瑞财经 王敏 12月3日，纽氏达特行星传动系统技术（淄博）股份有限公司（以下简称"纽氏达特"）在山东证监局启动IPO辅导 备案，辅导机构为东方证券。 纽氏达特成立于2006年7月，法定代表人为马科，注册资本为1.25亿元。公司是一家秉承欧洲技术的精密行星减速机生产制造 商，拥有大量进口加工中心、车削中心、全自动数控滚齿机、插齿机、磨齿机和真空离子氮化技术及先进的装配线。 辅导报告显示，纽氏达特控股股东为安利书，持股比例为73.77%。 纽氏达特董事长为安利书，总经理为马科。 ...

Core Viewpoint - Shandong has prioritized technological innovation as a core element of its development strategy during the "14th Five-Year Plan" period, significantly enhancing its innovation capabilities and achieving its planning goals for high-quality economic and social development [1] Group 1: Technological Achievements - Shandong has made several landmark innovations, including the world's first operational fourth-generation nuclear power plant and the largest solid rocket carrier "Gravity One" [2] - The province has achieved significant breakthroughs in traditional industries, such as the production of the world's thinnest hot-rolled strip steel at 0.6 mm and a 70% reduction in energy consumption in the metallurgy sector [2] - In the chemical industry, Shandong's Dongming Petrochemical developed a technology that reduces crude oil consumption by approximately 60% [2] Group 2: Emerging Industries - Shandong is fostering new industries, with notable advancements in information technology, including the world's first 12-inch silicon carbide substrate and a fully domestically produced server [3] - The province is also making strides in high-end equipment, such as the first semi-fixed rocket sea testing platform in China [3] - In artificial intelligence, Haier launched a smart home model covering nearly 200 million users, while robotics companies are leading in market share for precision gearboxes and collaborative robots [3] Group 3: Technology Transfer and Application - Shandong has implemented 51 technology reform tasks to eliminate barriers to innovation and enhance the service system for technology transfer [4] - The province has initiated 31 provincial-level technology demonstration projects, significantly expanding its hydrogen energy industry from over 500 companies in 2020 to 1,200 [4] - In the first half of the year, Shandong completed 284 pilot projects and verified 318 technological achievements, with 259 successfully transferred to production [4] Group 4: Market and Service Development - Shandong has established a comprehensive technology market that integrates technology trading, enterprise incubation, and financing, with 56,700 technology achievements and a transaction amount of 1.521 billion yuan [5] - The province has built 12 national and provincial-level training bases for technology transfer personnel, training over 8,700 technology managers [6] Group 5: Corporate Innovation Support - Shandong has reinforced the role of enterprises in technological innovation through various supportive policies, with over 90% of major technology projects led by enterprises [7] - The province has allocated over 5.8 billion yuan in financial support to more than 65,000 enterprises, significantly reducing R&D costs and stimulating innovation [8] - Corporate R&D investment has consistently accounted for over 88% of total social R&D investment, maintaining a leading position nationally [8]

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or the embodied intelligence sector Core Insights - The embodied intelligence sector is entering a rapid implementation phase as of 2025, with multiple manufacturers planning mass production of robots across various applications [12][16][18] - The automotive industry is actively integrating embodied intelligence into its supply chain, leveraging existing technological advancements and manufacturing capabilities [34][37] - Government policies across various provinces are increasingly supportive of the embodied intelligence and robotics industries, aiming to foster innovation and market expansion [17][21][18] Summary by Sections 1. Rapid Development of Embodied Intelligence - The period from 2020 to 2025 marks a significant evolution in embodied intelligence, driven by advancements in AI and robotics, particularly following the release of OpenAI's ChatGPT3 [11] - Major manufacturers like Tesla and Xiaomi are entering the market, with Tesla predicting a production capacity of over 5,000 units by 2025 and 50,000 units by 2026 [13][16] - The demand for robots in various sectors is projected to grow significantly, with manufacturing being a primary area for automation due to its repetitive tasks [25][27] 2. Integration of Automotive and Embodied Intelligence - The automotive industry is leveraging its existing technological expertise in areas such as sensor fusion and control algorithms to facilitate the development of embodied intelligence [34][37] - Over ten automotive manufacturers are actively pursuing the embodied intelligence sector through self-development and strategic investments [36][37] - The shared supply chain for components like sensors and chips between automotive and robotics sectors is expected to reduce costs and enhance production efficiency [43][49] 3. Government Support and Policy Framework - Various provinces, including Shenzhen and Beijing, have introduced policies to support the development of embodied intelligence, focusing on technology breakthroughs and ecosystem building [17][21][18] - The policies aim to create a conducive environment for innovation, with specific targets for industry scale and technological advancements by 2027 [18][21] - The report highlights a collaborative approach among regions to drive the growth of the embodied intelligence sector, emphasizing the importance of technology and market integration [18][21]

