300024 机器人 Deep Research

当前结论

Research conclusion: 继续观察.
Trade conclusion: 等确认.
Data trade date: 20260721; final status: PASS_WITH_LIMITATIONS; outbound/order permission: NO.

较上一交易日变化

This report uses one frozen shared analysis result; change classification is based on the current controlled evidence snapshot.

评分、风险等级和交易定位

Core data gate=PASS; report completeness=PASS_WITH_LIMITATIONS; research priority=C+.

公司和主营业务画像

公司=机器人; 证券代码=300024.SZ; 板块=CHINEXT；市场=创业板。
行业=专用机械；主营分部=交通自动化系统、其他业务、半导体装备、工业机器人、物流与仓储自动化成套装备；产品/服务=交通自动化系统, 其他业务, 半导体装备, 工业机器人, 物流与仓储自动化成套装备, 自动化装配与检测生产线及系统集成。
商业模式=专用机械；产业链定位=专用机械相关的交通自动化系统、其他业务、半导体装备、工业机器人、物流与仓储自动化成套装备业务环节；收入构成状态=DISCLOSED_FINA_MAINBZ。
上市日期=20091030；上市年限=16.72；信息完整性=COMPLETE。
业务标签=机器人, 工控；数据来源=stock_basic, fina_mainbz。

主营业务与收入结构

交通自动化系统: revenue=260930894.49; profit=27302940.80.
其他业务: revenue=11873112.32; profit=8325422.78.
半导体装备: revenue=525039528.69; profit=124697941.79.
工业机器人: revenue=1097059269.75; profit=171088880.48.
物流与仓储自动化成套装备: revenue=733964198.14; profit=100749664.70.
自动化装配与检测生产线及系统集成: revenue=1492938436.66; profit=82272447.38.

多期财务趋势

Annual series (ANNUAL):
20251231: revenue=4121805440.05; revenue_yoy=-0.40%; parent_net_profit=-397880934.47; parent_net_profit_yoy=105.43%; deduct_profit=-456915231.26; gross_margin=12.48%; net_margin=-9.43%; ROE=-9.28%; OCF=161345764.13.
20241231: revenue=4138485312.56; revenue_yoy=4.33%; parent_net_profit=-193682012.61; parent_net_profit_yoy=-498.76%; deduct_profit=-282498279.31; gross_margin=14.62%; net_margin=-4.75%; ROE=-4.40%; OCF=-41692653.88.
20231231: revenue=3966594857.94; revenue_yoy=10.93%; parent_net_profit=48571603.97; parent_net_profit_yoy=8.78%; deduct_profit=-192260060.39; gross_margin=13.88%; net_margin=1.15%; ROE=1.13%; OCF=-222855198.12.
20221231: revenue=3575745577.42; revenue_yoy=8.42%; parent_net_profit=44651143.16; parent_net_profit_yoy=-107.94%; deduct_profit=NOT_AVAILABLE (controlled source unavailable); gross_margin=NOT_AVAILABLE (controlled source unavailable); net_margin=NOT_AVAILABLE (controlled source unavailable); ROE=NOT_AVAILABLE (controlled source unavailable); OCF=-402990565.92.
20211231: revenue=3298191289.34; revenue_yoy=24.01%; parent_net_profit=-562402840.82; parent_net_profit_yoy=42.12%; deduct_profit=-767047391.59; gross_margin=7.57%; net_margin=-16.85%; ROE=-12.60%; OCF=99889278.85.
Quarterly series (QUARTERLY_CUMULATIVE and SINGLE_QUARTER):
20260331 cumulative: revenue=630344972.44; parent_net_profit=-92501585.14; single_quarter_revenue=630344972.44; single_quarter_parent_net_profit=-92501585.14.
20250930 cumulative: revenue=2218481158.71; parent_net_profit=-159513750.63; single_quarter_revenue=558386746.32; single_quarter_parent_net_profit=-64155516.75.
20250630 cumulative: revenue=1660094412.39; parent_net_profit=-95358233.88; single_quarter_revenue=971800103.34; single_quarter_parent_net_profit=-45091849.45.
20250331 cumulative: revenue=688294309.05; parent_net_profit=-50266384.43; single_quarter_revenue=688294309.05; single_quarter_parent_net_profit=-50266384.43.
20240930 cumulative: revenue=2430793337.03; parent_net_profit=-99721015.19; single_quarter_revenue=769596070.07; single_quarter_parent_net_profit=-37926926.13.
20240630 cumulative: revenue=1661197266.96; parent_net_profit=-61794089.06; single_quarter_revenue=927876753.89; single_quarter_parent_net_profit=-21422821.14.
20240331 cumulative: revenue=733320513.07; parent_net_profit=-40371267.92; single_quarter_revenue=733320513.07; single_quarter_parent_net_profit=-40371267.92.
20230930 cumulative: revenue=2412674205.29; parent_net_profit=-79571045.37; single_quarter_revenue=907582295.83; single_quarter_parent_net_profit=-6374163.41.

