Group 1: Robotics Development - The 27th China International High-tech Achievements Fair showcases various robots, highlighting advancements in robotics research and trends [1] - Humanoid robots demonstrated martial arts and combat skills, impressing the audience with their agility and ability to recover quickly after being knocked down [1] - The development of humanoid robots aims to take over high-risk tasks, such as grinding and welding, which still rely heavily on human labor [1] Group 2: Industrial Robotics - Dek Intelligent's humanoid robot can handle a 40 kg load and incorporates advanced technologies for intelligent perception and operation without human intervention [1] - The robot's capabilities include intelligent driving, positioning, and process selection, making it suitable for various industrial applications [1] Group 3: Medical Robotics - The integration of AI and robotics in the medical field is transitioning cardiovascular treatment from "experience-based" to "precision intelligent medicine" [2] - The Shenzhen Institute of Advanced Technology has developed an intelligent interventional robot for cardiovascular procedures, currently in collaboration with clinical experts for further product development [2] Group 4: Exoskeleton Technology - An exoskeleton designed for underwater operations was showcased, enhancing the working duration for divers from 45 minutes to 60 minutes and improving cleaning efficiency [2] - The exoskeleton targets ship hull cleaning tasks, demonstrating the versatility of robotic applications in specialized environments [2] Group 5: Company Expansion - Lingyi Intelligent Manufacturing has been involved in advanced robotics since 2006 and has expanded its overseas presence in North America, Europe, and Southeast Asia [2] - The company showcased award-winning robots capable of material sorting and assembly, with a single-arm load capacity of 10 kg and a dual-arm capacity of 20 kg [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has officially announced its entry into the robotics field, outlining its industrial positioning, core advantages, assembly lines, and product development in robotic applications [5] - The company's robotics strategy is a three-pronged approach: "R&D design + manufacturing services + application scenarios" [6] - The company has showcased nine types of robots covering various industrial, commercial, and service scenarios, with four developed in-house [19] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 50,604 million yuan, with a year-on-year growth rate of 14.5% [4] - Net profit attributable to the parent company is projected to be 2,777 million yuan for 2025, reflecting a year-on-year growth of 58.4% [4] - Earnings per share (EPS) is expected to be 0.40 yuan for 2025, with a projected PE ratio of 22 [4] Business Strategy - The company aims to leverage its precision manufacturing advantages from the consumer electronics sector to create a global, all-process intelligent component processing and assembly super factory [6] - It plans to develop a comprehensive hardware service matrix to help clients achieve systematic cost reductions [6] - The company has established strategic partnerships with leading firms in the robotics industry to accelerate the commercialization of humanoid robots [24][26] Product Development - The company has developed various robots, including the "Walker," "Rock," "Linglong," and "Lingyue," each designed for specific applications such as industrial production and household services [23] - The company has also partnered with the Beijing Humanoid Robot Innovation Center to enhance its capabilities in robot application scenario development [24] Market Positioning - The company is positioned as a leading one-stop AI terminal hardware manufacturing platform, transitioning from a product manufacturer to a solution provider [5] - It has a robust pipeline of strategic collaborations with over 30 partners in the humanoid robotics supply chain [24][27]

Core Viewpoint - Lingyi Zhizao officially announced its entry into the robotics field during a strategic launch event on June 26, showcasing a family of nine robots [1] Company Summary - The newly unveiled robots include: Xingzhe, Panshi, Linglong, Lingyue, Tiangong, Aimas, Lingshi, Lingsu, and A2-W, which are internally referred to as Feimaotui, Daliushi, Cuantianhou, Shuishenwaist, Performance Benchmark, Aima, Xiaomifeng, Jilinggui, and High-efficiency Expert [1]