业绩增速符合预期，盈利能力显著提升 2025Q3 公司业绩整体增速符合预期，扣非归母净利润稳步上升。（1）主业方面，公司25Q3 营收13.3 亿元，YoY+17.4%；归母净利润1.2 亿元，YoY-2.7%，上期确认金石业绩补偿款导致投资收益较高；扣 非归母净利润1.0 亿元，YoY+25.9%，保持快速增长。（2）盈利能力方面，公司25Q3毛利率22.8%， YoY+1.5pct，QoQ+3.0pct，同环比显著改善。（3）费用率方面，公司25Q3 期间费用率为12.6%，YoY- 1.4pct，QoQ+2.4pct；其中，销售/管理/研发/财务费用率分别为0.6%/7.2%/4.4%/0.3%，YoY- 1.6/+0.2/+0.4/-0.3pct，QoQ+0.04/+1.2/+1.0/+0.2pct，整体保持平稳。 主业新客户新产品超预期突破，带动营收盈利双增 主营业务发展态势良好，客户资源持续扩张。2024 年，公司的主营业务取得主要进展包括： 事件 公司发布2025 年三季报，2025Q3 年公司实现营收13.3 亿元，同比+17.4%；扣非归母净利润1.0 亿元， YoY+25.9%，稳步增长。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [12] Core Insights - The company's performance growth is in line with expectations, with significant improvements in the performance of its second-generation grinding machines [5] - The company achieved a revenue of 1.33 billion yuan in Q3 2025, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 120 million yuan, with a year-on-year decrease of 2.7% due to high investment income from a previous compensation [5] - The gross margin for Q3 2025 was 22.8%, an increase of 1.5 percentage points year-on-year, indicating a notable improvement in profitability [5] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.33 billion yuan, up 17.4% year-on-year, and a net profit of 120 million yuan, down 2.7% year-on-year, with a non-recurring net profit of 100 million yuan, up 25.9% year-on-year [5] - The gross margin improved to 22.8%, with a decrease in the expense ratio to 12.6% [5] Business Development - The company has expanded its customer base and product offerings, particularly in automotive interior and exterior parts, smart control system components, and new energy power systems [5][6] - Key partnerships include collaborations with major automotive manufacturers such as SAIC-GM-Wuling and BYD, with successful mass production of various components [6][7] New Product Development - The company has made strides in humanoid robot components, establishing a complete industrial chain from material design to precision grinding, with plans to produce 1 million sets of planetary roller screws for humanoid robots within two years [8][9] - The second-generation grinding machines are designed for high precision and efficiency, targeting both small and large components [11] Earnings Forecast - The company is projected to achieve revenues of 5.65 billion yuan in 2025, 6.41 billion yuan in 2026, and 7.24 billion yuan in 2027, with net profits of 533 million yuan, 646 million yuan, and 751 million yuan respectively [12][14]

格隆汇11月24日丨瑞迪智驱(301596.SZ)在投资者互动平台表示，公司的行星滚柱丝杠处于研发迭代测 试阶段。 ...

九号公司-WD在分析师会议上明确，其割草机器人业务将聚焦中高端市场，并正加速海外供应链布局，计划在潜在的反倾销裁决前完成海外量产。渠道方 面，其产品已覆盖亚马逊、沃尔玛等北美主流线上平台，并将于明年进驻线下连锁门店。公司还计划在2026年1月的CES展会上推出多款新品，进一步丰富 产品线。 在产业链上游，核心零部件企业同样积极布局。汇川技术已针对人形机器人开发了包括驱动器、电机、行星滚柱丝杠及多种关节模组在内的核心产品，致力 于将工业领域的技术与批量应用经验迁移至此，解决行业痛点。 奥普特则通过与机器人公司越疆科技的深度合作，展示了其3D视觉系统与机械臂的高精度协同能力，共同打造了高效的物流分拣方案。此举为其未来切入 精密装配、自主导航等前沿应用奠定了基础。 三花智控为把握行业机遇，已于今年正式成立机器人事业部，并同步推进海外生产基地建设，旨在通过优化的全球供应链，提升竞争力并为后续产能扩张做 好准备。 【环球网财经综合报道】据Choice数据统计，近一个月（10月19日至11月22日），共有17家A股上市公司接待机构调研量超过200家。其中，机器人赛道成 为最受瞩目的焦点，共有7家相关企业位列其中，显示出资 ...

