1. 领益智造全年业绩预期怎么样？ 截至2025年12月29日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入506.10~603.58亿元，同比增长14.5%~36.5%； 预测公司Q4一致预期净利润24.07~31.41亿元，同比增长37.2%~79.1%。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 机构间? | 发布日期 预测营业收入 | | 同比 | 预测净利润 | 同比 | 预测扣非净利润 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 506.10~603.58 | 14.5%~36.5% | 24.07~31.41 | 37.2%~79.1% | - | | | 平均数 | -- | 523.68 | 18.5% | 25.53 | 45.6% | - | | | 中位数 | - | 516.46 | 16.8% | 25.09 | 43.1% | - | = | | 开源证券 | 2025-12-25 | 541.27 | 22.4% | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company is positioned as a leader in the industrial control sector, benefiting from a gradual recovery in the industry driven by equipment upgrades and policy support. The domestic market for general servo systems is expected to grow by 10.1% year-on-year in Q3 2025, with an annual growth forecast of 7.4% [6]. - The company has successfully increased its market share in key segments, with a reported market share of 32.0% in general servo systems, 22.0% in low-voltage frequency converters, and 8.2% in industrial robots as of H1 2025, reflecting significant year-on-year increases [6]. - The company is expanding its capabilities in AI and humanoid robot components, with a successful launch of its iFG platform for industrial AI software, transitioning from a hardware provider to a platform-based enterprise [6]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 73.30 RMB and a target price of 88 RMB [1]. - The company has a market capitalization of 173.87 billion RMB and a total share count of approximately 2.71 billion [1]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 31.66 billion RMB, a year-on-year increase of 24.7%, and a net profit of 4.25 billion RMB, up 26.8% year-on-year [6]. - The forecasted net profits for 2025, 2026, and 2027 are 5.55 billion RMB, 6.40 billion RMB, and 7.40 billion RMB, respectively, with corresponding year-on-year growth rates of 27.6%, 17.5%, and 14.4% [6][8]. Market Position - The company has a strong market presence, with significant shares in various product categories, including 42.9% in general automation and 45.2% in the new energy vehicle and rail transit sectors [2]. - Institutional investors hold 21.5% of the circulating A-shares, indicating a solid interest from larger investment entities [3]. Future Outlook - The company is expected to maintain rapid growth in revenue and profit due to increased investments in fragmented and project-based markets, alongside the anticipated commercialization of humanoid robots in 2026 [6].

浙商证券研报指出，领益智造收购立敏达强化服务器布局，多轮驱动全面打造平台型成长。在收购立敏 达之前，领益本身便已通过内生的方式开启服务器业务的布局，并在重要服务器类客户的电源类与液冷 类业务实现了快速的切入和推进。公司在人形机器人、AI眼镜等新兴产业顺利完成卡位布局。人形机 器人领域，公司拥有伺服电机、减速器、驱动器、运动控制器等执行层的核心技术，已为人形机器人关 键客户提供头部总成、灵巧手总成、四肢总成、高功率充电和散热解决方案等核心硬件，在联合开发和 整机组装有成熟经验，公司确定了"三位一体"的具身智能战略，包括专注核心零部件、总成研发设计； 打造全方位硬件服务；为机器人提供完备的工业应用场景落地开发，致力于成为全球TOP 3的具身智能 硬件制造商。当下市值对应的PE分别为41.10、29.79和24.12倍，维持"买入"评级。 ...

分红方面，维宏股份A股上市后累计派现9194.90万元。近三年，累计派现3861.78万元。 资料显示，上海维宏电子科技股份有限公司位于上海市奉贤区沪杭公路1590号，成立日期2007年6月4 日，上市日期2016年4月19日，公司主营业务涉及研发、生产和销售工业运动控制系统、伺服驱动系统 和工业物联网。主营业务收入构成为：一体机59.28%，控制卡28.32%，驱动器11.90%，其他(补 充)0.50%。 维宏股份所属申万行业为：计算机-计算机设备-其他计算机设备。所属概念板块包括：工业软件、工业 4.0、工业互联网、新型工业化、机器人概念等。 截至9月30日，维宏股份股东户数1.35万，较上期减少9.11%；人均流通股6046股，较上期增加11.02%。 2025年1月-9月，维宏股份实现营业收入3.98亿元，同比增长15.28%；归母净利润7471.07万元，同比减 少10.07%。 12月22日，维宏股份盘中上涨2.03%，截至11:21，报33.67元/股，成交3508.26万元，换手率1.28%，总 市值36.63亿元。 资金流向方面，主力资金净流入224.66万元，大单买入352.06万元，占 ...

