<p><em>這家高精度組件製造商的收入和利潤在第一季度均出現下滑，考驗其機器人業務的可行性</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>關鍵要點：</strong></h4>
<ul>
<li>兆威機電第一季度的收入和利潤均出現下降，利潤同比下降超過 25%</li>
<li>受益於最近在香港上市，公司現金儲備在 3 月底達到了 9.5 億元人民幣</li>
</ul>
<p>讓機器人走路、跑步和打鬥可能很複雜，但讓它們產生利潤要容易得多。在缺乏利潤的情況下，提供茶水、倒水、跳舞和翻筋斗的機器人制造商只能依靠持續的投資者資金流來維持運營。與此同時，儘管機器人概念股的估值持續上升，但該行業的利潤依然難以實現，收入也不穩定。</p>
<p>一個典型的例子是高精度組件製造商 <strong>深圳兆威機電有限公司</strong>（2692.HK；003021.SZ），許多投資者將其視為機器人概念股。該公司深刻理解其地位的脆弱性，<strong>上週報告</strong> 顯示其第一季度的收入和利潤均出現下降。自兩個月前在香港上市以來，湧向機器人股票的投資者對兆威的反應冷淡，導致其股價較發行價下跌約 8%。</p>
<p>兆威並不製造成品機器人，而是提供使機器人能夠移動的動力傳輸和驅動系統。其核心產品包括將電能轉化為精確旋轉和推力運動的齒輪箱、微型電機和集成驅動模塊。其產品已廣泛應用於汽車電子、消費設備和工業自動化等領域。機器人技術的興起也將其產品的應用擴展到機器人手指和微關節等領域，為公司進入機器人概念領域提供了機會。</p>
<p>但儘管這個概念聽起來不錯，但在兆威的財務報表中尚未體現。公司的最新報告顯示，第一季度收入同比下降 2.7%，至 3.57 億元人民幣（約合 5230 萬美元），而淨利潤則暴跌 25.2%，降至 4095 萬元人民幣。剔除非經常性項目後，其利潤下降幅度更大，達到 31.9%，降至 3214 萬元人民幣。與相對較小的收入下降相比，利潤的更大降幅表明公司的盈利能力正面臨壓力。</p>
<p>這種壓力主要來自成本方面。在這三個月期間，兆威的研發費用上升至約 4280 萬元人民幣，同比增長 7.9%，銷售和管理費用也上升了類似幅度。對於一家仍在探索新應用場景的製造公司來説，前期投資是必然的。但在沒有相應收入增長的情況下，利潤率自然受到擠壓。仔細觀察公司的收益結構，可以發現更為複雜的情況。其第一季度的投資收益達到 1524 萬元人民幣，同比幾乎增長四倍，這意味着其最新的利潤更多是由於財務資產的收益，而非運營因素。</p>
<p>受益於在 3 月份的香港 IPO 中獲得超過 18 億港元（約合 2.3 億美元）的新資金，公司現金從去年年底的 2.17 億元人民幣大幅躍升至第一季度末的 9.5 億元人民幣。其總資產也膨脹至 58.8 億元人民幣，資產負債率保持在低位，反映出 IPO 後財務狀況顯著改善。</p>
<p>值得注意的是，公司在第一季度進行了大量外部投資，導致投資活動現金流出達到 8.7 億元人民幣，其中至少一部分可能是使用 IPO 的收益。根據兆威之前的披露，計劃將約 65% 的 IPO 收益用於技術研發和產能擴張，表明其對核心業務的持續關注。</p>
<h4><strong>增長尚未實現</strong></h4>
<p>兆威歷史上專注於傳統電子行業的精密傳動組件，並逐漸擴展到機器人等高端應用，因為設備變得越來越複雜。它還從曾經的單一零部件擴展到集成模塊，以通過增加更高附加值的產品來提升利潤率和客户粘性。</p>
<p>該公司處於產業鏈的後端，這意味着其組件的需求取決於成品製造商是否能夠實現廣泛的商業部署，而不僅僅是創造沒有大規模市場的概念產品。這一區別適用於許多仍在設計階段的機器人制造商，他們的產品尚未實現商業化，儘管他們吸引了大量投資者資金。兆威還受到其微驅動產品相對低單價的制約，使得盈利能力更依賴於規模而非高價。在缺乏爆炸性訂單增長的情況下，成本上升與銷售停滯自然對其利潤率造成壓力。</p>
<p>意識到這一嚴峻現實，投資者開始質疑持有兆威股票的明智性。競爭對手 <strong>中達領航</strong>（002896.SZ）的業務與兆威相似，目前的市盈率約為 212 倍，遠高於兆威深圳上市股票的 87 倍和香港股票的 50 倍。儘管兆威的估值低於其同行，但仍明顯高於傳統精密組件製造商的估值。</p>
