633 lines
36 KiB
HTML
633 lines
36 KiB
HTML
<!DOCTYPE html>
|
||
<html lang="zh-CN" data-theme="night">
|
||
<head>
|
||
<meta charset="UTF-8">
|
||
<meta name="viewport" content="width=device-width, initial-scale=1.0">
|
||
<title>优必选 (UBTECH) - 深度概念投研报告</title>
|
||
|
||
<!-- Tailwind CSS & DaisyUI -->
|
||
<script src="https://cdn.tailwindcss.com"></script>
|
||
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.11.1/dist/full.min.css" rel="stylesheet" type="text/css" />
|
||
|
||
<!-- Alpine.js -->
|
||
<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
|
||
|
||
<!-- ECharts -->
|
||
<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
|
||
|
||
<style>
|
||
:root {
|
||
--glow-color: rgba(167, 139, 250, 0.5); /* Violet-500 with opacity */
|
||
--glow-color-light: rgba(167, 139, 250, 0.7);
|
||
}
|
||
|
||
body {
|
||
font-family: 'Inter', 'Helvetica Neue', 'Arial', 'PingFang SC', 'Hiragino Sans GB', 'Microsoft YaHei', sans-serif;
|
||
background-color: #020010;
|
||
background-image:
|
||
radial-gradient(ellipse at 50% 0%, rgba(67, 56, 202, 0.3) 0%, rgba(2,0,16,0) 50%),
|
||
radial-gradient(ellipse at 50% 100%, rgba(124, 58, 237, 0.3) 0%, rgba(2,0,16,0) 50%);
|
||
background-attachment: fixed;
|
||
color: #e0e0e0;
|
||
}
|
||
|
||
.glass-card {
|
||
background: rgba(25, 22, 48, 0.3);
|
||
-webkit-backdrop-filter: blur(20px);
|
||
backdrop-filter: blur(20px);
|
||
border: 1px solid rgba(255, 255, 255, 0.1);
|
||
border-radius: 1.5rem; /* 24px */
|
||
box-shadow: 0 8px 32px 0 rgba(0, 0, 0, 0.37);
|
||
transition: all 0.3s ease;
|
||
}
|
||
|
||
.glass-card:hover {
|
||
border-color: rgba(167, 139, 250, 0.5);
|
||
transform: translateY(-5px);
|
||
box-shadow: 0 0 40px var(--glow-color);
|
||
}
|
||
|
||
.bento-grid {
|
||
display: grid;
|
||
gap: 1.5rem;
|
||
grid-template-columns: repeat(6, 1fr);
|
||
grid-auto-rows: minmax(100px, auto);
|
||
}
|
||
|
||
.bento-item {
|
||
padding: 1.5rem;
|
||
}
|
||
|
||
.grid-col-span-1 { grid-column: span 1; }
|
||
.grid-col-span-2 { grid-column: span 2; }
|
||
.grid-col-span-3 { grid-column: span 3; }
|
||
.grid-col-span-4 { grid-column: span 4; }
|
||
.grid-col-span-6 { grid-column: span 6; }
|
||
|
||
.grid-row-span-1 { grid-row: span 1; }
|
||
.grid-row-span-2 { grid-row: span 2; }
|
||
|
||
.timeline {
|
||
position: relative;
|
||
padding-left: 2rem;
|
||
}
|
||
.timeline::before {
|
||
content: '';
|
||
position: absolute;
|
||
left: 0.25rem;
|
||
top: 0;
|
||
bottom: 0;
|
||
width: 2px;
|
||
background: rgba(255, 255, 255, 0.1);
|
||
}
|
||
.timeline-item {
|
||
position: relative;
|
||
margin-bottom: 1.5rem;
|
||
}
|
||
.timeline-item:last-child {
|
||
margin-bottom: 0;
|
||
}
|
||
.timeline-dot {
|
||
position: absolute;
|
||
left: -2.3rem;
|
||
top: 0.25rem;
|
||
width: 0.75rem;
|
||
height: 0.75rem;
|
||
border-radius: 50%;
|
||
background-color: var(--glow-color);
