斯莱克（300382.SZ）9月29日在投资者互动平台表示，公司目前谐波减速器柔轮和钢轮研发进展顺利， 公司研发的柔轮经过初步测算，材料利用率大约可以从行业平均水平35%跃升到80%左右，齿形精度可 达到微米级。除了计划在中国建立生产线之外，还同步规划在美国子公司投资谐波减速器关键零部件生 产线。作为全球少数几家可以生产高速易拉罐产线设备的企业，公司将易拉罐制造中成熟的DWI（冲拔 拉伸成型）技术创新性应用于谐波减速器柔轮生产，形成室温精密冷冲压成型工艺路径。其核心逻辑是 通过特种原材料配方与精密模具设计，在室温下对金属板材施加高压，利用金属塑性变形实现柔轮薄壁 杯状结构与齿形特征的近净成形，完整保留材料内部纤维流线，同时借助冷作硬化效应提升产品强度与 疲劳寿命。但由于人形机器人行业整体尚处于技术研发与市场应用的探索阶段，存在多种不确定风险因 素。 每经AI快讯，有投资者在投资者互动平台提问：贵公司在人型机器人关键结构件关注度比较高，这块 业务目前进展如何？公司一直做精密仪器设备，怎么从做易拉罐设备转型做电池壳和谐波减速器，竞争 力在哪里？ （文章来源：每日经济新闻） ...

Core Viewpoint - The company is a leading player in the domestic precision stamping materials industry, focusing on customized precision stamping special steel materials, primarily for automotive and industrial applications [1][2]. Group 1: Company Overview - The company adopts a collaborative innovation research model, combining independent research and cooperative development [1]. - Its main products include customized precision stamping special steel materials, with a product technology level comparable to that of Wells Group, a global leader in precision stamping metal materials [1]. - The company has established long-term stable partnerships with renowned automotive parts suppliers such as Schaeffler and Mubea, indirectly supporting well-known automotive brands like Tesla and BYD [1]. Group 2: Industry Demand and Growth Potential - The potential demand for precision stamping materials in China is significant, with 2023 production estimated at 1.247 million tons, primarily for automotive parts [2]. - There is a need for import substitution as domestic materials still lag in performance, surface quality, and dimensional tolerances [2]. - The per-vehicle usage of stamping steel in China is currently 12-15 kg, compared to 20-22 kg in developed countries, indicating room for growth as the automotive industry develops [2]. - Demand for precision stamped components is also increasing in non-automotive sectors such as machinery, wind power, aerospace, nuclear power, high-speed rail, and humanoid robots [2]. Group 3: Capacity Expansion and Product Structure - The company is expected to reach a production capacity of 180,000 tons by 2024, positioning it among the industry's top tier [2]. - A new plant in Anhui is set to be completed by April 2025, with an anticipated capacity release of 40,000 tons, potentially increasing total capacity to 300,000 tons in the long term [2]. - The Anhui project will focus on high-end manufacturing areas such as complex processes and high-tech bearings, while also exploring other downstream markets like robotics [2]. Group 4: Strategic Focus on Robotics - The company is investing in key components for humanoid robots, including harmonic reducer flexible wheels and planetary gear components, leveraging its advantages in customer resources, capacity, and R&D [3]. - As of February 11, 2025, 60% of the relevant material research has been completed, with potential clients numbering around six [3]. Group 5: Financial Projections - The company is projected to benefit from the increasing demand for precision stamping steel in the automotive and high-end manufacturing sectors, with expected net profits of 239 million, 280 million, and 336 million yuan for 2025-2027 [3].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [11][5]. Core Viewpoints - The company is positioned as a leading player in the domestic precision stamping materials industry, focusing on customized precision stamping special steel materials, primarily for automotive and industrial applications [1][19]. - The precision stamping materials industry in China has significant potential demand, driven by factors such as import substitution, increased steel usage per vehicle, and growing demand in non-automotive sectors like robotics and aerospace [2][39]. - The company is expanding its production capacity and optimizing its product structure, with a new plant expected to be operational by 2025, potentially increasing capacity to 300,000 tons in the long term [2][3]. - The company