9月30日，星德胜涨3.40%，成交额2.11亿元。两融数据显示，当日星德胜获融资买入额2837.65万元， 融资偿还3129.61万元，融资净买入-291.95万元。截至9月30日，星德胜融资融券余额合计1.16亿元。 融资方面，星德胜当日融资买入2837.65万元。当前融资余额1.16亿元，占流通市值的7.24%，融资余额 超过近一年70%分位水平，处于较高位。 融券方面，星德胜9月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，星德胜科技(苏州)股份有限公司位于江苏省苏州工业园区唯亭街道临埠街15号，成立日期 2004年11月18日，上市日期2024年3月20日，公司主营业务涉及微特电机及相关产品的研发、生产及销 售。主营业务收入构成为：交流串激电机51.08%，直流无刷电机36.63%，其他5.79%，直流有刷电机 4.25%，其他(补充)2.24%。 截至6月30日，星德胜股东户数2.02万，较上期减少8.23%；人均流通股2672股，较上期增加8.97%。 2025年1月- ...

Summary of the Conference Call on Humanoid Robots and Dexterous Hands Industry Overview - The humanoid robot market is optimistic, with expectations for mass production to begin in 2025, particularly in Q4, driven by the IPO of Yuzhu Technology and the potential release of Tesla's next-generation humanoid robot [1][2] - The dexterous hand, a key component of humanoid robots, is expected to experience explosive growth due to the increasing demand for high-quality data from embodied intelligent models, with a projected global market capacity of 7.44 million units and a market size nearing 100 billion yuan by 2035 [1][4] Key Points and Arguments - Dexterous hands outperform traditional grippers in flexibility, task operation categories, and human-machine interaction, making them the ideal choice for embodied intelligent end-effectors [1][5] - The technology route for dexterous hands primarily involves five-finger configurations, 16-20 degrees of freedom, motor drives, and cable-driven transmission [1][6] - Motor drives are the most widely used method for dexterous hands, requiring high integration and size specifications, while cable-driven transmission mimics human tendon structures [1][8] - Tesla's dexterous hand has evolved through three generations, with the third generation achieving 22 degrees of freedom and incorporating tactile sensors [1][9] Market Dynamics - The humanoid robot sector has not seen significant relative gains in the current bull market, but increasing information and funding catalysts are expected to enhance market performance in Q4 [2] - The potential for product iterations from both domestic manufacturers and leading North American firms indicates a promising future for dexterous hands [3] Competitive Landscape - Key components of dexterous hands include motors (hollow cup motors and brushless DC motors), reducers (planetary reducers), six-dimensional force sensors, tactile sensors, and cables [11] - The market for hollow cup motors is dominated by German and Swiss manufacturers, while American and Japanese firms lead in brushless DC motors [11] - Domestic companies like Yuli and Kunwei are positioned to achieve domestic substitution in the six-dimensional force sensor market [11] Investment Recommendations - Recommended companies include Zhaowei Electromechanical for its comprehensive production capabilities in dexterous hands, and Ankuo Technology and Kexin New Materials as significant suppliers of six-dimensional force sensors [12] - Other notable mentions include Mingzhi Electric for precision motion control, Beite Technology and Wuzhou New Spring for screw components, and Hanwei Technology and Fule New Materials for flexible tactile sensing systems [12]

资料显示，星德胜科技(苏州)股份有限公司位于江苏省苏州工业园区唯亭街道临埠街15号，成立日期 2004年11月18日，上市日期2024年3月20日，公司主营业务涉及微特电机及相关产品的研发、生产及销 售。主营业务收入构成为：交流串激电机51.08%，直流无刷电机36.63%，其他5.79%，直流有刷电机 4.25%，其他(补充)2.24%。 9月10日，星德胜涨0.86%，成交额1.62亿元。两融数据显示，当日星德胜获融资买入额1816.17万元， 融资偿还1946.04万元，融资净买入-129.88万元。截至9月10日，星德胜融资融券余额合计1.13亿元。 融资方面，星德胜当日融资买入1816.17万元。当前融资余额1.13亿元，占流通市值的7.43%，融资余额 超过近一年60%分位水平，处于较高位。 机构持仓方面，截止2025年6月30日，星德胜十大流通股东中，东方阿尔法优选混合A（007518）退出 十大流通股东之列。 融券方面，星德胜9月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 责 ...