|
||
box-shadow: 0 0 10px var(--glow-color-light);
|
||
border: 2px solid #020010;
|
||
}
|
||
.section-title {
|
||
font-size: 2.25rem; /* 36px */
|
||
font-weight: 700;
|
||
background: -webkit-linear-gradient(45deg, #a78bfa, #f472b6);
|
||
-webkit-background-clip: text;
|
||
-webkit-text-fill-color: transparent;
|
||
padding-bottom: 0.5rem;
|
||
border-bottom: 1px solid rgba(255, 255, 255, 0.1);
|
||
margin-bottom: 2rem;
|
||
text-shadow: 0 0 15px rgba(167, 139, 250, 0.3);
|
||
}
|
||
.tab-active {
|
||
color: #fff !important;
|
||
background: rgba(167, 139, 250, 0.2) !important;
|
||
border-bottom-color: var(--glow-color-light) !important;
|
||
}
|
||
.table th, .table td {
|
||
border-color: rgba(255, 255, 255, 0.15) !important;
|
||
}
|
||
.table th {
|
||
color: #d1d5db; /* gray-300 */
|
||
}
|
||
.table-zebra tbody tr:nth-child(odd) td {
|
||
background-color: rgba(255, 255, 255, 0.02);
|
||
}
|
||
</style>
|
||
</head>
|
||
|
||
<body class="min-h-screen">
|
||
<div class="container mx-auto p-4 md:p-8">
|
||
|
||
<!-- Header -->
|
||
<header class="text-center mb-8">
|
||
<p class="text-sm text-gray-400 mb-2">北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
|
||
<h1 class="text-4xl md:text-6xl font-extrabold" style="background: -webkit-linear-gradient(45deg, #d8b4fe, #a78bfa, #f472b6); -webkit-background-clip: text; -webkit-text-fill-color: transparent; text-shadow: 0 0 25px rgba(167, 139, 250, 0.4);">
|
||
优必选 (UBTECH)
|
||
</h1>
|
||
<p class="mt-4 text-xl text-gray-300">人形机器人第一股：从技术验证到商业化爆发的深度解析</p>
|
||
<p class="text-sm text-red-400 mt-2">本报告为AI合成数据，投资需谨慎。</p>
|
||
</header>
|
||
|
||
<!-- Insight Bento Grid -->
|
||
<section class="mb-12">
|
||
<h2 class="section-title">核心洞察 (Core Insight)</h2>
|
||
<div class="bento-grid">
|
||
<!-- Core Logic -->
|
||
<div class="glass-card bento-item grid-col-span-6 md:grid-col-span-4 grid-row-span-2">
|
||
<h3 class="font-bold text-xl mb-4 text-violet-300">核心逻辑：三重共振下的产业拐点</h3>
|
||
<p class="mb-4 text-gray-300">优必选正处在从“技术验证”向“商业化落地”高速过渡的关键拐点。其核心驱动力源于<strong class="text-fuchsia-400">“技术成熟度 + 明确的工业场景经济性 + 国家战略政策”</strong>的三重共振，率先在新能源汽车制造领域撕开商业化缺口。</p>
|
||
<div class="space-y-4">
|
||
<div>
|
||
<h4 class="font-semibold text-violet-200">1. 技术突破的“可行性”</h4>
|
||
<p class="text-sm text-gray-400">全栈式自研能力是基石，覆盖伺服驱动器（自研降本超50%）、运动控制算法（多机协同）、AI融合（群脑网络）。Walker S1到S2的快速迭代（减重7kg、增设自主换电）证明了其工程化能力已达商业应用前夜。</p>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold text-violet-200">2. 成本下降的“经济性”</h4>
|
||
<p class="text-sm text-gray-400">商业模型清晰：单台机器人售价约50万元，可替代2-3名工人（年成本约18万/人），投资回收期在1.5年以内。规划2026年成本降至20万元内，届时经济性将更具颠覆性。</p>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-semibold text-violet-200">3. 政策驱动的“确定性”</h4>
|
||
<p class="text-sm text-gray-400">“具身智能”写入政府工作报告，工信部指导意见明确2025年实现批量生产。优必选深度参与北京、广东两大创新中心，既是受益者也是标准制定者，具备显著先发优势。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Key Events Timeline -->
