绿的谐波20241101

Key Points Industry and Company 1. Industry: Collaborative robots and industrial automation [doc id='1'] 2. Company: Manufacturer of industrial robots and components, specifically focusing on减速器 (reducer) and other传动部件 [doc id='1', doc id='2', doc id='3', doc id='4', doc id='5', doc id='6', doc id='7', doc id='8', doc id='9', doc id='10', doc id='11', doc id='12', doc id='13', doc id='14', doc id='15] Core Views and Arguments 1. Collaborative Robots Growth: The company has seen a surge in collaborative robot exports, benefiting from the global market expansion [doc id='1'] 2. Market Position: The company is in the first tier of the reducer market, with significant advantages in performance and production stability [doc id='2'] 3. Product Pricing: Pricing is based on customer volume and market competition, with adjustments for different application scenarios [doc id='6'] 4. Order Backlog: The company has a strong order backlog, with delivery timelines of 2-3 months [doc id='5'] 5. Revenue Projections: The company expects the revenue from humanoid robots to increase significantly in the next few years, potentially reaching a double-digit percentage of total revenue [doc id='7'] 6. Application Scenarios: The company's products are used in various industries, including 3C, automotive, and semiconductor manufacturing [doc id='8', doc id='9'] 7. Research and Development Orders: Research and development orders have higher prices but are generally not profitable due to high costs [doc id='10'] 8. Growth Expectations: The company is optimistic about future growth, with potential new application scenarios in emerging fields like exoskeletons and autonomous vehicles [doc id='11', doc id='12'] 9. Industry Investment Correlation: There is a strong correlation between manufacturing investment and the company's demand for products [doc id='12'] 10. Comparison with Harada: The company's products have similar performance to Harada's, but the company has more experience in different application scenarios [doc id='13'] 11. Expansion Bottlenecks: Harada faces challenges in expanding production due to labor shortages, while the company benefits from a larger labor pool in China [doc id='13', doc id='14'] 12. Mexico Collaboration: There is no progress on the collaboration with Mexican partners [doc id='14'] 13. Rights Issue: The company plans to launch a rights issue in the near future, with an expected issuance size of approximately 18 million shares [doc id='14', doc id='15] Other Important Content 1. Capacity Utilization: The company's actual capacity utilization is relatively high, with production reaching full capacity [doc id='4'] 2. Product Line Expansion: The company does not plan to expand its product line to include空心杯电机 (synchronous motor) and ball screw [doc id='5'] 3. Order Delivery: The company's order delivery timeline is 2-3 months [doc id='5'] 4. Market Competition: The company faces intense competition in the reducer market, with competitors like Harada and other second-tier companies [doc id='2', doc id='13'] 5. Investor Concerns: Investors are interested in the company's comparison with Harada, expansion bottlenecks, and future growth prospects [doc id='13', doc id='14'] 6. Meeting Conclusion: The conference call concluded with a thank you to participants and a wish for a pleasant day [doc id='15']