执业证书编号：S0740519080001 Email：wangke03@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 122.24 | | 流通股本(百万股) | 122.24 | | 市价(元) | 100.77 | | 市值(百万元) | 12,317.67 | | 流通市值(百万元) | 12,317.67 | 股价与行业-市场走势对比 自动化设备 1、《工业领域核心标的，两大业务景 气反转》2025-03-06 奥普特（688686.SH） 证券研究报告/公司点评报告 2025 年 07 月 10 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王可 | | | 营业收入（百万元） | | 944 | 911 | 1,103 | 1,331 | 1,595 | | ...

Summary of Zhaowei Electromechanical Conference Call Company Overview - Zhaowei Electromechanical has launched two new dexterous hands: DM17 and LM06, targeting different applications in home and industrial settings respectively [2][3]. Product Features and Applications - **DM17**: - Designed for home use with 17 degrees of freedom - Utilizes linear motor drive - Finger pressure ranges from 5 to 12 Newtons - Capable of enduring over one million cycles - Available for purchase on JD.com and Zhaowei's official website [4][5]. - **LM06**: - Designed for factory repetitive tasks with 6 active degrees of freedom - Grip strength of 200 Newtons and fingertip pressure of 15 to 20 Newtons - Aimed at high-load scenarios [4][5]. Technical Advancements - Zhaowei has developed three types of brushless hollow cup motors and a micro ball screw linear drive module, achieving over 30% efficiency improvement and a module efficiency greater than 95% [7]. - The company has also made significant advancements in tactile sensors, achieving a collection frequency of over 100 Hz and a lifespan exceeding 1 million cycles [10]. Market Position and Competitive Landscape - DM17 is positioned as a leading product in the market with 17 active degrees of freedom, while competitors like Linxingqiao offer 18 to 21 degrees [11]. - The tactile sensor technology varies among manufacturers, with Zhaowei adopting piezoresistive and piezoelectric technologies, while others like Mingxingqiao use capacitive solutions [12][13]. Industry Development Stage - The dexterous hand industry is currently in a standardization and ecosystem-building phase, with a trend towards higher degrees of freedom and enhanced multi-modal perception capabilities [14]. - The cost of dexterous hands is decreasing as the industry matures, with products like Mingxingqiao's priced at 8,800 Yuan and Huilin's at 2,999 Yuan [15]. Future Outlook - Zhaowei plans to continue developing the DM series with models DM18, DM19, and DM20, focusing on increasing degrees of freedom and collaborative ecosystem development [8]. - The company has applied for 26 patents and is involved in setting industry standards, maintaining a fully self-developed core component strategy [9]. Valuation and Investment Potential - Zhaowei's current market capitalization is approximately 24.7 billion Yuan, with a reasonable valuation of its main business at around 10 billion Yuan [20]. - If Zhaowei establishes itself as a dexterous hand module provider, the expected unit value could reach 50,000 Yuan, reflecting a potential market for 60,000 units [20][21]. Key Factors for Industry Growth - Continuous exploration of products and downstream application scenarios, along with industry standards and ecosystem cooperation, are critical for the development of the dexterous hand industry [18]. Potential Participants in the Industry - Future participants may include leading humanoid robot manufacturers and third-party companies specializing in dexterous hands, providing standardized products to robot manufacturers [19].

灵巧手深度汇报：百花齐放，持续进步 20250706 摘要 人形机器人板块虽情绪回调，但产业趋势持续。量产延迟是影响因素， 但研发未停滞。"手眼脑加场景"逻辑是关键，灵巧手、视觉模组等功 能模组的技术瓶颈是价值跃迁点。 灵巧手是人形机器人关键部件，需不断迭代优化。泛化抓取能力成功率 仍较低（约 80%），视觉模组存在 3D 图像处理等技术瓶颈。纺织、巡 检、搬运等领域或率先实现批量化落地。 国内灵巧手技术方案多样，包括微型丝杠控制、涡轮涡杆、腱绳传动和 超仿生设计。特斯拉采用腱绳方案，引领国内厂商机械设计变革，追求 轻量化、低价高性能电机。 国内微型电机制造取得进展，空心杯电机小型化，无刷永磁槽电机降本 优势显现。空心杯电机与无刷有齿槽电机各有优劣，未来混用或成主流， 兼顾控制灵敏性和空间利用率。 传动模组技术百花齐放，微型丝杠因高精度和大驱动力成为关键。微型 丝杠制造工艺仍有难点，但随着需求推动，预计迎来更多发展机会。腱 绳方案在多自由度灵巧手中优势显著，但材料蠕变问题待解。 Q&A 为什么选择灵巧手作为本周的专题分享？ 本周华南一家头部灵巧手厂商召开了线下会议，发布了两款新的灵巧手产品。 这些产品在硬件层 ...