|
||
<div class="glass-card bento-item grid-col-span-6 md:grid-col-span-2 grid-row-span-3">
|
||
<h3 class="font-bold text-xl mb-4 text-violet-300">关键事件轴</h3>
|
||
<div class="timeline">
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<p class="font-semibold text-sm text-gray-300">2024.10.14</p>
|
||
<p class="text-sm text-gray-400">发布Walker S1，进入比亚迪工厂实训，明确“50万替代2-3人”经济模型。</p>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<p class="font-semibold text-sm text-gray-300">2025.01.15</p>
|
||
<p class="text-sm text-gray-400">与富士康达成唯一人形机器人合作伙伴，进军3C制造场景。</p>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<p class="font-semibold text-sm text-gray-300">2025.04.27</p>
|
||
<p class="text-sm text-gray-400">获东风柳汽20台订单，实现从“实训”到“商业订单”的关键跨越。</p>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<p class="font-semibold text-sm text-gray-300">2025.05.12</p>
|
||
<p class="text-sm text-gray-400">与华为签署全面合作协议，深度绑定具身智能生态。</p>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<p class="font-semibold text-sm text-gray-300">2025.07.19</p>
|
||
<p class="text-sm text-gray-400">中标觅亿汽车9051万元项目（超100台），创全球单笔订单纪录。</p>
|
||
</div>
|
||
<div class="timeline-item">
|
||
<div class="timeline-dot"></div>
|
||
<p class="font-semibold text-sm text-gray-300">2025.10.19</p>
|
||
<p class="text-sm text-gray-400">中标广西具身智能中心1.26亿项目，全年累计订单超6.3亿元。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Expectation Gaps -->
|
||
<div class="glass-card bento-item grid-col-span-6 md:grid-col-span-4 grid-row-span-1">
|
||
<h3 class="font-bold text-xl mb-2 text-violet-300">市场认知与预期差</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4 text-sm">
|
||
<div class="bg-green-500/10 p-3 rounded-lg border border-green-500/30">
|
||
<h4 class="font-semibold text-green-300">Positive Gap: 商业化速度</h4>
|
||
<p class="text-gray-400">市场年初预期为小批量试水，但下半年连续亿元级订单和累计超6.3亿的总额，远超市场预期。</p>
|
||
</div>
|
||
<div class="bg-sky-500/10 p-3 rounded-lg border border-sky-500/30">
|
||
<h4 class="font-semibold text-sky-300">Potential Gap: 场景泛化</h4>
|
||
<p class="text-gray-400">市场聚焦汽车制造，但可能低估了其与华为（家庭）、居然之家（服务）等在非工业领域的布局深度与远期潜力。</p>
|
||
</div>
|
||
<div class="bg-red-500/10 p-3 rounded-lg border border-red-500/30">
|
||
<h4 class="font-semibold text-red-300">Negative Gap: 盈利能力</h4>
|
||
<p class="text-gray-400">早期订单毛利率仅约20%，叠加高研发投入（年5-6亿），“增收不增利”阶段可能比市场预期的更长。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Order Growth Chart -->
|
||
<section class="mb-12">
|
||
<h2 class="section-title">商业化进程：订单爆发</h2>
|
||
<div class="glass-card p-4 md:p-6">
|
||
<div id="orderChart" style="width: 100%; height: 400px;"></div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Catalysts & Future Path -->
|
||
<section class="mb-12">
|
||
<h2 class="section-title">催化剂与发展路径</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
|
||
