<p><em>这家高精度组件制造商的收入和利润在第一季度均出现下滑，考验其机器人业务的可行性</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/06063846/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-5-2026_10413_thebambooworks.com_-1024x673.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/06063846/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-5-2026_10413_thebambooworks.com_-1024x673.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>兆威机电第一季度的收入和利润均出现下降，利润同比下降超过 25%</li>
<li>受益于最近在香港上市，公司现金储备在 3 月底达到了 9.5 亿元人民币</li>
</ul>
<p>让机器人走路、跑步和打斗可能很复杂，但让它们产生利润要容易得多。在缺乏利润的情况下，提供茶水、倒水、跳舞和翻筋斗的机器人制造商只能依靠持续的投资者资金流来维持运营。与此同时，尽管机器人概念股的估值持续上升，但该行业的利润依然难以实现，收入也不稳定。</p>
<p>一个典型的例子是高精度组件制造商 <strong>深圳兆威机电有限公司</strong>（2692.HK；003021.SZ），许多投资者将其视为机器人概念股。该公司深刻理解其地位的脆弱性，<strong>上周报告</strong> 显示其第一季度的收入和利润均出现下降。自两个月前在香港上市以来，涌向机器人股票的投资者对兆威的反应冷淡，导致其股价较发行价下跌约 8%。</p>
<p>兆威并不制造成品机器人，而是提供使机器人能够移动的动力传输和驱动系统。其核心产品包括将电能转化为精确旋转和推力运动的齿轮箱、微型电机和集成驱动模块。其产品已广泛应用于汽车电子、消费设备和工业自动化等领域。机器人技术的兴起也将其产品的应用扩展到机器人手指和微关节等领域，为公司进入机器人概念领域提供了机会。</p>
<p>但尽管这个概念听起来不错，但在兆威的财务报表中尚未体现。公司的最新报告显示，第一季度收入同比下降 2.7%，至 3.57 亿元人民币（约合 5230 万美元），而净利润则暴跌 25.2%，降至 4095 万元人民币。剔除非经常性项目后，其利润下降幅度更大，达到 31.9%，降至 3214 万元人民币。与相对较小的收入下降相比，利润的更大降幅表明公司的盈利能力正面临压力。</p>
<p>这种压力主要来自成本方面。在这三个月期间，兆威的研发费用上升至约 4280 万元人民币，同比增长 7.9%，销售和管理费用也上升了类似幅度。对于一家仍在探索新应用场景的制造公司来说，前期投资是必然的。但在没有相应收入增长的情况下，利润率自然受到挤压。仔细观察公司的收益结构，可以发现更为复杂的情况。其第一季度的投资收益达到 1524 万元人民币，同比几乎增长四倍，这意味着其最新的利润更多是由于财务资产的收益，而非运营因素。</p>
<p>受益于在 3 月份的香港 IPO 中获得超过 18 亿港元（约合 2.3 亿美元）的新资金，公司现金从去年年底的 2.17 亿元人民币大幅跃升至第一季度末的 9.5 亿元人民币。其总资产也膨胀至 58.8 亿元人民币，资产负债率保持在低位，反映出 IPO 后财务状况显著改善。</p>
<p>值得注意的是，公司在第一季度进行了大量外部投资，导致投资活动现金流出达到 8.7 亿元人民币，其中至少一部分可能是使用 IPO 的收益。根据兆威之前的披露，计划将约 65% 的 IPO 收益用于技术研发和产能扩张，表明其对核心业务的持续关注。</p>
<h4><strong>增长尚未实现</strong></h4>
<p>兆威历史上专注于传统电子行业的精密传动组件，并逐渐扩展到机器人等高端应用，因为设备变得越来越复杂。它还从曾经的单一零部件扩展到集成模块，以通过增加更高附加值的产品来提升利润率和客户粘性。</p>
<p>该公司处于产业链的后端，这意味着其组件的需求取决于成品制造商是否能够实现广泛的商业部署，而不仅仅是创造没有大规模市场的概念产品。这一区别适用于许多仍在设计阶段的机器人制造商，他们的产品尚未实现商业化，尽管他们吸引了大量投资者资金。兆威还受到其微驱动产品相对低单价的制约，使得盈利能力更依赖于规模而非高价。在缺乏爆炸性订单增长的情况下，成本上升与销售停滞自然对其利润率造成压力。</p>
<p>意识到这一严峻现实，投资者开始质疑持有兆威股票的明智性。竞争对手 <strong>中达领航</strong>（002896.SZ）的业务与兆威相似，目前的市盈率约为 212 倍，远高于兆威深圳上市股票的 87 倍和香港股票的 50 倍。尽管兆威的估值低于其同行，但仍明显高于传统精密组件制造商的估值。</p>
<p>与传统精密制造商相比，兆威机电的高估值可能部分归因于一些投资者将其视为机器人领域的投资，尽管其销售尚未反映出这种潜力。这使得公司处于相对尴尬的境地——既无法证明机器人驱动的需求如许多人所期待的那样到来，同时又以包含如此高期望的估值进行交易。</p>
<p>这种脱节并不仅限于兆威机电这样的一家公司。整个机器人产业链仍处于早期阶段，投资者尚未弄清楚谁将是首个推出真正商业产品的公司。兆威机电当前的商业结构，仍主要根植于精密制造，显然不足以单独支撑机器人概念所赋予的估值溢价。这可能导致投资者开始重新评估他们早期的期望与现实之间的差距，这也有助于解释为什么兆威机电在上市两个月以来其香港股票下跌。</p>
<p><em>要订阅 Bamboo Works 每周的免费新闻通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

兆威机电

<p>兆威机电在第一季度报告了收入和利润的双重下降，利润同比下降超过 25%。尽管在香港上市后现金储备激增至 9.5 亿元，但由于研发和管理成本上升，公司盈利能力受到压力。收入下降 2.7%，至 3.57 亿元，而净利润暴跌 25.2%，至 4095 万元。公司专注于技术研发和产能扩张，但在成本上升和机器人行业销售停滞的情况下，面临实现盈利的挑战</p>

<p><em>The high-precision component maker's revenue and profit both fell in the first quarter, putting its robotics story to the test</em></p>