Core Insights - 汇川技术 has transformed from a single variable frequency drive supplier to a comprehensive provider of integrated solutions in industrial automation, new energy vehicle drives, and smart elevators, aiming to become the ecological foundation for industrial digitalization [1] Group 1: Industry Challenges and Solutions - The company identifies three major challenges in industrial upgrading: enhancing single equipment efficiency, the investment value of multi-variety small-batch production lines, and data silos in digital transformation [2] - 汇川技术 aims to break down data silos by unifying data semantics and creating an open architecture to provide solutions based on data definitions for various customer scenarios [2] - The company has assisted over ten industries in completing smart factory planning, achieving over 30% reduction in order response cycles in sectors like new energy and automotive parts [2] Group 2: Smart Manufacturing Pathways - 汇川技术 emphasizes that smart manufacturing should be a systematic project that addresses pain points and creates value, summarizing three pathways: "通血脉" (connecting bloodlines), "长智慧" (growing wisdom), and "赋工具" (empowering tools) [3] - The company has improved yield rates in lithium battery production from 82% to 99.2% by integrating tension control models with AI visual recognition [3] - In precision dispensing scenarios, the company has achieved a control precision of ±0.02mm, significantly reducing defect rates [3] Group 3: Innovative Solutions - 汇川技术 introduced several innovative solutions at the recent conference, addressing the fragmentation of factory equipment data and the challenges of realizing intelligent manufacturing visions [4] - The company is developing a standardized platform, InoQuickPro, which allows engineers to easily upgrade smart systems and adjust production line logic [4] Group 4: Industrial Robotics - 汇川技术 is focusing on humanoid robots, aiming to become a high-performance, cost-effective supplier of core components and subsystems [6] - The company has already begun mass production of key components such as drives and motors, with plans to launch joint modules and bionic arms soon [6] - 汇川技术 emphasizes that its components meet industrial-grade standards, which are higher than those for service or performance robots [6] Group 5: Global Expansion - 汇川技术 is targeting developed and emerging markets, focusing on regions like Korea, India, Vietnam, Europe, and the Americas for its global strategy [7] - The company's overseas business revenue, including automotive, reached approximately 1.32 billion yuan in the first half of 2025, marking a 39% year-on-year increase [7]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, indicating a robust operational performance and benefiting from the automotive industry's favorable conditions [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52% - The net profit attributable to shareholders reached 236 million, up 5.06% year-on-year - The net profit excluding non-recurring items was 221 million, reflecting a 6.06% year-on-year growth - In Q3 2025, the company recorded revenue of 404 million, a year-on-year increase of 17.20% - The net profit attributable to shareholders for Q3 was 88 million, up 8.20% year-on-year - The net profit excluding non-recurring items for Q3 was 82 million, a year-on-year increase of 10.46% [1][2]. Industry Context - The automotive industry in China saw a total sales volume of 24.363 million units from January to September 2025, representing a year-on-year increase of 12.90% - New energy vehicle sales reached 11.2276 million units, showing a significant year-on-year growth of 34.95% - The company is expected to benefit from the overall demand in the automotive sector, particularly in turbocharger core components and expanding its production scale for new energy vehicle parts [2]. Profitability Metrics - The company's gross profit margin for Q3 2025 was 34.37%, a decrease of 0.78 percentage points year-on-year - The net profit margin was 21.72%, down 1.78 percentage points year-on-year - The company improved its expense ratio by 0.5 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [2]. Business Development - The company is advancing its screw rod business and expanding its layout in linear motion components, targeting high-end machine tools, automation, humanoid robots, and intelligent connected vehicles - The subsidiary Yuhua Precision Machinery has developed a high-precision double-end face center hole grinding machine and a ball screw pair lifespan testing machine, enhancing processing precision - The company has achieved the highest industry precision level for its ball screw pairs and linear guide pairs, and has secured bulk delivery orders from well-known domestic machine tool manufacturers [3]. International Expansion - The company is accelerating the construction of its subsidiary in Thailand to enhance production capacity and improve international competitiveness - The Thai subsidiary aims to serve as a hub for deepening market penetration in Southeast Asia and extending reach to Australia, New Zealand, and South Asia, leveraging regional trade agreements to reduce logistics costs [3]. Investment Outlook - The company maintains a "buy" rating, with projected net profits of 326 million and 390 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 38x and 31x [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company benefits from the booming demand for industrial robots, increased penetration of harmonic reducers in application scenarios, and proactive expansion and market share enhancement strategies, which continuously promote positive operational performance [2][13]. - The revenue from humanoid robot business is expected to continue to grow significantly, with steady progress in screw verification. The company is actively advancing product development and commercialization in the embodied intelligence sector [2][13]. - The company achieved a revenue of 407 million in the first three quarters of 2025, representing a year-on-year increase of 47.36%, and a net profit attributable to the parent company of 94 million, up 59.21% year-on-year [6][13]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 155 million, a year-on-year increase of 49.92%, and a net profit of 40 million, up 81.19% year-on-year. The net profit after deducting non-recurring items was 33 million, reflecting a year-on-year increase of 79.20% [6][13]. - The gross profit margin for the first three quarters of 2025 was 36.60%, a decrease of 2.93 percentage points year-on-year, while the net profit margin improved to 23.35%, an increase of 1.64 percentage points year-on-year [13]. Market Trends - The overall output of domestic industrial robots reached 594,800 units in the first nine months of 2025, a year-on-year increase of 29.80%. The company’s harmonic reducers, as core components, directly benefit from this trend [13]. - The company is positioned to capture core customers in the humanoid robot sector, with some leading manufacturers entering small-batch trial production stages [13]. Future Outlook - The company is expected to achieve net profits of 118 million and 156 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 227x and 173x [13].

