证券研究报告 | 公司更新 | 专用设备 新时达(002527) 报告日期：2025 年 09 月 10 日 运动控制主业拐点向上，海尔入主加速具身智能落地 ——新时达推荐报告 投资要点 1. 一句话逻辑 国产机器人龙头，运动控制主业拐点向上，海尔入主有望推动公司具身智能/人 形机器人整机落地进程超预期。 2. 超预期逻辑 市场认为：公司成长性、盈利能力偏弱。 我们认为： 1）公司为控制类龙头，海尔入主加速公司具身智能落地，打开成长空间。 ①公司深耕运控技术三十载，控制类产品迭代能力强。具体看：i. 市占率居前。 公司电梯控制器全球第二、SCARA 工业机器人国内出货量第四；ii. 自动化产品 国产替代先锋、一体化程度较高。公司早期打破电梯控制外资垄断，后成为国 内首家实现机器人驱控一体的厂商，并可实现机器人控制器+伺服驱动自供。 ②海尔成为公司新实控人，未来公司有望受益海尔机器人持续推进。具体而 言，海尔已有四大布局：i. 成立机器人事业部、控股公司；ii. 海尔创投（海尔集 团控股）倡导发起 100 亿元具身智能创投基金；iii. 海尔联合乐聚机器人等具身 智能参与者共同成立"具身智能创新生态联盟"；iv ...

Core Insights - The home service market is experiencing significant growth driven by the aging population and increasing demand for high-end services, with the market size expected to exceed 1.2 trillion yuan by 2024 [3][4] - New technologies, particularly robotics, are entering the home service sector, enhancing service efficiency and creating new service categories [2][5][10] - The demand for skilled labor in the home service industry is rising, with a projected shortfall of over 20 million workers by the end of 2024 [9][10] Group 1: Market Potential and Growth - The home service market is projected to grow by 120% from 2020 to 2025, with elderly care, maternal and infant care, and high-end cleaning services contributing 65% of this growth [4][10] - The market is expected to see an annual growth rate exceeding 25% by 2025, driven by the increasing demand for essential services [4][10] - High-net-worth families are driving demand for comprehensive service models, which have shown stable growth and high renewal rates [8][10] Group 2: Technological Integration - Companies are actively developing and deploying robots for home services, with examples including the Astribot S1 and the HIVA robot, which can perform various household tasks [2][5] - The integration of AI and robotics is still in the early stages, particularly in complex service areas like elderly care and childcare, but there is optimism about future developments [5][7] - The industry is transitioning from labor-intensive to technology-driven models, with AI and robotics expected to play a significant role in service delivery [9][10] Group 3: Changing Consumer Demands - New service demands are emerging, including health management, sleep management, and pet care services, reflecting changing consumer lifestyles [9][10] - The demand for specialized roles such as childcare providers and elderly care workers is increasing, with a notable rise in the need for high-quality talent [9][10] - The market is witnessing a structural shift, with high-end service demands in urban areas reaching 35%, necessitating skilled personnel with higher education [7][9] Group 4: Policy Support and Industry Development - Multiple government departments have introduced policies to support the home service industry, focusing on service innovation, talent training, and financial support [10][12] - Local initiatives, such as Guangdong's "Nanyue Home Service" project, aim to standardize and professionalize the industry, resulting in significant growth in service providers and workforce [12][13] - The emphasis on training and developing high-quality talent is crucial for the industry's future, with plans to train 1.5 million individuals annually [10][13]