机器人的功能触角：灵巧手 20250821 摘要 灵巧手技术层面聚焦驱动、传动和感知。驱动系统以空心杯电机为主， 但普通直流无刷电机和新型轴向磁通电机等方案可提高功率密度。传动 方面，键绳、微型丝杠、精密减速器各有优劣，可组合应用。感知领域 中，触觉传感器技术壁垒高，压阻式传感器应用广泛，未来或发展为电 磁电子皮肤。 灵巧手发展历史悠久，早期应用功能单一。2000 年后，仿生灵巧手快 速发展，如德国宇航中心推出高自由度灵巧手，但成本高昂。国内哈工 大推出首个进入工业测试的国产灵巧手。特斯拉 Optimus 人形机器人 推动行业发展，不断迭代技术方案，验证多种驱动和传动方案。 海外市场由领先公司主导，中国企业积极布局。非上市公司如银石、强 岛，上市公司如兆维机电、明智电器、雷赛智能和禾川等具有优势。末 端执行器分为多指夹爪和多指灵巧手，后者模仿人类生理结构，是未来 发展趋势，可实现复杂精细操作。 特斯拉人形机器人不断迭代，第一代采用空心杯电机加涡轮蜗杆方案， 第二代改用直流无刷电机加微型丝杠加腱绳方案，并验证直驱及微型谐 波减速器等新方案。特斯拉计划在 11 月发布第三代人形机器人产品， 其零销售方案将更清晰。 ...

Core Viewpoint - The company, Zhoushan Chenguang Electric Motor Co., Ltd., is transitioning from the New Third Board to the Beijing Stock Exchange, with its IPO application accepted on June 25, 2023 [1][2]. Company Overview - Chenguang Electric Motor was established on December 19, 2001, and transformed into a joint-stock company on September 4, 2023, with plans to be publicly traded on the National Equities Exchange and Quotations on September 9, 2024 [2]. - The company specializes in the research, production, and sales of micro-special motors, primarily used in cleaning appliances like vacuum cleaners, and has a strong competitive edge in this niche market [2]. Shareholding Structure - As of the signing of the prospectus, the actual controller, Wu Yongkuan, holds 53.13% of the shares directly, while his spouse, Shen Yan'er, holds 35.42%, resulting in a combined control of 93.39% [3]. Financial Performance - The company's main business revenue for the years 2022, 2023, and 2024 was 492 million yuan, 704 million yuan, and 816 million yuan, respectively, reflecting a compound annual growth rate of 28.71% [4]. - However, the net profit attributable to shareholders for the same periods was 58 million yuan, 99 million yuan, and 79 million yuan, indicating a decline of 20.84% in 2024 due to various market pressures [4]. Financial Metrics - Total assets as of December 31, 2024, are reported at approximately 876.18 million yuan, with total equity of about 457.64 million yuan [5]. - The gross profit margin has decreased from 22.83% in 2023 to 19.73% in 2024, indicating a downward trend in profitability [5][6]. Accounts Receivable - The accounts receivable have shown an increasing trend, with values of 153 million yuan, 189 million yuan, and 301 million yuan at the end of each reporting period, representing 41.88%, 38.80%, and 48.78% of current assets, respectively [7]. Regulatory Issues - On the same day the IPO application was accepted, the company received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose a related party transaction of 6.24 million yuan [8].

Core Insights - The efficient energy-saving motor has become a core equipment for promoting industrial green upgrades, playing a strategic role in achieving carbon neutrality goals [1][15] - The market size of China's efficient energy-saving motor is projected to grow from 17.638 billion yuan in 2018 to 23.963 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.24% [1][15] - The demand for efficient energy-saving motors is expected to increase further due to the rapid development of emerging fields such as new energy vehicles and smart grids [1][15] Industry Overview - Efficient energy-saving motors are designed to improve energy conversion efficiency, reduce energy consumption, and minimize energy waste, achieving efficiency levels of GB18613 grade II and above [3] - The market for efficient energy-saving motors in China is experiencing growth due to the implementation of national energy-saving and emission reduction policies and the transformation of the manufacturing industry [1][15] - The production of efficient energy-saving motors in China is expected to increase from 9.6 million kilowatts in 2019 to 19.3 million kilowatts in 2024, with a CAGR of 14.99% [13] Market Dynamics - The efficient energy-saving motor industry chain includes upstream raw material suppliers (silicon steel, copper, aluminum, rare earth permanent materials), midstream manufacturing, and downstream application fields such as industrial, household appliances, and renewable energy [6][10] - The industrial sector is a significant downstream application market for efficient energy-saving motors, with demand closely linked to industrial production scale [10] Key Companies - Major players in the efficient energy-saving motor industry include Shanghai Electric, Wolong Electric, and Xiangdian Co., with each company holding a competitive edge in various segments [18][19] - Shanghai Electric focuses on a wide range of motor products and has a strong presence in large projects, while Wolong Electric has a diversified business model that includes industrial internet solutions [20][23] - Companies like Dayang Electric and Dechang Electric are innovating in the new energy vehicle motor sector and micro-motor manufacturing, respectively [19][23] Future Trends - The industry is expected to see technological upgrades that enhance energy efficiency, including new electromagnetic designs and smart control systems [25] - The application of efficient energy-saving motors is expanding into emerging markets, necessitating customized solutions and flexible manufacturing [26] - The focus is shifting from single equipment manufacturing to integrated system solutions, with companies evolving into energy efficiency partners [27]

