机械设备行业 行业研究 | 动态跟踪 轴向磁通电机性能优势明显，有望在机器 人领域得到更广应用 ——装备新科技挖掘 核心观点 投资建议与投资标的 ⚫ 轴向磁通电机具备紧凑的外形、高扭矩密度和高能效，未来有望在机器人关节得到 更广泛应用，带动相关厂商收入增长，相关标的包括伟创电气(688698，未评级)、 步科股份(688160，未评级)、卧龙电驱(600580，未评级)。 风险提示 轴向磁通电机研发进展不及预期、轴向磁通电机量产进展不及预期、人形机器人厂商量 产不及预期。 机械设备行业动态跟踪 —— 轴向磁通电机性能优势明显，有望在机器人领域得到更广应用 图 1：轴向磁通电机采用独特的盘式结构 图 2：轴向磁通电机结构上更加紧凑 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 03 月 04 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 宇树春晚表演进步明显，关注电机感知等 | 2026-02-27 | | --- | --- | | 零部件技术突破：——机器 ...

Group 1 - The core strategy of the company emphasizes a "value competition" approach, focusing on both high-end and economical machine models to address price competition in the general machine tool market [2] - The collaboration with AVIC's subsidiary, Aviation Industry Corporation of China, is progressing, with the establishment of an Innovation Center aimed at advancing civil aircraft manufacturing technology and high-end CNC equipment [2] - The stock price has shown a fluctuating upward trend, closing at 59.81 yuan on February 12, with a cumulative increase of 1.80% over the past five days [3] Group 2 - Recent institutional ratings indicate that out of four institutions, three have given a "buy" rating and one an "accumulate" rating, with a target average price of 77.48 yuan, suggesting a premium over the current stock price [4] - Institutions are particularly focused on the company's order expansion capabilities in emerging sectors such as aerospace, semiconductors, and medical fields, as well as the development progress of new products like the axial flux motor, with a prototype expected in early 2026 [4] - The company's profit was under pressure in the third quarter of 2025, primarily due to increased share-based payment expenses, necessitating ongoing monitoring of future performance improvements [4]

科德数控回复称，公司的轴向磁通电机研发工作正有序推进，该电机主要面向人形机器人行业，未来将 积极布局航空飞行器、新能源车等领域，以技术创新赋能产业升级，市场前景可期。 格隆汇1月27日｜有投资者在互动平台向科德数控提问：请问公司轴向磁通电机研发进展情况怎么样 了，近期会正式推出吗？市场前景如何？ ...

证券日报网讯1月26日，科德数控在互动平台回答投资者提问时表示，公司的轴向磁通电机研发工作正 有序推进，该电机主要面向人形机器人行业，未来将积极布局航空飞行器、新能源车等领域，以技术创 新赋能产业升级，市场前景可期。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the humanoid robot industry, particularly the demand for motors and their applications in robotics [1][2][3]. Core Insights and Arguments - **Motor Demand in Robotics**: The demand for motors in humanoid robots significantly differs from traditional motors, especially in dexterous hands where niche products like hollow cup motors and micro frameless motors are of high research value due to their complexity, high costs, and low production volumes [1][3]. - **Market Drivers**: The humanoid robot market is currently influenced by events such as Tesla's JIN3 release, with expectations of a significant market opportunity around February [1][5]. - **Future of AI in Robotics**: Humanoid robots are anticipated to become the largest physical application of AI, indicating substantial market potential [1][5]. - **Motor Design Innovations**: Future motor design will focus on structural innovations (e.g., axial flux motors), principle innovations (e.g., Western market technologies), and improvements in control systems and heat dissipation (e.g., GaN technology) [1][6]. Important but Overlooked Content - **Micro Motors in Dexterous Hands**: The Optimus hand may contain 44 to 50 actuators, with an average selling price (ASP) reaching 10,000 yuan, highlighting the significant market space and production challenges in this segment [1][7]. - **Performance Metrics for High-Performance Motors**: Key performance indicators include high torque density, control precision, shock resistance, and lightweight design, with different operational environments imposing varying requirements on motor performance [1][10][11]. - **Challenges in Motor Manufacturing**: The manufacturing process faces challenges such as design complexity and mass production difficulties, necessitating strong cost control and quality consistency [1][13]. Key Motor Types and Manufacturers - **Types of Motors**: The main types of motors discussed include large joint motors (28 to 30 units per robot, priced around 5,000 yuan each) and small dexterous hand motors (priced around 10,000 yuan each) [1][17]. - **Notable Manufacturers**: Key players in the motor manufacturing space include domestic companies like Wolong, Weichuang, Mingzhi, and international firms like Kollmorgen and Nidec, known for their strong design and manufacturing capabilities [1][12][20]. Considerations for Motor Selection - **Factors for Motor Selection**: When selecting motors for robots, factors such as power density, control precision, heat dissipation efficiency, and cost control during mass production are critical [1][19]. Future Trends - **Shift in Motor Technology**: Tesla's second-generation Optimus robot is transitioning from hollow cup motors to frameless torque motors for better torque density and compact design, indicating a trend towards more integrated designs in future models [1][18].

