本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 查看完整报告 特别申明： 我们认为与国内其他丝杠供应商相比，双林股份在丝杠设备和技术方面均具备优势：1）设备：当前国内 制造高精度磨床的厂商较少，2025 年 1 月公司收购科之鑫掌握丝杠核心生产设备自研能力、实现丝杠产业 链一体化布局；2）技术：公司为少数掌握反向式行星滚柱丝杠生产能力的企业之一，丝杠与座椅驱动器 在传动方式和加工方式上高度相似，公司在相关领域具备一定的技术同源性（2024 年公司 HDM 国内市占 率 32.8%、位居第一）；3）客户：公司已与国内头部人形机器人公司深入绑定+同步研发，客户结构也在 不断优化改进，有望随着 2H26E 机器人逐步上量爬坡而同步受益。 主业稳健，四大事业部共驱成长 公司主业表现稳健：1）内外饰件及机电：产品品类持 ...

证券代码：300652 证券简称：雷迪克 当然，从技术准备到广泛落地仍面临一系列挑战，主要包括： 信号采集精度与安全性的平衡、神经解码的准确性与实时性、双 向交互技术的成熟度，以及底层神经科学认知和工程化集成的瓶 颈。这些问题的突破，需要政策引导下的跨学科长期攻关。 相较于神经科学研究的长期性，工程问题的解决进展可能相 对较快。当前面临的工程挑战主要包括高密度、低功耗的植入式 芯片设计、高通量神经数据的无线传输，以及高算力、低延迟的 实时解码系统构建等，所涉及到的材料科学、集成电路、通信技 术的发展，极大程度的带动了工程化技术的应用突破。 4、傲意科技在脑机接口领域有哪些核心技术与应用？ 在脑机接口领域，傲意科技目前主要采用的是非侵入式技术 和工程实现道路，主要的研发投入包括高精度脑电图机、肌电图 机软硬件和算法系统的研制等，目前落地应用主要有三类： 杭州雷迪克节能科技股份有限公司 投资者关系活动记录表 编号：2026-001 | 特定对象调研 | 分析师会议 ☐ ☐ | | --- | --- | | 媒体采访 | ☐ ☐ 业绩说明会 | | 投资者关系活动类别 ☐ 新闻发布会 | ☐ 路演活动 | | ☐ ...

证券代码：300652 证券简称：雷迪克 在机器人板块，公司已形成了覆盖关键核心部件与系统总成的 综合技术能力。具体来看，我们在线性执行机构总成方面具备完整 的正向开发与集成能力，同时掌握应用于人形机器人的行星滚柱丝 杠、微型丝杠、滚珠丝杠、交叉滚子轴承等核心零部件的自主设计 与生产能力，这为公司在人形机器人关键部件的技术自主可控与成 本优化提供了坚实保障。 目前，公司引进的行星滚柱丝杠生产线、专用检测线及台架试 验机陆续到厂安装与调试。线性执行器总成及灵巧手执行器总成的 装配线也已完成选型工作，相关产线建设正稳步推进，旨在加快行 星滚柱丝杠及相关总成产品的标准化、规模化量产进程。 | | 特定对象调研 ☐ 分析师会议 | | --- | --- | | | ☐ 媒体采访 ☐ 业绩说明会 | | 投资者关系活动类别 | ☐ 新闻发布会 ☐ 路演活动 | | | ☐ 现场参观 | | | 其他（电话会议/网络会议） ☐ 国泰海通 管正月 | | | 国元资管 汪澍 | | 参与单位名称及人员姓名 | 尚正基金 李睿 | | | 诺安基金 杨靖康 | | | 湖南天泉 罗莉 | | 时间 | 2025年12月9 ...

Group 1: Future Development and Production Capacity - The company aims to expand its main engine market business, with a focus on high-quality projects. The "Annual Production of 6.29 million high-end automotive bearing intelligent construction project" is expected to be completed next year, adding 6.29 million sets of annual production capacity, including 1.2 million third-generation hub units, 600,000 intelligent heavy truck hub units, 2.3 million hub bearings, and 2.19 million passenger car cone bearings [1][2]. Group 2: Operational Status of Thailand Factory - The Thailand factory has obtained the IATF 16949 certification and the E-Ruling certification from U.S. Customs in 2024. In 2025, it successfully passed the ISO 14001 environmental management system and ISO 45001 occupational health and safety management system certifications. The third phase of investment construction is progressing smoothly, optimizing production layout and enhancing supply chain collaboration, resulting in sustained high capacity utilization [2]. Group 3: Customer Base and Market Focus - The company's bearing products primarily target the automotive industry's aftermarket and main engine market. The aftermarket customers are mainly independent brand merchants and large terminal chains, while the main engine market customers consist of domestic main engine manufacturers and their first-tier suppliers [2]. Group 4: Strategic Investments in Robotics - The company has invested in Ningbo Yinqiu Technology Co., Ltd., which specializes in the R&D, production, and sales of micro, small, and integrated precision bearings. These products are used in home appliances, industrial motors, automotive parts, textile machinery, and robotics. This investment aims to enhance the precision bearing business and promote deep cooperation in critical areas such as automotive parts and humanoid robot precision bearings, thereby improving the company's overall competitiveness and profitability [2][3]. Group 5: Progress in Robotics Components Business - The company established a robotics components division in 2024, focusing on the R&D, production, and sales of robotic components, particularly harmonic reducers suitable for industrial robots, collaborative robots, and humanoid robots. Core equipment for harmonic reducers is expected to be in place by the end of 2024, enabling small-batch production. Additionally, a second production line is being invested in, expected to reach full capacity by the end of the year to meet future market demand [3].

