Core Viewpoint - The automotive parts industry in A-shares is experiencing significant growth, evidenced by over 20 companies receiving important "designated orders" from major domestic and international manufacturers, highlighting the strong competitiveness of China's supply chain in the global automotive industry [1][2]. Group 1: Designated Orders - More than 20 A-share automotive parts companies have recently disclosed significant designated orders, indicating a direct reflection of industry prosperity [2]. - For instance, Tiancheng Zikong received a designated order for a passenger car seat assembly project from a leading domestic new energy vehicle manufacturer, with a projected production start in June 2026 and a total of 540,000 vehicles over the project's lifecycle [2]. - Dongruan Group announced a designated order for smart cockpit domain controllers from a major domestic automaker, with an estimated total value of approximately 5.6 billion yuan, expected to start production in the fourth quarter of 2026 [2][3]. Group 2: New Business Opportunities - Automotive parts companies are increasingly entering the humanoid robot sector, leveraging their expertise in precision manufacturing and intelligent control systems [4][5]. - Junsheng Electronics has launched new robotic products, including an AI head assembly and a new generation of energy management products, aiming to establish a comprehensive product matrix for robotic solutions [5]. - Companies like Jingu Co. are making significant progress in lightweight materials for humanoid robots, with their "Avatar" alloy technology showing promising results in third-party tests [5][6]. Group 3: Industry Transformation - The dual focus on solidifying traditional automotive business and accelerating new market entries into humanoid robotics represents a "dual-engine" development momentum for the automotive parts industry [6]. - This "second growth curve" not only signifies new revenue sources but also serves as a test of technological capabilities, marking a critical step for companies transitioning from "automotive parts suppliers" to "high-end intelligent manufacturing platforms" [6].

Core Insights - The company JinGu Co., Ltd. (002488.SZ) has made significant progress in the development of the Avatar niobium micro-alloy robot structural components project, with sample performance indicators meeting or exceeding customer standards [1] - The project has also resulted in substantial cost savings and is expected to achieve mass production and bulk supply within the year [1] - Recently, the company secured an order for bearing-related structural components from LuMing Robotics and is currently processing these orders [1]

Group 1 - The establishment of "Hangzhou Jingu Intelligent Technology Co., Ltd." marks a strategic move for the company to expand its presence in the embodied intelligence sector, focusing on various types of robots and low-altitude economy [1] - The company aims to leverage its technological expertise in new materials to provide cost-effective and high-performance solutions for clients in the robotics and low-altitude aircraft industries [1][2] - The unique "Avanda Niobium Microalloy" material developed by the company offers significant advantages, including high strength, good toughness, low cost, and reduced carbon emissions, making it suitable for various applications [2] Group 2 - The company has made significant progress in the development of robot structural components using Avanda Niobium Microalloy, with samples exceeding client standards and cost savings anticipated [3] - Recent orders for structural components from clients like Luming Robotics indicate a growing recognition of the company's capabilities in the robotics sector [3] - The company is also expanding its material offerings through strategic collaborations, including partnerships in carbon fiber and modified plastics [3] Group 3 - The establishment of the embodied intelligence division is a key strategic initiative for the company to enhance its product offerings and capture emerging market opportunities [4] - The company plans to focus on the core demands of emerging industries for lightweight, high-performance, and low-cost materials, aiming to create a product matrix for new materials in high-end manufacturing [4] - The company intends to explore market potential through self-research, joint development, and equity cooperation in various new materials [4]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.123 billion yuan, a year-on-year increase of 10.04% [1] - The net profit attributable to shareholders was 30 million yuan, up 45.36% year-on-year, while the net profit excluding non-recurring items was 25 million yuan, reflecting a growth of 60.69% [1] - The main business of "automotive parts manufacturing" generated revenue of 1.391 billion yuan, a 20.61% increase year-on-year, with a gross margin of 18.56%, up 5.09% [1] Product Development and Market Expansion - The company is accelerating the international expansion of its core products, having secured multiple overseas customer projects with sales expected to reach hundreds of millions of dollars [2] - A significant project with a global leading automotive company in the U.S. is projected to generate approximately 158 million dollars in sales over the first five years [2] - The company's new material, the Avatar niobium micro-alloy, offers high strength, good toughness, low cost, and reduced carbon emissions, making it suitable for various applications [2] Strategic Collaborations and Innovations - The company has made significant progress in developing Avatar niobium micro-alloy structural components for intelligent robots, with sample performance exceeding customer standards [3] - Collaborations with companies like Ninebot, Zhishen Robotics, and Luming Robotics are ongoing, focusing on optimizing lightweight and strength requirements [3] - The establishment of specialized R&D teams aims to accelerate the industrialization of various new materials, with several projects expected to generate benefits soon [3]