Core Insights - The event highlighted Shandong's ambition to become a hub for robot innovation and application, with the province's equipment industry expected to exceed 3 trillion yuan by 2024 [1][6] - Four key robot companies showcased their flagship products, emphasizing the integration of advanced technology in modern industrial applications [3][4] Industry Overview - The robot industry is positioned as a new engine for economic development, driven by advancements in artificial intelligence and related technologies [6] - Shandong has a robust industrial foundation with 41 industrial categories, supporting the growth of its robot industry [6] Company Highlights - The total sales of industrial and collaborative robots in Shandong are projected to surpass 8,000 units in 2024, ranking fourth in domestic robot shipments, with collaborative robots leading the market [3] - NuStar's precision planetary gear reducers have an annual output of over 700,000 units, making it the largest in China and second globally [4] Policy and Development Plans - The Shandong Provincial Industrial and Information Technology Department has launched an action plan aiming for the robot manufacturing industry to exceed 50 billion yuan by 2027 [6][10] - The plan emphasizes full-chain development, application across various scenarios, and comprehensive support for the industry [10][11] Investment and Collaboration - Companies like NuStar are investing significantly in expanding production capacity, with a recent investment of 670 million yuan to produce 1.5 million precision gear reducers [9] - Collaborative efforts among leading companies and local governments are crucial for enhancing the robot industry's ecosystem [6][10]

Group 1: Company Highlights - Luoshi Robot is a leading player in the industrial collaboration sector, focusing on industrial robots, flexible collaborative robots, and smart manufacturing solutions, with over 60 models and a projected sales volume of over 8,000 units in 2024, ranking fourth in domestic robot shipments and first in flexible collaborative robots [2][3] - Haier Robotics emphasizes the integration of AI in household robots, allowing them to learn and adapt to user behaviors, aiming for a market scale of one trillion yuan and a production target of one million units [4][5] - Youbot's humanoid robot "Walker Taishan" was developed in under two months, showcasing advanced capabilities in complex terrains, and is positioned among the top tier in the industry [6][7] - Niusidate Planetary Gearbox Company leads in precision planetary gearbox shipments, with over 700,000 units annually, and aims to foster 30 ecosystem enterprises in the robotics industry by 2035 [8] Group 2: Industry Trends - The robotics industry is experiencing significant technological advancements, with companies investing over 1 billion yuan in R&D over the past decade, achieving international leading levels in core technologies [3] - The integration of AI and embodied intelligence is a key trend, with companies developing various intelligent products to address the challenges of "unmanned factories" [3] - The household robotics market is expected to grow significantly, driven by the demand for smart home integration and industrial applications [5]

Core Viewpoint - The development of humanoid robots is seen as a potential trillion-dollar industry, comparable to the electric vehicle sector, and Shandong province aims to capitalize on this opportunity by developing a comprehensive humanoid robot industry chain [1][3] Group 1: Industry Development Suggestions - The application layer should encourage leading companies to collaborate with robot manufacturers for data collection and application development in sectors like elderly care, material handling, and inspection, promoting early adoption of intelligent robots [3] - In the body layer, local companies like Youbot and others are encouraged to enhance their competitiveness by refining their algorithms and products, while also promoting collaborative robots to capture market share in retail and logistics [3] - The household scene presents significant opportunities, with companies like Stone Technology and ChaseMe achieving sales exceeding 10 billion, indicating a strong market for home cleaning robots [3] Group 2: Core Components and Competitive Advantage - In the core components sector, particularly in precision gearboxes and joint modules, local company Newstar has established a first-mover advantage, serving most domestic humanoid robot manufacturers that have achieved commercial production [3] - The unique structural and performance requirements of humanoid robots create a pressing demand for precision planetary gearboxes, which is currently underrecognized by many local enterprises [3] - Shandong province is positioned to strengthen its core component advantages in the humanoid robot industry, aiming for collaboration within the industry to enhance competitiveness [3]

Group 1 - Yushu Technology, founded in 2016, has approximately 1,000 employees and reported annual revenue exceeding 1 billion yuan [1] - The company is actively pursuing commercial applications for humanoid robots, but has not yet reached the commercial application timeline [1] - Shandong Province aims to establish four major robot industry development hubs by 2027, targeting a manufacturing scale exceeding 50 billion yuan and nurturing at least three leading enterprises with output over 2 billion yuan [1][2] Group 2 - Shandong has seen the emergence of notable products, including the top-selling parallel robots from Yifei and the leading domestic precision planetary gear reducers from Niusidate [2] - The province's robot industry is projected to achieve over 26 billion yuan in revenue by the end of 2024, with significant contributions from local companies [2] - A new initiative in March 2023 introduced a "humanoid robot" specialization to enhance technological breakthroughs in perception and motion control [2][3] Group 3 - Qingdao is one of the four key robot industry clusters in Shandong, focusing on a comprehensive approach to strengthen the robot industry [3] - Shandong's early investment in the robot industry, dating back to 2010, has laid a solid foundation for its current development [3] - The humanoid robot industry in Shandong is expected to reach 410 million yuan in 2024, reflecting a year-on-year growth of 36.7% [3] Group 4 - The recently issued "Action Plan" emphasizes enhancing financial support for robot companies, including technology upgrades and digital transformation [4] - The plan encourages the development of early-stage investment, such as angel and venture capital, to support innovative robot enterprises [4] - Financial institutions are urged to innovate their product offerings to provide increased credit support through methods like intellectual property and equity pledges [4]