<div class="lb-trans"><p><em>这家高精度组件制造商的收入和利润在第一季度均出现下滑，考验其机器人业务的可行性</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/06063846/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-5-2026_10413_thebambooworks.com_-1024x673.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/06063846/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-5-2026_10413_thebambooworks.com_-1024x673.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Zhaowei Machinery's first-quarter revenue and profit both declined, with its profit down more than 25% year-on-year</li>
<li>Buoyed by its recent Hong Kong listing, the company's cash reserves surged to 950 million yuan by the end of March</li>
</ul>
<div class="lb-trans"><ul>
<li>兆威机电第一季度的收入和利润均出现下降，利润同比下降超过 25%</li>
<li>受益于最近在香港上市，公司现金储备在 3 月底达到了 9.5 亿元人民币</li>
</ul>
</div><p>Making robots walk, run, and fight may be complex, but it's much easier than making them generate profits. In the absence of such profits, makers of robots that serve tea, pour water, dance and do somersaults have instead relied on a steady flow of fresh investor capital to keep their operations running. Meantime, profits for the sector remain elusive, and revenue is unstable, even as valuations for robotic concept plays continue to rise.</p>
<div class="lb-trans"><p>让机器人走路、跑步和打斗可能很复杂，但让它们产生利润要容易得多。在缺乏利润的情况下，提供茶水、倒水、跳舞和翻筋斗的机器人制造商只能依靠持续的投资者资金流来维持运营。与此同时，尽管机器人概念股的估值持续上升，但该行业的利润依然难以实现，收入也不稳定。</p>
</div><p>A case in point is high-precision component maker <strong>Shenzhen Zhaowei Machinery &amp; Electronics Co. Ltd.</strong> (2692.HK; 003021.SZ), which many investors are treating as a robot concept play. The company profoundly understands the tenuousness of its position, <strong>reporting last week</strong> that both its revenue and profit declined in the first quarter. Investors that have flocked to robot stocks have been lukewarm on Zhaowei since its Hong Kong listing two months ago, sending its stock down about 8% from its offering price.</p>
<div class="lb-trans"><p>一个典型的例子是高精度组件制造商 <strong>深圳兆威机电有限公司</strong>（2692.HK；003021.SZ），许多投资者将其视为机器人概念股。该公司深刻理解其地位的脆弱性，<strong>上周报告</strong> 显示其第一季度的收入和利润均出现下降。自两个月前在香港上市以来，涌向机器人股票的投资者对兆威的反应冷淡，导致其股价较发行价下跌约 8%。</p>
</div><p>Zhaowei doesn't make finished robots, but rather provides power transmission and drive systems that allow robots to move. Its core products include the gearboxes, micro motors, and integrated drive modules that convert electricity into precise rotational and thrusting movements. Its products have found their way into applications in automotive electronics, consumer devices and industrial automation. The rise of robotics has also extended the use of its products into areas like robotic fingers and micro joints, giving the company a runway into the robot concept arena.</p>
<div class="lb-trans"><p>兆威并不制造成品机器人，而是提供使机器人能够移动的动力传输和驱动系统。其核心产品包括将电能转化为精确旋转和推力运动的齿轮箱、微型电机和集成驱动模块。其产品已广泛应用于汽车电子、消费设备和工业自动化等领域。机器人技术的兴起也将其产品的应用扩展到机器人手指和微关节等领域，为公司进入机器人概念领域提供了机会。</p>
</div><p>But while the concept may sound good, it has yet to materialize in Zhaowei's financials. The company's latest report shows its revenue slipped 2.7% year-on-year to 357 million yuan ($52.3 million) in the first quarter, while its net profit tumbled 25.2% to 40.95 million yuan. Excluding non-recurring items, its profit fell by an even steeper 31.9% to 32.14 million yuan. That bigger decline in profit, compared with a relatively small revenue drop, indicates the company's profitability is under pressure.</p>