Core Viewpoint - Xingdesheng plans to repurchase shares through centralized bidding, with a total amount between 15 million and 30 million yuan, and a maximum repurchase price of 39.00 yuan per share, which is 48.91% higher than the current price of 26.19 yuan [1] Group 1: Company Overview - Xingdesheng Technology (Suzhou) Co., Ltd. was established on November 18, 2004, and is located in Suzhou Industrial Park, Jiangsu Province [1] - The company specializes in the research, production, and sales of micro-special motors and related products [1] - The revenue composition includes: 51.08% from AC series motors, 36.63% from brushless DC motors, 4.25% from brushed DC motors, and 5.79% from other products [1] Group 2: Financial Performance - As of June 30, the number of shareholders is 20,200, a decrease of 8.23% from the previous period [2] - The average circulating shares per person increased by 8.97% to 2,672 shares [2] - For the first half of 2025, the company achieved operating revenue of 1.223 billion yuan, a year-on-year increase of 7.95%, while the net profit attributable to shareholders decreased by 5.11% to 90.467 million yuan [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Xingdesheng has distributed a total of 121 million yuan in dividends [3] - As of June 30, 2025, Dongfang Alpha Preferred Mixed A (007518) has exited the list of the top ten circulating shareholders [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the robotics industry, specifically the development and technology of dexterous hands, which are crucial for robotic applications in various sectors, including industrial automation and service robots [1][3][5]. Core Insights and Arguments - **Technological Aspects**: - The dexterous hand technology emphasizes three main components: drive systems, transmission methods, and sensing capabilities. The primary drive system is the hollow cup motor, with alternatives like brushless DC motors and new axial flux motors that can enhance power density [1][4]. - Transmission methods include cable-driven, micro-screw, and precision gear reducers, each with its advantages and disadvantages. The combination of these components is essential for optimizing performance [1][4][16]. - In the sensing domain, tactile sensor technology has high barriers to entry, with resistive sensors being widely used due to their simplicity and low cost. Future developments may lead to electromagnetic electronic skin technology [1][4][19]. - **Market Dynamics**: - The dexterous hand market is currently dominated by leading overseas companies, while Chinese firms are actively entering the space. Notable companies include Zhaowei Electromechanical, Mingzhi Electric, and Leisai Intelligent, which have inherent advantages in this sector [1][7][21]. - The evolution of dexterous hands has been significant since the 1960s, with advancements in bionic designs and the introduction of high degrees of freedom in recent years. Tesla's Optimus humanoid robot has been a key driver in this industry, continuously iterating on its technology [5][9]. - **Product Development**: - Tesla's first-generation dexterous hand utilized a hollow cup motor with a worm gear design, while the second generation switched to a brushless DC motor combined with micro-screws and tendon systems. The company plans to unveil its third-generation product in November, which will clarify its sales strategy [2][9][12]. Additional Important Content - **Cost and Technical Challenges**: - Reducing costs in dexterous hands is primarily linked to the weight and cost of motors. High energy output density is a critical metric, with current technologies facing challenges in achieving this [14]. - The cost structure revolves around three main modules: drive, transmission, and sensing, with motors and drives accounting for over half of the system's weight [14]. - **Types of Dexterous Hands**: - Dexterous hands can be classified based on their transmission structure (e.g., cable-driven, gear-driven, hydraulic) and degrees of freedom (active and under-actuated). Each type has unique characteristics that influence their application in robotics [10][16]. - **Key Players and Innovations**: - Companies like Zhaowei Electromechanical and Mingzhi Electric are leading innovations in the dexterous hand market, with Zhaowei set to release a new generation of dexterous hands suitable for industrial and service applications [22]. - Other notable companies include Jingzhi Electric, which excels in hollow cup motors, and Jiechang Drive, focusing on linear drive systems for various applications [22]. This summary encapsulates the essential insights and developments discussed in the conference call, highlighting the technological advancements, market dynamics, and key players in the dexterous hand sector of the robotics industry.

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].

Group 1: Revenue Decline and Market Adjustments - The revenue of asynchronous motors in 2024 decreased by 29.8% due to the adjustment in the real estate industry affecting HVAC demand and the structural reduction in demand caused by the efficiency of brushless DC motors [1] - The company has adjusted its production capacity to enhance manufacturing capabilities in other fields [1] Group 2: R&D Investment and Personnel - R&D expenses for 2024 are projected to be 28.8 million, an increase of 17.81% compared to the previous year, representing 5.65% of revenue, up by 1.45% year-on-year [2] - The number of R&D personnel increased to 123, a rise of 2.5% from the previous year, with 44% holding a bachelor's degree or higher [2] Group 3: Market Expansion and Sales Performance - The main downstream markets for the motor business in 2024 include HVAC, information industry, transportation, healthcare, and cold chain logistics [2] - Export revenue increased by 9.87% year-on-year, while domestic sales declined by 20.31% due to the impact of the real estate sector [2] Group 4: Strategic Goals and Future Plans - The company is implementing the "Motor+" strategy to actively expand into high-efficiency technologies, intelligent integration, and new energy sectors [2] - The strategic goal is to achieve a new "growth curve" through a combination of technology, industry, and capital, focusing on quality improvement and enterprise development [2]

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 ...