is strategically investing in the humanoid robotics sector, focusing on key components like harmonic reducers, which could contribute to a second growth curve in profitability [3][11]. Summary by Sections Company Overview - The company, Suzhou Xianglou New Materials Co., Ltd., is the only listed company in the domestic precision stamping materials sector, established in December 2005 and listed in June 2022 [19][1]. - It has established long-term partnerships with renowned automotive suppliers, indirectly supplying major brands like Tesla and BYD [1][23]. Industry Potential - The precision stamping steel industry in China produced 1.247 million tons in 2023, with significant room for growth due to the current reliance on imports and the potential for increased usage in vehicles [2][39]. - The average steel usage per vehicle in China is currently 12-15 kg, compared to 20-22 kg in developed countries, indicating a potential increase in demand as the automotive industry develops [2][39]. Production Capacity and Investment - The company aims to reach a production capacity of 180,000 tons by 2024, with plans for further expansion through a new facility in Anhui [2][3]. - The new plant will focus on high-end manufacturing sectors, including bearings and robotics, enhancing the company's product mix [2][3]. Financial Projections - The company is expected to benefit from rising demand in the automotive and high-end manufacturing sectors, with projected net profits of 239 million, 280 million, and 336 million yuan for 2025-2027 [11][4]. - Revenue is forecasted to grow from 1.353 billion yuan in 2023 to 2.448 billion yuan by 2027, reflecting a compound annual growth rate of 17.93% [4][27]. Strategic Focus on Robotics - The company is actively developing materials for humanoid robots, particularly focusing on components like harmonic reducers, which are critical for the robotics industry [3][44]. - The global market for harmonic reducers is expected to grow significantly, with the company positioned to capture a share of this expanding market [47][53].

Core Viewpoint - Suzhou Sileck Precision Equipment Co., Ltd. reported a total revenue of 920.41 million yuan for the first half of 2025, a year-on-year increase of 37.62%, but a net profit attributable to shareholders of the listed company of -20.27 million yuan, a year-on-year decrease of 214.98% due to increased costs from asset investment and revenue growth despite strong performance in the battery shell business [1][2]. Group 1: Financial Performance - The total revenue for the first half of 2025 was 920.41 million yuan, reflecting a 37.62% increase year-on-year [1]. - The net profit attributable to shareholders was -20.27 million yuan, marking a 214.98% decrease year-on-year [1]. - The battery shell business generated revenue of 621.13 million yuan, a 53.99% increase year-on-year, with improving gross margins [1][2]. Group 2: Business Development - The battery shell business is expanding due to technological advantages, maintaining double-digit revenue growth [2]. - Collaborations with major clients like CATL and new partnerships, including a memorandum of understanding with Dongwon Systems, aim to establish a joint venture for battery shell operations in the U.S. and Europe [2][3]. - The traditional can/cap industry is recovering, with new product developments such as disposable aluminum cups and a strategic cooperation agreement with Aorikin, projected to involve 500 million yuan over five years [2][3]. Group 3: Future Outlook - The company expects improved gross margins for the battery shell business in the second half of the year, supported by existing contracts [3]. - The company has made significant advancements in the development of harmonic reducer flexible wheels, enhancing its capabilities in ultra-precision metal processing [2][3]. - The partnership with Dongwon Systems will focus on battery shell operations in North America and Europe, utilizing DWI and DRD technologies for production [3].