Core Viewpoint - The Chinese brushless DC motor industry is experiencing rapid expansion, driven by the growth of the renewable energy sector, the popularity of electric vehicles, and the surge in demand for smart home appliances. The market is projected to reach approximately 81.535 billion yuan in 2024, with increasing applications in electric vehicles, smart manufacturing, and household appliances [1][19]. Industry Overview - Brushless DC motors utilize electronic controllers instead of traditional mechanical brushes, offering higher efficiency, longer lifespan, and lower maintenance needs compared to brushed motors. They are widely used in applications requiring high efficiency and precise control, such as electric tools, vehicles, and drones [3][4]. Market Dynamics - The market for brushless DC motors is expanding due to technological innovations and significant improvements in manufacturing capabilities. The application boundaries are broadening, penetrating various sectors including electric vehicle drive systems, smart home appliances, and industrial automation equipment [1][19]. Key Market Data - The projected market size for the Chinese brushless DC motor industry in 2024 is approximately 81.535 billion yuan. The demand for high-performance and efficient motors in the electric vehicle sector is expected to grow, alongside the increasing consumer preference for energy-saving and efficient products in the home appliance sector [1][19]. Policy Support - The Chinese government has implemented several policies to promote the development of the brushless DC motor industry, focusing on energy efficiency improvements and technological innovation. Initiatives include the promotion of high-efficiency equipment and the encouragement of performance optimization in motor production [8][9]. Competitive Landscape - The industry features a diverse competitive landscape with both leading companies and specialized firms. Major players like Dayang Motor and Jiangsu Leili leverage comprehensive product lines and innovative solutions to maintain competitive advantages. Companies are increasingly focusing on technology innovation and application expansion to enhance their market positions [22][25][27]. Future Trends - The brushless DC motor industry is expected to continue evolving towards high performance and smart technology integration. The adoption of new materials and intelligent technologies will enhance motor efficiency and power density, while expanding applications in emerging markets such as renewable energy and industrial automation [30][31][32].

编号：2025-001 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 西南证券股份有限公司：巢语欢 时间 2025 年 5 月 13 日 10:00-11:30 地点 新大楼四楼会议室 公司接待人员 姓名 王勤平、强静娴 投资者关系活动 主要内容介绍 1.2024 年交流异步电机收入下降原因？ 答：主要原因：（1）近几年，房地产行业调整导致暖通空调需要下 滑，交流异步电机 2024 年营收同比下降 29.8%；（2）基于直流无刷电 机高效节能的优势，传统交流异步电机的部分应用被替代，导致对交 流异步电机需求呈现结构性减少。为此，公司也适时调整了产能配 置，以充实其他领域的制造能力。 2.2024 年研发投入及在研产品规划？ | | 答：面对下游应用的结构调整，公司加大了对其他领域的市场拓展， | | --- | --- | | | 增加了包括委外研发在内的研发投入。2024 年研发费用 2880 万元，与 | | | 去年同期比增加 17.81%；研发费用占营收 5 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 投资要点 の 东吴证券 2 ◆ 灵巧手vs夹爪:场景落地不同,稳定性与泛化性的博弈。场景应用决定硬件需求，不同的场景匹配不同的硬件, 无论是灵巧手还是夹爪,都有英适合的应用场景。夹爪:泛化能力有限但稳定性高,更适合工业应用场景。夹 爪的泛化性弱于灵巧手,但低成本与高稳定性的特性使其更适配工业场景。一方面工业场景不会为多余的功能 买单,夹爪可以以最高的性价比满足工业端需求;另一方面夹爪泛化性差但操作简单,现有的控制算法已可以 赋予其较高的稳定性,这对于工业场景对高良率和高稳定性的要求比较友好。灵巧手:终局泛化能力强,适配 更复杂的应用场景。灵巧手相比夹爪能实现更多复杂的操作,例如需要抓握、手指联动的场景中,灵巧手是必 然选择。长期来看,人形机器人的最终目标就是融入人类的环境,因此灵巧手会是终局解决方案,能够适用于 更多的应用场景。 驱动模块/减速模块/传动模块是灵巧手的三大组成部分。1驱动 ...