无框力矩电机具有低转速、高扭矩、性能稳定等优点，可用于模仿关节的活动和模拟肌肉的拉伸，能够 为人形机器人提供强劲的肢体力量，支撑其整体运动与负载能力;空心杯电机的尺寸小、更轻巧，因此 具有更高的功率密度和能量转化效率，适用于灵巧手等高精度场景，使得人形机器人的操作性更灵敏。 智通财经APP获悉，国金证券发布研报称，人形机器人电机高温高扭需求迫切，高转矩密度+低转矩波 动+强过载能力+散热属性是电机的核心能力指标。无框力矩电机具有低转速、高扭矩、性能稳定等优 点；空心杯电机适用于灵巧手等高精度场景，使得人形机器人的操作性更灵敏。此外，目前谐波磁场技 术产学研结合不断加速，工业及机器人场景实现落地。未来的发展会是一个从概念验证、工业应用到高 端突破的渐进过程。长期看竞争力取决于性能达标后的规模化量产与成本控制能力。 国金证券主要观点如下： 人形机器人电机高温高扭需求迫切，高转矩密度+低转矩波动+强过载能力+散热属性是电机的核心能力 指标 在各种复杂环境中完成搬运、抓取、行走等任务，机器人需要较大的力矩来驱动，如智元远征A2 Max 机器人关节峰值扭矩达450Nm。而受限于机器人尺寸较小，关节电机则需要拥有单位密度 ...

宁波恒帅股份有限公司 投资者关系活动记录表 编号：2026-002 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | 现场参观 | | | | □其他 | | | | 广发基金：张毅；华泰证券：宋婷婷、张硕；浙商证券：吴婷 | | | 参与单位名称及人 | 婷；众安保险：许雅淞；易方达：苏海鸿；富荣基金：毛运宏； | | | 员姓名 | 高毅资产：陈鹏旭；东方财富：薛方淇；工银瑞信基金：黄璨； | | | | 东北机械：周兴武；大家资产：李恩国；唐煜； | | | 时间 | 2026 年 1 月 21 日 | | | 地点 | 公司会议室 | | | 上市公司接待人员 | 董事会秘书：廖维明 | | | 姓名 | 公司业务及经营情况交流 | | | | 问题一：请简单介绍下公司的主要业务情况？ | | | | 答：公司主要从事车用电机技术、流体技术相关产品的研 | | | 投资者关系活动主 | 发、生产与销售，致力于成为全球领先的汽车电机技术解决方 | | | ...

Core Insights - Tesla is leading the commercialization of humanoid robots, with significant advancements expected in 2026, while domestic companies are accelerating their development and production capabilities [2][3] Group 1: Commercialization and Market Trends - Tesla's first-generation humanoid robot is expected to enter mass production in Q1 2026, with supply chain ramp-up in H1 2026 [2] - Domestic humanoid robot manufacturers are projected to increase their output from thousands to tens of thousands of units, focusing on applications in navigation, inspection, and collaboration [2][3] - The upcoming commercialization wave in China is anticipated to be driven by major players like Yushun and Leju entering the capital market [3] Group 2: Technological Advancements - The hardware development of humanoid robots is shifting from functionality to durability, with a focus on new electric drive systems, dexterous hands, and advanced bearing technologies [5] - New electric drive technologies with high power density and precision control are being highlighted, including harmonic field motors and GaN control systems [5] - Tesla's GEN2.5 dexterous hand model features an upgrade from fingertip sensors to full-hand electronic glove solutions [5] Group 3: Supply Chain Developments - The supply chain for humanoid robots is approaching a convergence point, with the first-generation V3 product expected to be released soon [5] - Key suppliers in the supply chain are being monitored for their technological advancements and production capabilities [6][7] Group 4: Investment Opportunities - Key investment opportunities are identified in companies involved in the supply chain, such as Top Group, Sanhua Intelligent Control, and others, as the hardware supply chain converges [6] - The focus is also on new technologies in electric drives, dexterous hands, and high-end bearings, with companies like Ningbo Huaxiang and InnoScience highlighted as potential investments [6] - Domestic humanoid robot companies and their supply chains are expected to present significant investment opportunities as they prepare for public listings [7]

