Core Insights - Sileck Robotics has made breakthroughs in the research and development of core components, continuously improving its business layout [1] - The company has a research team with over 20 years of experience in ultra-thin metal processing, utilizing unique raw materials and cold stamping processes to enhance material utilization and simplify manufacturing [1] - A wholly-owned subsidiary, Sileck Robotics, was established on February 11, 2025, to focus on the R&D of precision components for humanoid robot joint drives [1] Market Potential - It is estimated that by 2030, the demand for humanoid robots in the manufacturing and home service industries in China and the U.S. will reach approximately 2.1 million units, representing a market space of about 314.6 billion RMB [1] - Harmonic reducers are critical components for humanoid robots, and with the mass production of robots, demand is expected to surge, creating a new growth curve for the company's production line of harmonic reducer components [1] Technological Advancements - The company aims to leverage its expertise in ultra-precision metal processing and ultra-thin metal forming to develop precision components for humanoid robot joint drives, offering customers a new low-cost, high-quality technological solution [1] - Plans are in place to invest in a production line for key components of harmonic reducers in OKL, providing low-cost components such as flexible wheels and rigid wheels to serve the global market [1] Investment Rating - The company maintains a "Buy" rating based on its growth potential and advancements in technology [1]

证券研究报告 | 公司点评 | 专用设备 斯莱克(300382) 报告日期：2025 年 05 月 12 日 一季度收入同比增长 55%，电池壳、人形机器人减速器放量在即 ——斯莱克点评报告 投资要点 ❑ 事件：公司发布 2024 年报及 2025 一季报 1）2025Q1，公司实现营收 5.3 亿元，同比增长 55%；实现归母净利润 1159 万元，同比减 少 43%。 2）2024 年，公司实现营收 15.1 亿元，同比减少 8%；实现归母净利润-1.4 亿元。2024 年 公司业绩承压的原因主要在于： ①传统设备业务：周期性波动，收入承压；2024Q4 部分海外大额销售未按计划达成（货 运未完成）。 ②新能源电池壳业务：原材料价格波动、汽车行业削价竞销向供应链上游传递、市场份额 争夺激烈等；公司电池壳业务正在爬坡，毛利率同比下降，导致收入增长同时亏损加大。 ❑ 2024 年电池壳业务营收同比增长 51%，国内基地正常生产、拟在美国建设产能 1）2024 年公司电池壳业务营收同比增长 51%，连续三年增长超 50%，常州和盛及其下 宜宾、分宜等各个生产基地正常生产，正按照客户要求制定量产计划，后续随着自研 ...