Financial Performance - In the first half of 2025, the company achieved total revenue of 920.41 million yuan, an increase of 37.62% compared to the same period last year [2] - The net profit attributable to shareholders was -20.27 million yuan, a decrease of 214.98% year-on-year [2] - The battery shell business generated revenue of 621.13 million yuan, a year-on-year growth of 53.99% [2] Business Development - The company is expanding its market share through technological advantages, maintaining double-digit growth in the battery shell business [3] - Collaborations with major clients such as CATL, Yiwei Lithium Energy, and Ganfeng Lithium are ongoing, with a new partnership established with Yantai Lihua Power Technology [3] - A memorandum of understanding was signed with Dongwon Systems Corporation to form a joint venture for battery shell business in the US and Europe [3][7] Product Innovation - The traditional can/cover industry is showing signs of recovery, prompting the development of new products like disposable aluminum cups [4] - A strategic cooperation agreement with Aorikin was signed, involving an estimated investment of 500 million yuan for new production lines and technology services [4][7] - Significant breakthroughs were made in the research and development of harmonic reducer flexible wheels, enhancing the application of precision metal processing technology [4][6] Future Outlook - The company anticipates improved performance in the second half of 2025, driven by scale effects and better margins in the battery shell business [5] - The traditional can/cover business is expected to perform better in the second half of the year, supported by existing contracts [5] - The joint venture with Dongwon Systems Corporation aims to enhance competitiveness in the overseas battery shell market [7]

Core Viewpoint - Metal Injection Molding (MIM) technology is emerging as a viable development direction for humanoid robots, with its applications in consumer electronics and automotive industries maturing, leading to increased demand for high-precision and complex components in advanced manufacturing sectors [1][4]. Group 1: MIM Technology Overview - MIM is a new near-net-shape forming technology that combines modern plastic injection molding with powder metallurgy, allowing for the production of complex metal parts with high precision and excellent surface quality [3][4]. - The MIM process involves mixing solid powder with an organic binder, shaping it through injection molding, and then removing the binder followed by sintering to achieve the final product [3][4]. Group 2: Applications in Robotics - MIM's ability to create complex integrated structures in a single molding process is a key advantage, enabling the production of intricate designs that traditional machining cannot achieve [4][6]. - The technology is suitable for manufacturing critical components in humanoid robots, such as joints and sensors, balancing material performance and lightweight design [6][11]. Group 3: Advantages of MIM - MIM can adapt to a variety of high-strength materials, including iron-based alloys and titanium alloys, meeting diverse performance requirements for different parts [6][11]. - The process allows for the production of small, precise components with tight tolerances, making it ideal for applications in robotics where lightweight and compact designs are essential [7][11]. Group 4: Challenges and Limitations - Despite its advantages, MIM is still a new technology with high mold development costs, making it less suitable for low-volume production typical in the early stages of humanoid robot development [8][12]. - The lengthy processes of debinding and sintering can hinder the economic viability of MIM for small batch production, which is often required in rapid prototyping and iterative design phases [8][12]. Group 5: Market Potential - The global MIM industry is valued at approximately 25 billion, with China accounting for over 55%, projected to reach 57.49 billion by 2030, with a CAGR of 10.7% from 2024 to 2030 [12].

并购通亦和切入机器人减速器关键零部件。2025 年6 月，公司公告拟现金收购通亦和51%的股权，通亦 和精冲模具、精冲产品的开发、制造能力较强，有较强的技术优势和盈利能力，对客户资源共享和市场 协同意义重大，标的公司业绩承诺为2025-2027 年实现扣非归母净利润分别为2800万元/3200 万元/3600 万元。减速器的柔轮及齿轮需承受周期性弹性变形，对材料疲劳强度和齿形精度要求极高，通亦和通过 精冲工艺可大幅降低制造成本，优化齿面接触应力，提升精度及抗疲劳寿命，目前正在与精密零部件厂 家合作研发谐波减速器柔轮、行星减速器齿轮等零部件，有望加速减速器核心零部件国产替代进程。 主要业务板块全线增长，新能源汽车零部件业务维持较强盈利能力。公司上半年主要业务板块全线增 长，主要产品汽车零部件中新能源汽车/传统燃油汽车/ 汽车通用零部件三类产品销售收入分别同比 +8.06%/+28.27%/+7.49%，营收占比分别为41.86%/26.10%/22.91%。