镁合金："镁"启轻量化新纪元，汽车与机器人共拓蓝海 20251121 摘要 镁合金因其成本优势（较铝价低 3,000 元/吨）和技术进步（如半固态压 铸提升性能并延长模具寿命）在汽车轻量化领域具有广阔的应用前景， 预计到 2030 年单车用量可达 80 公斤以上，一体压铸技术普及后可能 突破 100 公斤。 新能源汽车市场是镁合金需求增长的关键驱动力。假设 2030 年新能源 汽车占比 70%，且 35%的零部件采用镁合金，市场总用量将达 74 万吨， 市场规模接近 400 亿元人民币，复合增长率超过 50%。 机器人行业对轻量化需求明确，镁合金在减震散热、比强度及电子电热 性能方面的优势使其在膝关节、结构件和支撑件等应用中潜力巨大，远 期来看，机器人领域对镁合金的需求将显著提升。 目前镁合金市场规模约为 667 亿元，未来市场达到 1 亿台的规模，整体 市场空间可能会扩展到 2000 多亿元。因此，远期来看，机器人领域对 镁合金的需求将显著提升。 目前镁合金市场规模约为 667 亿元。如果未来市场达到 1 亿台的规模，并且假 设加工费大幅下降，整体市场空间可能会扩展到 2000 多亿元。因此，远期来 看，机 ...

▍ 人形机器人"减肥"迫在眉睫 人形机器人要从实验室走进工厂、家庭，首先要解决"体重超标"的痛点。 当前主流人形机器人续航普遍仅2 ～4小时，体重多在40～70kg之间，运动失衡、散热难题频发。 轻量化，正是破解这些困境的核心钥匙。 研究认为， 人形机器人重量每降低10%，能耗可减少5.5%，续航随之提升5.5%。 通过减轻自身质量，能 大幅减少运动中克服重力的能量消耗，同等电池容量下工作时间显著延长。 目前，机器人轻量化有两条路径， 分别是结构优化和材料替代。 近日，小鹏汽车CEO何小鹏确认，人形机器人IRON将于2026年底实现规模化量产，2025年三季度已开始技 术集成测试， 明年将率先在门店和园区开展导览、导购等场景测试，目标2030年销量突破100万台。 有机构认为，从小鹏展示骨骼的机械结构来看，这背后得益于其采用了更轻更强的新型材料。而在众多轻量化 选项中 ，镁合金凭借"密度仅为铝的2/3、比强度超铝合金12%"的硬核实力 ，有望从汽车、航空航天领域强 势切入机器人赛道，成为人形机器人量产落地的"核心密码"。 但目前行业处于技术快速迭代期，整机方案尚未定型，结构优化需要长期深耕，且对企业研发资源要 ...

问：公司是否使用半固态镁合金成型工艺生产产品？ 投资者关系活 动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 铂悦投资 周荣 个人投资者 温阿华 高波 查志琴 时间 2025 年 11 月 18 日 地点 公司会议室 上市公司接待 人员姓名 宝武镁业董秘 吴剑飞 投资者关系活 动主要内容介 绍 问：请介绍一下宝武镁业？ 答：宝武镁业科技股份有限公司前身为南京云海特种金属股份 有限公司，成立于 1993 年，2007 年在深交所上市，公司经过三十 多年的发展，成为了集矿业开采、有色金属冶炼和回收加工为一体 的高新技术企业，主营业务为镁、铝合金材料的生产及深加工、销 售业务，主要产品包括镁合金、镁合金压铸件、铝合金、铝挤压微 空调扁管、铝挤压汽车结构件、中间合金以及金属锶等。产品主要 应用于汽车、电动自行车轻量化、消费电子及建筑等领域。公司拥 有"白云石开采-原镁冶炼-镁合金熔炼-镁合金精密铸造、变形加工- 镁合金再生回收"完整产业链，全产业链优化公司产品成本结构和增 强抵御风险能力，能稳定给客户提供各种产品。 问：近几年有哪 ...