盈利能力

Gross margin trend=UP; net margin trend=UP; ROE trend=UP; deduct profit ratio=1.13; non-recurring effect=12142750.14.

现金流与资产质量

OCF/parent profit=4.98; inventory growth=10.40%; receivable growth=2.99%.
Inventory=3636334672.04; receivables=1485184635.45; debt ratio=63.47%; interest-bearing debt=2379518091.79; cash coverage=0.57.

估值分析

PE_TTM_ACTUAL=NOT_AVAILABLE (controlled source unavailable); PE_STATIC_LATEST_ANNUAL=NOT_AVAILABLE (controlled source unavailable); PE_FORWARD_FORECAST=NOT_AVAILABLE (NO_STRUCTURED_FORECAST_PROFIT); PB_LATEST=6.14multiple; PS_TTM=6.11multiple.
VALUATION_INTERNAL_CONFLICT_COUNT=0; forward forecast is never labelled as actual TTM.
Limitation: interface=valuation formula:pe_ttm; periods=20251231,20260331,20250331; impact=PE_TTM_ACTUAL cannot be used for comparison; blocks_module=NO.
Limitation: interface=valuation formula:pe_static; periods=20251231; impact=PE_STATIC_LATEST_ANNUAL cannot be used for comparison; blocks_module=NO.
Limitation: interface=structured forecast profit/PE; periods=none; impact=forward PE is intentionally not substituted for actual TTM PE; blocks_module=NO.

估值情景

CURRENT_PROFIT: premise=latest actual TTM profit; PE sensitivity=NOT_AVAILABLE (controlled source unavailable); actual-TTM-only=YES.
NORMALIZED_PROFIT: premise=actual TTM profit normalized only as sensitivity, not a forecast; PE sensitivity=NOT_AVAILABLE (controlled source unavailable); actual-TTM-only=YES.
CYCLE_DOWNTURN_PROFIT: premise=actual TTM profit stress sensitivity, not a forecast; PE sensitivity=NOT_AVAILABLE (controlled source unavailable); actual-TTM-only=YES.

基本面核心矛盾

Bear case / counterevidence: 机器人: 机器人 risk context: 交易风险：明确承接；若资金与价格继续分歧，交易动作维持观察。 occurs or the structured technical/fundamental invalidation condition is met..

行业与主线

Industry=ROBOTICS_CORE; cycle drivers=机器人, 工控.

直接同行对比

DIRECT_PEER_UNIVERSE:
深华发A: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深科技: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深纺织A: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深天马A: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深圳华强: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
TCL科技: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
中联重科: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
徐工机械: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
华塑控股: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
中兵红箭: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
EXTENDED_PEER_UNIVERSE:
No extended peer context is available.

技术面

分时结构未纳入本次裁决。
涨跌停概率模型仅作辅助背景，不作为本次深度报告硬门禁。
bars=320/250; trend=RANGE_OR_TRANSITION; close=15.38; MA5/10/20/60/120=15.22/15.67/16.50/16.00/16.21.
20/60/120/250-day high=19.75/19.75/20.08/22.00; low=14.45/14.14/14.13/14.13.
drawdown=-30.09%; volume_percentile=58.00%; RSI14=23.98; ATR14=1.03; volatility20=5.66%.
support=14.45; resistance=19.75.

