机器人行业2025年报及2026一季报综述：通 用自动化景气度回暖具身智能产业化不断推进

正文目录一、行整：块业绩暖下需复苏 41、市表：2025至2026Q1，器板强跑赢盘市情受部企业产度响著 2、经情：块利润增，26Q1利端略承压 53、需供：造气度升工机人求增长 7二、细板：器的主大为用动，26Q1绩现暖 8三、行催：注及商化程 91、特拉形器划年发，计夏启生产 92、板资化程速，产器司IPO进程续进 93、国电计采身智设，额望百亿 10图表目录图1：2025/1/1至2026/5/24深300指及机指数势 5图2：样机人司2020至2026Q1营情况 5图3：样机人司2020至2026Q1归净情况 5图4：样机人司2025年及2026季绩基符或过期 6图5：2026季我造业PMI数际升 7图6：大业PMI处高位中业PMI弱复苏 7图7：高术造以装备业PMI大领跑 7图8：机人块货续小增长 8图9：机人块&同负触回升 8图10：周代公体营变趋势 9图11：周代公体归净润化势 9表1：顺期关司2025年及2026季绩情况 8一、行业整体：板块公司业绩回暖，下游需求复苏74家A年年报以及2026市场表现：2025至2026Q1，机器人板块强势跑赢大盘，市场情绪受头部企业量产进度影响显著3002025300年1-2Optimus年度出货指引，宇树科技H12）2025年3-4月，机器人板块区间最大跌幅-25.8%：受贸易战影响及行业年4-54）2025年5-6-7.7%：Optimus性，板块滞涨波动加剧。5）2025年7-10月，机器人板块区间最大涨幅32.8%：OptimusV3市场预期提升AIDay6）2025年10-12月，机器人板块区间最大跌幅-12.5%：OptimusV3版本手部/202520267）2025年12月-2026年119.6%：Optimus2026年1月国内机器人相关政策密集落地，开年机器人板块大涨。8）2026年2-3月，机器人板块区间最大跌幅-18.5%：特斯拉于1月末年报电话会上再次推迟OptimusV3量产预期，行业催化不足，机器人板块走弱。9）2026年4月至今，机器人板块区间最大涨幅32.3%：Q1机器人板块大4Q1+板块轮动，机器人板块β向好。图1：2025/1/1至2026/5/24沪深300指数及机器人指数走势60%50%40%30%20%10%60%50%40%30%20%10%0%-10%-20%压全年/202608亿元/68.820.14%/0.77%20252026Q1略2026Q1图2：样本机器人公司2020至2026Q1营收情况 图样本机器人公司2020至2026Q1归母净利情况0

营收总和（亿元） 同比2020 2021 2022 2023 2024 2025

30%25%20%15%10%5%0%

0

归母净利润总和（亿元） 同比2020 2021 2022 2023 2024 2025

706050403020100-10图4：样本机器人公司2025全年及2026一季度业绩基本符合或超过预期类型 证券代码证券简

2025营业收入（亿元）

2026Q1营业收入同比（亿元） 同同比

2025归母净利润（亿元）

同比 2026Q1归母净利润 同比（亿元）Tier1本体公司电机减速器丝杠传感器轻量化轴承

601689.SH002050.SZ601100.SH600699.SH603179.SH002779.SZ603950.SH300607.SZ688165.SH603219.SH300660.SZ688160.SH688320.SH688279.SH300124.SZ688698.SH300503.SZ688017.SH002472.SZ002896.SZ301596.SZ301550.SZ301368.SZ301160.SZ002472.SZ002850.SZ603319.SH603915.SH688556.SH300258.SZ300503.SZ601100.SH603009.SH300953.SZ300100.SZ300580.SZ603667.SH001306.SZ301550.SZ301368.SZ300984.SZ688017.SH605018.SH300695.SZ300652.SZ605133.SH603119.SH000837.SZ600889.SH603662.SH301413.SZ603286.SH605488.SH600480.SH688071.SH300007.SZ300354.SZ603121.SH300445.SZ688322.SH688582.SH301000.SZ605208.SH301529.SZ301196.SZ301225.SZ688716.SH301261.SZ603305.SH300718.SZ603278.SH603728.SH003021.SZ300918.SZ

