Author丨Zhao Yunfan.
Editor丨Wu Yanling.
At the beginning of the new year, new productivity concepts such as humanoid robots and industrial machine tools have once again become star industries in the capital market.
As of February 26th**, more than 50 robot and industrial machine concepts such as Zhongya Shares, Fengli Intelligence, Claus, Hongde Shares, and Huadong Heavy Machinery once rose to a limit. The overall increase in the wind robot industry reached 503%, becoming the booster of the current structural ** of A-shares.
On February 27, the "leader" of the plate's heat Kelai Electromechanical (603960SH) shares opened 592%, after the opening of the company's stock price ** upward, intraday closure ** stop, as of press time, Kelai Electromechanical stock price reported a price limit of 4103 yuan shares, which is also the 13th consecutive price limit won by the company.
On the evening of February 26, an announcement of "severe abnormal fluctuations" was issued.
The astonishing growth of Kelai Electromechanical may be related to the company's automation equipment solutions business, because companies in this type of industry are generally considered to be a common sub-industry for the smooth transformation of humanoid robots.
However, long before the company's stock price was pushed up, Kelai Electromechanical clarified that the company is not currently involved in the humanoid robot industry. On February 26, the company also issued a transaction risk warning announcement for the fifth time, stating that there were no major changes in the company's operation, the price-earnings ratio and price-to-book ratio were significantly higher than the industry average, and there was emotional overheating and irrational speculation, reminding investors to pay attention to transaction risks, rational decision-making, and prudent investment.
In this regard, a buyer pointed out to reportersDue to its broad industry and reverie space, including a high degree of integration with the domestic manufacturing industry structure, humanoid robots are considered by many institutions to be one of the key industries in 2024. However, at the same time, we also need to be wary of the risk of over-hype caused by some **.
Funds are in demand
According to the data, Kelai Electromechanical is mainly engaged in two major businesses, including:Automation equipment business and automotive thermal management business.
Among them, the company's automation equipment business includes new energy vehicle axles, electromechanical controllers and other electronic power integrated modules, automated flexible assembly production lines, etc.; Automotive thermal management includes air-conditioning pipes and valve parts. In addition, the company also has oil pipes, cooling pipes, fuel distribution pipes and other traditional fuel vehicle parts related business.
It is not difficult to find that although humanoid robots also need electromechanical actuators and thermal management systems, although Kelai's electromechanical business and humanoid robots are interconnected with each other in the industry, the fit in the subdivision field is not high.
Including the previous Kelai Electromechanical on January 15 in response to the interactive platform investor inquiries also pointed out that the company has been paying attention to and tracking the cutting-edge development of robot technology and products, but "at present, it has not yet involved the humanoid robot industry chain business".
However, the market has already seen it as a sector leader.
In addition, the business does not look like "****, but Kelai Electromechanical is an industry enterprise that rarely reports good news in advance for 2023 performance in the case of generally poor upstream performance of robots and new energy vehicles.
On the evening of January 24, the company disclosed the performance forecast, which is expectedIn 2023, the net profit attributable to shareholders will be 9147990,000 yuan to 9792210,000 yuan, an increase of 2,705 compared with the same period last year740,000 yuan to 3349970,000 yuan, an increase of 42 year-on-year00% to 5200%。
In 2023, with the changes in the macro environment and the coordinated efforts of various policies, the overall operation of China's economy continued to rebound and improve, while the company continued to improve internal management, improve the company's operational capabilities, reduce costs and increase efficiency, and continue to improve business performance. The auto parts business benefited from the improvement of the automobile market, with increased sales volume, product revenue and gross profit margin. The company noted in its earnings report.
It is worth noting that according to the draft performance disclosed by Kelai Electromechanical in 2022,The company's employee equity incentive and 2025 restricted unlocking requirements are not less than 65 million yuan, 91 million yuan and 135 million yuan respectively last year. The net profit disclosed in the performance forecast also happens to be above the level of 91 million.
The company's main customers are Bosch and United Electronics. In the context of the high growth of new energy vehicle sales, Bosch continues to increase investment to expand the production capacity of electric vehicle motors, and at the same time, in July this year, United Electronics launched the second phase of the construction of the Taicang plant, which is expected to have a cumulative equipment investment of more than 1.4 billion yuan, which is expected to drive the company's business growth. In 2022, the company's intelligent equipment business will sign a new order 43.2 billion, the newly signed orders are concentrated in the assembly and testing production lines of electric drive, electronic control, batteries and other products of new energy vehicles. Guoxin** pointed out when covering the company in 2022.
