人形机器人系列之丝杠：高壁垒精密机械件，国产替代空间广阔 20241209 摘要 • 2023 年机器人板块行情强劲，尤其 10 月中旬以来持续上涨，主要受特斯 拉机器人量产计划、巨头涌入及政策利好等因素驱动。 • 特斯拉计划 2025 年实现机器人量产，2026 年大规模销售，并持续技术迭 代，是板块重要催化剂。华为、英伟达等巨头也积极布局机器人领域，加 剧市场竞争，为零部件厂商带来机遇。 • 重庆、安徽、杭州等地政府出台支持政策，推动机器人产业发展，为行业 增长提供政策保障。 • 未来催化因素包括特斯拉第三代机器人细节公布、潜在订单落地、华为及 英伟达新进展等，预计 2024 年为投资大年。 • 投资建议关注两类公司：一是具备技术工艺、设备、客户协同优势并能应 用于机器人领域的公司；二是深度布局机器人产业，对产业发展有价值认 同的零部件公司。 • 四缸（丝杠）因高价值量、降本空间大、制造壁垒高，成为机器人投资热 点，其中行星滚柱丝杠因高精度、高承载能力，在机器人应用中优势显著。 • 国内高端机床依赖进口，但国产替代加速，高精度轴承市场也主要由外资 主导，但国内企业正逐步缩小差距，未来发展空间巨大。 Q&A ...

机器人：打造新质生产力和新质战斗力 20241208 摘要 • 算力持续增长为通信硬件公司，特别是光模块公司（如中继时创新、易盛 天府通信）带来重大机遇，这些公司将受益于下游产业（如智能机器人、 智能汽车）的快速发展。 • 人形机器人产业蓬勃发展，特斯拉、华为等头部企业积极布局，带动产业 链上下游公司发展，例如特斯拉的 Optimus 机器人和小批量订单的启动。 • 人形机器人核心零部件（丝杠电机、六维力传感器、减速器等）需求旺盛， 柯力传感作为国内力传感器龙头，凭借其多类型传感器业务和机器人市场 布局，具有显著增长潜力。 • 国内人形机器人本体企业数量增加，竞争加剧，但头部企业凭借产业链优 势和研发能力将脱颖而出，本体和核心零部件领域都具有巨大增长潜力。 • 全球范围内，科技巨头和政府对人形机器人产业持续投入，推动产业发展， 特斯拉的第三代 Optimus 机器人技术进步显著，预计明年下半年量产并贡 献增量。 • 中国汽车供应商需积极布局海外研发和生产基地，以应对全球贸易政策不 确定性和特斯拉全球化趋势，建议关注具有均衡产能布局的龙头公司，如 拓普集团、新泉股份。 • 国内机器人国产替代进程加速，政策支持和 ...

感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议 大家好欢迎参加东吴传媒互联网芒果传媒策略会线上交流目前这三会者均处于静音状态下面开始播报声明东吴证券研究所提醒您本次电话会议仅面向巨够投资者或受邀客户第三方专家发言内容仅代表其个人观点 所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权远近录音转发及相关解读涉嫌违反上述情形等我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资人大家下午好我是东吴证券传媒互联网联席首席周良久非常感谢大家来参加我们今天下午的这场芒果超媒的小范围的交流然后因为这次交流是我们策略会的线上的闭门会议所以那个大家在后期的话相关的资料的话就仅供内部参考不要对外发布今天的话我们是非常荣幸的邀请到了芒果超媒的 证券事务部的负责人周勇周总过来和我们交流一下公司近期的一些情况那我们能看到了近期芒果超媒在综艺巨集等等方面呢都有一些内容的出圈包括小三人家再见爱人还有生生不息等等啊最近都在这个整个这个播放的数据啊还包括一些舆论都非常的亮眼 然后我们能看到从四季度 ...