雷赛智能通过新品类延伸，提供控制器、伺服系统及部件的整体解决方 案，面向 3C、半导体、机床等先进制造客户，市场空间广阔，营收仍有 较大提升潜力。伺服系统市占率接近 5%，位居内资企业前列。 公司渠道升级策略包括学习汇川技术构建协同销售体系，深入了解下游 需求，并引进优质品牌渠道商拓展中低端市场。2024 年经销收入占比 快速提升至接近 50%，受益于自动化市场小幅正增长及下游行业需求复 苏。 新一轮股权激励计划落地，有望推动主业加速发展。公司通过整体解决 方案提升及销售短板补齐，进一步巩固市场地位，预计净利润将显著提 升。 雷赛智能凭借技术复用、制造业场景卡位及渠道优势进入人形机器人电 机电控环节，培育第二条成长曲线。无框电机订单去年接近 1 万台，今 年目标 10 万台，产能达到 30 万台。 国内自动化市场在经历三年下行周期后，于 2024 年一季度迎来小幅正 增长，受益于 AI 融合、低空经济、国产替代及数字化转型等多重因素驱 动，预计 2025-2026 年将迎来爆发。 Q&A 雷赛智能在运动控制领域的主要优势是什么？ 雷赛智能在运动控制领域具有显著优势。公司最早通过 PC-based 控制卡和步 ...

e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时 上市公司标准化快讯，针对可能影响上市公司股价的主题概念、行业事件及时采访二次解读，从投资者 需求出发，直播上市公司有价值的活动、会议。 来源：e公司 本周（6月30日—7月4日）A股资金情绪持续回暖，上证指数全周上涨1.40%，收于3472.32点；深 证成指全周涨1.25%，创业板指涨1.50%。 板块表现方面，本周各行各业吹起"反内卷"号角，钢铁、光伏等板块掀起涨停潮。从主题题材来看，光伏 玻璃周内涨超10%，CRO（合同研究组织）、创新药、维生素等主题表现活跃。伴随着中央财经委员会 第六次会议直指"内卷式"竞争治理，强调"推动落后产能有序退出"，新一轮的行业"反内卷"、去产能行 动大幕开启，光伏、钢铁、水泥行业已迅速开展减产工作。 以下文章来源于e公司 ，作者证券时报 聂英好 本周另一家接待百家以上机构调研的公司是顺网科技，该公司是电竞服务领域核心供应商，机构针对整体 经营情况与顺网科技进行交流。顺网科技指出，在算力业务方面，顺网算力业务有效整合多元异构算力资 源池，构建包括专业级计算算力与渲染算 ...

Market Overview - A-shares showed a recovery in capital sentiment during the week of June 30 to July 4, with the Shanghai Composite Index rising by 1.40% to close at 3472.32 points, the Shenzhen Component Index increasing by 1.25%, and the ChiNext Index up by 1.50% [1] Sector Performance - Various sectors experienced a surge, particularly steel and photovoltaic industries, which saw a wave of limit-up trading. The photovoltaic glass sector rose over 10% during the week, while themes such as CRO (Contract Research Organizations), innovative drugs, and vitamins also performed actively [1] - The central financial committee's sixth meeting emphasized the need to address "involution" competition and promote the orderly exit of backward production capacity, initiating a new round of "anti-involution" and capacity reduction actions, particularly in the photovoltaic, steel, and cement industries [1] Institutional Research - A total of 158 listed companies disclosed institutional research minutes during the week, with over 70% of the researched stocks achieving positive returns. Taotao Vehicle emerged as the most favored stock by institutions, achieving a remarkable gain of 29.82% [1] - Taotao Vehicle, which has seen its stock price double since early June, received attention from 137 institutions, including Bosera Fund and China Universal Asset Management. The company anticipates a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year growth of 70.34% to 97.81% [2] - Another company, Shunwang Technology, also attracted over a hundred institutional researchers, focusing on its core services in the esports sector and its advancements in computing power and AI capabilities [2] Company Developments - Xinjie Electric, specializing in industrial automation, was researched by 92 institutions, with a focus on its developments in core components for humanoid robots, including hollow cup motors and frameless torque motors [3] - Jingbeifang, which had previously engaged with multiple institutions, highlighted the advantages of stablecoins over traditional cross-border payment methods and its focus on the development of RWA (Real World Assets) [3] - Xiamen Tungsten New Energy, which received attention from 76 institutions, is developing new profit growth points, including high-stability lithium supplement materials and a new structure cathode material that offers significant improvements in energy density and performance [4]

证券研究报告 信捷电气 (603416 CH) 1）PLC 带动伺服策略持续落地，且仍有较大增长空间：18-24 年公司驱动 系统收入 CAGR 达 31%，伺服系统市占率逐年提升，24 年升至大陆第二 （3.7%），当前伺服与 PLC 搭售比为 1.5:1，与行业常见比例(≥3:1)相比 仍有较大提升空间。2）随着伺服、变频等产品推陈出新，公司不断完善驱 动产品矩阵，依托强大的解决方案能力持续拓展新兴领域。3）大客户战略 稳步进行，24 年 S 级以上客户立项 80 余家，未来有望为收入贡献增量。 PLC 筑牢工控基本盘，人形布局加速 2025 年 7 月 02 日│中国内地 通用机械 首次覆盖信捷电气并给予"买入"评级，基于可比公司 25 年 PE 均值 38 倍， 给予目标价 67.64 元。公司是国产工控领先企业，PLC 与伺服基本盘稳固， 积累了多行业解决方案，在深化传统行业优势基础上积极拓展半导体、人形 机器人等业务，业绩有望持续向上。 半导体与人形机器人：新兴赛道布局打开成长天花板 1）半导体领域推出 DL6 系列直驱伺服，可用于固晶机等设备，合作华兴源 创、新益昌等客户。2）人形机器人领域，公 ...

