Group 1 - The company reported a revenue of 1.584 billion yuan in 2024, an increase of 11.93% year-on-year, and a net profit of 200 million yuan, up 44.67% year-on-year [1] - In Q4 2024, the company achieved a revenue of 429 million yuan, representing an 18.68% year-on-year growth and a 29.25% quarter-on-quarter increase [1] - For Q1 2025, the company recorded a revenue of 390 million yuan, a 2.36% year-on-year increase but a 9.00% decrease quarter-on-quarter [1] Group 2 - The company increased its R&D investment in servo and PLC products, with R&D expenses of 195 million yuan in 2024 and 48 million yuan in Q1 2025, representing 12.30% and 12.40% of revenue respectively [2] - The servo system business generated a revenue of 709 million yuan in 2024, growing by 11.37% year-on-year, while the stepper system business revenue was 606 million yuan, up 3.01% year-on-year [2] - The control technology business saw a revenue of 252 million yuan, a significant increase of 46.68% year-on-year, with PLC product revenue soaring by 88.16% [2] Group 3 - The company has been focusing on the robotics industry since 2018, successfully developing key products such as high-density frameless torque motors and servo drives by the end of 2023 [3] - In March 2025, the company launched the DH series dexterous hand solutions, which include models with 11, 20, and 24 degrees of freedom, applicable in industrial, commercial, and home scenarios [3] - The company maintains a "buy" rating, with projected EPS for 2025, 2026, and 2027 at 0.86 yuan, 1.06 yuan, and 1.30 yuan, corresponding to PE ratios of 52x, 42x, and 35x respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company has shown an increase in profitability with a significant rise in PLC product revenue [6]. - The company continues to invest in R&D, enhancing its core competitiveness, particularly in servo and PLC products [6]. - The company is focusing on the robotics sector, particularly dexterous hand solutions, which are expected to drive growth [6]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.86, 1.06, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 52, 42, and 35 [6][7]. Financial Performance Summary - In 2024, the company achieved revenue of 1.584 billion yuan, a year-on-year increase of 11.93%, and a net profit of 200 million yuan, up 44.67% [6][7]. - For Q1 2025, the company reported revenue of 390 million yuan, a year-on-year increase of 2.36%, and a net profit of 56 million yuan, up 2.25% [6]. - The gross margin for 2024 was 38.45%, and the net margin was 13.22% [6]. Business Segment Performance - The servo system business generated revenue of 709 million yuan in 2024, growing by 11.37% year-on-year [6]. - The PLC product revenue saw a remarkable increase of 88.16% year-on-year [6]. - The company has successfully developed a range of core products in the robotics sector, including high-density motors and servo systems [6].

Investment Rating - The report indicates a strong investment trend in the automotive sector, particularly in the areas of intelligent driving and robotics, highlighting the potential for significant growth and innovation in these fields [3]. Core Insights - The automotive industry is experiencing a transformation driven by advancements in intelligent driving and robotics, with companies like Li Auto and XPeng leading the charge with new electric SUV models and AI technologies [1][2]. - The report emphasizes the importance of high-level intelligent driving and robotaxi services, predicting explosive growth in related supply chain components such as chips, lidar, and optical devices [3]. - The collaboration between companies, such as the strategic partnership between Wuzhou Xinchun and Hangzhou Xinjian, is expected to enhance product development and technological capabilities in the robotics sector [2][3]. Summary by Sections Intelligent Driving - Li Auto announced its 2024 financial results, projecting revenue of 144.5 billion yuan, a 16.6% increase year-on-year, and a net profit of 8 billion yuan, a 31.9% decline [1][7]. - XPeng launched its 2025 model G9, featuring the Turing AI chip, with significant upgrades in visual perception and recognition speed [1][8]. - The approval of commercial robotaxi services in Beijing marks a significant milestone for autonomous driving technology [1][9]. - Hesai Technology reported record revenue and delivery numbers, becoming the first profitable lidar company globally [1][10]. Robotics - The strategic cooperation agreement between Wuzhou Xinchun and Hangzhou Xinjian aims to enhance the production of key components for intelligent vehicles [2][35]. - The launch of the "Tian Gong Xing Zhe" research robot by UBTECH represents a significant advancement in humanoid robotics, priced at 299,000 yuan [2][17]. - The introduction of the GO-1 model by Zhiyuan Robotics signifies a leap in embodied intelligence, allowing robots to learn and adapt quickly to new tasks [2][25][28]. - The establishment of a large humanoid robot production line by Figure, with an initial capacity of 12,000 units per year, indicates a strong commitment to scaling production in the robotics sector [2][23][24].

证券研究报告 | 2025年03月15日 人形机器人行业周报（第六期） 优于大市 特斯拉 Optimus 有望明年登陆火星，赛力斯发布机器人工作视 频 市场表现：2025 年 3 月 10 日-3 月 14 日，我们构建的国信人形机器人指数 下跌 3.09%，弱于沪深 300 指数 4.68pct，弱于上证综合指数 4.49pct，年初 至今上涨39.1%；部分核心公司中，拓普集团下跌0.23%，三花智控下跌0.41%， 中鼎股份上涨 2.86%，银轮股份下跌 14.41%，北特科技下跌 9.12%，双林股 份上涨 9.37%，贝斯特下跌 10.35%，征和工业下跌 8.28%，美力科技上涨 15.84%，祥鑫科技下跌 3.85%，双环传动下跌 1.52%，斯菱股份下跌 11.52%， 豪能股份下跌 5.51%，精锻科技上涨 1.3%，蓝黛科技下跌 3.18%，凌云股份 下跌 7.15%，旭升集团下跌 4.03%，爱柯迪上涨 2.13%。均胜电子上涨 1.53%。 行业动态：行业新闻：1）马斯克预计星舰将于明年年底前前往火星，还 将携带人形机器人 Optimus；2）智元发布具身通用基座大模型 GO-1，开 ...