Core Insights - Shanghai Aoyi Information Technology Co., Ltd. has completed a strategic financing round of over 100 million yuan, marking its third round of financing this year, with the investment exclusively from listed company Redick [1] - The financing will focus on three core areas: accelerating production capacity upgrades, advancing full-scene technology research and development, and expanding global presence [1] - Aoyi Technology has established itself as a leader in the domestic dexterous hand market, leveraging its strong production and supply chain integration capabilities [1][2] Company Overview - Aoyi Technology, founded in 2015, specializes in the intersection of embodied intelligence and neural interface core technologies, creating an integrated R&D platform that encompasses robotics, neural interfaces, and artificial intelligence [1] - The company has its own factory in Zhuhai, demonstrating comprehensive production supply chain management capabilities, including self-research and production of core components [1] - Redick, established in 2002 and listed on the Shenzhen Stock Exchange in 2017, has developed a dual business model focusing on automotive and robotics sectors [1][4] Market Position - Aoyi Technology has become a "hidden champion" in the core components of embodied robotics, maintaining a leading position in the domestic dexterous hand market and establishing a broad downstream ecological collaboration network [2] - The company’s ROHand series of dexterous hands has evolved into three major series, achieving commercial success as one of the first high-performance dexterous hand products in China [5] Strategic Goals - The strategic financing is expected to enhance Aoyi Technology's leading advantage in end-effectors and position it as a leading supplier of core components for global embodied robotics [5] - Aoyi Technology aims to leverage shareholder resources from Redick to further strengthen its market position and capabilities in the robotics sector [5]

Core Viewpoint - The company reported a steady growth in revenue and net profit for Q3 2025, indicating a positive performance trajectory and strong operational capabilities [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 1.33 billion yuan, representing a year-on-year increase of 17.4% [2]. - The net profit attributable to shareholders was 120 million yuan, down 2.7% year-on-year, primarily due to high investment income from the previous period [2]. - The non-recurring net profit attributable to shareholders was 100 million yuan, reflecting a robust year-on-year growth of 25.9% [2]. - The gross margin for Q3 2025 was 22.8%, an increase of 1.5 percentage points year-on-year and 3.0 percentage points quarter-on-quarter [2]. - The operating expense ratio was 12.6%, down 1.4 percentage points year-on-year, with stable management of sales, administrative, R&D, and financial expenses [2]. Business Development - The company has made significant progress in its main business areas, expanding its customer base and product offerings [3]. - In the automotive interior and precision components sector, the company has deepened collaborations with major clients such as SAIC-GM-Wuling and Changan [3]. - The smart control system components have seen successful product launches and mass production, establishing the company as a leading manufacturer of automotive seat actuators in China [3]. - The company aims to lead the domestic market for medium and small power electric vehicle powertrains, with multiple platforms already in mass production [3]. - The company has expanded its market presence in wheel hub bearings, securing new projects with major electric vehicle manufacturers [4]. New Product Development - The company has strategically acquired Wuxi Kezhixin, enhancing its capabilities in the humanoid robot sector and reducing production costs for core components [5]. - Development of planetary roller screws for humanoid robots is underway, with production lines established for trial runs [6][7]. - The company has successfully developed micro ball screws for robotic applications and established a complete processing capability [7]. - The second-generation grinding machines from Kezhixin are designed for high-precision manufacturing of various components, enhancing production efficiency [8]. Revenue Forecast - The company forecasts revenues of 5.65 billion yuan, 6.41 billion yuan, and 7.24 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 530 million yuan, 650 million yuan, and 750 million yuan [9].

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]

