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卧龙电驱(600580):发力具身智能机器人产业 与头部公司达成合作

Wolong Electric Drive (600580): Striving to achieve cooperation with leading companies in the intelligent robot industry

SWHY Research ·  Jan 2

Event: On December 26, the Gushen Intelligent Robot Industry Development Conference in Shangyu District of Shaoxing City was held in Shangyu. Authoritative industry experts, industry elites and key enterprise representatives discussed new technologies, new trends and future development paths of the Gusheng Intelligent Industry. Chen Jiancheng, Chairman of the Board of Directors of Wolong Group, attended the conference and delivered a speech.

Reviews:

Since its establishment 40 years ago, the company has always focused on the field of motors, formed a rich product spectrum, has deep technical accumulation and cutting-edge technology research foundation, and has strong horizontal expansion capabilities, extending from mature industrial, daily use, and electric transportation applications to future-oriented intelligent robots and low-altitude economies. The market already has a certain understanding of the forward-looking and leading nature of the company's layout in the low-altitude economy; however, the company's potential in the field of embodying intelligent robots is still underestimated by the market.

Currently, the company's layout in the field of robotics is reflected in many aspects:

1) Layout key components of humanoid robots - joint modules, drivers, motors, etc.: The company has been deeply involved in servo products for many years. Currently, a series of servo drive products are widely used in industrial robots, AGVs, CNC machine tools, industrial automation and other fields.

For the field of bionic robots, the company has developed key component products such as high-explosive joint modules, servo drives, and frameless torque motors. According to interactive Q&A, the company has carried out joint R&D, sample testing, etc. with a number of downstream customers of bionic robots, and some customers have already formed small-batch orders.

2) The subsidiary Hill Robotics, focuses on scenario cooperation: Wolong Electric Drive acquired Italian Hill Robotics Company in 2014. Hill serves various industries such as automobiles, aviation, foundry, general industry, chemicals, etc., and provides customized overall robotics and automation solutions. It has an in-depth understanding of the process scenarios and automation needs of various industries, and now provides automated production lines for many well-known car companies around the world. On December 26, Hill Robotics and Shanghai Zhiyuan Xinchuang Technology Co., Ltd. signed a scenario application cooperation agreement. The two sides will cooperate in embodying intelligent technology, flexible manufacturing solution scenario expansion, etc., to promote general robot product innovation and scenario demonstration, and jointly release human-computer interactive embedded intelligent products, embodied intelligent vertical models, flexible manufacturing PPT scenarios, and factory AI cleaning solutions.

3) Multi-scenario industry solutions: According to the announcement, the company has laid out solutions such as bionic robot inspection systems, high-altitude emergency delivery systems, and exoskeleton assistance systems, which combine motion control, map positioning, autonomous navigation, sensory discrimination, communication transmission, etc., and can be widely used in various fields such as electricity, petrochemicals, coal mines, emergency rescue, medical rehabilitation, etc.

Maintain profit forecasts and “buy” ratings. We maintain the 2024-2026 net profit forecast of 0.917, 1.095, and 1.18 billion yuan, corresponding PE of 24, 20, and 19X. As the world's leading motor manufacturer, the company's main motor business continues to grow steadily; forward-looking layout of flying vehicle motor drive systems and embedded intelligent robots. Maintain a buy rating.

Risk warning: macroeconomic and downstream sentiment risks, increased risk of market competition, risk of low-altitude economic implementation falling short of expectations; the company issued the “Notice on Receiving the Decision on Administrative Supervision Measures from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission” in September 2024 to pay attention to related risks.

The translation is provided by third-party software.


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