震裕科技10月14日接受机构调研时被问到人形机器人领域客户开拓情况，根据公司2025年半年报披露： 公司线性执行器模组及反向式行星滚柱丝杠已直接对接海外大客户；国内目前已采用或正在研发使用线 性执行器模组和反向式行星滚柱丝杠的人形机器人本体厂基本实现批量供货、送样、技术交流等全覆 盖，相关产品已经得到国内外多个知名头部人形机器人本体客户验证。部分产品已实现小批量交付，占 公司整体营收比例较小。公司提示，人形机器人行业还处于0—1的起步阶段，公司主营业务收入2025年 上半年超过40亿元，相关业务近期虽实现小批量交付但营收规模相对较小，预计对公司业绩贡献度很 小。 ...

预告3Q25 业绩中值好于我们预期 公司发布1-3Q25 业绩预告，预计前三季度归母净利实现4-4.2亿元，同增132%-143.6%；扣非净利实现 3.95-4.05 亿元，同增151.6-157.9%。根据公告测算，Q3 归母净利预计实现1.89-2.09亿元，同增 363.6%-412.7%，中值预计实现1.99 亿元，同增388.2%，再创单季历史新高，好于我们预期。 关注要点 1、Q3 锂电池结构件收入环比有望快增，铁芯与模具稳步向好。 我们预计，受益于下游动储需求高景气，且公司持续优化客户与产品结构，Q3 公司锂电池结构件订单 充沛，产能利用率保持高位，收入端环比Q2 有望快速成长；铁芯业务陆续导入小米、问界等核心新品 供应链，且胶粘铁芯等升级品类占比有望逐步扩大，Q3 收入有望环比稳中有增；模具业务收入有望维 持稳健。 2、内部提效赋能、规模效应释放，有望支撑后续盈利能力延续向好。以锂电池结构件为例，公司持续 提升自动化程度，支撑产能利用率、UPH、良率等向上，我们预计Q2 公司结构件毛利率实现近15%， Q3 盈利能力有望环比强化，后续延续改善可期。 主业竞争趋于激烈，原材料价格波动，机器人业 ...

Core Viewpoint - A leaked research report suggests that certain companies are Tier 1 suppliers for Tesla's humanoid robot, impacting stock prices of related firms in the market [2][5]. Group 1: Companies Involved - The report identifies Top Group and Sanhua Intelligent Controls as the two main Tier 1 suppliers for Tesla's humanoid robot [5]. - Other companies like Zhejiang Rongtai, Zhenyu Technology, and Yinlun Co. are also considered potential Tier 1 suppliers, with their stock prices showing significant fluctuations [2][9]. Group 2: Stock Market Reactions - On September 10, stocks of Sanhua Intelligent Controls and Yinlun Co. experienced slight declines, while Zhenyu Technology dropped by 4.64%. In contrast, Zhejiang Rongtai's stock rose by 6.47% [2]. - Since 2025, stock price increases for Yinlun Co., Zhejiang Rongtai, and Zhenyu Technology have been 93%, 355%, and 198% respectively [11]. Group 3: Company Responses - Sanhua Intelligent Controls declined to comment on the report, citing confidentiality regarding client information [7]. - Zhejiang Rongtai has indicated that it is progressing well with humanoid robot projects but cannot disclose specific details due to confidentiality [7]. Group 4: Material Insights - The report claims that Tesla does not use PEEK material but instead relies heavily on magnesium-aluminum alloys for its humanoid robots [11]. - Baowu Magnesium Industry stated that their supply of aluminum-magnesium alloy products for humanoid robots is currently limited [11]. Group 5: Shareholder Activities - Recent shareholder activities at Zhejiang Rongtai show significant reductions in holdings by major shareholders, while notable investors like Zhang Jianping have increased their stakes [12][14]. - Zhejiang Rongtai has been active in expanding its business, including acquiring a majority stake in a precision machinery company and establishing a new subsidiary focused on robotics [14].

Core Insights - The humanoid robot industry is emerging as a new competitive frontier in technology, attracting significant interest from listed companies [1] - Companies are showcasing their latest advancements in humanoid robotics through their recent semi-annual reports [1] Company Developments - Top Group (拓普集团) is expanding its robotics product line by establishing an electric drive division, focusing on key components like linear and rotary actuators, and is actively developing products such as dexterous hand motors [2] - Sanhua Intelligent Control (三花智控) is enhancing its product capabilities in the bionic robotics sector, receiving high praise from clients for its innovative developments and overall product improvements [2] - Junpu Intelligent (均普智能) has successfully developed a humanoid robot arm prototype with a load capacity of 10 kg and is constructing a production line with an annual capacity of 1,000 units [3] - Efort (埃夫特) is investing over 90 million yuan in R&D for industrial robots and humanoid robotics, emphasizing its commitment to the long-term value of the robotics industry [3] - Longsheng Technology (隆盛科技) is advancing its dual-path strategy in core component and complete machine development, achieving breakthroughs in key components [4] Industry Growth - The demand for high-end screws and bearings is expected to rise rapidly alongside the development and commercialization of humanoid robots and smart vehicles [5] - Beite Technology (北特科技) is investing 1.85 billion yuan to establish a planetary roller screw R&D and production base, with ongoing construction of the main project [5] - Zhenyu Technology (震裕科技) has delivered various micro screw components and is engaged in integrating hardware solutions for dexterous hands, with successful small-batch orders from domestic and international clients [5] - Wuzhou Xinchun (五洲新春) is focusing on reverse planetary roller screws and automotive ball screws, securing small-batch orders from several clients due to its technological advantages [6] - Fuliwang (福立旺) has developed multiple specifications of micro planetary roller screws and is in the process of sample delivery to leading industry clients [6]

Company Overview - Ningbo Zhenyu Technology Co., Ltd. specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision structural components [1] - The company reported a revenue of 4 billion CNY in the first half of 2025, representing a year-on-year growth of approximately 40.47% [2] - The net profit attributable to shareholders reached 211 million CNY, with a year-on-year increase of about 60% [2] Financial Performance - The operating cash flow for the first half of 2025 was 222.24 million CNY, with a significant improvement in cash flow management [2] - Revenue from precision structural components, including lithium battery components and motor cores, was approximately 3.2 billion CNY, showing a year-on-year growth of 28.59% [2] - The gross margin for precision structural components increased by 1.62% compared to the previous year [2] Market and Industry Insights - The company is focusing on emerging fields such as humanoid robotics, leveraging its advanced technology in precision component manufacturing [1][3] - The growth in the robotics sector is expected to be gradual, with significant investments required in R&D and team building [1] - The company has established a subsidiary dedicated to the design and manufacturing of precision components for humanoid robots [1] Product Development and Innovation - The company has made advancements in its product offerings, including the development of a new generation of linear actuators and integrated bionic arms, achieving a weight reduction of 22.5% compared to previous models [4] - The introduction of adhesive core technology has improved the performance of motor cores, with 20% of motor core revenue coming from this new technology [5] - The company is expanding its product line to include customized integration solutions for downstream clients in the robotics sector [4][6] Risks and Challenges - The humanoid robotics industry is still in its infancy, with the company's main business revenue exceeding 4 billion CNY in the first half of 2025, but contributions from new robotics-related products remain minimal [6] - There are significant uncertainties in the development and market expansion of the emerging robotics sector, which investors should be aware of [1][6]