| 证券代码：300969 | 证券简称：恒帅股份 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123256 | 债券简称：恒帅转债 | | 宁波恒帅股份有限公司 | 1.基本情况 | | | --- | --- | | 信息披露义务人（一） | 宁波恒帅投资管理有限公司 | | 住所 | 浙江省宁波市江北区慈城镇民权路 20 号 202 室 | | 信息披露义务人（二） | 俞国梅 | | 住所 | | 浙江省宁波市海曙区**** | | | | | --- | --- | --- | --- | --- | --- | | 信息披露义务人（三） | | 宁波玉米股权投资管理合伙企业（有限合伙） | | | | | 住所 | | 浙江省宁波市江北区慈城镇慈湖人家 336 号 1022 | | | 室 | | 权益变动时间 | | 2026 年 2 月 12 日 公司实际控制人俞国梅女士及其一致行动人宁波玉 | | | | | | | 股，占公司总股本的 0.18%，公司控股股东、实际控 | | | | | | | 米因自身资金需求，于 2026 价交易方式减持其 ...

Summary of Key Points from the Conference Call Industry Overview - The robotics sector is entering a critical phase from 2021 to 2026, with Tesla's robots gaining significant attention due to their leading advantages. Domestic robotics development is limited, primarily following strategies rather than innovating. [1][4] - The market is cautious about "designated points," which are interpreted differently by various companies, with a focus on stable businesses capable of securing formal bulk orders. [2] Core Insights and Arguments - Tesla plans to begin mass production of robots in the second half of 2026, which is expected to trigger market anticipation for the release of the third-generation robots and a beta market. Investment opportunities are identified in certain supply chain segments and new technology iterations, such as AI and scalable manufacturing. [1][5] - The second half of 2026 is anticipated to bring sustained opportunities for application-related companies, contrasting with previous years where opportunities were short-lived due to a lack of production support. [6] - Key recommendations include Dechang Co. and Hengshuai Co., which are involved in the robotics motor segment. Dechang has rapidly grown its automotive EPS motor business, breaking Japan's Nidec monopoly, while Hengshuai is positioned to become a significant supplier for Tesla. [3][9][10] Investment Opportunities - Domestic robotics companies are expected to go public or enter counseling phases in the second half of the year, presenting merger and acquisition opportunities. However, caution is advised as many stock prices may already reflect these opportunities. [7] - The selection criteria for recommended companies include real progress in the robotics field, stable core business, strong cash flow, and the ability to meet overseas production capacity requirements for clients like Tesla. [8][17] Company-Specific Highlights - Dechang Co. is projected to grow its revenue from 70 million in 2020 to 400 million in 2024, with expectations of reaching 700 million by 2025. The company has also expanded into brake motors and has secured orders from a major brake system company. [9][10] - Hengshuai Co. specializes in non-safety motor components and has a gross margin exceeding 30%. The company collaborates with Tesla on the Robotaxi project, enhancing its investment appeal. [14] - Keda Li and Fengdiao Technology are also highlighted for their strong performance and potential in the robotics sector, with Keda Li expected to exceed 2 billion in net profit. [13] Market Predictions - The market outlook for the second half of 2026 is optimistic, with expectations of sustained opportunities for application-related companies as mass production begins. [6] - Current stock prices of recommended companies are seen as having limited downside potential, making it a favorable time for long-term investors to enter. [11] Conclusion - The selection of recommended companies is based on their robust business models, leading positions in niche markets, and stable partnerships with industry giants like Tesla, ensuring their growth potential and investment value. [17]