那今天我们非常荣幸的邀请到涛涛车业的董秘孙总来跟大家做一个线上的交流那再后面还有我们组的这个首席那首先可不可以请孙总给大家大致分析一下咱们近期的情况后面我们再分业务板块再跟孙总请教孙总可以吗嗯 好的 好的大家好 那我现在就是我们3G爆之后的情况简单的稍微说一下我们前面是相比同比我们增长这些都比较大的 但是后面呢随着我们去年的这个基数的这个越来越大那我们的整个增幅呢会下来一些那么基本上还是符合我们自己的预期就是十月份还有十一月份我们初步的销售数据也大致出来那么这个总体来说还是可以的就是我们自己这么一个论文 当然我们一直也说其实我们全年的预期呢其实不是我们这个目前的一个重点了那我们重点的还是始终是我们这个如何应对美国的双方跟关税这个事情当然这个我们也是一直一直在做一直在考虑啊包括我们这个越南基地的这个生产相对来说也 是会越来越顺一点当然我们现在也不纠结于我现在越南他们戈尔夫球队要做多少多少因为我们美国的库存已经比较大了就是我们前面的抢库存这一块的效果还是很明显的就是我们这一块我们基本就是规避了刚刚出来的房普田的22.5的税率 所以这一点上来说我们做的还是可以的那么另外一个的话就是我们也会考虑接下去在东南亚不管是越 ...

Key Points Industry or Company Involved - The discussion revolves around a specific company within the fast-moving consumer goods (FMCG) industry, focusing on its financial performance, strategic initiatives, and market dynamics. Core Views and Arguments - **Impact of Minority Equity**: The company has received significant profits from minority equity, contributing around 60-70 million RMB to its profits. This is a major positive for the company, and the full impact will be calculated after the equity transfer. - **Profitability and Cost Reduction**: The company has experienced a decline in profits due to increased competition and weak demand. However, cost-saving measures, including reduced raw material prices and improved procurement strategies, have contributed to a 70% cost reduction. - **Product Development and Sales**: The company has launched new products, including a simplified version of its existing product and a new packaging. However, the progress of these new products has been slower than expected due to weak consumer demand. - **Sales and Distribution**: The company has faced challenges in sales and distribution, particularly in the community store and chain supermarket channels. The company is working to improve its distribution network and expand its dealer base. - **Marketing and Sales Strategy**: The company has implemented a new marketing strategy, focusing on cost-effective sales and improving the efficiency of the sales team. The company plans to increase its marketing budget in the future to support product innovation and brand building. - **Investment and Acquisition**: The company is considering investment and acquisition opportunities to expand its product portfolio and distribution channels. However, the company will remain cautious in its approach to ensure that these initiatives do not negatively impact its financial performance. Other Important Points - **Sales Performance**: The company's sales performance has been stable in recent months, with a slight increase in October and November. The company expects further growth in December. - **Price Control Measures**: The company has implemented price control measures to improve dealer profitability and increase their enthusiasm for purchasing. These measures have had a positive impact, but the company will continue to monitor their effectiveness. - **Debt Repayment**: The company has made progress in repaying its debt, and its debt-to-equity ratio has improved. - **Regulatory Environment**: The company is closely monitoring the regulatory environment and ensuring compliance with all relevant laws and regulations. - **Future Outlook**: The company remains optimistic about its future prospects, despite the challenges it has faced in the current market environment. The company expects to see improved sales and profitability in the coming years.

本次会议为国信证券白名单会议 给面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点 会议内容不构成对任何人的投资建议 敬请会议参会者充分了解各类投资风险 根据自身情况自主作出投资决策并自行承担投资风险 开始录音录像,未经国姓证券事先书面许可任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 好的 谢谢老师然后各位同志晚上好我是国信汽车村助理然后很高兴在今晚的一个黄金时间然后给各位领导汇报一下我们最新外发的机器人行业专辑的一个关于人生机器人思纲的一个深度的一个报告然后我们大概也是在一个月前左右是给各位领导汇报了一下整个减速器业行业的一个投资的机会然后这一次的话也是我们整个人生机器人系列报告的第二天我要思纲这一块给各位领导汇报然后在关于思纲的汇报之前 然后也先去给各位领导分享一下我们可能对于整个机器人板块的一个观点就是其实今年的机器人板块行情还是比较强尤其是这一轮基本上从十月中旬开始然后持续到现在感 ...