Core Viewpoint - The company is actively engaging with investors and stakeholders to discuss its business strategies and advancements in robotics and motor products, aiming for sustainable growth and market expansion in both domestic and international markets [1][3]. Group 1: Robotics Sector - The company is steadily advancing its core component research and market expansion in the robotics field, with self-developed results covering key motion control modules for various types of robots [4]. - The company aims to provide one-stop services from core components to system solutions, leveraging its deep accumulation in industrial control to seize market opportunities brought by the upgrade of intelligent manufacturing [4]. Group 2: Motor Products - The company focuses on the research, production, and application of high-performance motors, having launched products such as micro frameless motors, hollow cup motors, axial flux motors, and hub motors [5]. - The company adheres to the philosophy of "innovation-driven, quality first," ensuring excellence in motor products and services through continuous technological research and strict quality control [5]. Group 3: Business Expansion Strategy - The company plans to deepen industry demand exploration based on three strategies: "full-category attack, full-field coverage," "entering the Great Plains business," and "efficient collaboration to improve categories" [6]. - The company aims to enhance its product structure for inverters, servos, and PLCs, creating comprehensive solutions while expanding into heavy industry, light industry, high-end equipment, new energy, and robotics sectors [6]. Group 4: International Market Development - The company is focusing on overseas markets, particularly in regions related to the Belt and Road Initiative, while consolidating existing markets and increasing efforts in market expansion [8]. - The company is implementing a global strategy by introducing mature product lines into new markets, participating in international exhibitions, and enhancing its product certification system to improve brand influence [8][9]. Group 5: Domestic Market Trends - The domestic industrial automation market is accelerating its transformation towards efficiency, sustainability, and intelligence, driven by Industrial 4.0 and breakthroughs in AI and robotics [10]. - The industry is expected to see a further acceleration in domestic substitution, with local brands evolving from mere automation product suppliers to providers of comprehensive intelligent manufacturing solutions [10]. Group 6: Commodity Price Impact - Currently, the rise in commodity prices has not significantly impacted the company's product costs, and the company will continue to monitor price changes and adjust procurement and supply strategies accordingly [11].

Core Viewpoint - The collaboration between Shanxi Lanhua Technology and Shanghai Pangu Power Technology marks a significant step towards the intelligent transformation of coal mining, injecting strong momentum into the high-quality development of Shanxi's energy industry [1][2]. Group 1: Joint Venture and Focus Areas - The two companies have signed a shareholder investment agreement to establish Shanxi Lanhua Panneng Technology Co., Ltd., located in Jincheng City [1]. - The joint venture will focus on three core business areas: developing explosion-proof axial flux motor products for coal mining, expanding into non-coal electric motor markets, and upgrading equipment to electric drive technology [1][2]. Group 2: Technological Advancements - The development of explosion-proof axial flux motors aims to break the technological monopoly of foreign companies in high-end coal mining equipment [1]. - The axial flux motor technology offers significant advantages, including a 50% reduction in size and over 45% weight reduction compared to traditional motors, enhancing energy efficiency by 20%-30% [2]. Group 3: Strategic Importance - This strategic partnership is a key initiative for Lanhua in pursuing intelligent transformation in the energy sector, leveraging Pangu's technological strengths and Lanhua's industry experience [2]. - The joint venture aims to create a benchmark enterprise in coal mining intelligent equipment, driving the upgrade of coal mining equipment and contributing to the high-quality development of Shanxi's energy industry [2].

