国内协作机器人龙头企业，持续推出新产品和投资研发项目

Leading domestic collaborative robot company& Continuously launching new products and investing inR&Dprojects 最新动态 ➢公司持续推出新产品并投资于研发项目，以拓展公司的业务及推进公司的技术。2025年9月，公司推出ElfinHigh-Speed版本（E系列的定制版本），其提供最高关节速度每秒370°和最大1.5倍加速，使其适合部署于具有严格生产节奏要求的生产线，进一步拓宽了E系列可覆盖的行业领域和应用场景。2025年9月，公司亦推出新定制版本S60型号，其支持最高额定负载60公斤和臂展距离2.2米，同时维持48V低压供电，确保能源效益和运营安全，为码垛、机床上下料、物料传送和物流自动化等高负载和高吞吐量的工业应用场景。提供所需的强度、稳定性与效率。2025年，公司针对人形机器人开发了一款高功率密度、超低振动及抖动模块化驱动电机，专为人形机器人在工业领域对高性能、高稳定性有需求的应用场景而设计。 ➢募集资金将用于未来研发能力提升、全球化业务拓展和产能扩建。公司从全球发售获得14.78亿港元的所得款项净额。公司拟按以下用途及金额使用全球发售所得款项：所得款项净额约55.0%将于未来五年用于提升公司的研发能力。所得款项净额约20.0%将于未来五年用于全球业务发展，强化公司的市场领导地位。所得款项净额约15.0%将于未来五年用于升级并扩建生产能力。所得款项净额约10.0%或约1.28亿港元，将用于营运资金及一般企业用途。 动向解读 ➢公司为国内协作机器人龙头企业且海外出口表现卓越。公司从事面向工业自动化应用的协作机器人及核心运动部件的研发、生产和销售。根据弗若斯特沙利文的数据，公司是第二大中国协作机器人公司，份额为10.3%，也是2024年排名前五的全球企业，份额为3.5%，公司2024年海外出口收入国内排名第一，海外收入占比达50.2%。凭借覆盖核心运动部件、协作机器人硬件及硬件原生HRC具身智能控制平台的综合能力，公司的协作机器人具备高稳定性、高精度及优异的运动控制性能。公司的产品设计进一步支持客户及系统集成商进行二次开发，并根据具体应用场景定制功能。因此，公司的协作机器人广泛应用于多个行业领域。具体而言，E系列协作机器人主要用于工业制造、消费电子及医疗健康，支持微小组件装配、精密加工、医疗检测等高精度应用场景。S系列协作机器人则主要部署于汽车和物流行业，包括应用于例如码垛、机床上下料、物料搬运及物流自动化等。 ➢公司是中国领先协作机器人公司中唯一一家独立对外销售核心运动部件的公司。1）无框力矩电机：专为在低速下提供高力矩而设计，广泛应用于协作机器人及人形机器人以提升其精度等性能。2）关节模组：关节模组是将核心运动部件整合在一个单元内的集成组件，可实现精准高效的机器人关节运动。公司现提供两种关节模组：协作机器人关节模组和人形机器人关节模组。目前公司的人形机器人关节模组已经和众多人形机器人公司合作测试或已实现量产。3）精密运动平台：是先进的机械系统，专为基因测序、光学通信、及半导体制造等为精准定位的应用而设计，可提供超精细、稳定且高精度的多轴运动。公司的精密运动平台产品已经导入上述行业的多家头部设备商，未来有较大增长潜力。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为-0.06、0.60和1.77亿元，参考同行业公司估值，给予公司2026年25倍PS，按照港元兑人民币0.88汇率计算，对应目标价31.50港元，首次覆盖给予“买入”评级。 风险提示 ➢技术迭代的风险、研发投入不及预期的风险、研发人员流失的风险、知识产权保护的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，覆盖港股AI、半导体、软件和科技行业标的如下：伟仕佳杰、晶门半导体、珩湾科技、中国软件国际、百望股份、百富环球、赛晶科技、有赞、博雅互动、IGG、汇通达、卓越睿新、易点云、华沿机器人等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852) 97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4) Global Prosperity Financial Company Limited and/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limited and/or its subsidiaries are not making a market in the securities in respectof the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Global ProsperityFinancial Company Limited and/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinionsexpressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limited group of companies. Anyopinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups of Global Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, GlobalProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This Research Reportmay contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such