Summary of the Conference Call on Moulding Technology Industry Overview - The focus is on the robotics industry, specifically the trend of lightweight design in robots to enhance energy efficiency, heat dissipation, safety, and stability while reducing costs [2][3][4]. Key Points and Arguments 1. **Lightweight Design Benefits**: - Lightweight design improves energy efficiency and extends operational time, as demonstrated in the Beijing Marathon robot competition [4]. - It enhances heat dissipation, particularly in joints, reducing heat generation and prolonging component lifespan [4][7]. 2. **Material Innovations**: - Lightweight robots utilize materials like aluminum, magnesium alloys, and high-performance engineering plastics (e.g., PEEK) [2][11]. - Tesla's Optimus robot weight was reduced from 73 kg to 63 kg through the use of lighter materials [5][9]. 3. **Moulding Technology's Position**: - Moulding Technology is a platform company specializing in injection molding, providing comprehensive design solutions and has a strong partnership with Tesla, being the sole external supplier of bumpers for Tesla's North American factories [2][6][8]. 4. **Market Expansion**: - Starting February 2025, Moulding Technology is expanding into the domestic robotics market, leveraging existing relationships with major clients like BMW, Mercedes, and Xiaomi [3][8]. 5. **Material Application in Robotics**: - The use of plastics (e.g., PP, ABS) for outer shells and structural components is prevalent, with engineering plastics like PEEK being used for specific applications [16][17]. - The market is showing interest in PEEK due to its potential to create new growth opportunities in the robotics sector [23]. 6. **Competitive Advantages**: - Moulding Technology's advantages include its platform model, established relationships with international clients, and rapid domestic market expansion [8][19]. - Other recommended companies include Ekdai (aluminum products supplier) and Xingyuan Zhuomei (magnesium alloy specialist) [18][22]. Additional Important Insights - **Challenges with Magnesium Alloys**: While magnesium alloys offer superior heat dissipation, their complex surface processing poses challenges [12][13]. - **Comparison with Automotive Industry**: The materials used in robotics differ significantly from those in the automotive sector, where high-strength steel is common for safety reasons [14]. - **Stock Price Volatility**: Recent fluctuations in Moulding Technology's stock price are attributed to funding changes rather than fundamental business issues, with the robotics segment progressing well [24]. This summary encapsulates the key insights from the conference call, highlighting the advancements and strategic positioning of Moulding Technology within the evolving robotics industry.

Core Viewpoint - Magnesium alloy is identified as the lightest metal structural material, offering significant advantages for weight reduction and enhanced range in electric vehicles [2] Group 1: Material Properties - Magnesium alloy has a density of approximately 1.74g/cm³, which is lower than aluminum alloys and steel, making it ideal for lightweight applications in electric vehicles [2] - The material exhibits high specific strength, excellent electromagnetic shielding properties, high thermal conductivity, and vibration damping characteristics, addressing practical challenges in electric vehicle electronics and body structure [2] Group 2: Market and Cost Advantages - Current market prices for magnesium alloys are lower than those for aluminum, highlighting a clear cost advantage [2] - China possesses abundant magnesium resources, further supporting the use of magnesium alloys in the industry [2] Group 3: Strategic Importance - Magnesium alloys are positioned to become a core strategic material in the lightweighting sector of electric vehicles due to their extreme lightweight advantages, significant cost-effectiveness, ongoing technological advancements, and policy support [2]

Summary of the Conference Call for Xingyuan Zhuomei Industry Overview - The magnesium alloy industry is experiencing a rapid growth phase, with significant advantages over aluminum alloys due to lower weight and cost efficiency as magnesium prices decline [3][4] - The current market for new energy vehicles (NEVs) is substantial, with a minimum market space of 30 billion yuan, and when including robotics and low-altitude aircraft, the total market potential exceeds 100 billion yuan [2][7] Company Insights - Xingyuan Zhuomei's magnesium alloy business is set to enter mass production in 2025, with initial annual production expected to reach 50,000 units, increasing to 200,000 units by 2026 as major clients like SAIC and Zeekr transition to magnesium alloy solutions [2][4] - Revenue projections indicate a growth from approximately 70-80 million yuan in 2025 to 500-600 million yuan in 2026, and further doubling to 1-1.1 billion yuan in 2027 [2][6] - The company holds a significant order worth around 2 billion yuan, expected to start mass production in Q3 2026, contributing approximately 500 million yuan in annual revenue, corresponding to 630,000 platform models [2][6] Market Position and Strategy - Xingyuan Zhuomei aims to capture a 10% market share in the 30 billion yuan market, targeting 3 billion yuan in net profit, with a short-term market capitalization goal of 10 billion yuan [5][8] - The company has secured 6 out of 7 major orders in the magnesium alloy market, indicating a strong competitive position [2][7] - Plans to raise funds through convertible bonds to expand production capacity and establish a production base in Thailand to support global expansion [2][8] Future Development and Client Engagement - The company is actively engaging with other automotive manufacturers such as BYD and Huawei Seres to test and expand its customer base, which is expected to drive future revenue growth [5][6] - By 2027, the number of electric drive housings produced from existing orders is projected to reach 1.5 million units [6]