<div class="glass-card p-6">
|
||
<h3 class="font-bold text-xl mb-4 text-violet-300">近期关键催化剂 (3-6个月)</h3>
|
||
<ul class="space-y-3 text-gray-300 list-disc list-inside">
|
||
<li><strong class="text-white">大规模订单交付验证：</strong>觅亿、广西等亿元级订单的首批交付与客户验收反馈。</li>
|
||
<li><strong class="text-white">新产品性能发布：</strong>Walker S2/S3迭代，展示自主换电、更高功率密度、固态电池等新功能。</li>
|
||
<li><strong class="text-white">非汽车领域标杆订单：</strong>在3C(富士康)、物流(顺丰)等领域获得标志性订单，证明技术泛化能力。</li>
|
||
<li><strong class="text-white">财务数据首次兑现：</strong>年报或季报中人形机器人业务收入和毛利率的详细披露。</li>
|
||
</ul>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h3 class="font-bold text-xl mb-4 text-violet-300">长期发展路径 (三阶段)</h3>
|
||
<ul class="space-y-3 text-gray-300 list-disc list-inside">
|
||
<li><strong class="text-white">阶段一 (2024-2026)：工业场景深度渗透。</strong><br><span class="text-sm text-gray-400">核心目标：新能源汽车产线规模化部署，成本从40万降至20万。</span></li>
|
||
<li><strong class="text-white">阶段二 (2026-2030)：跨行业复制与平台生态。</strong><br><span class="text-sm text-gray-400">核心目标：技术方案复制到3C/物流/康养，通过"天工"母平台构建应用生态。</span></li>
|
||
<li><strong class="text-white">阶段三 (2030-2035+)：进军C端，实现通用智能。</strong><br><span class="text-sm text-gray-400">核心目标：推出面向家庭服务的通用人形机器人，实现最终愿景。</span></li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Detailed Data Tabs -->
|
||
<section class="mb-12" x-data="{ activeTab: 'news' }">
|
||
<h2 class="section-title">多维数据支撑</h2>
|
||
<div class="tabs tabs-boxed bg-black/20 mb-6">
|
||
<a class="tab tab-lg" :class="{ 'tab-active': activeTab === 'news' }" @click.prevent="activeTab = 'news'">关键新闻与动态</a>
|
||
<a class="tab tab-lg" :class="{ 'tab-active': activeTab === 'roadshow' }" @click.prevent="activeTab = 'roadshow'">路演核心纪要</a>
|
||
<a class="tab tab-lg" :class="{ 'tab-active': activeTab === 'research' }" @click.prevent="activeTab = 'research'">研报观点汇总</a>
|
||
</div>
|
||
|
||
<div class="glass-card p-6 min-h-[300px]">
|
||
<!-- News Tab -->
|
||
<div x-show="activeTab === 'news'" x-transition>
|
||
<h3 class="font-bold text-lg mb-4 text-violet-300">新闻动态摘要</h3>
|
||
<ul class="space-y-3 text-gray-300 list-disc list-inside text-sm">
|
||
<li><strong>产能规划:</strong> 柳州超级智慧工厂预计2025年Q1试投产，为规模化量产铺路。2025年8月已实现月产200台的爬坡能力。</li>
|
||
<li><strong>产品迭代:</strong> Walker S2实现自主换电（1分钟）、减重7kg、全身52自由度。Walker S3将搭载全固态电池，提升功率密度。</li>
|
||
<li><strong>关键合作:</strong>
|
||
<ul class="ml-4 mt-1 space-y-1 list-['-_'] list-inside">
|
||
<li><strong>华为:</strong> 全面合作，共建具身智能创新中心，联合开发家庭服务机器人。</li>
|
||
<li><strong>富士康:</strong> 成为其唯一人形机器人合作伙伴，进入3C制造场景验证。</li>
|
||
<li><strong>比亚迪:</strong> Walker S1已进入工厂实训，实现与多种自动化设备协同作业。</li>
|
||
<li><strong>东风柳汽/吉利/蔚来:</strong> 均已进入工厂实训或签订采购合同，覆盖搬运、检测、装配等多个环节。</li>
|
||
</ul>
|
||
</li>
|
||
<li><strong>技术创新:</strong> 发布“群脑网络(BrainNet)”架构，实现多机协同与云端智能。模型采用“大模型+小模型”策略，针对工业场景精调。</li>
|
||
<li><strong>公司治理:</strong> 核心高管承诺禁售12个月，并启动股份回购计划以稳定市场信心。</li>
|
||
</ul>
|
||
</div>
|
||
