埃夫特(688165):携手华为云探索具身智能,海外布局拓宽国际市场-事件点评

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp; &nbsp; #核心观点：</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;1、公司全资子公司WFC拟出售GME 22%股权，交易完成后持股比例由48.99%下降至19.76%，交易作价600万欧元（约5037.96万元人民币）。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;2、公司聚焦机器人赛道，2024年机器人销量同比增长超30%，产能利用率达90%以上，超级工厂建设项目一期建成后将实现年产5万台高性能工业机器人。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;3、公司切入具身智能新方向，推出人形机器人第一代样机Yobot W1/R1，并与华为云签署合作备忘录，共同开展具身智能底层技术研发、产品升级和产业生态合作。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;4、公司通过海外收购拓宽国际市场，此次出售GME部分股权有望优化资产结构，回笼资金聚焦优势业务，降低运营成本和财务风险。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;预计公司2025-2027年实现营业收入14.99/17.10/19.60亿元，归母净利润-0.62/0.29/1.22亿元，首次覆盖，给予“买入”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;新项目进展不及预期；需求不及预期；行业竞争加剧</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; line-height: 25.2px; text-wrap: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>