例如，9月5日，江苏宝馨科技股份有限公司发布公告称，拟以1800万元参与苏州集萃智造机器人有限公 司（以下简称"苏州集萃"）增资扩股。此次增资完成后，公司将持有苏州集萃81.82%的股权，并将其纳 入合并报表范围。根据公告，苏州集萃凭借深厚的技术积淀、完整的产业闭环，以及在关键零部件与核 心技术领域的持续创新，已在机器人赛道展现出强劲竞争力。此次合作不仅能助力本地构建机器人产业 集群，推动区域产业转型升级，还将促进高端人才集聚与就业岗位创造，实现经济发展、社会进步与技 术突破的多重效益。 同日，上海新时达电气股份有限公司相关负责人在投资者互动平台上表示，公司计划于2025年底前推出 具身智能通用控制器，并同步推出具身/人形机器人整机。该整机以轮式类人形构型为核心开展定制化 本体研发，采用模块化设计，未来可实现轮式与足式切换；目前样机研发有序推进，预计年底前完成并 启动数据采集与训练，整机将采用自主制造模式。 不少企业选择卡位核心部件环节切入产业链。9月4日，广州中海达卫星导航技术股份有限公司相关负责 人称，截至6月30日，公司已成功获得国内两家具身智能机器人企业的IMU（惯性测量单元）产品定 点，并实现小批量 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is a leading player in the IMU sector, with significant growth potential in the fields of unmanned logistics, intelligent driving, and humanoid robotics [1][4] - The launch of the E6 unmanned logistics vehicle by Jiushi at a price of 20,000 yuan is expected to accelerate the growth of the unmanned logistics market [2] - The company has received multiple certifications, including the German TÜV Rheinland ISO 26262 for automotive functional safety, and is in mass production of high-precision inertial navigation products, indicating a strong position in the passenger vehicle market [3] - The humanoid robotics sector is anticipated to see substantial growth in 2025, with the company already achieving small-scale supply of IMU for humanoid robots [4] - The company reported a revenue of 142 million yuan in Q1 2025, a year-on-year increase of 39.02%, and a net profit of 3 million yuan, marking a significant turnaround [5] Financial Summary - Revenue projections for 2025-2027 are 636 million, 816 million, and 1,003 million yuan, with corresponding growth rates of 50.19%, 28.35%, and 22.89%, respectively [6] - The forecasted net profit for the same period is 56.86 million, 78.44 million, and 94.62 million yuan, with growth rates of - and 37.95%, 20.62% [6] - The company is expected to achieve a compound annual growth rate (CAGR) of 33% from 2025 to 2027 [6]

Core Insights - Company reported a revenue of 423 million yuan for 2024, representing a year-on-year growth of 20.36% [1] - In Q1 2025, company achieved a revenue of 142 million yuan, with a significant year-on-year increase of 39.02% [1] - The company turned a profit with a net profit of 2.957 million yuan in Q1 2025, compared to a loss in the same period last year [1] Business Overview - Company specializes in intelligent testing equipment for automotive powertrains, testing services for new energy vehicle powertrains, and intelligent driving-related businesses [1] - Focus areas include high-precision inertial navigation products and intelligent driving testing services [1] Product Development - Company has developed a series of inertial navigation and high-precision positioning products, leveraging proprietary technologies such as inertial device research and high-precision satellite positioning algorithms [1][2] - IMU products are crucial for various industries, including humanoid robotics, intelligent driving, and aerospace, providing essential stability and precision [1] Market Position - High-precision inertial navigation products have entered mass production, meeting the demands of intelligent driving vehicle manufacturers and enhancing vehicle positioning accuracy [2] - Collaborations with leading robotics companies focus on algorithms and hardware development for humanoid robots, resulting in small batch supply of IMU products [2] R&D and Innovation - Company has seen continuous growth in R&D investment, holding 22 invention patents, 86 utility model patents, 3 design patents, and 132 software copyrights as of December 31, 2024 [2] - Plans to expand influence in three core areas: new energy vehicle powertrain testing services, intelligent driving, and intelligent testing equipment for powertrains [2]