日前，工业和信息化部人形机器人与具身智能标准化技术委员会（简称"标委会"）成立大会在北京举 行。标委会的成立是发挥标准引领作用，加强高质量标准供给，推动人形机器人与具身智能技术熟化和 应用落地的重要举措。 当前人形机器人与具身智能产业规模增速较快，标准滞后问题日益凸显，基础接口不统一推高协同成 本，应用缺乏规范影响市场信任。标委会将主要承担人形机器人与具身智能基础共性、关键技术、部组 件、整机与系统、应用、安全等领域行业标准制修订工作，引导产业健康发展。 据证券时报·数据宝统计，截至12月26日收盘，12月以来融资净买入超5000万元的人形机器人概念股有 23只。具体来看，融资净买入超5亿元的概念股仅4只，胜宏科技12月以来融资净买入24.3亿元，排在第 一位。公司重点攻克包括人形机器人领域在内的高增长市场，目前已与人形机器人领域部分国内外头部 企业建立了合作关系，应用于该领域的PCB产品已进入生产销售阶段。 2025年，我国人形机器人产业迈过从技术验证到规模化商用的关键门槛，在"鼓励"与"规范"并举的系统 性政策牵引下，产业围绕"大脑"算法与"本体"硬件展开的全栈自研取得关键突破，市场资金积极推动产 业链聚 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为具身智能理想载体的人形机器人，正迎来前所未有的商业化"拐点时刻"。 多只热门股早盘股价跳水 12月29日早盘，多只热门股开盘后股价跳水。百大集团（600865）开盘下跌1.55%，开盘后2分钟股价 跌至9%以上，上午收盘时股价跌停。该股于12月26日盘中创年内高点，12月以来最大涨幅一度达到 140%以上。 此前连续3个涨停板的五洲特纸，今日开盘跌幅5.83%，开盘后股价直线下跌，上午收盘时封住跌停 板。早间股价触及跌停板的热门股还有华联控股、厦门国贸、隆基机械、合兴包装、安记食品、九鼎新 材（维权）、创元科技等。 国元证券认为，2025年成为全球人形机器人由"技术展示期"迈向"产品化与订单验证期"的关键一年，国 内外路径呈现出明显分化。展望2026年，投资机会围绕整机、关键零部件与核心模组、进化演进路径方 向三条主线展开。 人形机器人产业迎利好 日前，工业和信息化部人形机器人与具身智能标准化技术委员会（简称"标委会"）成立大会在北京举 行。标委会的成立是发挥标准引领作用，加强高质量标准供给，推动人形机器人与具身智能技术熟化和 应用 ...

Core Viewpoint - The company has shown steady revenue growth, particularly in the pressure sensor business, driven by the development of the domestic electric vehicle industry and increased sensor value per vehicle [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 554 million yuan, a year-on-year increase of 34.44%, and a net profit attributable to shareholders of 42 million yuan, up 19.60% year-on-year [1]. - The company's Q2 2025 revenue was 293 million yuan, a year-on-year increase of 28.22%, while the net profit attributable to shareholders decreased by 3.09% to 22 million yuan [1]. - The pressure sensor segment generated revenue of 292 million yuan in H1 2025, a significant increase of 61.88% year-on-year, driven by increased demand from downstream customers [2]. Profitability Metrics - The gross profit margin for H1 2025 was 27.79%, down 3.04 percentage points year-on-year, with the pressure sensor segment's gross margin at 27.37%, a decrease of 2.18 percentage points [2]. - The net profit margin for H1 2025 was 7.6%, down 0.9 percentage points year-on-year, while the period expense ratio remained stable at 19.4% [2]. Business Segments - The automotive application sector saw a revenue increase of 52.97% year-on-year, contributing significantly to overall revenue growth [1]. - The company is expanding into the robotics sector, focusing on the development of force sensors, with products currently in the sample delivery phase for clients [3]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 109 million yuan and 152 million yuan, respectively, while introducing a new forecast of 195 million yuan for 2027 [4]. - The current stock price corresponds to dynamic P/E ratios of 110, 79, and 61 for the years 2025, 2026, and 2027, respectively, reflecting a stable business foundation and rapid progress in the robotics sector [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown steady revenue growth, with significant performance in the pressure sensor business, driven by the deepening development of the domestic new energy vehicle industry and increased value per vehicle for sensor installations [2] - The net profit margin has slightly decreased, while the expense ratio has remained stable, indicating a need for careful management of costs amidst pricing pressures [3] - The company is expanding its traditional revenue streams while actively entering the robotics sector, focusing on the development of force sensors for new applications [4] - The earnings forecast has been adjusted for 2025 and 2026 due to increased investment in humanoid robots, but the overall business fundamentals remain stable, supporting the "Accumulate" rating [5] Revenue and Profitability - In H1 2025, the company achieved revenue of 554 million yuan, a year-on-year increase of 34.44%, with a net profit of 42 million yuan, up 19.60% [2] - The pressure sensor segment generated revenue of 292 million yuan in H1 2025, reflecting a year-on-year growth of 61.88% [2] - The sales gross margin for H1 2025 was 27.79%, down 3.04 percentage points year-on-year, indicating some pricing pressure [3] Business Segments - The automotive sector is a key growth area, with rapid revenue increases from pressure sensors and temperature sensors, and new customer acquisitions including Magna and Tesla [4] - The company is making strides in the robotics field, developing force sensors for applications in quadruped robots, with ongoing performance validation [4] Financial Forecasts - Revenue projections for 2025 are set at 1,270.45 million yuan, with a year-on-year growth rate of 35.13% [1] - The adjusted net profit forecasts for 2025 and 2026 are 108.84 million yuan and 151.92 million yuan, respectively [5] - The current stock price corresponds to dynamic P/E ratios of 110 for 2025 and 79 for 2026, indicating a valuation that reflects stable fundamentals and growth potential [5]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [4][8]. Core Views - The company has shown rapid revenue growth in Q2, with a year-on-year increase of 28% to reach 293 million yuan, while the net profit attributable to the parent company decreased by 3% to 21.76 million yuan [7][8]. - The company is positioned as a high-quality candidate for domestic substitution in automotive-grade pressure sensors and is expanding its growth potential in torque sensors [8]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 554 million yuan, a 34% increase year-on-year, and a net profit of 42.13 million yuan, up 20% year-on-year [7]. - The revenue from pressure sensors reached 292 million yuan in H1 2025, a 62% increase year-on-year, contributing 53% to total revenue [6]. - The revenue from thermistors and temperature sensors was 251 million yuan, a 13% increase year-on-year, accounting for 45% of total revenue [6]. Market Analysis - Domestic market revenue in H1 2025 was 468 million yuan, a 38% increase year-on-year, with a gross margin of 24.74% [7]. - The overseas market generated revenue of 85.53 million yuan, an 18% increase year-on-year, with a gross margin of 44.51% [7]. Operational Efficiency - The company's inventory turnover days and accounts receivable turnover days improved to 131 days and 125 days, respectively, compared to the previous year [7]. - R&D expenses totaled 38.11 million yuan in H1 2025, a 45% increase year-on-year, representing 6.88% of total revenue [7]. Strategic Initiatives - The company is actively developing upstream core materials and technology research, focusing on MEMS technology and IC design capabilities [7]. - It has established a dedicated R&D team for robotic force sensors and is expanding its market presence with major clients in the automotive and home appliance sectors [8].

Group 1 - The company has developed a six-dimensional force sensor using two independent technological paths: metal strain gauge technology and MEMS silicon-based strain gauge + glass micro-fusion process technology [2] - The metal strain six-dimensional force sensor has completed development and is currently undergoing sample testing and validation with some domestic humanoid robot and massage robot manufacturers [2] - The six-dimensional force sensor based on MEMS technology and glass micro-fusion process is still in the research and development stage, with ongoing work on technical parameter adjustments and reliability testing, and no samples have been delivered yet [2]