精锻科技20250519

Summary of the Conference Call Company and Industry Overview - The conference call focuses on Jingzhu Technology, a key player in the humanoid robotics industry, particularly in the development of critical components such as screw rods and reducers [2][3][5]. Core Insights and Arguments - Continuous advancements in key components for humanoid robots, with domestic screw rods reducing costs and reducers being a crucial element [2][3]. - Tesla is exploring new types of reducers to enhance load and impact resistance, creating new demand in the market [2][3]. - The new type of reducer shows significant improvements in impact resistance and load capacity, achieving approximately ten times the load capacity of traditional harmonic solutions, suitable for high-load positions like ankles, legs, and shoulders [2][4]. - Jingzhu Technology has global supply capabilities and serves clients like Tesla and Xiaomi, establishing itself as a leader in the domestic market for differential gears [2][5][6]. - The company is actively expanding its global footprint, with a factory in Thailand and land acquisition in Morocco, expected to commence production in Q2 2025, laying the groundwork for increased domestic and international orders [2][7]. - Jingzhu Technology is positioned to enter mass production in the humanoid robotics sector, leveraging its experience in precision gear manufacturing and planetary reducer gear structures [2][8]. Additional Important Points - The company anticipates a profit of approximately 250 million yuan in 2025, corresponding to a market value of around 5 billion yuan for its main business [2][10]. - The humanoid robotics industry is expected to enter a phase of concentrated order placement and mass production in the second half of 2025, marking a significant transition from development to commercialization [3]. - Jingzhu Technology's early investments in humanoid robotics, including its capabilities in precision processing and strong customer relationships, position it well to capitalize on the upcoming industry wave [8][9]. - The company is expected to maintain a leading position in the humanoid robotics industry due to its comprehensive strengths and early technological accumulation [9].