<!-- Roadshow Tab -->
|
||
<div x-show="activeTab === 'roadshow'" x-transition>
|
||
<h3 class="font-bold text-lg mb-4 text-violet-300">路演数据精炼</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-sm">
|
||
<thead>
|
||
<tr>
|
||
<th>维度</th>
|
||
<th>关键信息</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td class="font-semibold text-violet-200">财务预测</td>
|
||
<td>预计2025-2027年收入CAGR约40%，规模从约19亿增长至36亿。</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-semibold text-violet-200">交付目标</td>
|
||
<td>2024年: 30-50台 → 2025年: 1000-2000台 → 2026年: 3000-5500台。</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-semibold text-violet-200">成本与定价</td>
|
||
<td>当前售价约50万元，BOM成本40-45万元 (关节占~50%)。目标2026年成本降至20万元以内。</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-semibold text-violet-200">毛利率</td>
|
||
<td>首批订单毛利率约20%。教育业务毛利>50%。</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-semibold text-violet-200">研发投入</td>
|
||
<td>稳定在每年4-6亿元，研发费用全部费用化。</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-semibold text-violet-200">其他业务</td>
|
||
<td>消费级机器人（猫砂盆、割草机）增长强劲 (2024H1 +105%)，成为重要收入来源。</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
<!-- Research Tab -->
|
||
<div x-show="activeTab === 'research'" x-transition>
|
||
<h3 class="font-bold text-lg mb-4 text-violet-300">机构研报共识</h3>
|
||
<ul class="space-y-3 text-gray-300 list-disc list-inside text-sm">
|
||
<li><strong>公司定位:</strong> 全球极少数具备人形机器人全栈式技术能力的公司，中国人形机器人领军企业。</li>
|
||
<li><strong>核心优势:</strong> 技术全栈自研（伺服驱动器、运动控制、AI算法、ROSA操作系统），专利数量全球领先（人形机器人领域超700件）。</li>
|
||
<li><strong>商业化路径:</strong> "三级跳"路径：单机渗透 -> 群体智能 -> 生态闭环。当前正处在第一阶段向第二阶段过渡期。</li>
|
||
<li><strong>盈利预测:</strong> 普遍预测2026-2027年有望实现扭亏为盈，但存在分歧，强依赖于规模化降本的实现。</li>
|
||
<li><strong>估值与评级:</strong> 多家机构（花旗、华泰等）给予“买入”或“增持”评级。估值方法主要采用PS（市销率），对标海外同行（如Figure）仍有空间。</li>
|
||
<li><strong>风险提示:</strong> 核心风险在于技术进度（关节、散热）、商业化进展（降本速度、非汽车场景拓展）和供应链安全（核心芯片依赖）。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Industry Chain -->
|
||
<section class="mb-12">
|
||
<h2 class="section-title">产业链图谱与核心公司</h2>
|
||
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6">
|
||
<!-- Upstream -->
|
||
<div class="glass-card p-6">
|
||
<h3 class="font-bold text-lg text-center mb-4 text-sky-300">上游：核心零部件</h3>
|
||
<div class="space-y-2 text-sm">
|
||
<p><strong>减速器:</strong> 绿的谐波 (谐波), 夏厦精密 (行星)</p>
|
||
<p><strong>传感器:</strong> 奥比中光 (3D视觉), 奥迪威 (超声波)</p>
|
||
<p><strong>电机/驱动器:</strong> 三花智控, 鸣志电器, 德昌股份</p>
|
||
<p><strong>芯片:</strong> 瑞芯微 (AIoT), 英伟达 (AI算力, 依赖)</p>
|
||
</div>
|
||
</div>
|
||
<!-- Midstream -->
|
||
<div class="glass-card p-6 border-2 border-violet-500 shadow-lg shadow-violet-500/30">
|
||
<h3 class="font-bold text-lg text-center mb-4 text-violet-200">中游：本体制造与系统集成</h3>
|
||
<div class="space-y-2 text-sm text-center">
|
||
<p class="text-xl font-bold">优必选 (链主)</p>
|
||
<p>整机设计、软件系统(ROSA)、AI算法、总装集成与销售</p>
|