【恒帅股份】重大更新！！ 更新：明确身体和手部电机进入直供名单，正式进入电机唯一一个一级供应商名单，领跑T链机器人电机！！ 近期的重要变化：即将成为继三花/拓普/荣泰/长盈精密，第五家跟北美大客户签下框架合作协议的核心供应商 （这里解释一下框架合作协议，供应商在自己供货能力范围内，自主选择供货范围，是真核心供应商的标志，地 位远超订单合同） 空间：身体上36个大电机，量产价格500；手上40左右个小电机，量产价格300，机器人单机电机价值量2-3万，机 器人电机200亿市场，作为唯一一个电机一级供应商预计50%份额，15%净利率，15亿利润，机器人电机市值450亿 +主业60亿，目标市值510亿，坚定看多。 【恒帅股份】重大更新！！ 更新：明确身体和手部电机进入直供名单，正式进入电机唯一一个一级供应商名单，领跑T链机器人电机！！ 近期的重要变化：即将成为继三花/拓普/荣泰/长盈精密，第五家跟北美大客户签下框架合作协议的核心供应商 （这里解释一下框架合作协议，供应商在自己供货能力范围内，自主选择供货范围，是真核心供应商的标志，地 位远超订单合同） 空间：身体上36个大电机，量产价格500；手上40左右个小 ...

#行业：V3聚焦在北美工厂自用（B端机器人），基本定型；现阶段，一定要重视V4，是马斯克最为重视的一个版 本，目标打造成为一个爆款的产品（B端+C端）。 【HA新兴产业】机器人现阶重视V4版本！ 今年出货预计超过5万台，重视放量的节奏！ #行业：V3聚焦在北美工厂自用（B端机器人），基本定型；现阶段，一定要重视V4，是马斯克最为重视的一个版 本，目标打造成为一个爆款的产品（B端+C端）。 今年出货预计超过5万台，重视放量的节奏！ #逻辑思路：V3量产定型了，股票逻辑重在订单；V4作为一个准爆款的成熟产品，要挖掘V4的预期差，目前在电 机/减速器环节变化最大。 建议关注V4重大变化个股：【恒帅股份】、【科达利】、【双环传动】 1、恒帅股份：即将成为V4电机唯一一个电机一级供应商，覆盖范围包括手部电机+身体电机（最少7个位置）。 #逻辑思路：V3量产定型了，股票逻辑重在订单；V4作为一个准爆款的成熟产品，要挖掘V4的预期差，目前在电 机/减速器环节变化最大。 < 【HA新兴产业】机器人现阶重视V4版本！ 确定性+预期差+空间最大，重点关注； 2、科达利：减速器+轻量化丝杠，进展顺利，有望成为潜在的增量； 3、双环 ...

格隆汇2月10日丨恒帅股份(300969.SZ)涨5.38%，报160.900元，股价创历史新高，总市值180.21亿元。 ...

Summary of Conference Call Records Industry Overview: Humanoid Robotics Key Companies and Developments - **Hengshuai Co., Ltd.** - The North American robotics team has completed factory audits, confirming that the hand motors are on the direct supply list, with body motors expected to follow, potentially becoming the only tier-one supplier in the motor segment [1] - Estimated value of body and hand motors per unit exceeds 10,000 yuan [1] - Set to become the fifth core supplier to sign a framework cooperation agreement with major North American clients, following companies like Sanhua, Topband, Rongtai, and Changying Precision [1] - **Minshi Group and Lide Harmony** - Minshi Group announced a joint venture with Lide Harmony to design, manufacture, and commercialize humanoid robot joint modules in the U.S., with Minshi holding a 60% stake and Lide Harmony 40% [1] - **Changyuan Donggu** - Core supplier for quadruped robots, capable of large-scale supply; the biped robot subsidiary is expected to launch prototypes in Q1, with leg joint testing ongoing [2] - **Kedali** - Secured North American clients for harmonic reducers, rotary modules, and customized screw drawings, with positive feedback on sample tests leading to potential bulk procurement agreements [2] - **Wankai New Materials** - Participated in a technology innovation showcase in Beijing, receiving significant attention for its dexterous hand product capable of complex tasks [2] - **Shuanghuan Transmission** - The cycloidal pinwheel reducer is confirmed for use in the V4 C-end robot at two hip positions [2] - **Fule New Materials** - Signed a comprehensive strategic cooperation agreement with Lingxin Qiaoshou for the procurement of 100,000 tactile sensors [2] - **Hua Yi Technology** - IMU has been sent for testing, with no domestic competitors and a high probability of passing tests; the value per humanoid unit is several thousand yuan, with usage ranging from 3 to 10 units [3] - **Anpeilong** - Achieved breakthrough progress with North American clients, with positive feedback on single-dimensional sensors valued at 10,000 yuan per unit; discussions on expanding production in Thailand are ongoing [4] - **Siling Zhichui** - Confirmed harmonic agreements with a production capacity of 1 million harmonic drives, with significant progress in bearing products and a 70%+ increase in average selling price (ASP) [4] Industry Insights - The conference highlighted the rapid advancements and collaborations within the humanoid robotics sector, indicating a strong market potential and increasing demand for components and systems [4] - The emphasis on joint ventures and strategic partnerships suggests a trend towards consolidation and resource sharing among key players in the industry [1][2][4] Additional Notes - All information presented is based on market rumors and should be considered with caution, as it does not represent personal opinions or investment advice [5]

