Wuxi Xinje Electric(Xinje)released its 1Q26 report:1Q26 revenue reached RMB464mn(up 19.57%YoY,down 26.49%QoQ),attributable NP was RMB54.37mn(up 18.17%YoY,down 26.54%QoQ),and the recurring NP was RMB44.51mn(up 9.92%YoY).The company continues to lead import substitution in controllers while driving volume growth of new servo products,and advancing its KA and overseas strategies.With developments in businesses such as humanoid robots,we remain positive on the company’s future growth prospects and maintain BUY.
GPM YoY edged down,but revenue&profit rose robustly
In 1Q26,the company's revenue and profit achieved steady YoY growth,reflecting the company's sustained expansion of market share in products such as controllers and servos,and the effectiveness of its KA strategy.In 1Q26,the company's gross margin was 37.77%(down 0.34pp YoY),and its net profit margin was 11.71%(down 0.14pp YoY).Profitability declined slightly YoY,which we believe was mainly due to price increases for bulk commodities such as copper and aluminum,as well as higher chip costs.Looking ahead,we believe the company can address the profitability pressure from rising costs by optimizing its product mix and expanding revenue.In 1Q26,the company's net operating cash flow was-RMB23.39mn(vs.-RMB71.66mn in 1Q25).Its 1Q cash flow has historically been weak.As downstream customer payment collection accelerates,cash flow in subsequent quarters should gradually improve,in our view.
Sound expense ratio control with presence in emerging fields
In 1Q26,the company's sales/administrative/R&D/financial expense ratios were 11.89%/4.79%/11.05%/0.05%,-2.08/-0.25/+1.84/+0.34pp YoY.The total expense ratio for the period was 27.78%,down 0.15pp YoY.While reasonably controlling expense ratios,the company continued to increase R&D investment.The company continues to expand into emerging businesses such as humanoid robots,having mastered key component technologies including coreless motors,frameless torque motors,and high-performance encoders,enabling it to supply core parts for various robotics products such as humanoid robots,quadruped robots,and collaborative robots.In 2025,its intelligent equipment(robotics)revenue reached RMB68mn(+65%YoY),and the company invested RMB800mn to build arobotics intelligent drive control system production project,accelerating the development of embodied AI robotics.With progress in humanoid robotics,this could open anew growth trajectory for the company,in our view.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts of RMB294/327/365mn.We continue to value the stock at 37x 2026E PE(in line with its peers’average on iFind consensus)and maintain our target price at RMB69.19.