Star institutions are heavily positioned
Under the resonance of multiple factors, Kelai Electromechanical has been favored by market fundsIt has risen 213% since February, and its market value has increased from 312.4 billion yuan rose to nearly 10 billion.
Before the surge, the market popularity of Kelai Electromechanical was not high, and according to choice data, the company will only be covered by two research reports in 2023. But there have long been well-known institutions in the layout.
According to public information, as of the third quarter of 2023, the national social security **406 portfolio holds 1074 companies50,000 shares, accounting for 411%；The basic endowment insurance **16052 portfolio holds 6.16 million shares, accounting for 236%, which are the first of the companies except for the Shanghai-Hong Kong Stock Connect account.
3. The fourth largest shareholder.
At the same time, Lu Bin, one of the champion** managers in 2020, manages HSBC Jinxin Intelligent Manufacturing Pioneer **Investment**, which is also an important shareholder of Kelai Electromechanical in history. According to the disclosure of Kelai Electromechanical, as of the end of the third quarter, the two accounts of HSBC Jinxin Intelligent Manufacturing Pioneer were the company's first.
The seventh and eighth largest shareholders respectively hold 374 of the company80,000 shares and 33690,000 shares, with a shareholding ratio of 142% and 128%。
However, it is worth noting that the first account of HSBC Jinxin Intelligent Manufacturing Pioneer has significantly increased its share of about 2% in the third quarter.
Considering the existence of coherence, some market participants speculatedSince HSBC Jinxin Intelligent Manufacturing Pioneer did not have a significant increase in net value during the period of Kelai Electromechanical, it is speculated that the ** has "sold" the stock in view of the investment restrictions of public micro-cap stocks.
It is expected to become the main line of investment
Behind the frequent financial favor of "new quality productivity", the speculation that humanoid robots will become the main line after the year has reached a certain market consensus.
CITIC ** pointed out in the research report on February 25: "The robot sector is strong after the Spring Festival, mainly due to the expected improvement in the progress of Tesla's humanoid robot industry chain, the AI giant igniting the fire of robot technology innovation, and the continuous positive update of the policy side and the manufacturer side, in addition to the alleviation of liquidity problems also provides conditions for the sector." The progress of industrial development will be greatly accelerated with the blessing of AI, and the sector is in its initial stage, and 2024 will be a year of rapid development of humanoid robots,".
In a previous report, the agency argued that "to make up for the shortage of labor, replace manual labor to complete dangerous work, and liberate people's bodies, the development of humanoid robots has social significance", and "humanoid robots have stronger spatial accessibility, dexterous hands have fine operation capabilities, and stronger software and hardware versatility." ”
Mainstream investment and research institutions, including Tianfeng** and CICC, believe that humanoid robots are the "first year" in 2024 and one of the important investment lines this year.
In addition to the secondary market, more real gold** has been sprinkled into the primary market of humanoid robots.
On February 25, foreign media quoted people familiar with the matter as saying that Amazon founder Bezos, Nvidia, Microsoft and OpenAI will all provide financing to startup Figure AI, which is developing a humanoid robot with the goal of providing labor supplements for repetitive and dangerous warehouse and retail jobs.
Prior to this, on February 23, Unitree Technology, which is well-known in the industry for its "robot dog" products, announced the completion of nearly 1 billion yuan in B2 round of financing, with investors including Meituan, Goldstone Investment, Source Code, and old shareholders Shenzhen Venture Capital, China Network Investment, Rongyi, Dunhong and Mida Junshi followed the investment.
"There is a lot of room for robot imagination, and because this industry does not have very clear commercialization prospects and valuation anchors, it is relatively easy to appear large-scale. A buyer told reporters and pointed out that it is similar to the capital market's attention to the new energy vehicle industry around 2016.
At the same time, he also said that even though the market has begun to warm up for humanoid robots, it is still necessary to pay attention to the risks brought by plate fluctuations when the commercialization prospects are not obvious.
"The market expects robotics and AI to be the drivers of economic growth in the next decade. But whether the story will be successful or not depends on the final commercialization. ”
sfc
Editor: Jiang Peipei, intern: Liao Jiayi.
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