||
</div>
|
||
</div>
|
||
<!-- Downstream -->
|
||
<div class="glass-card p-6">
|
||
<h3 class="font-bold text-lg text-center mb-4 text-emerald-300">下游：应用场景与合作伙伴</h3>
|
||
<div class="space-y-2 text-sm">
|
||
<p><strong>汽车制造:</strong> 比亚迪, 吉利, 东风柳汽, 蔚来</p>
|
||
<p><strong>3C制造:</strong> 富士康 (战略合作)</p>
|
||
<p><strong>商业/服务:</strong> 居然之家 (参股合作)</p>
|
||
<p><strong>生态合作:</strong> 华为, 天奇股份, 科大讯飞</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Related Stocks -->
|
||
<section>
|
||
<h2 class="section-title">概念关联股票池</h2>
|
||
<div class="glass-card p-0 overflow-hidden">
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-zebra w-full">
|
||
<thead>
|
||
<tr class="text-base">
|
||
<th>股票名称</th>
|
||
<th>关联逻辑</th>
|
||
<th>股票代码</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>天奇股份</td>
|
||
<td>合资机器人</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002009" target="_blank" class="text-violet-400 hover:underline">002009</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>绿的谐波</td>
|
||
<td>供应商 (谐波减速器)</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688017" target="_blank" class="text-violet-400 hover:underline">688017</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>奥比中光</td>
|
||
<td>供应商 (3D视觉传感器)</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688322" target="_blank" class="text-violet-400 hover:underline">688322</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>三花智控</td>
|
||
<td>供应商 (机电执行器/热管理)</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002050" target="_blank" class="text-violet-400 hover:underline">002050</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>科大讯飞</td>
|
||
<td>参股</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002230" target="_blank" class="text-violet-400 hover:underline">002230</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>瑞芯微</td>
|
||
<td>供应商 (芯片)</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=603893" target="_blank" class="text-violet-400 hover:underline">603893</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>奥迪威</td>
|
||
<td>供应商 (传感器)</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=920491" target="_blank" class="text-violet-400 hover:underline">920491</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>昊志机电</td>
|
||
<td>合作关系</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=300503" target="_blank" class="text-violet-400 hover:underline">300503</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>德昌股份</td>
|
||
<td>合作关系 (电机)</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=605555" target="_blank" class="text-violet-400 hover:underline">605555</a></td>
|
||
</tr>
|
||
<tr>
|
||
<td>居然之家</td>
|
||
<td>参股 & 商业场景合作</td>
|
||
<td>-</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Supplementary Analysis -->
|
||
<section class="mt-12">
|
||
<h2 class="section-title">涨幅异动分析补充</h2>
|
||