Company and Industry Summary Company Overview - The company operates in multiple segments, including electronic components, chemical new materials, and energy materials, with a focus on vertical integration across its supply chains [2][3][4] Key Business Segments 1. **Electronic Components** - This segment includes aluminum electrolytic capacitors and upstream materials such as electrode foil and aluminum foil [2][3] - The demand for aluminum electrolytic capacitors is driven by growth in the electronics industry, particularly in consumer electronics, 5G, and new energy vehicles [9] - The company has a production capacity of approximately 30 billion for aluminum electrolytic capacitors, which is a core asset [11] 2. **Chemical New Materials** - This includes refrigerants and PVDF (polyvinylidene fluoride) [3][4] - The company is expanding its production capabilities in this area, with a focus on high-end products in collaboration with partners [13] 3. **Energy Materials** - This segment focuses on materials related to lithium batteries and coal mining [3][4] - The company has established partnerships to enhance its supply chain from raw materials to end products [14] Market Dynamics - The company anticipates improvements in the capacitor and refrigerant industries in 2024, following a challenging 2023 [1] - The pricing for refrigerants has shown significant increases, with export prices nearing domestic prices, which is expected to enhance profitability [12] - The overall market for aluminum electrolytic capacitors is projected to grow, with domestic companies like the company competing against established Japanese firms [9] Financial Performance - Historical stock performance indicates significant growth phases, particularly from 2006 to 2007 and 2009 to 2011, driven by industry recovery and increased demand [6][7] - The company is expected to see a notable increase in profits in 2024, with estimates suggesting contributions exceeding 1 billion from various segments [16] Management and Strategy - The company is led by a family-controlled management team, with a strong emphasis on R&D capabilities [8][16] - The strategy involves vertical integration, allowing the company to control costs and enhance product offerings across its supply chains [5][19] Risks and Considerations - There are concerns regarding potential competition between the company's upstream and downstream operations, particularly in the capacitor market [18][19] - The company is navigating a cyclical industry landscape, with fluctuations in demand and pricing impacting overall performance [13][20] Conclusion - The company is positioned for growth in 2024, with strong fundamentals across its business segments and a focus on innovation and market expansion [17][21]

我们对于整个算力带来的这个算力端的一些同进一间公司的机会也建议市场去持续关注这里面就包括受益于算力持续增长的某块公司包括像这个光明快的龙头中继虚创新一生天赋通行等等同时我们可以看到近段时间像我们光明快公司比如说虚创自身在投资上也是不绝 11月底的时候公司其实也成立了也公告了自己关于投资和上支援的这个二阶基金的一个议案那这里面就包括了这个公司对于下游的这些新的一些方向的一个投资那未来随着整个产业链的一个滚动 参与到极限实际的零部件环节的公司还是这个受益于这个终端发展带来算力提升的这些器件公司我们预计都会有比较好的一个增长所以总体来讲我们整体的汇报这个推荐的一个公司就包括广和通这个拓邦股份于台威以及加上我们光明快的公司像中介需求 以上呢就是通信行业的一个关于机械产业的一个观点那下面有请机器机械行业的毛老师谢谢好的谢谢杨老师我是那个机械组毛冠锦然后下面由我给大家就是汇报一下机械行业对整个人性机缘的一个 行业的一些观点还有一些核心的战略我们见机推荐的几个标的然后其实人与巨人的话最近其实最近可能在A股上相对会关注度会比较高一点可能大家的一个很多的一个关注度就在于像特斯拉还有华为链的整个的一个公司的一个情况那本次的其实很 ...

