuan in New Timesda's targeted capital increase project to strengthen its control [1] Group 2: New Timesda's Strengths - New Timesda has a 30-year history and is a leader in industrial automation, with a strong presence in elevator systems and robotics [2] - The company ranks second globally in elevator controller shipments and fourth in SCARA robot shipments, showcasing its market position [2] Group 3: Technological Capabilities - New Timesda's control technology is categorized into four levels: hardware design, operating systems, algorithms, and application software, with a strong emphasis on proprietary development [3] - The company has a deep understanding of control technology, which is crucial for the upcoming AI-driven transformation in manufacturing [3][4] Group 4: Future Outlook - New Timesda aims to lead the "brain-driven" product transformation in the era of embodied intelligence, focusing on control technology [4] - The collaboration between Haier and New Timesda is expected to enhance the competitive edge in smart manufacturing and support the digital transformation of various industries [5]

星标 ★ IPO日报 精彩文章第一时间推送 近期，上海新时达电气股份有限公司（下称"新时达"、"上市公司"）发布公告称，通过签署相关协议转让、表决权委托及一致行动安排协议，青岛 海尔卡奥斯工业智能有限公司（下称"海尔卡奥斯"）将取得上市公司10.00%的股份，以及19.24%股份所对应的表决权，合计控制上市公司 29.24%股份所对应的表决权。 同时，海尔卡奥斯以7.99元/股的包揽定增1.53亿股（占上市公司总股本的16.83%），耗资12.19亿元。 这意味着，完成定增后，海尔卡奥斯耗资25.19亿元，最终持股比例达26.83%，总控制权超40%，海尔集团将成为新时达实际控制人。 根据上市公司2024年半年报，新时达电梯控制器业务出货量全球第二，SCARA机器人出货量处于国产第二、全球第四，是国产头部机器人厂商中最早拥 有全自主可控控制技术的企业。 截至2023年，新时达获得国家授权专利840项，其中发明专利343项，软件著作权277项。研发投入方面，2019年至2023年，公司研发投入均超过2亿元。 尽管身处蓝海赛道，但糟糕的财务状况要求新时达向外部寻求输血机会。 此次出手收购国内工业机器人龙头企业，海 ...