Industry Overview - The humanoid robot industry is accelerating mass production by 2025, with companies like Zhiyuan achieving deliveries in the thousands and a significant increase in the localization rate of core components [1] - Continuous support from domestic and international policies is driving both market enthusiasm and the commercialization process [1] - The industry trend is expected to provide dual drivers for performance and valuation in the sector, according to a report from CITIC Securities [1] Market Performance - Siling Co., Ltd. has seen a maximum stock price increase of 329% year-to-date, while Haoshi Electromechanical has experienced a 134% increase [1] Component Cost Analysis - In the humanoid robot supply chain, the cost breakdown for various components includes: - Actuators: 1% cost share, with companies like Sanhua Intelligent Control and Top Group involved [2][3] - Frameless torque motors: 4% cost share, with companies such as Buke Co., Haoshi Electromechanical, and Leisai Intelligent [2][3] - Harmonic reducers: 5% cost share, with companies like Green Harmonic, Hanyu Group, Siling Co., and Fengli Intelligent [2][3] - Encoders: 2.7% cost share, with companies including Inovance Technology and Aopu Optoelectronics [2][3] - Bearings: 1.2% cost share, with companies like Lixing Co., Southern Precision, and Guoji Precision [2][3] Company Highlights - Haoshi Electromechanical is focusing on building a second growth curve through its robotics business, which includes a robust "N+1+3" business system [4] - The company has achieved significant improvements in transmission precision and reduced noise levels in its products, positioning itself competitively in the market [4] - Buke Co. is recognized as a domestic leader in frameless torque motors, with projected sales of approximately 24,000 units in 2024 [5] - Siling Co. is a leading domestic company in harmonic reducers, with a focus on applications in industrial and humanoid robots [5] - Green Harmonic holds a 26% market share in the domestic harmonic reducer market, with robot-related revenue constituting over 80% of its total income [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.46 CNY [3][6]. Core Insights - The company plans to acquire Deep Blue Co., which is expected to enhance its data center liquid cooling layout and increase profitability [2][10]. - The financial forecasts for EPS from 2025 to 2027 are projected to be 1.14 CNY, 1.51 CNY, and 1.93 CNY respectively, with a maintained average PE valuation of 39 times for comparable companies in 2025 [3]. - The acquisition of Deep Blue Co. will strengthen the company's capabilities in controllers and drivers, particularly in the data center liquid cooling sector, which is anticipated to contribute positively to revenue and profit growth [10]. Financial Summary - The company's revenue is projected to grow from 11,018 million CNY in 2023 to 21,502 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [5][11]. - Operating profit is expected to increase from 816 million CNY in 2023 to 2,107 million CNY in 2027, with a notable growth rate of 67.7% in 2023 [5][11]. - The net profit attributable to the parent company is forecasted to rise from 612 million CNY in 2023 to 1,631 million CNY in 2027, with a growth rate of 59.7% in 2023 [5][11]. - The gross margin is projected to improve slightly from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to increase from 5.6% to 7.6% over the same period [5][11].

格隆汇11月26日丨领益智造(002600.SZ)在互动平台表示，公司在机器人领域拥有伺服电机、减速器、 驱动器、运动控制器等执行层核心技术，在机器人底盘、灵巧手 、关节模组、手臂、皮肤/外壳、散热 方案、充电方案等具备研发能力和量产经验，已为多家北美和国内行业头部客户提供相关硬件，也已在 人形机器人/机械狗整机ODM组装方面有成熟经验。 ...