Risks:Unsuccessful promotion of new products,underperformance by the semiconductor and humanoid robot businesses.

　　投资要点
　　事件：公司发布25年年报及26年一季报，公司25年营收20.1亿元，同比+17.9%，归母净利润2.5亿元，同比+11.2%，25Q4/26Q1实现营收6.3/4.6亿元，同比+26.9%/+19.6%，归母净利润分别为0.7/0.5亿元，同比+36.3%/+18.2%；25年毛利率37.5%，同比-0.2pct，归母净利率12.6%，同比-0.8pct，25Q4/26Q1毛利率38.1%/37.8%，同比+2.5/-0.3pct，归母净利率11.7%/11.7%，同比+0.8/-0.1pct，业绩符合市场预期。
　　聚焦大客户战略，PLC&伺服系统市占率持续稳步提升：1）PLC：根据MIR，公司25年小型PLC市占率10.79%，同比+0.3pct，25年PLC产品营收7.08亿元，同比+9.16%，公司依靠自身在小型PLC市场建立的优势，进一步向中型PLC拓展并实现技术突破，集成AI算力模块。2）驱动系统：根据MIR，公司25年交流伺服市占率4.16%，同比+0.49pct，25年驱动类产品营收10.19亿元，同比+26.39%，公司持续拓展伺服产品，新一代高性能伺服驱动系统DS6、DL6系列产品已推广上市，“PLC+伺服+HMI变频”解决方案进一步深化。3）HMI：根据MIR，公司25年HMI市占率4.23%，同比+0.05pct，25年板块营收2.05亿元，同比+5.21%。4）智能装置（机器人）：25年营收0.68亿元，同比+64.96%，产品涵盖机器视觉平台（智能视觉系统和机械手视觉系统）、工业机器人、人形机器人核心零部件、具身智能机器人等。
　　聚焦关键核心零部件、加速布局人形机器人：公司精准把握机器人产业发展机遇，组建人形机器人专项研发和市场团队，正式开启在机器人领域的深度布局。公司已成功攻克空心杯电机、无框力矩电机、微型无框电机、轴向磁通电机、高性能编码器等核心零部件关键技术。25年公司投资8亿元建设机器人智能驱控系统生产项目，加速推动具身智能机器人产业发展进程，打造公司第二增长极。
　　费用率有所下降、现金流有所承压：公司25年/26Q1期间费用5.0/1.3亿元，同比+13.7%/+18.9%，期间费用率24.9%/27.8%，同比-0.9/-0.1pct，26Q1销售/管理/研发/财务费用率11.9%/4.8%/11.0%/0.1%，同比变动-2.1/-0.2/+1.8/+0.3pct。26Q1经营活动现金净额-0.2亿元，同比+67.4%。合同负债0.3亿元，较年初-44.6%。应收账款3.4亿元，较年初-6.8%。存货8.6亿元，较年初+32.0%。
　　盈利预测与投资评级：考虑到公司机器人业务正处于投入阶段，我们下修公司26-27年归母净利润为3.1/3.7亿元（原值为3.6/4.4亿元），预计28年为4.4亿元，同比+22%/+21%/+17%，对应现价PE分别为26.4x、21.9x、18.7x，机器人行业空间广阔，公司技术实力优秀，产能布局深入，维持“买入”评级。
　　风险提示：需求不及预期，机器人业务不及预期等。

　　信捷电气发布一季报，2026Q1实现营收4.64亿元（yoy+19.57%、qoq-26.49%），归母净利5436.77万元（yoy+18.17%、qoq-26.54%），扣非净利4450.52万元（yoy+9.92%）。公司持续引领控制器国产替代，推进伺服新产品放量，发展大客户战略及海外战略。随着公司人形机器人等业务发展，我们看好公司后续发展，维持“买入”评级。
　　收入利润同比稳健增长，毛利率同比略有下降
　　2026Q1公司收入利润同比稳健增长，体现出公司不断拓展控制器、伺服等产品份额，开拓大客户战略成效体现。2026Q1公司毛利率37.77%，同比-0.34pct，净利率11.71%，同比-0.14pct。盈利能力同比略有下降，我们认为主要系大宗产品如铜、铝等涨价以及芯片成本提升所致。未来我们认为公司有望通过优化产品结构，拓展收入等方式，应对成本上涨带来的盈利压力。2026Q1公司经营活动现金流量净额-2339万元（去年同期-7166万元），过往公司一季度现金流数据普遍较弱，随着下游客户回款提速，后续季度现金流有望逐步转好。
　　费用率管控良好，持续加码研发投入布局人形机器人等新业务
　　公司26Q1销售/管理/研发/财务费用率为11.89%/4.79%/11.05%/0.05%，同比-2.08pct/-0.25pct/+1.84pct/+0.34pct。期间费率合计27.78%，同比-0.15pct。公司在合理管控费率的情况下，持续加大研发投入。公司持续拓展人形机器人等新兴业务，已掌握空心杯电机、无框力矩电机、高性能编码器等关键部件技术，具备为人形机器人、四足机器人、协作机器人等多类型产品提供核心部件供应的能力。2025年，公司智能装备（机器人）实现营业收入0.68亿元，同比增长65%，公司投资8亿元建设机器人智能驱控系统生产项目，加速推动具身智能机器人产业发展进程。随着人形机器人业务推进，有望为公司打开新的成长曲线。
　　盈利预测与估值
　　我们维持公司26-28归母净利润为2.94/3.27/3.65亿元。可比公司2026年iFind一致预期PE均值为37倍，给予公司26年37倍PE估值，对应目标价为69.19元（前值69.19元，对应2026年37倍PE）。
　　风险提示：新产品市场推广不利风险、半导体及人形业务不及预期风险。

　　事项：
　　公司发布2025年报及2026年一季报：公司2025年实现营收为20.1亿元，同比+17.9%；实现归母净利润为2.54亿元，同比+11.2%；实现扣非归母净利润为2.36亿元，同比+16.4%。其中2026年一季度，实现营收为4.64亿元，同比+19.6%；实现归母净利润为0.54亿元，同比+18.2%；实现扣非归母净利润为0.45亿元，同比+9.9%。
　　评论：