Core Viewpoint - The company, Leadic, is increasingly applying ball screw and planetary roller screw as core precision transmission components in the automotive industry, enhancing control precision and response reliability for advanced driving assistance and autonomous driving functions [2] Group 1: Product Application - Ball screw products produced by the company are primarily used in steer-by-wire and brake-by-wire systems [2] - These products provide critical hardware support for advanced driver assistance systems and autonomous driving capabilities [2]

Core Viewpoint - Bertly is focusing on the development and production of key components for humanoid robots, specifically ball screws and miniature planetary roller screws, indicating a strategic move into the humanoid robotics sector [1] Company Summary - Bertly's main products include ball screws and miniature planetary roller screws, which are essential for humanoid robots [1] - The company aims to position itself in the critical components market for humanoid robotics [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the anticipated growth in the humanoid robotics sector [8]. Core Insights - The company has shown significant revenue growth, with a 47.36% year-on-year increase in revenue to 407 million yuan for the first three quarters of 2025, and a 59.21% increase in net profit to 93.67 million yuan [5][6]. - The company is focusing on technological innovation and product development, having filed 23 new domestic patents in the first half of 2025, which strengthens its market position [7][8]. - The humanoid robotics industry is at a critical commercialization stage, and the company is well-positioned to benefit from this trend, potentially creating a second growth curve [7][8]. Financial Performance - For Q3 2025, the company reported a revenue of 155 million yuan, up 49.92% year-on-year, and a net profit of 40.25 million yuan, reflecting an 81.19% increase [5]. - The gross margin for the first three quarters of 2025 was 36.6%, with a net profit margin of 23.35%, indicating improved profitability [7]. - The company expects revenues of 566 million yuan, 848 million yuan, and 1.135 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 135 million yuan, 194 million yuan, and 256 million yuan [9][10]. Market Position and Strategy - The company is enhancing its focus on humanoid robotics by investing in core components and establishing a research and service center in Shanghai [7]. - Collaborations with industry leaders and the development of high-reliability products are expected to drive significant revenue growth [7][8]. - The company aims to leverage its technological advancements to expand into broader applications beyond robotics, enhancing its competitive edge [7].