应用端走出一个非常重要的需求支点在这样的一个背景之下 对于整个算力带来的这个算力端的一些通讯硬件公司的机会也建议市场去持续关注这里面就包括受益于算力持续增长的这个模块公司包括像这个光模块的龙头啊中继实创 新一圣 天赋通信等等那同时我们可以看到近短时间像我们光模块公司比如说实创自身在投资上也是取经经济布局 11月底的时候公司其实也成立了也公告了自己关于投资和双资源的这个二阶基金的一个议案那这里面就包括了这个公司对于下游的这些新的一些方向的一个投资那未来随着整个产业链的一个滚动和轮动 其实无论是真正参与到机器人实际的零部件环节的公司还是受益于终端发展带来算力提升的这些器件公司我们预计都会有比较好的一个增长所以总体来讲我们整体的汇报 广合通 拓邦股份 宇台微以及加上我们光明快的公司像中基市场 新一生 天赋通信那以上呢就是通信行业的一个关于机器人产业的一个观点那下面有请机器行业的毛老师 谢谢好的 谢谢杨老师我是那个机器组毛冠杰那下面由我给大家就是汇报一下机器行业对整个人性机器人的一个 行业的一些观点还有一些核心的让我们见机推荐的一个标的然后其实人言近人的话最近其实最近可能在A股上相对会关注度会比较高一点可能大家的一个 ...

Company and Industry Summary Company Overview - The company is involved in the coal and electricity sectors, focusing on the acquisition of power assets from its parent group, which includes significant coal supply relationships and operational synergies with its electricity generation capabilities [1][3][6]. Key Points and Arguments Acquisition Strategy - The company has decided to focus on acquiring the electricity assets of the group, particularly thermal power assets, which account for approximately 70-80% of the long-term coal supply [3][6]. - The acquisition is driven by the need to enhance operational stability and profitability, as these assets are considered the strongest and most stable outside of the coal business [3][6]. Financial Performance - The company expects to achieve a profit of 1.5 to 1.6 billion in the current year, which is considered conservative due to various operational adjustments and the exclusion of certain chemical-related assets from the profit calculations [7][8]. - There is a noted decline in profit compared to the previous year, attributed to changes in accounting standards and the exclusion of specific assets that were previously included [7][8]. Market Conditions - The coal production in the Shaanxi province has seen fluctuations, with production levels rising in October and November after a low in September due to maintenance activities [8][9]. - The average coal price at the pithead reached 520 in October, with slight decreases in subsequent months, indicating a relatively stable pricing environment [10]. Regulatory and Operational Challenges - The company faces regulatory scrutiny from the securities commission regarding the scale of its operations and asset acquisitions, which necessitates careful planning and alignment with national development strategies [2][6]. - Safety concerns are paramount, especially during the year-end period when accidents in coal mining are more frequent, impacting production levels [9]. Asset Valuation and Evaluation - The valuation of the acquired electricity assets has undergone rigorous assessment, with a focus on ensuring that the evaluation reflects true market conditions to avoid misrepresentation of state-owned assets [12][13]. - The company has engaged multiple stakeholders, including auditing and evaluation firms, to ensure a fair and transparent assessment process [13][14]. Future Outlook - The company is restructuring its electricity assets to focus on a pure thermal power generation model, which is expected to enhance operational efficiency and profitability [15][16]. - The company is also exploring new projects in regions with favorable government support and low construction costs, which could further enhance its competitive position in the market [16][17]. Additional Important Information - The company has been proactive in addressing potential bad debt issues related to its electricity assets, ensuring that all necessary evaluations and adjustments have been made [12][13]. - The restructuring process has led to a clearer operational focus, with a significant number of subsidiaries now aligned under the new strategy, enhancing overall management efficiency [15][16].