<div class="space-y-4">
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="rise-analysis-accordion" checked="checked" />
|
||
<div class="collapse-title text-xl font-medium">
|
||
铭科精技 (001319) <span class="badge badge-accent">+9.99%</span>
|
||
<span class="text-sm ml-2 text-gray-400">驱动: 机器人结构件量产龙头</span>
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p><strong>核心结论:</strong> 10-29盘前公告锁定优必选9.8亿元人形机器人轻量化关节总成三年订单，叠加工信部《人形机器人创新发展指导意见》首提铝合金/镁合金高真空压铸为关键短板，资金确认公司从“汽车精密件”跃迁为“机器人结构件量产龙头”，直接顶死一字板。</p>
|
||
<p class="mt-2"><strong>驱动逻辑:</strong></p>
|
||
<ul class="list-disc list-inside text-sm text-gray-300">
|
||
<li><strong>订单验证:</strong> 与优必选签9.8亿战略采购协议（2026-2028），锁供100%，单车价值810元，毛利率28-30%。</li>
|
||
<li><strong>技术壁垒:</strong> 高真空压铸+热处理一体成型工艺形成代差优势，获3项发明专利，减重18%、刚度+22%。</li>
|
||
<li><strong>业绩确定性:</strong> 订单锁定后2026-2028年年均新增收入3.3亿元、净利约0.7亿元，相当于2024年净利+60%以上。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="rise-analysis-accordion" />
|
||
<div class="collapse-title text-xl font-medium">
|
||
大洋电机 (002249) <span class="badge badge-accent">+9.95%</span>
|
||
<span class="text-sm ml-2 text-gray-400">驱动: 国产唯一电机供应商身份确认</span>
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p><strong>核心结论:</strong> 优必选Walker S2 2.5亿元订单确认“国产唯一电机供应商”身份+H股底价不低于10港元倒逼市值管理+新能源车电驱毛利率回升至18%带来的估值修复，三因子共振触发涨停。</p>
|
||
<p class="mt-2"><strong>驱动逻辑:</strong></p>
|
||
<ul class="list-disc list-inside text-sm text-gray-300">
|
||
<li><strong>供应商身份确认:</strong> 机构纪要确认其为Walker S2关节模组“国产唯一电机供应商”，市场按远期订单折现市值期权。</li>
|
||
<li><strong>市值管理预期:</strong> H股发行底价（约9.5元）较当时A股溢价20%，形成短期利益底。</li>
|
||
<li><strong>主业修复:</strong> 新能源电驱业务毛利率回升，作为比亚迪、广汽核心供应商，存在估值修复空间。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="collapse collapse-plus glass-card">
|
||
<input type="radio" name="rise-analysis-accordion" />
|
||
<div class="collapse-title text-xl font-medium">
|
||
得邦照明 (603303) <span class="badge badge-accent">+7.47%</span>
|
||
<span class="text-sm ml-2 text-gray-400">驱动: AI照明机器人概念</span>
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p><strong>核心结论:</strong> 上涨是母公司木林森AI业务协同、低空经济布局预期，叠加小盘高股息股票特性共同作用的结果。</p>
|
||
<p class="mt-2"><strong>驱动逻辑:</strong></p>
|
||
<ul class="list-disc list-inside text-sm text-gray-300">
|
||
<li><strong>AI照明合作:</strong> 母公司木林森子公司朗德万斯与优必选教育签署合作，推动AI照明机器人，得邦照明作为关联公司受益于业务协同预期。</li>
|
||
<li><strong>新兴赛道:</strong> 木林森拟收购低空照明企业，得邦照明或间接受益于低空经济赛道红利。</li>
|
||
<li><strong>股票特性:</strong> 流通盘小、股东惜筹、高分红，使其成为资金青睐的“小盘高股isi”标的，放大了炒作效应。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
|
||
</div>
|
||
<script>
|
||
document.addEventListener('DOMContentLoaded', function () {
|
||
var chartDom = document.getElementById('orderChart');
|
||
var myChart = echarts.init(chartDom, 'dark'); // Initialize with dark theme
|
||
var option;
|
||
|
||
option = {
|
||
backgroundColor: 'transparent',
|
||
title: {
|
||
