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精密减速器(谐波减速器·机器人零部件)

03Reports
·精密减速器(谐波减速器·机器人零部件) ·内部研究

Shenzhen Zhaowei: A Real Precision Micro-Drive Business Undergoing a Thematic Robot Re-Rating

Zhaowei is a 25-year-old precision micro-drive systems supplier whose 2025 revenue was RMB1.72 billion, with automotive the real engine at 64.5% of sales while the headline-grabbing embodied-robotics line was just 1.39%. The A-share trades at about 91.5x trailing earnings and the H-share implies a roughly 46.6% discount, so the market is pre-paying for a humanoid-supply-chain future that the filings have not yet delivered. Rating Hold: a credible micro-drive platform with real robot optionality, but the A-share still prices too much of that optionality in advance; the ideal buy zone is CN¥44-61.

003021.SHE Shenzhen Zhaowei Machinery & Electronics Co., Ltd. #精密传动#微型驱动#灵巧手#人形机器人#机器人执行器#汽车零部件#A+H股#估值
Hold
·精密减速器(谐波减速器·机器人零部件) ·内部研究

Leaderdrive: China's Harmonic-Reducer Leader Priced for a Humanoid Future

Leaderdrive is China's domestic leader in harmonic-drive (strain-wave) reducers, the precision part inside robot joints, now extending from stand-alone components into mechatronic actuators. 2025 revenue jumped 47.3% to RMB 570.7 million with harmonic-reducer unit sales up 72.5%, yet at RMB 381.60 the stock trades near 123x sales and roughly 562x trailing earnings, pre-spending a humanoid-scale future that filings have not yet disclosed. Rating Avoid: a genuinely improving component leader at a speculative price, with every valuation scenario implying a loss from today's level until the humanoid ramp is proven or the price resets.

688017.SHG Leader Harmonious Drive Systems Co., Ltd. #harmonic reducer#precision robotics#humanoid robot#domestic substitution#embodied intelligence#valuation
Avoid
·精密减速器(谐波减速器·机器人零部件) ·内部研究

哈默纳科（Harmonic Drive Systems）横纵框架深度研究

哈默纳科（Harmonic Drive Systems，6324.TSE）是全球谐波减速器（应变波齿轮 strain wave gearing）的绝对龙头——按销售额价值口径约占全球 58%、高端市场超 70%，是工业机器人手腕/小臂关节、半导体设备、航天精密轴的「事实标准件」，也是人形机器人旋转关节最纯粹的「卖铲人」。

6324.TSE 哈默纳科（Harmonic Drive Systems） #哈默纳科#Harmonic Drive#6324#谐波减速器#人形机器人#机器人减速器#精密减速器#国产替代#周期股#估值透支#横纵分析
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