投资要点： 投资建议：预计公司25-27 年归母公司净利润分别为1.94/2.30/2.86 亿元，同比增长17.1%/18.6%/24.2%。 考虑到公司作为油泵领域细分市场的龙头企业，技术成熟、产品质量领先、主业增长稳健且积极拓展新 能源车型，同时受益于AIDC 及人形机器人的新成长曲线，公司业绩确定性较强，首次覆盖，给予"增 持-A"评级。 泵类产品领军企业，多领域布局打开成长空间。公司始建于1949 年，自1967 年正式开始生产机油泵， 具备丰富的行业技术沉淀，并于2016 年在上海证券交易所上市。公司紧跟行业的最新发展趋势，不断 丰富产品线，业务范畴由发电机泵类产品逐步拓展至变速器油泵、电子泵类、减速器、电机、具身智能 关节模组、轻量化材料等多个领域。同时，公司凭借深厚的技术积累与制造实力，与国内外众多知名客 户建立了长期稳定的战略配套合作关系。 风险提示：原材料成本上升风险，下游行业的需求波动风险，国际贸易形式恶化、汇率波动及关税风 险，人形机器人产业化进度不及预期风险等。 AI 催化柴发机油泵，新能源车提振电子泵。1）柴油机油泵：数据中心按冗余设置进行分类，配电冗余 通常由UPS 系统、柴油发 ...

Core Insights - The establishment of Meihu Novation Materials Technology Co., Ltd. marks a strategic move by Meihu Intelligent Manufacturing Co., Ltd. into the PEEK materials sector, focusing on high-performance applications in robotics, new energy vehicles, consumer electronics, aerospace, and medical devices [2][4] Group 1: Company Developments - Meihu Novation will concentrate on the research and development of PEEK materials and precision component manufacturing, providing integrated lightweight solutions from material design to component production [2] - The parent company, Meihu Intelligent Manufacturing, is recognized as a national champion in manufacturing and a leader in the production of key components for energy-saving and new energy vehicles, with significant revenue contributions from diesel engine oil pumps (30.46%), new energy vehicle components (23.39%), and gasoline engine oil pumps (16.89%) [2] - The company has been actively transitioning towards the new energy vehicle component sector since 2018, investing in technologies such as lidar motors and intelligent driving systems [3] Group 2: Strategic Acquisitions and Investments - The acquisition of Shenzhen Langdao Zhitong by Meihu's subsidiary, Xiang Oil Pump, is a critical step in the company's strategic shift towards humanoid robotics, focusing on L4 autonomous driving and AGV robotics [4] - Meihu plans to invest 700 million yuan in a new production and research base in Chongqing, which will enhance its capabilities in variable displacement pumps, electronic pumps, harmonic reducers, and joint modules [4] - The company has achieved full-process product development and mass production capabilities for humanoid robot joint modules, with plans for a new facility to produce 100,000 joint modules annually [5] Group 3: Financial Performance - In the first half of 2025, Meihu reported a revenue of 1.075 billion yuan, reflecting a year-on-year growth of 10.74%, and a net profit of 101 million yuan, up 10.26% from the previous year [5] - The company has also seen a significant increase in its net profit after deducting non-recurring items, which grew by 22.09% [5] Group 4: Material Applications - PEEK materials are expected to play a crucial role in the automotive sector for lightweight components such as engine covers, bearings, and brake systems, as well as in humanoid robots for joints and gears [6] - Carbon fiber reinforced PEEK is anticipated to be used in drone frames, propellers, and low-altitude flying vehicles, highlighting its versatility across multiple high-tech applications [6]