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the robotics sector and specifically on 德昌电机控股 (Deka Motor Holdings), a leading global micro-motor company [1][13] - The robotics sector is expected to see a new market trend from Q4 2025 to Q1 2026, driven by small batch orders and the release of Tesla's third-generation humanoid robot [1][3] Core Insights and Arguments - **Technological Advancements**: Tesla's third-generation humanoid robot will feature significant technological upgrades, including: - Gearbox changes from harmonic to cycloidal gearboxes [4] - Motor upgrades from frameless torque motors to axial flux motors and harmonic field motors [6] - Increased degrees of freedom in hand design from 11 to 22 [6] - **Investment Recommendations**: Key companies to watch include: - **拓普集团 (Top Group)**: Estimated market value of approximately 100 billion, with significant rebound potential [7] - **浙江荣泰 (Zhejiang Rongtai)**: A stable supplier in the T-chain with high positioning [7] - **双环传动 (Shuanghuan Transmission)**: Collaborating with Tesla on gearbox development, benefiting from the rise in electrification [7][8] - **Market Dynamics**: The automotive and robotics sectors are experiencing volatility due to policy uncertainties and capital rotation pressures, but the long-term outlook for embodied intelligence remains positive [3] Financial Performance and Projections - **德昌电机控股 Financials**: - Revenue for FY 2025 is projected at $3.65 billion, a 4.5% decrease year-on-year, while net profit is expected to rise by 14.2% to $260 million [14] - The company has a balanced revenue distribution across regions: Asia (40%), Americas (32%), and Europe/Middle East/Africa (30.7%) [14] - FY 2026 profit forecast is $270 million, with a PE ratio of 14.4, indicating a potential 50% upside [2][14] Emerging Business Opportunities - **Robotics and Liquid Cooling**: The company is expanding into humanoid robots and liquid cooling systems, which are expected to provide new growth avenues [13][24] - **Market Potential**: The global humanoid robot joint assembly market is projected to reach approximately $20 billion by 2028 [21] Competitive Positioning - **Micro-Motor Market Share**: 德昌电机控股 holds an 18% market share in the global passenger vehicle micro-motor market, being the only Chinese company among the top five manufacturers [20] - **Technological Edge**: The company leverages vertical integration and a global production layout to maintain competitive advantages in cost and technology [20][22] Future Outlook - **Automotive Sector**: The automotive business, which constitutes 85% of revenue, is expected to face challenges in 2026 but is projected to recover by 2027 [25][16] - **Commercial Sector**: The commercial business is anticipated to stabilize, with slight revenue growth expected in FY 2026 [26] - **Emerging Business Contributions**: Robotics and liquid cooling are expected to start contributing to revenue from FY 2027 [27] Valuation and Investment Rating - The company is rated as a strong buy with a target price of HKD 43.6, reflecting a nearly 50% upside based on a 20x PE ratio for FY 2026 [28]

Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [2][3] - The business is structured into four main units: motor technology (motor and electric module) and fluid technology (driving vision cleaning systems and thermal management systems) [3] Group 2: Cost Advantages - The core cost advantage stems from vertical integration in the supply chain, enhancing the overall competitive edge [4] - Standardized and platform-based product strategies improve quality and reduce costs through modular production and high component interchangeability [4] - High self-manufacturing rates of core components allow better cost and quality control, enhancing product competitiveness and gross margins [4] Group 3: Technology and Innovation - The company has developed harmonic magnetic field motor technology, which offers higher power density and material cost savings compared to traditional motors [5][6] - Multiple invention patent applications have been submitted, establishing a technological moat and competitive advantage in the harmonic motor field [5] Group 4: Market Trends and Opportunities - The ADAS (Advanced Driver Assistance Systems) market is expected to grow, driving demand for the company's ADAS active perception cleaning systems [6] - The company has established a strong position in the cleaning business, benefiting from early market entry and technological similarities [7] Group 5: Client and Market Expansion - The rapid development of the electric vehicle industry has opened new competitive fields, with the company actively expanding its client base in this sector [8] - The company has a significant number of quality clients in the new energy vehicle sector and is focused on deepening existing relationships while pursuing new orders [8] Group 6: Global Expansion - Since 2022, the company has accelerated its global production base layout, establishing facilities in the U.S. and Thailand [9][10] - The U.S. facility, with an investment of no more than $1.5 million, focuses on cleaning system products and related new product development [10] - The Thailand facility, with an investment of no more than 200 million RMB (or equivalent in USD), will expand its product offerings as client orders increase [10]

Group 1 - The company has confirmed that its harmonic magnetic field motor technology has been validated and successfully applied in active cleaning products, and it is gradually achieving mass production [2]

Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [3] - The main production base is located in Ningbo, with additional production facilities in locations such as Qingyuan, Shenyang, Wuhan, the USA, and Thailand to serve clients more effectively [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 680 million CNY, a year-on-year decline of 3.47% [3] - The net profit attributable to shareholders was 129 million CNY, down 21.07% year-on-year, while the net profit excluding non-recurring items was 115 million CNY, a decrease of 25.34% [3] Group 3: Business Development Plans - The strategic focus is on consolidating existing business while preparing for long-term breakthroughs, with new products being developed to diversify the business matrix [4] - The company aims to enhance the value of existing motor products and optimize the customer structure in the cleaning business [4] Group 4: Future Trends and Market Position - The ADAS (Advanced Driver Assistance Systems) cleaning system is expected to drive demand as automotive companies accelerate the adoption of ADAS technology, presenting a significant growth opportunity for the company [5] - The company has a competitive edge in the cleaning business due to its early market entry and technological expertise, with a low overall market penetration rate and few competitors [6] Group 5: Growth Drivers - The growth in traditional cleaning business relies on acquiring new customers, with a focus on expanding the market share [8] - The company plans to gradually deploy a production capacity of 250,000 units per year for the gas-liquid mixed active cleaning system, which is expected to significantly enhance business performance [8] - In the motor sector, the company continues to expand its product range, particularly in the automotive four-door and two-hatchback segments, which have established a good reputation and market share [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10]. Core Insights - The company's Q3 2025 revenue increased by 4.18% year-on-year to approximately 251 million yuan, with a quarter-on-quarter increase of 11.43%. However, the net profit attributable to the parent company decreased by 7.25% year-on-year to about 44 million yuan [4][6]. - The company is strategically optimizing its production capacity and product structure at its Thailand base to meet market and customer demands, which is expected to drive future growth [4][6]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 30.45%, down 3.49 percentage points year-on-year and 0.60 percentage points quarter-on-quarter. The total expense ratio was 11.46%, up 0.88 percentage points year-on-year and 1.12 percentage points quarter-on-quarter [6]. - The company plans to integrate motor actuator capacity to 2.28 million units per year and reduce washing pump capacity to 1.5 million units per year, while adding new product lines for active sensing cleaning systems and thermal management system components [6]. Product Development - The company is leveraging its harmonic magnetic field motor technology to develop products for automotive, industrial automation, and humanoid robots, focusing on customized solutions for linear joint motors, rotary joint motors, and dexterous hand motors [7]. - The report forecasts revenue growth for 2025 to 2027, with expected revenues of 937 million yuan, 1.133 billion yuan, and 1.455 billion yuan, respectively, reflecting a growth rate of -3%, 21%, and 28% [8][9]. Valuation Metrics - The projected P/E ratios for 2025 to 2027 are 78.76, 65.76, and 49.74, respectively, indicating a potential for valuation improvement as the company expands its product offerings and market presence [9][10].

Group 1 - The company has entered mass production of core cooling components for lithography machines, and high-purity 300mm silicon targets for advanced storage chips are being supplied in stable batches [1] - Significant progress has been made in the company's harmonic magnetic field motor technology, which is gradually being industrialized for applications in humanoid robots, automotive thermal management, and autonomous driving in new energy vehicles [1] - The company has signed contracts to obtain industrialization technology for PEEK materials, and a full-size biped robot assembly factory has begun supplying components in bulk for Zhiyuan Robotics [1]

Group 1: Report General Information - The research object is Hengshuai Co., Ltd., belonging to the automotive parts industry, and the reception time was September 26, 2025 [17] - The listed company's reception staff was the board secretary, Liao Weiming [17] - The participating research institutions included ICBC Credit Suisse (a fund management company) and Guojin Securities (a securities company) [2][18] Group 2: Core Views - Harmonic magnetic field motor technology is a fundamental technological change in the motor field, with advantages such as motor lightweighting, reduced shaft current, compatibility with existing application scenarios, and cost optimization, but it also has higher manufacturing barriers [22] - The company has gradually used harmonic magnetic field motor technology for product development in automotive, industrial automation, and humanoid robot application scenarios, and is focusing on expanding the humanoid robot and machine dog fields [23] - The company plans to maintain and deepen cooperation with existing customers while actively exploring new customers and product application scenarios, and will strictly implement control measures to ensure stable and sustainable business development [24] - The company attaches great importance to R & D investment, and future specific R & D investment plans will be formulated based on comprehensive considerations of multiple factors [25]