text: '优必选2025年人形机器人订单增长情况',
|
||
subtext: '数据来源：新闻、路演、研报综合',
|
||
left: 'center',
|
||
textStyle: {
|
||
color: '#e0e0e0'
|
||
}
|
||
},
|
||
tooltip: {
|
||
trigger: 'axis',
|
||
axisPointer: {
|
||
type: 'cross',
|
||
label: {
|
||
backgroundColor: '#6a7985'
|
||
}
|
||
},
|
||
formatter: function (params) {
|
||
let res = params[0].name + '<br/>';
|
||
res += params[0].marker + '累计订单额: ' + params[0].value + ' 万元<br/>';
|
||
res += '事件: ' + params[0].data.event;
|
||
return res;
|
||
}
|
||
},
|
||
grid: {
|
||
left: '3%',
|
||
right: '4%',
|
||
bottom: '3%',
|
||
containLabel: true
|
||
},
|
||
xAxis: [
|
||
{
|
||
type: 'category',
|
||
boundaryGap: false,
|
||
data: ['2025-01', '2025-04-27', '2025-07-19', '2025-10-15', '2025-10-19'],
|
||
axisLine: {
|
||
lineStyle: {
|
||
color: 'rgba(255, 255, 255, 0.3)'
|
||
}
|
||
}
|
||
}
|
||
],
|
||
yAxis: [
|
||
{
|
||
type: 'value',
|
||
name: '累计订单额(万元)',
|
||
axisLabel: {
|
||
formatter: '{value}'
|
||
},
|
||
axisLine: {
|
||
lineStyle: {
|
||
color: 'rgba(255, 255, 255, 0.3)'
|
||
}
|
||
},
|
||
splitLine: {
|
||
lineStyle: {
|
||
color: 'rgba(255, 255, 255, 0.1)'
|
||
}
|
||
}
|
||
}
|
||
],
|
||
series: [
|
||
{
|
||
name: '累计订单额',
|
||
type: 'line',
|
||
stack: 'Total',
|
||
smooth: true,
|
||
lineStyle: {
|
||
width: 2,
|
||
color: '#a78bfa'
|
||
},
|
||
showSymbol: false,
|
||
areaStyle: {
|
||
opacity: 0.8,
|
||
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [
|
||
{
|
||
offset: 0,
|
||
color: 'rgba(167, 139, 250, 0.5)'
|
||
},
|
||
{
|
||
offset: 1,
|
||
color: 'rgba(167, 139, 250, 0)'
|
||
}
|
||
])
|
||
},
|
||
emphasis: {
|
||
focus: 'series'
|
||
},
|
||
data: [
|
||
{ value: 0, event: '年初' },
|
||
{ value: 1000, event: '获东风柳汽20台订单 (估算)' },
|
||
{ value: 10051, event: '中标觅亿汽车9051万项目' },
|
||
{ value: 13251, event: '获某上市车企3200万大单' },
|
||
{ value: 25851, event: '中标广西具身智能中心1.26亿项目 (累计超6.3亿)' } // 12600+13251
|
||
]
|
||
}
|
||
]
|
||
};
|
||
|
||
// Convert cumulative order total to match the axis. 6.3亿 = 63000万
|
||
// Let's recalculate the cumulative value based on provided data for accuracy
|
||
const orderData = [
|
||
{ date: '2025-01-01', value: 0, event: '年初' },
|
||
{ date: '2025-04-27', value: 20*50, event: '获东风柳汽20台订单(按50w/台估算)' }, // Estimated value
|
||
{ date: '2025-07-19', value: 1000 + 9051.15, event: '中标觅亿汽车9051万项目' },
|
||
{ date: '2025-10-15', value: 10051.15 + 3200, event: '获某上市车企3200万大单' },
|
||
{ date: '2025-10-19', value: 13251.15 + 12600, event: '中标广西具身智能中心1.26亿项目' }
|
||
];
|
||
|
||
option.xAxis[0].data = orderData.map(item => item.date);
|
||
option.series[0].data = orderData.map(item => ({
|
||
value: Math.round(item.value),
|
||
event: item.event
|
||
}));
|
||
|
||
myChart.setOption(option);
|
||
|
||
window.addEventListener('resize', function () {
|
||
myChart.resize();
|
||
});
|
||
});
|
||
</script>
|
||
</body>
|
||
</html> |