今年以来这一核心技术的产业化进程正迎来标志性突破：特斯拉已宣布配备先进22自由度灵巧手的Optimus人形机器人进入试产线 阶段，2025年将冲刺数千台量产目标，且其灵巧手正进一步与仿生前臂深度集成，核心供应商深度参与，这不仅是技术验证成功的 信号，更是大规模应用前奏的关键节点。 灵巧手的技术成熟度与量产能力，正直接度量着人形机器人物理交互能力的进化能行至何处。 人形机器人跨越实验室迈向现实应用的征途中，灵巧手扮演着决定成败的"最后一厘米"角色。它不仅是抓取的末端执行器，更是机 器人从僵硬执行蜕变为拥有智能交互能力的关键载体。更值得关注的是，集成于指尖的多模态传感器阵列如同构建了一套"触觉神 经网络"，使机器人能实时感知压力分布并动态调整——如同人类本能般轻柔握持鸡蛋或精确补偿装配公差。 最佳技术路径即将显现 当前灵巧手的发展正处于"技术实用化"向"规模化落地"过渡的关键阶段。 工业场景对精细操作的需求持续升级，推动灵巧手从简单的二指夹持器向拟人化的多指高自由度结构迭代。2024年全球灵巧手市场 规模已突破17亿美元，预计2025年将逼近20亿美元。 这一增长的核心驱动力来自人形机器人的量产需求——例如特斯拉 ...

Core Insights - The humanoid robot industry is transitioning from manual assembly to large-scale production, with companies like Zhifang and Lingyi Zhizao planning to establish production lines to meet increasing demand [1][2][3] - Supply chain manufacturers are entering the humanoid robot sector, focusing on standardizing components and reducing costs to enhance production efficiency [1][6] - The domestic humanoid robot market is maturing, with companies announcing mass production plans and competitive pricing compared to international counterparts [5][6] Group 1: Industry Developments - Zhiyuan Robotics has marked the production of its 1000th general-purpose humanoid robot, signaling the start of mass production in China [2] - Lingyi Zhizao has announced plans to invest 50 million yuan in upgrading its key components and assembly for humanoid robots [2][3] - The company has established multiple production lines for core components and is working on automated assembly lines to enhance production capacity [3] Group 2: Supply Chain Challenges - The humanoid robot industry faces challenges in standardizing components, which complicates cost reduction and profitability for suppliers [6][7] - Many suppliers are hesitant to collaborate due to low production volumes, but this is changing as manufacturers ramp up production [2][6] - The complexity of assembly processes and the need for consistent quality across mass-produced units present significant hurdles for manufacturers [7] Group 3: Material Innovations - New materials, such as gallium nitride, are being explored for use in humanoid robots, particularly in electric motor applications [8] - The industry is looking to leverage materials used in consumer electronics to reduce weight and improve performance in humanoid robots [7][8] - There is potential for market opportunities in developing new materials specifically tailored for humanoid robot applications [7][8]

早在2017年，苏州市吴中区便前瞻落子，将机器人相关产业锚定为主导产业，抢占发展先机。如今，面 对各地争相布局、"具身智能"热潮涌动的激烈竞逐，"吴中派"已在长三角乃至全国的机器人产业版图上 占有一席之地。 机器人，早已走出科幻融入日常。它既是加速新质生产力培育的重要引擎，更是重塑智能制造竞争格局 的关键变量。 看"源头"——哈工大、浙大等重大科创平台密集落地，江苏省智能机器人技术创新中心等载体加 持，"科研平台—企业主体—转化渠道"的完整科技创新生态加速形成，创新"活水"奔涌。 如果说诞生于吴中的"香山帮"代表了中国古代建筑技艺的巅峰，那么同样匠心独具、厚积薄发的机器 人"吴中派"，剑指何处？ 龙头引领，锻造产业"顶流" 刚结束的618大促，科沃斯集团再创佳绩：旗下"科沃斯"与"添可"双品牌全渠道成交额突破32.5亿元， 稳居行业前列。权威数据显示，科沃斯机器人已连续十年蝉联国内销额、销量双冠，添可洗地机连续五 年全国销额、销量第一。 作为"中国服务机器人第一股"，科沃斯在吴中构建了完整产品线，产品远销全球170余国，服务超5000 万家庭。"我们持续加码研发，聚焦多机协同、具身智能等前沿领域。"科沃斯集团 ...