Core Viewpoint - The article emphasizes the importance of material substitution as a key method for lightweighting in humanoid robots, while structural optimization is ideal but progresses slowly. This reflects the insufficient maturity of the industry chain, leading manufacturers to prefer readily available mature material solutions [4]. Group 1: Lightweighting in Humanoid Robots - Lightweighting is not just about weight reduction; it involves system-level optimization that directly relates to energy efficiency, thermal management, supply chain, and scenario adaptability [4]. - The reduction in weight leads to lower power requirements for motors and bearings, allowing for a broader selection of supply chain options [13]. - Enhanced dynamic stability through lightweighting can improve center of mass control, but materials must possess both lightness and high rigidity, necessitating upgrades in sensors and control algorithms [14]. Group 2: Material Trends - Aluminum alloys are currently the main materials for lightweight applications, while magnesium alloys are emerging as new contenders [38]. - The market for aluminum and magnesium alloys in humanoid robots is projected to reach 101 billion and 37 billion respectively by 2030, with a high CAGR of 130.2%, indicating explosive industry growth expectations [78]. - Magnesium alloys, despite having a market size only one-third that of aluminum alloys, may experience faster growth due to lower prices and increasing demand [79]. Group 3: Engineering Plastics and Material Substitution - The article discusses the ongoing trend of substituting plastics for steel in automotive applications, with a focus on lightweighting through the use of various engineering plastics [86]. - The development of thin-walled and high-performance engineering plastics is crucial for achieving lightweight goals in the automotive sector, with thickness targets decreasing from 2.3mm in 2020 to 1.6mm by 2035 [89]. - Special engineering plastics like PEEK, PPS, and LCP are highlighted for their superior properties, making them key materials for lightweighting in humanoid robots [100][104]. Group 4: Market Dynamics and Company Performance - Companies like Aikodi and Xuji Group are actively expanding their product lines to include aluminum and magnesium alloys for both automotive and robotics applications, indicating a dual-driven growth strategy [85]. - The lightweighting trend is supported by a clear policy direction, but the establishment of a low-cost manufacturing system remains a critical bottleneck [45]. - The article notes that while domestic companies are increasing production capacity for materials like PEEK, they still face challenges in achieving quality consistency compared to imported materials [134].

Group 1 - The core viewpoint of the article emphasizes the importance of understanding and utilizing research reports to identify investment opportunities and avoid missing out on market trends [1] - The article highlights the ongoing "material war" in humanoid robots, focusing on lightweight materials such as aluminum alloys, magnesium alloys, and engineering plastics (PEEK/PPS), with four companies identified as key players in this sector [1] - It discusses the critical role of chromium salts as a scarce resource for AI power, predicting a supply-demand gap of 32% by 2028, and notes that the price of metallic chromium has already increased twice by 2025, indicating that certain companies are strategically positioned in this market [1]

Core Insights - Material substitution is a key method for achieving lightweight design in humanoid robots, with major manufacturers already implementing this approach [1][3] - Aluminum alloy remains the primary material for lightweight applications in the automotive sector, while magnesium alloy is emerging as a new contender due to its superior performance and favorable price ratio [2] - High-end engineering plastics, particularly PEEK, PPS, and LCP, are increasingly replacing traditional metals in humanoid robots, contributing significantly to lightweight design [3] Industry Overview - Lightweight design can be achieved through structural optimization and material substitution, addressing four major pain points: enhancing battery life, optimizing energy efficiency, alleviating heat dissipation issues, and improving operational flexibility [1] - The injection molding market for engineering plastics shows promising prospects, with PEEK, PPS, and LCP being highlighted for their exceptional properties [3] Company Recommendations - Aikodi (600933): Expanding lightweight product categories and establishing a dual-driven development model [4] - Xingyuan Zhuomei (301398): Focusing on magnesium alloy die-casting core technology to drive lightweight growth [4] - Moulding Technology (000700): Targeting the lightweight path of substituting plastics for steel with high-quality customer resources [4] - Hengbo Co., Ltd. (301225): A national specialized small giant entering the PEEK lightweight sector through joint ventures [4]

Core Insights - The "Humanoid Robot Innovation Materials and Efficient Drive System Industry Summit" was successfully held in Shanghai, focusing on key technological advancements and future trends in the humanoid robot industry [1][82]. Group 1: Innovation Materials - The integration of material science and intelligent manufacturing is becoming a crucial driver for breakthroughs in humanoid robot technology and its industrial application [4]. - Magnesium alloys are highlighted for their excellent specific strength and processing performance, providing cost-effective solutions for reducing weight in joint actuators and skeletal structures [8]. - Innovations in electromagnetic wire technology are expected to significantly enhance the energy efficiency and dynamic response of humanoid robot joints [10]. - The development of high-strength, thin-walled, flame-retardant, and sustainable plastics is essential for improving the lightweight, safety, perception, and lifespan of robots [16]. - The importance of a standard system and certification mechanism is emphasized as humanoid robots increasingly enter human-cohabiting environments [18]. Group 2: Drive Systems - The future of joint motors in humanoid robots is characterized by trends towards miniaturization, high power density, and high reliability, with a focus on flat, modular, and intelligent designs [32]. - The application of axial flux motors in robot joints showcases advantages in high torque density and spatial utilization [36]. - The latest breakthroughs in samarium-cobalt permanent magnet materials are discussed, particularly regarding their high-temperature stability and magnetic energy product [46]. - The significance of high-performance magnetic materials for energy efficiency and endurance in humanoid robots is highlighted [48]. Group 3: Industry Collaboration - The summit featured a product showcase with participation from various companies, including 3M, Covestro, and others, demonstrating cross-industry collaboration in humanoid robot innovation [82]. - Experts and representatives from multiple fields, including materials, drive systems, motors, and artificial intelligence, gathered to discuss advancements in humanoid robot technology [84]. - The successful hosting of the summit is seen as a platform for efficient communication and collaboration across the industry chain, promoting innovation and sustainable development in the humanoid robot sector [85].