Core Insights - The robotics sector has become a focal point for capital investment, with 7 companies receiving significant attention from institutional investors, indicating a strong interest in the industry's practical applications [1][3]. Company Summaries - The 7 companies that attracted the most institutional attention are Ninebot, Lens Technology, Zhongkong Technology, Sanhua Intelligent Control, Aopt, Luxshare Precision, and Huichuan Technology, with the number of institutional visits reaching 365, 348, 342, 283, 224, 221, and 214 respectively [3]. - Lens Technology has successfully integrated into the supply chains of several leading domestic and international robotics companies, achieving substantial revenue from core components like joint modules and dexterous hands, with expectations to deliver over 3,000 humanoid robots and 10,000 quadruped robots this year [4]. - Ninebot is focusing its lawn mower robot business on the mid-to-high-end market and is accelerating its overseas supply chain layout, with plans to launch multiple new products at CES in January 2026 [4]. - Huichuan Technology is developing core products for humanoid robots, including drivers and various joint modules, aiming to transfer industrial technology and mass application experience to address industry challenges [5]. - Aopt is collaborating with Yujian Technology to showcase the high-precision synergy of its 3D vision system and robotic arms, laying the groundwork for future applications in precision assembly and autonomous navigation [5]. - Sanhua Intelligent Control has established a robotics division and is advancing the construction of overseas production bases to enhance competitiveness and prepare for future capacity expansion [5]. - The industrial robot production in China is on the rise, and the upcoming product launches and capacity releases from major companies will be crucial in determining whether the heightened interest from institutional research translates into tangible performance growth [5].

Core Viewpoint - The company has established a wholly-owned subsidiary in Japan, indicating a strategic expansion into the Japanese market [1] Group 1 - The board meeting to approve the establishment of the subsidiary was held on April 28, 2025 [1] - The newly established subsidiary is named Zhongda Lide (Japan) Intelligent Transmission Company [1] - The registered capital of the subsidiary is 30 million Japanese yen [1] Group 2 - The subsidiary is located in Kawagoe City, Saitama Prefecture, Japan [1] - The establishment date of the subsidiary is November 10, 2025 [1] - The business scope includes manufacturing, sales, and import-export of reduction motors, reducers, drivers, and related precision components, as well as relevant technology research and consulting services [1]

Core Insights - 汇川技术 has transformed from a single variable frequency drive supplier to a comprehensive provider of integrated solutions in industrial automation, new energy vehicle drives, and smart elevators, aiming to become the ecological foundation for industrial digitalization [1] Group 1: Industry Challenges and Solutions - The company identifies three major challenges in industrial upgrading: enhancing single equipment efficiency, the investment value of multi-variety small-batch production lines, and data silos in digital transformation [2] - 汇川技术 aims to break down data silos by unifying data semantics and creating an open architecture to provide solutions based on data definitions for various customer scenarios [2] - The company has assisted over ten industries in completing smart factory planning, achieving over 30% reduction in order response cycles in sectors like new energy and automotive parts [2] Group 2: Smart Manufacturing Pathways - 汇川技术 emphasizes that smart manufacturing should be a systematic project that addresses pain points and creates value, summarizing three pathways: "通血脉" (connecting bloodlines), "长智慧" (growing wisdom), and "赋工具" (empowering tools) [3] - The company has improved yield rates in lithium battery production from 82% to 99.2% by integrating tension control models with AI visual recognition [3] - In precision dispensing scenarios, the company has achieved a control precision of ±0.02mm, significantly reducing defect rates [3] Group 3: Innovative Solutions - 汇川技术 introduced several innovative solutions at the recent conference, addressing the fragmentation of factory equipment data and the challenges of realizing intelligent manufacturing visions [4] - The company is developing a standardized platform, InoQuickPro, which allows engineers to easily upgrade smart systems and adjust production line logic [4] Group 4: Industrial Robotics - 汇川技术 is focusing on humanoid robots, aiming to become a high-performance, cost-effective supplier of core components and subsystems [6] - The company has already begun mass production of key components such as drives and motors, with plans to launch joint modules and bionic arms soon [6] - 汇川技术 emphasizes that its components meet industrial-grade standards, which are higher than those for service or performance robots [6] Group 5: Global Expansion - 汇川技术 is targeting developed and emerging markets, focusing on regions like Korea, India, Vietnam, Europe, and the Americas for its global strategy [7] - The company's overseas business revenue, including automotive, reached approximately 1.32 billion yuan in the first half of 2025, marking a 39% year-on-year increase [7]