<div class="lb-trans"><p>但尽管这个概念听起来不错，但在兆威的财务报表中尚未体现。公司的最新报告显示，第一季度收入同比下降 2.7%，至 3.57 亿元人民币（约合 5230 万美元），而净利润则暴跌 25.2%，降至 4095 万元人民币。剔除非经常性项目后，其利润下降幅度更大，达到 31.9%，降至 3214 万元人民币。与相对较小的收入下降相比，利润的更大降幅表明公司的盈利能力正面临压力。</p>
</div><p>The pressure comes primarily on the cost side. During the three-month period, Zhaowei's R&amp;D costs rose to about 42.8 million yuan, up 7.9% year-on-year, with selling and administrative expenses up by similar amounts. For a manufacturing firm still exploring new application scenarios for its products, upfront investment is a given. But without commensurate revenue growth, profit margins are naturally getting squeezed. A closer look at the company's earnings structure reveals a more nuanced picture. Its first-quarter investment income reached 15.24 million yuan, nearly quadrupling year-on-year, implying that its latest profit was less the result of operational factors, and instead was heavily influenced by gains in its financial assets.</p>
<div class="lb-trans"><p>这种压力主要来自成本方面。在这三个月期间，兆威的研发费用上升至约 4280 万元人民币，同比增长 7.9%，销售和管理费用也上升了类似幅度。对于一家仍在探索新应用场景的制造公司来说，前期投资是必然的。但在没有相应收入增长的情况下，利润率自然受到挤压。仔细观察公司的收益结构，可以发现更为复杂的情况。其第一季度的投资收益达到 1524 万元人民币，同比几乎增长四倍，这意味着其最新的利润更多是由于财务资产的收益，而非运营因素。</p>
</div><p>Buoyed by over HK$1.8 billion ($230 million) in fresh funds from its Hong Kong IPO in March, the company's cash jumped significantly from 217 million yuan at the end of last year to 950 million yuan at the end of the first quarter. Its total assets also swelled to 5.88 billion yuan, and its debt-to-asset ratio remained low, reflecting a markedly improved financial position post-IPO.</p>
<div class="lb-trans"><p>受益于在 3 月份的香港 IPO 中获得超过 18 亿港元（约合 2.3 亿美元）的新资金，公司现金从去年年底的 2.17 亿元人民币大幅跃升至第一季度末的 9.5 亿元人民币。其总资产也膨胀至 58.8 亿元人民币，资产负债率保持在低位，反映出 IPO 后财务状况显著改善。</p>
</div><p>Notably, the company invested heavily outside during the first quarter, resulting in a cash outflow from investing activities of 870 million yuan, At least some of that was likely done using proceeds from the IPO. According to Zhaowei's earlier disclosures, it planned to use roughly 65% of the IPO proceeds for technology R&amp;D and capacity expansion, signaling its continued focus on its core business.</p>
<div class="lb-trans"><p>值得注意的是，公司在第一季度进行了大量外部投资，导致投资活动现金流出达到 8.7 亿元人民币，其中至少一部分可能是使用 IPO 的收益。根据兆威之前的披露，计划将约 65% 的 IPO 收益用于技术研发和产能扩张，表明其对核心业务的持续关注。</p>
</div><h4><strong>Growth yet to materialize</strong></h4>
<div class="lb-trans"><h4><strong>增长尚未实现</strong></h4>
</div><p>Zhaowei historically focused on precision transmission components for traditional electronics sectors, and has gradually expanded into higher-end applications such as robotics as devices become increasingly sophisticated. It has also moved beyond standalone parts that were once its mainstay into integrated modules to enhance its margins and customer stickiness through the addition of greater value-added products.</p>
<div class="lb-trans"><p>兆威历史上专注于传统电子行业的精密传动组件，并逐渐扩展到机器人等高端应用，因为设备变得越来越复杂。它还从曾经的单一零部件扩展到集成模块，以通过增加更高附加值的产品来提升利润率和客户粘性。</p>
