Core Viewpoint - The competition between two leading companies in the industrial automation sector, Zhaowei Electromechanical and Raise Intelligent, is intensifying in the humanoid robot market, particularly focusing on the "dexterous hand" technology, which is considered the most valuable part of the upper body of humanoid robots [1][2]. Financial Performance - In 2024, Zhaowei Electromechanical achieved a revenue of 1.525 billion yuan, representing a year-on-year growth of 26.42%, with a net profit of 225 million yuan, up 25.11%. The overall gross margin was 31.43% [1]. - Raise Intelligent reported a revenue of 1.584 billion yuan, with a year-on-year increase of 11.93%, and a net profit of 200 million yuan, which grew by 44.67%. The overall gross margin was 38.27% [1]. R&D Investment - Both companies maintained high levels of R&D investment in 2024, with Zhaowei Electromechanical investing 155 million yuan, accounting for 10.18% of its total revenue, and holding 87 invention patents [1]. - Raise Intelligent invested 195 million yuan in R&D, representing 12.30% of its total revenue, with over 540 patents in its portfolio [1]. Product Differentiation - Zhaowei Electromechanical focuses on high precision and bionic features in its dexterous hand products, utilizing a micro harmonic reducer for 0.05mm positioning accuracy and 17-20 degrees of freedom [2]. - Raise Intelligent emphasizes high load capacity and industrial adaptability, with its DH116 dexterous hand capable of handling loads up to 40kg, targeting logistics and automotive assembly applications [2]. Market Positioning - Zhaowei Electromechanical positions itself as a high-end industrial dexterous hand solution provider, focusing on high freedom, high precision, and human-like products [2]. - Raise Intelligent positions itself as a supplier of core components and modular solutions for robots, targeting the mid-to-low-end market [2]. Supply Chain Strategy - Zhaowei Electromechanical adopts a "vertical integration" strategy, emphasizing the combination of AI algorithms with hand movement control [3]. - Raise Intelligent focuses on "core component breakthroughs," expanding its distribution network and increasing the proportion of its distribution partners [3]. Subsidiary Development - In 2024, both companies established subsidiaries to enter the robotics sector, with Raise Intelligent creating two subsidiaries focused on high-density motors and dexterous hand solutions [3]. - Zhaowei Electromechanical established a subsidiary in the U.S. and previously set up one in Germany [3]. Globalization Efforts - Zhaowei Electromechanical has a faster global expansion, with 14% of its revenue coming from international markets in 2024, growing at 35.15% [4]. - Raise Intelligent's international revenue accounted for only 4% of its total revenue in 2024 [4]. Competitive Outlook - Zhaowei Electromechanical is expected to leverage technological innovation and industrial-grade performance to gain an advantage in the high-end market [5]. - Raise Intelligent's modular solutions and cost control capabilities may provide a competitive edge in the mid-to-low-end market [5].

证券研究报告 | 2025年03月30日 人形机器人行业周报（第八期） 优于大市 智元机器人召开供应商大会，美国或将机器人发展纳入国家战 略 市场表现：2025 年 3 月 24 日-3 月 28 日，我们构建的国信人形机器人指数 下跌 2.2%，弱于沪深 300 指数 2.21pct，弱于上证综合指数 1.8pct，年初至 今上涨 30.2%。拓普集团上涨 0.91%，三花智控上涨 0.64%，中鼎股份下跌 5.57%，银轮股份下跌 1.19%，北特科技下跌 0.98%，双林股份下跌 7.44%， 贝斯特上涨 4.24%，浙江荣泰上涨 0.25%，祥鑫科技下跌 11.92%，双环传动 下跌0.08%，斯菱股份下跌 2.44%，豪能股份下跌6.06%，精锻科技下跌 2.02%， 蓝黛科技下跌 2.55%，凌云股份上涨 2.28%，旭升集团下跌 2.68%，爱柯迪下 跌 8.02%。均胜电子上涨 0.93%。征和工业下跌 6.21%，美力科技上涨 11.05%。 行业动态：1）智元机器人召开首届供应商大会，华依科技、鼎智科技等 公司受邀出席智元机器人供应商大会；2）美国或将考虑把机器人行业发 展纳入国家战略；3 ...