<p>與傳統精密製造商相比，兆威機電的高估值可能部分歸因於一些投資者將其視為機器人領域的投資，儘管其銷售尚未反映出這種潛力。這使得公司處於相對尷尬的境地——既無法證明機器人驅動的需求如許多人所期待的那樣到來，同時又以包含如此高期望的估值進行交易。</p>
<p>這種脱節並不僅限於兆威機電這樣的一家公司。整個機器人產業鏈仍處於早期階段，投資者尚未弄清楚誰將是首個推出真正商業產品的公司。兆威機電當前的商業結構，仍主要根植於精密製造，顯然不足以單獨支撐機器人概念所賦予的估值溢價。這可能導致投資者開始重新評估他們早期的期望與現實之間的差距，這也有助於解釋為什麼兆威機電在上市兩個月以來其香港股票下跌。</p>
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兆威機電

<p>兆威機電在第一季度報告了收入和利潤的雙重下降，利潤同比下降超過 25%。儘管在香港上市後現金儲備激增至 9.5 億元，但由於研發和管理成本上升，公司盈利能力受到壓力。收入下降 2.7%，至 3.57 億元，而淨利潤暴跌 25.2%，至 4095 萬元。公司專注於技術研發和產能擴張，但在成本上升和機器人行業銷售停滯的情況下，面臨實現盈利的挑戰</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>這家高精度組件製造商的收入和利潤在第一季度均出現下滑，考驗其機器人業務的可行性</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>關鍵要點：</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>兆威機電第一季度的收入和利潤均出現下降，利潤同比下降超過 25%</li>
<li>受益於最近在香港上市，公司現金儲備在 3 月底達到了 9.5 億元人民幣</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>讓機器人走路、跑步和打鬥可能很複雜，但讓它們產生利潤要容易得多。在缺乏利潤的情況下，提供茶水、倒水、跳舞和翻筋斗的機器人制造商只能依靠持續的投資者資金流來維持運營。與此同時，儘管機器人概念股的估值持續上升，但該行業的利潤依然難以實現，收入也不穩定。</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>一個典型的例子是高精度組件製造商 <strong>深圳兆威機電有限公司</strong>（2692.HK；003021.SZ），許多投資者將其視為機器人概念股。該公司深刻理解其地位的脆弱性，<strong>上週報告</strong> 顯示其第一季度的收入和利潤均出現下降。自兩個月前在香港上市以來，湧向機器人股票的投資者對兆威的反應冷淡，導致其股價較發行價下跌約 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>兆威並不製造成品機器人，而是提供使機器人能夠移動的動力傳輸和驅動系統。其核心產品包括將電能轉化為精確旋轉和推力運動的齒輪箱、微型電機和集成驅動模塊。其產品已廣泛應用於汽車電子、消費設備和工業自動化等領域。機器人技術的興起也將其產品的應用擴展到機器人手指和微關節等領域，為公司進入機器人概念領域提供了機會。</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>但儘管這個概念聽起來不錯，但在兆威的財務報表中尚未體現。公司的最新報告顯示，第一季度收入同比下降 2.7%，至 3.57 億元人民幣（約合 5230 萬美元），而淨利潤則暴跌 25.2%，降至 4095 萬元人民幣。剔除非經常性項目後，其利潤下降幅度更大，達到 31.9%，降至 3214 萬元人民幣。與相對較小的收入下降相比，利潤的更大降幅表明公司的盈利能力正面臨壓力。</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>這種壓力主要來自成本方面。