</div><p>The company operates toward the back end of the industry chain, which means demand for its components hinges on whether finished product makers can achieve widespread commercial deployment, rather than simply creating concept products without mass markets. That distinction applies to many robot makers whose products are still largely on the drawing board, but have yet to be commercialized, even as they soak up big investor dollars. Zhaowei is further hamstrung by the relatively low unit prices for its micro-drive products, making profitability more dependent on scale than premium pricing. In the absence of explosive order growth, rising costs, combined with stagnating sales, are naturally pressuring its margins.</p>
<div class="lb-trans"><p>该公司处于产业链的后端，这意味着其组件的需求取决于成品制造商是否能够实现广泛的商业部署，而不仅仅是创造没有大规模市场的概念产品。这一区别适用于许多仍在设计阶段的机器人制造商，他们的产品尚未实现商业化，尽管他们吸引了大量投资者资金。兆威还受到其微驱动产品相对低单价的制约，使得盈利能力更依赖于规模而非高价。在缺乏爆炸性订单增长的情况下，成本上升与销售停滞自然对其利润率造成压力。</p>
</div><p>Realizing this stark reality, investors have begun to question the wisdom of holding Zhaowei's stock. Rival <strong>ZhongDa Leader</strong> (002896.SZ), whose business closely mirrors Zhaowei's, currently trades at a price-to-earnings (P/E) ratio of around 212 times, towering over the high but not quite as stratospheric 87 times for Zhaowei's Shenzhen-listed shares and an even lower 50 times for its Hong Kong stock. While Zhaowei trades at a discount to its peer, its valuation is still noticeably richer than those for traditional precision component manufacturers.</p>
<div class="lb-trans"><p>意识到这一严峻现实，投资者开始质疑持有兆威股票的明智性。竞争对手 <strong>中达领航</strong>（002896.SZ）的业务与兆威相似，目前的市盈率约为 212 倍，远高于兆威深圳上市股票的 87 倍和香港股票的 50 倍。尽管兆威的估值低于其同行，但仍明显高于传统精密组件制造商的估值。</p>
</div><p>Zhaowei's high valuation compared to traditional precision manufacturers probably owes partly to its labeling as a robotics play by some investors, even if its sales have yet to reflect that potential. That leaves the company in a relatively awkward position — neither able to prove that robotic-driven demand is arriving like many are expecting, while also trading at a valuation that includes such high expectations.</p>
<div class="lb-trans"><p>与传统精密制造商相比，兆威机电的高估值可能部分归因于一些投资者将其视为机器人领域的投资，尽管其销售尚未反映出这种潜力。这使得公司处于相对尴尬的境地——既无法证明机器人驱动的需求如许多人所期待的那样到来，同时又以包含如此高期望的估值进行交易。</p>
</div><p>This type of disconnect isn't isolated to a single company like Zhaowei. The entire robotics chain is still in its early stages, and investors have yet to figure out who will be among the first to break out with truly commercial products. Zhaowei's current business structure, still rooted primarily in precision manufacturing, is obviously insufficient to single-handedly sustain the valuation premium conferred by the robotics concept. That may lead investors to start reassessing the gap between their earlier expectations and reality, which may help to explain why Zhaowei's Hong Kong stock is down in the two months since its IPO.</p>
<div class="lb-trans"><p>这种脱节并不仅限于兆威机电这样的一家公司。整个机器人产业链仍处于早期阶段，投资者尚未弄清楚谁将是首个推出真正商业产品的公司。兆威机电当前的商业结构，仍主要根植于精密制造，显然不足以单独支撑机器人概念所赋予的估值溢价。这可能导致投资者开始重新评估他们早期的期望与现实之间的差距，这也有助于解释为什么兆威机电在上市两个月以来其香港股票下跌。</p>
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兆威机电第一季度的业绩下滑，使得机器人行业的叙事面临压力