长江商报消息 汽车零部件企业隆盛科技（300680.SZ）加码具身智能机器人布局。 根据12月12日公告，隆盛科技及控股子公司隆盛唯睿与无锡市滨湖区人民政府、蠡湖街道办事处签署合 作协议，计划在无锡滨湖区投资建设江苏隆盛唯睿具身智能机器人创新中心项目。 据悉，项目总投资额约3.5亿元，其中隆盛科技将承担约2亿元的土地及建设工程相关投资，控股子公司 隆盛唯睿负责创新中心的培育运营，对应投资额约1.5亿元，具体投资金额以实际投入为准。 合作协议显示，隆盛科技与无锡市滨湖区人民政府签署《新型工业用地投资发展监管协议》，获得位于 隐秀路和金水路交叉口西北侧、面积5166.6平方米的新型工业用地，用于项目建设；隆盛唯睿与无锡市 滨湖区蠡湖街道办事处签署的落地合作协议明确，该创新中心已获批江苏省工业和信息化厅相关项目。 公司表示，本次投资是深化机器人领域战略布局的重要举措，将依托滨湖区的政策支持与产业资源，深 化产业链协同创新，加速工业应用场景拓展，推动人形机器人产业生态完善与规模化发展。本次项目采 用"一体两翼"发展策略，以工业场景人形机器人特色整机本体为核心，同步强化"智能大脑"及一体化关 节模组、灵巧手等关键部件两 ...

Core Viewpoint - The company reported a revenue of 1.224 billion yuan in the first half of 2025, representing a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 105 million yuan, up 1.38% year-on-year [1] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, which is a year-on-year increase of 25.03%, while the net profit attributable to shareholders was 46 million yuan, showing a year-on-year decrease of 9.04% [1] - The revenue from the company's new energy vehicle components, EGR and injection systems, and precision automotive parts for the first half of 2025 was 485 million, 451 million, and 287 million yuan respectively, with year-on-year growth rates of 6.05%, 27.44%, and 19.61% [2] Margin and Cost Structure - The net profit margin for Q2 2025 was 7.45%, down by 2.79 and 2.23 percentage points year-on-year and quarter-on-quarter respectively [3] - The gross margin in Q2 2025 decreased by 1.46 percentage points to 18.01% year-on-year, primarily due to increased depreciation and slower revenue growth [3] - The company maintained a good control over selling expenses, with a selling expense ratio of 0.42%, down 1.02 and 0.35 percentage points year-on-year and quarter-on-quarter respectively [3] Strategic Developments - The company is progressively clarifying its "1+3" strategic layout in humanoid robotics, with "1" referring to the self-developed "Lansen" robot and "3" to three core components: harmonic reducers, dexterous hands, and tactile sensors [4] - The company successfully developed a lightweight harmonic reducer that reduces weight by 30%-40% compared to traditional products, with an expected production capacity of approximately 70,000 units by Q1 2026 [4] Future Outlook - The company anticipates a recovery in performance in the second half of 2025, driven by volume and price increases in its main business, alongside a well-established layout in the humanoid robotics sector [5] - The profit forecast for 2025-2027 has been adjusted to 327 million, 414 million, and 482 million yuan respectively, with the current stock price corresponding to PE ratios of 30.0, 23.8, and 20.4 times [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2025 reached 1.224 billion yuan, a year-on-year increase of 15.44%, with a net profit attributable to shareholders of 105 million yuan, up 1.38% year-on-year. In Q2 2025, revenue was 618 million yuan, a year-on-year increase of 25.03%, while net profit attributable to shareholders was 46 million yuan, down 9.04% year-on-year [3][9] - The company is expected to see a recovery in performance in the second half of 2025, driven by a combination of volume and price increases in its main business, alongside a well-defined strategic layout in the humanoid robotics sector [9] Financial Performance Summary - In H1 2025, the company's revenue from various segments included 485 million yuan from new energy vehicle components, 451 million yuan from EGR and injection systems, and 287 million yuan from precision automotive parts, with year-on-year growth rates of 6.05%, 27.44%, and 19.61% respectively [5] - The company's gross profit margin in Q2 2025 was 18.01%, down 1.46 percentage points year-on-year, primarily due to increased depreciation and slower revenue growth [5][9] - The company has a projected revenue of 3.35 billion yuan for 2025, with a net profit of 327 million yuan, reflecting a growth rate of 39.7% and 45.8% respectively [7][9] Strategic Developments - The company is advancing its humanoid robotics strategy, which includes the self-developed "Lansen" robot and key components such as lightweight harmonic reducers and dexterous hands. The production capacity for harmonic reducers is expected to reach approximately 70,000 units by Q1 2026 [6][9] - The strategic investment in Dida Intelligent has enabled the company to develop the world's first high-performance tactile sensor, enhancing its competitive edge in the humanoid robotics market [6][9]

Financial Performance - In the first half of 2025, the company reported revenue of 1.224 billion yuan, a year-over-year increase of 15.4%, and a net profit attributable to shareholders of 105 million yuan, up 1.4% year-over-year [1] - In Q2 2025, the net profit attributable to shareholders was 46 million yuan, reflecting a year-over-year and quarter-over-quarter decrease of 9.0% and 21.5% respectively [1] Revenue Breakdown - The sales gross margin and net profit margin for H1 2025 were 18.1% and 8.9% respectively [2] - EGR revenue reached 451 million yuan, a year-over-year increase of 27.44%, with a gross margin of 21.33%, down 3.14 percentage points year-over-year [2] - New energy business revenue was 484 million yuan, up 6.05% year-over-year, with a gross margin of 9.63%, down 2.27 percentage points year-over-year [2] - Precision automotive parts revenue was 287 million yuan, a year-over-year increase of 19.61%, with a gross margin of 22.88%, down 1.43 percentage points year-over-year [2] Aerospace and Robotics Developments - In H1 2025, the company saw a doubling in business volume for satellite modules and drone projects, and expanded into precision missile component support [3] - The company successfully overcame key technical challenges in harmonic reducers, improving product performance and reducing weight by 30%-40% compared to traditional products [4] - The "Lansen 2nd generation" robot has advanced from executing fixed commands to intelligent decision-making and optimization, enhancing operational precision and collaborative capabilities [4] Strategic Partnerships and Innovations - The company has invested in Dido Technology, which has developed the world's first millimeter-level high-performance tactile sensor, enhancing robotic capabilities in precision tasks [5][6] - The collaboration aims to improve automation in production and industrial inspection, addressing the common industry challenge of advanced technology implementation [6] Profit Forecast - The company is projected to achieve revenues of 3.27 billion yuan, 4.23 billion yuan, and 5.34 billion yuan from 2025 to 2027, with year-over-year growth rates of 36.5%, 29.3%, and 26.2% respectively [7] - The net profit attributable to shareholders is expected to reach 321 million yuan, 419 million yuan, and 513 million yuan during the same period, with growth rates of 42.9%, 30.7%, and 22.4% respectively [7]