事件：公司发布2025 半年报，符合预期：2025 年上半年实现营业收入205.09 亿元，同比增长26.73%； 归母净利润29.68 亿元，同比增长40.15%；扣非归母净利润26.71 亿元，同比增长29.15%。2025 年二季 度实现营业收入115.31 亿元，同比增长18.99%；归母净利润16.46亿元，同比增长25.91%；扣非归母净 利润14.38 亿元，同比增长12.59%。 下调盈利预测，维持买入评级。公司在工控自动化领域的天花板高，依然有极大成长空间，出海将进一 步打开成长天花板；新能源汽车业务快速增长，盈利能力持续提升。考虑到外部环境存在不确定性，下 调25-26 盈利预测为56.15、61.30 亿元（之前为57.86、69.06亿元），新增27 年预测69.16 亿元，对应PE 分别为36、33、29 倍，维持买入评级。 风险提示：宏观经济波动风险、市场竞争加剧风险、定点车型销量不及预期风险。 2025 年上半年收入端保持较高增速，主要来自新能源汽车业务高增和通用自动化业务的增长。1）分业 务来看：①通用自动化业务收入88.1 亿元，同比增长17.11%，其中变频器收入约27 亿 ...

证券日报网讯汇川技术（300124）8月28日发布公告，在公司回答调研者提问时表示，公司本身具备丝 杠产品和技术的积累，丝杠产品主要面向注塑机、3C和机床等领域应用。在原有丝杠业务的基础上， 围绕人形机器人应用的丝杆产品的需求，公司推进行星滚柱丝杠产品的开发。目前相关产品已向客户送 样，但尚未实现量产。 ...

Core Viewpoint - The company has accumulated expertise in screw rod products, primarily targeting applications in injection molding machines, 3C, and machine tools [1] Group 1: Product Development - The company is developing planetary roller screw products to meet the demand for humanoid robot applications based on its existing screw rod business [1] - Samples of the related products have been sent to customers, but mass production has not yet been achieved [1]

Business Segment Performance - In 2024, the automotive gear business generated revenue of 391 million CNY, accounting for 58.79% of total revenue; the power tool gear business generated 140 million CNY, representing 21.03%; and the revenue from reducers, tools, equipment, and other gears was 134 million CNY, making up 20.18% of total revenue [1]. Production Capacity and Utilization - As of the end of 2024, the company's production capacity for new energy vehicle gears was approximately 5.6 million units, with an actual production of 5.3974 million units, resulting in a utilization rate of about 96.38% [2]. Product Development and Market Expansion - The company is focusing on small modulus gears for humanoid robots, which presents new growth opportunities. It plans to expand its product offerings in planetary roller screw products and related core components for the humanoid robot industry [2][3]. - The company has established relationships with renowned humanoid robot manufacturers and aims to enhance its competitive edge in this sector [3]. Client Base and Market Position - The company’s power tool gear clients include globally recognized brands such as TTI, Bosch, and Makita. With the recovery of the power tool industry, the company anticipates increased demand and aims to further enhance its market share [3]. Equipment Investment and Technological Advancements - The company is investing in advanced manufacturing equipment to support the production of precision small gears and reducers, which are essential for humanoid robots. This includes high-precision gear and screw processing equipment [3]. - In 2024, the company achieved breakthroughs in micro modulus cutting tools, with the smallest modulus reaching 0.05mm, positioning it at the forefront of the industry [3]. International Expansion - The Vietnam factory has entered the trial production phase since 2025, with all necessary qualifications completed and equipment installed. The production line is currently in trial production with sufficient orders, and capacity will be adjusted based on demand [3]. Industry Outlook - The humanoid robot industry is expected to accelerate due to increased domestic policy support and the establishment of various industrial funds. The year 2025 is anticipated to mark the beginning of mass production in this sector [4].

Group 1 - Ningbo's A-share listed companies play a crucial role in the local economy and are significant in the national industrial landscape, reflecting the region's economic vitality and competitiveness [1] - As of May 13, 2024, Ningbo has 122 A-share listed companies, ranking 7th among prefecture-level cities and 4th among non-provincial capital cities, with a total market capitalization of 1.36 trillion yuan [2] - In 2024, Ningbo's A-share listed companies achieved a total revenue of 816.67 billion yuan, a year-on-year increase of 3.43%, while net profit was 60.86 billion yuan, a decline of 2.41% [2][4] Group 2 - 18 Ningbo listed companies reported revenues exceeding 10 billion yuan, with Jintian Co. leading at 124.16 billion yuan, followed by Ningbo Bank and others [4] - In Q1 2024, Ningbo's listed companies generated 189.36 billion yuan in revenue and 17.64 billion yuan in net profit, with growth rates of 1.82% and 4.29%, respectively, both surpassing the overall A-share market [4] Group 3 - The industry structure of Ningbo's listed companies shows a dual pattern of "traditional dominance and emerging rise," with significant representation in automotive, machinery, and power equipment sectors [5] - Ningbo is a key production base for automotive and components, with leading companies like Junsheng Electronics and Top Group integrated into the global automotive supply chain [5] - Emerging industries such as new energy, semiconductors, and artificial intelligence are rapidly developing, with companies like Samsung Medical achieving significant breakthroughs in overseas markets [5][6] Group 4 - Several Ningbo listed companies rank among the top in their respective industries, with Bull Group leading in light manufacturing and Top Group in the automotive sector [6][7] - As of May 13, 2024, four Ningbo companies have entered the top ten in their industries by market capitalization, including Bull Group and Yageo [7] Group 5 - Ningbo's economic growth is supported by government policies and a focus on high-quality development, with a GDP of 1.81477 trillion yuan in 2024, growing by 5.4% [8] - The local government has implemented initiatives to enhance the efficiency of company listings and encourage R&D investments, fostering technological innovation [9] - The future outlook for Ningbo's A-share listed companies suggests a transition from quantity growth to quality improvement, enhancing their position in the global industrial chain [9]