拓斯达科达利贝斯特雷迪克*ST京化安培龙康斯特芯动联科肇民科技永茂泰

295.81310.12109.41611.83155.2410.1822.5525.109.3231.9741.807.2410.177.74451.0519.4615.955.7191.1210.416.467.885.0215.1191.12152.1322.4526.4636.5020.3915.95109.4123.2397.3654.8415.0433.437.717.885.0212.465.7121.557.0510.4432.2713.7640.903.0115.5811.8310.4128.56198.365.1024.145.3111.625.909.415.248.4658.4617.2622.0411.403.0911.0144.5012.6850.2627.6217.1617.93

11.21%10.97%16.52%9.52%17.04%4.88%17.49%-12.59%-32.12%18.34%18.77%32.18%25.49%28.91%21.77%18.66%22.04%47.31%3.77%6.61%4.91%1.79%-0.54%1.74%3.77%26.46%13.54%2.18%-18.43%0.66%22.04%16.52%14.79%36.58%11.67%10.82%2.41%15.87%1.79%-0.54%8.70%47.31%-2.34%6.01%41.13%37.20%21.24%5.96%-54.64%20.33%25.88%7.29%12.40%5.30%20.45%8.35%5.72%-6.33%2.49%66.66%29.48%11.88%42.61%29.59%21.16%31.73%11.60%6.61%0.93%11.46%-1.40%14.32%12.52%10.96%

66.2877.7432.10138.1536.3910.44101.4320.9520.9541.4232.1029.6911.5211.4445.6713.6712.1911.36

14.92%1.36%32.52%-5.22%3.42%51.95%-0.07%48.53%20.55%-4.17%15.01%43.22%18.70%46.20%12.98%20.98%72.88%42.96%1.49%5.12%14.45%8.72%9.17%4.07%1.49%37.09%3.69%9.25%15.46%-12.68%72.88%32.52%8.04%65.61%-10.42%10.38%-18.83%2.37%8.72%9.17%9.45%42.96%6.13%-0.30%6.78%36.01%41.26%9.64%237.95%13.34%0.19%-3.45%35.76%5.25%10.60%-15.61%-3.16%6.88%24.56%6.19%-41.86%-4.24%13.79%-8.74%13.10%35.17%1.65%34.14%16.45%23.41%-6.09%17.65%-2.74%57.14%

27.7940.6327.3413.36(4.97)(1.30)50.5012.62(0.26)12.6217.64(0.41)27.34(0.17)1.73(0.26)(1.00)(0.52)(0.62)(0.43)(0.13)

-7.38%31.10%8.99%39.08%-16.54%166.85%68.86%130.12%-216.30%-40.93%1.51%48.25%21.23%-1.54%17.84%7.24%43.85%121.42%23.21%-13.57%4.01%-9.17%-255.77%0.62%23.21%19.87%-37.34%-19.93%8.24%-19.50%43.85%8.99%67.35%101.98%1.25%-3.72%0.02%-126.96%-9.17%-255.77%84.42%121.42%-16.22%150.90%17.53%16.78%20.90%-1.65%77.73%30.73%9.81%-566.59%-44.48%27.41%-31.92%107.11%12.34%-165.81%-16.74%303.33%36.56%5.21%79.96%35.96%16.65%4.07%-69.79%27.92%-12.28%10.59%92.09%-21.54%12.97%-32.89%

5.529.286.524.022.030.290.830.48(0.10)0.010.660.13(0.06)0.8810.130.480.910.332.840.110.200.390.000.482.844.610.220.55(0.50)0.030.916.520.272.820.840.730.31(0.22)0.390.000.150.330.15(0.17)0.270.450.720.240.120.410.03(0.06)0.191.530.010.250.27(0.03)0.340.310.030.270.180.310.710.27(0.05)0.621.250.61(0.25)0.140.410.31