　　盈利能力表现稳定，高比例分红。公司2025年销售毛利率37.5%，同比微降0.2pct；期间费用中，销售费用率为10.5%，同比-0.9pct；管理费用率为4.7%，同比微降0.1pct；研发费用率为9.9%，同比微升0.1pct；财务费用率为-0.2%，同比持平；净利率为12.6%，同比-0.8pct；2026年一季度，公司毛利率/净利率分别为37.8%/11.7%。公司拟每股派发现金红利0.95元（含税），合计派发1.49亿元，叠加中期分红，公司2025年现金分红总额占公司归母净利润的95%。
　　小型PLC龙头地位稳固，持续推进大客户战略。公司PLC业务实现收入7.08亿元，同比+9.2%，维持国内小型PLC市场国产品牌市占率第一地位；驱动业务收入10.2亿元，同比+26.4%；人机界面业务收入2.05亿元，同比+5.2%。公司在低毛利率驱动产品占比提升的同时维持了综合毛利率的稳定，得益于PLC、驱动系统、人机界面各产品线毛利率均有提升。公司正聚焦大客户战略，2026年直销收入3.44亿元，同比+36%，占收入比重提升至17.3%。此外，公司投资2.2亿元建设营销网络项目，系统性提升市场开拓能力。
　　加力布局具身智能。公司正加快具身智能产业布局，公司掌握空心杯电机、无框力矩电机、高性能编码器等关键零部件技术，其中高性能编码器已完成批量供货，无框力矩电机与多家知名企业达成战略合作。公司积极拥抱人形机器人产业浪潮，并从战略层面进行产业布局，有望借力公司在控制、驱动、执行、感知等领域优势，在人形机器人领域打造新的增长曲线。
　　投资建议：考虑制造业景气度及上游原材料价格波动，适当调整盈利预测，预计2026-2028年收入分别为25.5（前值为26.4）、31.9（前值为32.1）、39.1亿元；归母净利润分别为3.13（前值为3.61）、3.89（前值为4.37）、4.73亿元；参考可比公司估值，给予公司2026年32倍PE，目标价为63.7元，维持“强推”评级。
　　风险提示：制造业景气度不及预期；新兴产业拓展进度不及预期；盈利能力不及预期等。

Wuxi Xinje Electric(Xinje)has released its 2025 annual report:2025 revenue reached RMB2,014mn(+17.87%yoy),the attributable NP was RMB254mn(+11.21%yoy),and the recurring NP was RMB236mn(+16.40%yoy).For 4Q25,revenue was RMB632mn(+26.89%yoy,+25.12%qoq),while the attributable NP was RMB74.01mn(+36.31%yoy,+39.46%qoq).The company’s profits were largely in line with our previous expectations(2025 attributable NP forecast:RMB261mn).Xinje continues to lead import substitution in controllers,drives volume growth of new servo products,and advances its KA and overseas strategies.With developments in businesses such as humanoid robots,we remain positive on the company’s future growth prospects and maintain BUY.
PLC GPM up;continuing to lead localization of controllers
In 2025,Xinje’s GPM was 37.5%(-0.2pp yoy).By product,its programmable logic controller(PLC)revenue reached RMB710mn(+9.2%yoy),with the GPM up by 0.8pp to 57.1%,reflecting improved profitability.Its compact PLC market share rose by 0.2pp to 7.7%,maintaining its leading position among domestic brands,while actively expanding into medium/large PLCs.Drive system revenue hit RMB1,020mn(+26.4%yoy),with the GPM up by 1.4pp to 25.9%,mainly driven by structural improvements from new-generation high-performance servo products such as DS6 and DL6.Overseas orders grew by over 60%yoy in 2025,supporting continued global expansion.With rising domestic PLC/servo market share and accelerating overseas business,we expect robust future revenue growth.
Earnings forecasts and valuation
We maintain our 2026/2027 attributable NP forecasts at RMB294/327mn and introduce our 2028 attributable NP estimate of RMB365mn.We value the stock at 37x 2026E PE(in line with its peers’average on iFind consensus),for our new target price of RMB69.19(previous:RMB63.58 at 34x 2026E PE).
Risks:unsuccessful promotion of new products;underperformance of semiconductor and humanoid robot businesses.