其他业务收入同比-32.01%，主要系 报告期内销售定制模具和提供加工业务收入减少所致，上半年公司综合毛利率32.63%，分产品看，新 能源汽车零部件业务毛 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 易实精密 (Yishi Precision) - **Year**: 2025 Core Industry and Company Insights - **Industry**: Automotive parts and precision metal processing - **Key Actions**: - Focus on both organic growth and external mergers and acquisitions to strengthen sales foundation [2][4] - First acquisition in the automotive parts sector to expand process technology [2][4] - Establishment of a joint venture in Slovenia with a total investment not exceeding €10 million, aimed at enhancing international competitiveness [2][6][13] Strategic Initiatives - **Acquisition**: Successfully acquired 通义合公司 (Tongyihe Company) to extend capabilities in the metal parts sector, integrating design, processing, and assembly services [4][10] - **Overseas Expansion**: - Slovenia chosen for its strategic advantages, including proximity to Austria and a skilled workforce [16] - Plans to enter the Indian market for machining and stamping operations, leveraging local partnerships [15][19] - U.S. market strategy led by Austrian partner Mark, avoiding Mexico due to instability [17] Technological Advancements - **High-Speed Stamping and Bending**: Utilizes Biller equipment, holding a significant market share domestically, and gradually expanding into Europe [7][8] - **Precision Stamping**: Differentiates from traditional stamping by handling thicker materials and achieving higher precision [9] Market Dynamics - **Metal Parts Industry Potential**: Recognized as essential across various sectors including automotive, robotics, and aerospace, with a focus on diversifying processing techniques [11] - **Emerging Industries**: Interest in humanoid robotics and semiconductor sectors, with ongoing research and development efforts [21][22] Financial and Operational Performance - **Production Capacity**: Expected to reach full production capacity by the end of 2025, with significant investments in new machinery [32][33] - **Client Base**: Major clients include Volkswagen and Bosch, with expectations of increased collaboration and project volume [36][37] Future Outlook - **Strategic Focus for 2025**: Emphasis on consolidating the precision metal processing sector, expanding product categories, and enhancing global competitiveness through both organic and external growth strategies [40] - **Investment Plans**: Potential investments in South Carolina or North Carolina, with a focus on local customer bases [18] Additional Considerations - **Surface Treatment Business**: New surface treatment facility established to improve quality control and cost efficiency [35] - **Technological Barriers**: Focus on maintaining competitive advantages through innovation and technology development in high-barrier sectors [24]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on expanding its customer base in the field of air suspension and enhancing its precision stamping technology to promote the localization of reducer flexible wheels [5] - In Q1 2025, the company achieved revenue of 80 million yuan and a net profit attributable to shareholders of 15.04 million yuan [6] - The company has established itself as a supplier for well-known automotive parts manufacturers, including Tyco Electronics and Bosch [6] - The company signed a strategic cooperation agreement with Konghui Technology to broaden its product line and is expected to achieve mass production of the third-generation welding ring line in 2025 [6][9] - The company plans to acquire 51% of Tongyihe Precision Technology to enhance its development and manufacturing capabilities in precision stamping [6][9] - The establishment of a joint venture in Slovenia aims to enhance overseas layout and local supply capabilities [6][9] Financial Summary - The company forecasts revenue growth from 276 million yuan in 2023 to 609 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.91% [8] - The net profit attributable to shareholders is projected to increase from 52 million yuan in 2023 to 100 million yuan in 2027, reflecting a CAGR of 25.37% [8] - The earnings per share (EPS) is expected to rise from 0.44 yuan in 2023 to 0.86 yuan in 2027 [8] - The company maintains a healthy return on equity (ROE), projected to reach 23.54% by 2027 [8]

Investment Rating - The report maintains a "Buy" investment rating for 易实精密 (836221.BJ) [2][12] Core Views - 易实精密 plans to acquire 51% of 通亦和精工科技 for a maximum price of 1.6 billion yuan, with performance commitments for net profits of 28 million, 32 million, and 36 million yuan for the years 2025 to 2027 [5][12] - The acquisition aims to enhance the company's metal forming process chain and create synergies that will accelerate growth [5][8] - The company is focusing on developing a new manufacturing process for harmonic reducer flexible wheels, which is expected to lower production costs [9][10] Summary by Sections Company Overview - 易实精密's current stock price is 20.94 yuan, with a total market capitalization of 2.4 billion yuan and a total share count of 116 million [2] Market Position - 通亦和 specializes in precision molds and stamping parts, holding 20 patents, including 3 invention patents [6][7] - The company has established long-term relationships with major clients such as 佛吉亚 and 麦格纳宏立 [6] Acquisition Details - The acquisition of 通亦和 is structured in three payment phases: 50%, 20%, and 30%, contingent on performance milestones [5] - The acquisition is expected to integrate supply chain resources, enhancing procurement capabilities and customer bases [8][9] Financial Projections - Revenue forecasts for 易实精密 are 400 million, 510 million, and 610 million yuan for 2025, 2026, and 2027 respectively, with net profits projected at 68 million, 83 million, and 100 million yuan [12][14] - The company anticipates a steady growth rate in revenue and net profit, with a net profit margin of approximately 17.1% in 2024 [14][15]