在這三個月期間，兆威的研發費用上升至約 4280 萬元人民幣，同比增長 7.9%，銷售和管理費用也上升了類似幅度。對於一家仍在探索新應用場景的製造公司來説，前期投資是必然的。但在沒有相應收入增長的情況下，利潤率自然受到擠壓。仔細觀察公司的收益結構，可以發現更為複雜的情況。其第一季度的投資收益達到 1524 萬元人民幣，同比幾乎增長四倍，這意味着其最新的利潤更多是由於財務資產的收益，而非運營因素。</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>受益於在 3 月份的香港 IPO 中獲得超過 18 億港元（約合 2.3 億美元）的新資金，公司現金從去年年底的 2.17 億元人民幣大幅躍升至第一季度末的 9.5 億元人民幣。其總資產也膨脹至 58.8 億元人民幣，資產負債率保持在低位，反映出 IPO 後財務狀況顯著改善。</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，公司在第一季度進行了大量外部投資，導致投資活動現金流出達到 8.7 億元人民幣，其中至少一部分可能是使用 IPO 的收益。根據兆威之前的披露，計劃將約 65% 的 IPO 收益用於技術研發和產能擴張，表明其對核心業務的持續關注。</p>
</div><h4><strong>Growth yet to materialize</strong></h4>
<div class="lb-trans"><h4><strong>增長尚未實現</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>兆威歷史上專注於傳統電子行業的精密傳動組件，並逐漸擴展到機器人等高端應用，因為設備變得越來越複雜。它還從曾經的單一零部件擴展到集成模塊，以通過增加更高附加值的產品來提升利潤率和客户粘性。</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>該公司處於產業鏈的後端，這意味着其組件的需求取決於成品製造商是否能夠實現廣泛的商業部署，而不僅僅是創造沒有大規模市場的概念產品。這一區別適用於許多仍在設計階段的機器人制造商，他們的產品尚未實現商業化，儘管他們吸引了大量投資者資金。兆威還受到其微驅動產品相對低單價的制約，使得盈利能力更依賴於規模而非高價。在缺乏爆炸性訂單增長的情況下，成本上升與銷售停滯自然對其利潤率造成壓力。</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>意識到這一嚴峻現實，投資者開始質疑持有兆威股票的明智性。競爭對手 <strong>中達領航</strong>（002896.SZ）的業務與兆威相似，目前的市盈率約為 212 倍，遠高於兆威深圳上市股票的 87 倍和香港股票的 50 倍。儘管兆威的估值低於其同行，但仍明顯高於傳統精密組件製造商的估值。</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>與傳統精密製造商相比，兆威機電的高估值可能部分歸因於一些投資者將其視為機器人領域的投資，儘管其銷售尚未反映出這種潛力。這使得公司處於相對尷尬的境地——既無法證明機器人驅動的需求如許多人所期待的那樣到來，同時又以包含如此高期望的估值進行交易。</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>這種脱節並不僅限於兆威機電這樣的一家公司。整個機器人產業鏈仍處於早期階段，投資者尚未弄清楚誰將是首個推出真正商業產品的公司。兆威機電當前的商業結構，仍主要根植於精密製造，顯然不足以單獨支撐機器人概念所賦予的估值溢價。這可能導致投資者開始重新評估他們早期的期望與現實之間的差距，這也有助於解釋為什麼兆威機電在上市兩個月以來其香港股票下跌。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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兆威機電第一季度的業績下滑，使得機器人行業的敍事面臨壓力