每经AI快讯，有投资者在投资者互动平台提问：公司当前各生产基地的总体产能利用率大概处于什么 水平？对于未来潜在的订单集中落地，是否对现有产能构成压力？公司为支持后续可能的产能扩张做了 哪些预先准备？ 恒帅股份（300969.SZ）2月3日在投资者互动平台表示，公司目前产能利用较为充分，公司储备的土地 和厂房面积可以满足当前的产能扩张需求，同时，公司积累了智能化全自动电机、清洗泵生产线自主研 发设计及开发能力，具备了根据产品开发进度搭建全自动化电机生产线的能力，可大幅缩短产能扩张周 期。公司会根据产能状况和客户订单情况配置相应产能，满足公司发展规划。 （文章来源：每日经济新闻） ...

1月30日，恒帅股份涨5.19%，截至发稿，报141.79元/股，成交1.68亿元，换手率2.44%，总市值158.81 亿元。 资料显示，宁波恒帅股份有限公司位于浙江省宁波市江北区通宁路399号，成立日期2001年2月21日，上 市日期2021年4月12日，公司主营业务涉及车用电机及以流体技术为核心的清洗系统产品的研发、生产 与销售。主营业务收入构成为：清洗类产品46.88%，电机类产品44.88%，其他产品7.14%，其他(补 充)1.10%。 永赢先进制造智选混合发起A（018124）基金经理为张璐。 截至发稿，张璐累计任职时间6年184天，现任基金资产总规模301.83亿元，任职期间最佳基金回报 169.51%， 任职期间最差基金回报-60.31%。 从恒帅股份十大流通股东角度 数据显示，永赢基金旗下1只基金位居恒帅股份十大流通股东。永赢先进制造智选混合发起A （018124）三季度新进十大流通股东，持有股数224.15万股，占流通股的比例为7.38%。根据测算，今 日浮盈赚取约1569.02万元。 永赢先进制造智选混合发起A（018124）成立日期2023年5月4日，最新规模39.92亿。今年以来收 ...

证券日报网1月27日讯，恒帅股份（300969）在接受调研者提问时表示，公司深耕汽车产业多年，不仅 与核心客户构建了稳固且良好的合作关系，在电机技术领域亦积淀了深厚实力，相关产品在汽车客户中 已树立良好口碑，加之汽车和人形机器人在产业上高度重合，这些都为公司向机器人领域延伸奠定了坚 实基础，推动业务开拓工作进展顺利。从技术层面而言，公司当前的电机产品在各项核心技术指标上均 已满足机器人客户的要求，为业务的进一步拓展提供了有力支撑。机器人产业存在巨大的发展机遇，该 领域的拓展有望成为公司未来第三大增长曲线。 ...

证券日报网1月27日讯，恒帅股份（300969）在接受调研者提问时表示，公司将通过持续开发新产品， 同时积极开拓新市场、新客户，提升与巩固公司技术优势及核心竞争力，继续深化实施自动化、信息化 改造，提升精益生产管理水平、管理效率、产品良率，实现更优的资源配置，以达到降本增效的目的。 ...