格隆汇9月11日｜浙商证券研报指出，新时达为国产机器人龙头，运动控制主业拐点向上，海尔入主有 望推动公司具身智能/人形机器人整机落地进程超预期。公司深耕运控技术三十载，控制类产品迭代能 力强。具体看：市占率居前。公司电梯控制器全球第二、SCARA工业机器人国内出货量第四；自动化 产品国产替代先锋、一体化程度较高。公司早期打破电梯控制外资垄断，后成为国内首家实现机器人驱 控一体的厂商，并可实现机器人控制器+伺服驱动自供。未来公司在具身智能整机方面布局可参考特斯 拉、小米、小鹏等。从具身智能底层能力来看，公司拥有运动控制技术积淀、工业机器人制造经验等， 海尔拥有工业及家庭场景大模型、数据采集能力、应用场景等，则我们认为公司未来有望打通具身智 能/人形机器人"大小脑+本体+应用场景+销售体系"全产业链。则从具身智能整机生态完整性角度，公司 可参考特斯拉/小米/小鹏等头部跨界厂商。而从运动控制技术自主可控角度，公司布局亦可参考智元、 宇树等。公司具身智能/人形机器人产品落地、订单导入；公司毛、净利率持续改善；公司半导体机器 人订单量不断提升。上调公司评级为"买入"。 ...

证券研究报告 | 公司更新 | 专用设备 新时达(002527) 报告日期：2025 年 09 月 10 日 运动控制主业拐点向上，海尔入主加速具身智能落地 ——新时达推荐报告 投资要点 1. 一句话逻辑 国产机器人龙头，运动控制主业拐点向上，海尔入主有望推动公司具身智能/人 形机器人整机落地进程超预期。 2. 超预期逻辑 市场认为：公司成长性、盈利能力偏弱。 我们认为： 1）公司为控制类龙头，海尔入主加速公司具身智能落地，打开成长空间。 ①公司深耕运控技术三十载，控制类产品迭代能力强。具体看：i. 市占率居前。 公司电梯控制器全球第二、SCARA 工业机器人国内出货量第四；ii. 自动化产品 国产替代先锋、一体化程度较高。公司早期打破电梯控制外资垄断，后成为国 内首家实现机器人驱控一体的厂商，并可实现机器人控制器+伺服驱动自供。 ②海尔成为公司新实控人，未来公司有望受益海尔机器人持续推进。具体而 言，海尔已有四大布局：i. 成立机器人事业部、控股公司；ii. 海尔创投（海尔集 团控股）倡导发起 100 亿元具身智能创投基金；iii. 海尔联合乐聚机器人等具身 智能参与者共同成立"具身智能创新生态联盟"；iv ...

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The report emphasizes the transformation and elevation of the company under Haier's leadership, focusing on integrated solutions and embodied intelligence [2][12] - The company is positioned as a leading domestic robot manufacturer, with a strong emphasis on upgrading from industrial robots to comprehensive solutions [7][12] - Financial forecasts indicate a significant recovery in profitability, with expected net profits turning positive in 2025 and substantial growth in subsequent years [3][7] Summary by Sections Financial Summary - Projected revenues for 2024A, 2025E, 2026E, and 2027E are 3,357 million, 3,543 million, 3,798 million, and 4,153 million respectively, with growth rates of -0.9%, 5.5%, 7.2%, and 9.3% [3] - Expected net profit for 2025E is 13 million, with a significant increase to 84 million in 2026E and 190 million in 2027E, reflecting growth rates of 567.3% and 127.6% respectively [3] - Earnings per share are projected to be -0.4, 0.0, 0.1, and 0.3 for the years 2024A to 2027E [3] Business Overview - The company is a leader in industrial automation and robotics, with a focus on elevator controllers and SCARA robots, holding the second position globally in elevator controllers and fourth in domestic SCARA robot shipments [20][25] - The report highlights the company's strategy to capture structural demand in the elevator industry, particularly in urban rail and renovation projects, with a projected growth in elevator procurement in 2025 [29][34] - The company is also expanding into semiconductor robotics, targeting high-end markets with low domestic production rates [41][42] Haier's Empowerment - Haier's acquisition is expected to enhance the company's product offerings and financial performance, leveraging Haier's industrial internet ecosystem to provide integrated manufacturing solutions [12][51] - The partnership is anticipated to improve operational efficiency and reduce costs through shared supply chains and management practices [63][66] - The report notes that Haier's investment of 12.19 billion yuan in new shares will bolster the company's liquidity and strategic initiatives [67] Profitability Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 290% in net profit from 2025 to 2027, with price-to-earnings ratios projected at 860, 129, and 57 for the respective years [7][12] - The report indicates that the company's gross margin is expected to improve, as it benefits from Haier's global supply chain and operational efficiencies [66]

Group 1 - The core logic indicates that industrial robots are upgrading to comprehensive solutions, with profit revisions and potential implementation of embodied intelligence within the year [1] - The company is a leading domestic player in industrial robots, with significant market share in elevator controllers and SCARA industrial robots [1] - The company is a pioneer in domestic automation product substitution, breaking foreign monopolies in elevator control and achieving integrated robot drive control [1] Group 2 - The elevator controller market is expected to see long-term stable growth, driven by new demands in the elevator industry such as urban transit, old elevator upgrades, and international expansion [1] - The domestic elevator procurement market is projected to grow over 45% year-on-year by 2025, with significant increases in exports to regions like the Middle East and Southeast Asia [1] - The semiconductor robot sector has a low domestic substitution rate of less than 10%, with potential acceleration in equipment localization as domestic wafer fabs emerge [1] Group 3 - Haier's empowerment strategy includes enhancing automation products, improving financial metrics, and implementing embodied intelligence [2] - The company is expected to benefit from a recovery in industrial automation demand, with a projected 2.4% year-on-year growth in Q1 2025 [2] - The company plans to launch embodied intelligence controllers and machines in 2025, with support from Haier's industrial internet data and models [3] Group 4 - Profitability is expected to improve with optimized gross margins and cash flow, supported by Haier's global supply chain and efficient management [3] - The company anticipates significant net profit growth from 2025 to 2027, with a projected CAGR of approximately 290% [3] - Despite a high current valuation compared to peers, the company's semiconductor robot initiatives and Haier's involvement are seen as positive factors for future growth [3]

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 ...