Core Viewpoint - The company is making steady progress in the research and development of its axial flux motor, leveraging its technological expertise in precision control motors to engage with potential clients in relevant application fields [1] Group 1 - The research and development of the axial flux motor is proceeding as planned [1] - The company has utilized its technological accumulation in precision control motors to initiate discussions with potential application field clients [1]

Core Insights - Efficient organizational operation management is essential for sustainable development in businesses, with professional consulting acting as an "external brain" to address management pain points and enhance operational efficiency [1] - Process efficiency is the central nerve of enterprise operations, directly linked to costs, competitiveness, and growth prospects, with a 10% improvement in process efficiency leading to an approximate 8% reduction in operational costs [3] - In a highly competitive market, process efficiency becomes a key differentiator, particularly in fast-paced industries like electronics, where optimized production processes can lead to quicker market share capture [3] Process Efficiency Issues - Common issues affecting process efficiency include cumbersome processes with unnecessary approval steps, leading to wasted time and delayed business progress [4] - Poor inter-departmental collaboration creates information silos, which can result in production delays and decreased customer satisfaction [4] - Low levels of information technology integration hinder efficiency, as some companies still rely on manual operations, leading to increased operational costs due to inventory mismanagement [4] Professional Consulting Solutions - Professional consulting firms like Zhengrui Consulting utilize scientific tools for comprehensive diagnostics, identifying core issues such as process bottlenecks and resource wastage through on-site observations and data analysis [6] - Customized solutions are developed based on precise diagnostics, tailored to the specific characteristics, scale, and development stage of the enterprise [7] - Continuous support during implementation is crucial, with consulting firms providing on-site services, training, and guidance to ensure successful execution of new processes [8] Case Study: Zhejiang Pangu Power Technology Co., Ltd. - Zhejiang Pangu Power Technology Co., Ltd. faced challenges in process optimization and inter-departmental collaboration, prompting a partnership with Zhengrui Consulting to enhance competitiveness [9] - Zhengrui Consulting's team conducted extensive research, including over 80 employee interviews and analysis of three years of operational data, to identify key issues [10] - The implemented solutions led to a 30% reduction in production cycles, a 40% increase in capacity, and a rise in product quality from 90% to 95%, alongside a 50% increase in sales and a 60% increase in profits [11] Conclusion - Process efficiency is critical for business development, and professional organizational management consulting serves as a key driver for optimization [12] - Zhengrui Consulting, recognized as a top ten firm in the industry, offers tailored solutions and comprehensive support to help businesses achieve significant operational improvements and sustainable growth [12]

Core Insights - The article discusses the recent angel round financing of nearly 100 million yuan for Xuanji Power, a robotics platform company founded by former DJI executive Odi, focusing on the production of industry-grade quadrupedal robots and the development of consumer-grade products [1][2]. Company Overview - Xuanji Power was established in June 2024, with a core team from DJI, led by Odi, who has extensive experience in high-end manufacturing and robotics [2]. - Odi was responsible for the complete lifecycle of DJI's Inspire series, which has maintained a leading position globally due to its advanced technology and complexity [2]. Technological Advancements - Xuanji Power's core competitive advantage lies in its fully self-developed technology, particularly the axial-flux motor, which offers higher torque output and density compared to traditional radial motors, achieving a peak torque of 596 N·m and a torque density of 240 N·m/kg [3][6]. - The company has also developed integrated joint modules and transmission systems to enhance product performance and competitive differentiation [6]. Market Potential - The quadrupedal and wheeled robot market is entering a phase of accelerated commercialization, with the global market expected to reach approximately 1.3 billion yuan in 2024, indicating a low penetration rate and significant growth potential [7]. - Xuanji Power has secured deep collaborations with major clients like Southern Power Grid, launching the "Feiyun · Titan" quadrupedal robot for power inspection, which addresses traditional inspection challenges [7]. Production and Growth Strategy - The company has integrated mass production thinking from the design phase, establishing a modular architecture and system collaboration to enhance product performance, cost, and reliability [8]. - This systematic engineering capability allows Xuanji Power to maintain a sustainable cost advantage and respond quickly to market changes, supporting the scalable development of its products [8].