资金流和市场情绪

| Date | Pct change | Turnover | Main net amount | Main net / turnover | |---|---:|---:|---:|---:| | 20260721 | 3.12% | 1038230.20 | 14855.84 | 1.43% |

1/3/5/10/20-day main net amount: 14855.84 / NOT_AVAILABLE (controlled source unavailable) / NOT_AVAILABLE (controlled source unavailable) / NOT_AVAILABLE (controlled source unavailable) / NOT_AVAILABLE (controlled source unavailable).
Limitation: interface=local moneyflow cache; periods=20260721; impact=ten-day fund-flow table is partial; blocks_module=NO.
Limitation: interface=local moneyflow cache; periods=20260721; impact=20-day moneyflow aggregate is unavailable; blocks_module=NO.

龙虎榜

No independent Dragon Tiger List conclusion is used unless a structured source is present.

事件与公告证据

No structured announcement item is available.
Limitation: interface=structured announcement/evidence chain; periods=none; impact=no dated verified announcement is used as an event conclusion; blocks_module=NO.

催化与验证点

catalyst=机器人; validation_time=NEXT_DISCLOSURE_OR_OPERATING_DATA; validation_data=company disclosure or audited operating/financial data; conditions=named industry driver improves or remains verified; invalidation=named industry driver weakens or lacks verified evidence.
catalyst=工控; validation_time=NEXT_DISCLOSURE_OR_OPERATING_DATA; validation_data=company disclosure or audited operating/financial data; conditions=named industry driver improves or remains verified; invalidation=named industry driver weakens or lacks verified evidence.

风险与反证

机器人 risk context: 交易风险：明确承接；若资金与价格继续分歧，交易动作维持观察。
机器人 risk context: 行业风险：板块强度和核心股表现必须与 peer_universe_id 同口径复核。
机器人 risk context: 估值风险：估值样本不足时不输出强判断
机器人 risk context: 事件证伪风险：财务数据更新需要公告标题、披露日、公告日和报告期补齐后复核。

情景推演

Bull case=机器人: 机器人 improves and controlled financial/market evidence remains aligned.; base case=机器人: 机器人 remains within the latest controlled evidence range; continue observation only.; bear case=机器人: 机器人 risk context: 交易风险：明确承接；若资金与价格继续分歧，交易动作维持观察。 occurs or the structured technical/fundamental invalidation condition is met..

交易计划与观察纪律

Consider only if: price: close and MA60 structure are source-valid; fund: 10-day moneyflow table and aggregate direction remain consistent; fundamental: financial history and valuation inputs remain source-traceable; event: dated verified announcement is absent or remains consistent with the evidence snapshot. Invalidation: 均线结构仍在修复中；当前已低于 MA20，需重新收复 MA20 才能修复中期结构；未收复 MA10 前，只按弱修复观察；先观察能否收复 MA20=16.46.

仓位与执行约束

Research output only. It does not send, publish, trade, connect to a broker, or place orders.

数据状态

CORE_DATA_GATE=PASS; FINANCIAL_ANALYSIS_GATE=PASS; VALUATION_GATE=PASS_WITH_LIMITATIONS; TECHNICAL_GATE=PASS; FUND_FLOW_GATE=PASS_WITH_LIMITATIONS; EVENT_EVIDENCE_GATE=NOT_APPLICABLE; REPORT_COMPLETENESS_GATE=PASS_WITH_LIMITATIONS; FINAL_REPORT_STATUS=PASS_WITH_LIMITATIONS.

一句话总结

机器人: research status=PASS_WITH_LIMITATIONS; continue only under the structured evidence and invalidation conditions above.

免责声明

Automated research support only; not investment advice and never an instruction to transact.

300024_机器人_20260722