格隆汇9月11日｜浙商证券研报指出，新时达为国产机器人龙头，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。公司深耕运控技术三十载，控制类产品迭代能 力强。具体看：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；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。未来公司在具身智能整机方面布局可参考特斯 拉、小米、小鹏等。从具身智能底层能力来看，公司拥有运动控制技术积淀、工业机器人制造经验等， 海尔拥有工业及家庭场景大模型、数据采集能力、应用场景等，则我们认为公司未来有望打通具身智 能/人形机器人"大小脑+本体+应用场景+销售体系"全产业链。则从具身智能整机生态完整性角度，公司 可参考特斯拉/小米/小鹏等头部跨界厂商。而从运动控制技术自主可控角度，公司布局亦可参考智元、 宇树等。公司具身智能/人形机器人产品落地、订单导入；公司毛、净利率持续改善；公司半导体机器 人订单量不断提升。上调公司评级为"买入"。 ...

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 ...

Group 1 - The core logic indicates that industrial robots are upgrading to comprehensive solutions, with profit revisions and potential implementation of embodied intelligence within the year [1] - The company is a leading domestic player in industrial robots, with significant market share in elevator controllers and SCARA industrial robots [1] - The company is a pioneer in domestic automation product substitution, breaking foreign monopolies in elevator control and achieving integrated robot drive control [1] Group 2 - The elevator controller market is expected to see long-term stable growth, driven by new demands in the elevator industry such as urban transit, old elevator upgrades, and international expansion [1] - The domestic elevator procurement market is projected to grow over 45% year-on-year by 2025, with significant increases in exports to regions like the Middle East and Southeast Asia [1] - The semiconductor robot sector has a low domestic substitution rate of less than 10%, with potential acceleration in equipment localization as domestic wafer fabs emerge [1] Group 3 - Haier's empowerment strategy includes enhancing automation products, improving financial metrics, and implementing embodied intelligence [2] - The company is expected to benefit from a recovery in industrial automation demand, with a projected 2.4% year-on-year growth in Q1 2025 [2] - The company plans to launch embodied intelligence controllers and machines in 2025, with support from Haier's industrial internet data and models [3] Group 4 - Profitability is expected to improve with optimized gross margins and cash flow, supported by Haier's global supply chain and efficient management [3] - The company anticipates significant net profit growth from 2025 to 2027, with a projected CAGR of approximately 290% [3] - Despite a high current valuation compared to peers, the company's semiconductor robot initiatives and Haier's involvement are seen as positive factors for future growth [3]

Core Viewpoint - The robotics industry is rapidly developing, with expanding application scenarios, particularly in SCARA industrial robots, which are designed for efficient and precise assembly tasks [2] Group 1: Robotics Industry Development - The robotics industry is experiencing fast growth, leading to an expansion of application fields [2] - SCARA industrial robots are characterized by high precision, speed, efficiency, compact operation, strong adaptability, ease of use, flexibility, and integration capabilities [2] - Key application areas for SCARA industrial robots include electronics manufacturing, automotive parts assembly, packaging and palletizing, medical and laboratory automation, and plastic and hardware processing [2] Group 2: Kory Technology Overview - Kory Technology focuses on the research, design, production, sales, and technical services of industrial automation equipment, as well as precision component manufacturing [3] - The company specializes in the cross-industry application of automation technology in advanced manufacturing, with products used in mobile terminals, new energy, photovoltaics, semiconductors, automotive, hard drives, and healthcare [3] - In the mobile terminal sector, Kory Technology provides various detection and assembly equipment for camera modules and related components, establishing itself as a leading supplier in the industry [3] Group 3: Financial Performance - In the first three quarters of 2024, Kory Technology achieved revenue of 1.757 billion yuan, a year-on-year decrease of 11.17%, and a net profit attributable to shareholders of 165 million yuan, down 4.79% year-on-year [4] - The company has established a mature R&D system with strong technical application capabilities, investing 214 million yuan in R&D, which accounts for 12.18% of its revenue [4] Group 4: Technological Advancements - Kory Technology has a rich reserve of robotics technology, particularly in five key areas: machine vision and optics, precision sensing and testing, motion control and robotics, software technology, and precision mechanical design [5] - The company emphasizes both independent research and development and collaboration with academic institutions, achieving significant results in SCARA industrial robot applications through partnerships, such as with Harbin Institute of Technology [5]