2016年押注新能源车，没人敢肯定能成，威马突然倒下，汇川一下子亏了三亿，别人都想撤，只有朱兴明没动，两年后理想火了，汇川的V6S电机转速飙到 两万一千转，成了国产电驱里真能打的，现在每三台国产新能源车，就有一台用着汇川的电控系统。 2025年的深圳，汇川技术市值冲到一千六百亿，他们做的电机跑在小米、理想这些车里，没人想到这公司原来是华为扔掉的项目，2001年华为卖了安圣电 气，裁掉的员工朱兴明带着十九个人，硬是在工业自动化里拼出了一条路。 被艾默生收购后，朱兴明拿了赔偿金，转身自己干，那时候中国工厂里的变频器、伺服电机，基本全靠西门子、安川这些外国货，一台电梯控制器卖好几 万，汇川团队从电梯入手，把价格压到外资的一半，靠着深圳那边的供应链，2007年赚到了第一个五千万。 2010年上市后，汇川砸了几亿搞伺服系统，结果大败，实验室里七成产品被退回来，技术团队差点散了，朱兴明把公司利润全押上，派人蹲在德国西门子研 发中心门口求教，最后把欧洲的算法和中国的产线拼在一起，伺服市场就做成了国内第一。 但不是每个决定都对，2016年汇川放弃光伏逆变器，结果错过了和华为一起拼的机会，朱兴明后来复盘说，当时觉得光伏赚不了多 ...

Core Viewpoint - New Times is recognized as a leading domestic robot manufacturer, with an upward turning point in its motion control business, and the acquisition by Haier is expected to accelerate the development of embodied intelligence and humanoid robots beyond expectations [1] Group 1: Market Position and Product Development - The company has a strong market share, ranking second globally in elevator controllers and fourth domestically in SCARA industrial robot shipments [1] - The company is a pioneer in domestic automation product substitution and has a high degree of integration in its offerings [1] - The company broke the foreign monopoly in elevator control early on and became the first domestic manufacturer to achieve integrated robot drive and control [1] Group 2: Future Prospects and Strategic Positioning - Future developments in embodied intelligence and humanoid robots can draw references from companies like Tesla, Xiaomi, and Xpeng [1] - The company possesses foundational capabilities in motion control technology and industrial robot manufacturing, while Haier contributes with its large model capabilities, data collection, and application scenarios [1] - The company aims to establish a complete industrial chain for embodied intelligence and humanoid robots, integrating "big brain + body + application scenarios + sales system" [1] Group 3: Financial Performance and Order Growth - The company is experiencing continuous improvement in gross and net profit margins [1] - There is a consistent increase in semiconductor robot order volumes [1] - The company has upgraded its rating to "Buy" based on these positive indicators [1]

Investment Rating - The investment rating for the company is upgraded to "Buy" [6] Core Views - The company is a leading domestic robotics firm, with an upward turning point in its motion control business. The acquisition by Haier is expected to accelerate the implementation of embodied intelligence and humanoid robots beyond expectations [1][2] Summary by Sections 1. Exceeding Expectations - The market perceives the company's growth and profitability as weak. However, the company is a leader in control technology with strong product iteration capabilities. It ranks second globally in elevator controllers and fourth in domestic SCARA industrial robot shipments. The company has pioneered domestic replacements in automation products and achieved integration in robot drive control [2] - Haier's acquisition is expected to benefit the company as it continues to push for embodied intelligence. Haier has established a robotics division, initiated a 10 billion yuan investment fund for embodied intelligence, formed an innovation alliance, and launched household robots [2][31] - The company plans to launch an embodied intelligent welding solution in September 2025 and an intelligent controller by the end of 2025, with a focus on humanoid robots [3][37] 2. Management and Profitability Improvement - Haier's shareholding and voting rights in the company are expected to increase significantly, potentially raising its stake from 10% to 26.83% and voting rights from 29.24% to 42.47% after a planned capital increase [4][24] - Key management positions are held by members from Haier, which is anticipated to enhance operational efficiency and profitability through Haier's effective management model [5][29] 3. Financial Forecasts and Valuation - The company is projected to achieve net profits of 0.13 billion yuan, 0.84 billion yuan, and 1.90 billion yuan from 2025 to 2027, reflecting a significant turnaround and growth rates of 567% and 128% respectively. The compound annual growth rate (CAGR) for this period is estimated at approximately 290% [11] - The company's price-to-earnings (PE) ratios are expected to be 949, 142, and 62 for the years 2025 to 2027 [11] 4. Revenue and Profit Structure - The company has three main business segments: elevator control, robot control, and general control and drive. In 2024, the revenue from these segments is expected to be 6.6 billion yuan, 15.9 billion yuan, and 8.0 billion yuan respectively [14] - The gross margin for the elevator control segment is relatively high, with improvements noted in the margins for general control and robot segments [22]

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 ...