Summary of the Conference Call for Shuanglin Co., Ltd. Company Overview - **Company**: Shuanglin Co., Ltd. - **Date**: October 26, 2025 Key Points Industry and Strategic Focus - Shuanglin Co. is increasing R&D investment and management expenses, indicating a strategic focus on emerging fields such as intelligent control systems, new energy power systems, and humanoid robots [2][3] - The company has achieved a leading position in automotive seat drive products and electric headrests, while actively expanding into the low-altitude economy market [2] Financial Performance - For the first three quarters of 2025, Shuanglin Co. reported revenue of 3.855 billion yuan, a year-on-year increase of 19.12% [3] - Net profit attributable to shareholders reached 402 million yuan, up 9.77%, while non-recurring net profit surged by 45.57% to 349 million yuan [3] Intelligent Control Systems - The company has made breakthroughs in intelligent control systems, particularly in automotive seat drive products, and has established partnerships with several mainstream new energy vehicle manufacturers [4] - New products such as electric headrests and various actuators have entered mass production, with significant advancements in humanoid robot core components [4] New Energy Power Systems - Shuanglin Co. provides drive motors and electric bridge products for both pure electric and hybrid platforms, with applications in multiple vehicle models from major manufacturers [6] - The company is also expanding into electric drive products for aircraft, with the Wanjie 8 and Dongfeng Nissan N7 projects expected to enter mass production in 2025 [6] Humanoid Robots - Significant progress has been made in the humanoid robot sector, including collaborations with leading domestic car manufacturers to develop linear joint modules [8] - The company plans to achieve an annual production capacity of 1 million sets, with the first production line expected to be completed by the end of 2025 [9] Production Efficiency and Cost Management - The acquisition of Kezhixing Machinery has significantly reduced screw production costs and improved product quality and consistency, enhancing market competitiveness [2][13] - The new generation of grinding machines is expected to greatly improve processing efficiency, with a target of completing all internal thread processing within 30 minutes [19] Future Outlook - The company is optimistic about achieving its annual net profit target, supported by a strong growth trend in its main business and the gradual mass production of new projects [14][17] - The wheel hub bearing business is expected to see further revenue and profit growth, particularly with the successful localization of production in Thailand [15] Market Position and Competitive Advantage - Shuanglin Co. has enhanced its market position through improved product quality and cost advantages, aiming to break the import monopoly in humanoid robot core components [13] - The company is actively expanding its customer base both domestically and internationally, with small batch orders already received [10][20] H Share Issuance - The company submitted its H share issuance application to the Hong Kong Stock Exchange on September 24, 2025, marking a significant step towards enhancing its capital strength and internationalization strategy [23][24] Performance Incentives - Shuanglin Co. has set challenging performance incentive targets, supported by strong growth in its new energy electric drive business and other emerging sectors [25] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Shuanglin Co.'s strategic initiatives, financial performance, and future outlook in the context of its industry.

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 3.855 billion, representing a year-on-year growth of 19.12% [3] - The net profit attributable to shareholders was CNY 402 million, up 9.77% year-on-year [3] - The net profit excluding non-recurring gains and losses reached CNY 349 million, showing a significant increase of 45.57% [3] Business Development - The company has made clear progress in customer expansion and capacity construction for its robotic screw rod business, collaborating with two leading domestic new energy vehicle companies [4] - The production capacity for linear joint modules is planned at 500,000 sets per year, with a target to reach full capacity by the end of 2025 [5] - The company is also developing a product matrix around core transmission components, including various types of screw rods and joint modules [7] Production Efficiency - The new grinding equipment developed by the subsidiary is expected to enter mass production in November 2025, significantly improving processing efficiency to 30 minutes per piece [6] - The company plans to achieve a production capacity of 1 million screw rods per year, with a clear strategy for rapid capacity expansion based on market demand [20] International Collaboration - The company has successfully secured small batch orders from a leading foreign screw rod manufacturer, marking a significant step in international recognition of its technical capabilities [10] - Ongoing cooperation includes not only screw rod orders but also discussions on other vehicle components, indicating a deepening strategic partnership [10] Market Outlook - The company anticipates a potential increase in automotive production in Q4 2025, driven by new projects and existing business growth [15] - The wheel hub bearing business achieved a revenue of CNY 978 million in the first three quarters, with a gross margin of 19.9% [16] Future Plans - The company is exploring the development of ceramic bearings and has initiated research in this area [12] - Plans for H-share issuance have been submitted, aiming to enhance capital strength and support internationalization strategies [14] - The company is optimistic about achieving its performance targets set in the recent equity incentive plan, supported by strong growth in its core business areas [23]

Core Insights - The company, Hangzhou Redick Energy-Saving Technology Co., Ltd., hosted a research meeting with 13 institutional investors, discussing key areas such as automotive business progress, humanoid robot core component layout, and overseas production base construction [1][2]. Group 1: Automotive Business Progress - Redick has been focusing on the automotive bearing parts sector for over 20 years, with products including hub bearings and tapered bearings used in suspension, power, and transmission systems [3]. - The company reported that its main automotive business is progressing smoothly, with multiple new energy platform projects entering a continuous delivery phase, collaborating with major brands like Geely, SAIC, GAC, Leap Motor, Xpeng, Great Wall, and Changan [3]. - The front-mounted business revenue is expected to maintain stable growth, while the aftermarket is expanding into mid-to-high-end overseas markets, with potential quality clients entering negotiation stages [3]. Group 2: Humanoid Robot Core Components - Redick has established independent R&D and production capabilities for core components in the humanoid robot sector, including linear actuators and planetary roller screws [4]. - The company has begun testing its vehicle screw products, which are strategic focuses, and production lines for these products have started assembly and debugging [3][4]. Group 3: Overseas Production Base Development - Significant progress has been made in establishing an overseas production base, with a site in Tangier, Morocco, selected and a binding memorandum signed for approximately 20,000 square meters of industrial land [4]. - The location is strategically advantageous, being only 35 kilometers from the Tangier Mediterranean Port, which will shorten delivery times to European, African, and Middle Eastern clients, enhancing supply chain resilience and localized service capabilities [4].