-2.42%2.68%5.59%18.11%-4.57%-32.13%6.65%1147.36%85.47%-98.03%-29.79%19.70%79.10%75.09%-23.39%-14.74%483.54%61.17%2.93%-36.42%-13.86%-15.55%-91.07%-8.69%2.93%19.06%-59.25%27.85%32.25%-92.69%483.54%5.59%17.86%286.75%-47.01%5.23%-18.62%-271.50%-15.55%-91.07%19.00%61.17%127.15%-152.59%-23.36%-7.37%20.63%-11.71%122.82%-45.65%-84.82%24.79%-46.00%-28.71%-54.32%46.08%-5.65%-124.19%52.25%27.48%-94.25%-26.57%22.98%9.90%-7.80%-19.55%-185.04%210.56%30.87%15.09%-598.26%92.19%-25.15%-17.46%动捕系统688400.SH300461.SZ000837.SZ丝杠设备300809.SZ002520.SZ688577.SH

凌云光田中精机秦川机床华辰装备日发精机浙海德曼

29.123.1640.905.4311.758.79

30.35%39.90%5.96%21.82%-34.86%14.82%

11.44

-2.79%-3.14%9.64%-17.15%-67.08%47.25%

(2.09)0.50

50.70%110.23%-1.65%226.15%69.11%93.52%

2.00(0.19)

1233.13%-138.93%-11.71%-45.76%170.32%680.22%其他 603920.SH

世运电路

55.77

11.05%

13.22

8.63%

6.84

1.37%

0.37

-79.63%需求供给：制造业景气度回升，工业机器人需求增长2025全年我国制造业PMI低位波动，2026制造业PMI2025PMI49.0%50.5%、1250%49.6%2026年14I753图5：2026一季度我国制造业PMI指数边际回升中国:制造业PMI 荣枯线515150 50494948国家统计局，20252026PMI制造业以及装备制造业PMI图6：大型企业PMI处较高位，中小企业PMI弱势复苏 图7：高技术制造业以装备制造业PMI大幅领跑中国:制造业PMI:小企业 中国:制造业PMI:中企业 中国:制造业PMI:高技术制造业 中国:制造业PMI:装备制造业中国:制造业PMI:大企业 荣枯线555351494745

荣枯线555351494745 国家统计局， 国家统计局，&2025/2026705.4/732.357.5亿元/62.3增长-2.61%/3.70%。期间整体存货稳定增长，推测因系工业机器人市场整体产2026图8：机器人板块存货续小幅增长 图9：机器人板块预收&同负债触底回升存货（亿元） 同比 预收+合同负债（亿元） 同比0

45%40%35%30%25%20%15%10%5%0%

0-15-30

35%30%25%20%15%10%5%0%-5%-10%二、细分板块：机器人标的主业大多为通用自动化，二、细分板块：机器人标的主业大多为通用自动化，26Q1业绩出现回暖2026Q120252026实现营收正增长；绿的谐波营收增速领跑（2025/2026Q1同比增速分别为2961（1%5120252026Q120252026Q1股票代码 公司简称 报告期营收(亿元)营收同比归母净利润(股票代码 公司简称 报告期营收(亿元)营收同比归母净利润(亿元)归母净利润同比20255.7147.31%1.24121.42%688017.SH 绿的谐波 2026Q11.4042.96%0.3361.17%300124.SZ 汇川技术 2025451.0521.77%50.5017.84%2026Q1101.4312.98%10.13-23.39%202510.1725.49%-1.30-21.23%688320.SH 禾川科技 2026Q12.7218.70%-0.06-79.10%202518.7418.28%2.2512.42%002979.SZ 雷赛智能 2026Q15.2534.55%0.7229.20%688698.SH 伟创电气 202519.4618.66%2.637.24%2026Q14.6820.98%0.48-14.74%202520.1417.87%2.5411.21%603416.SH 信捷电气 2026Q14.6419.57%0.5418.17%202548.8821.93%0.45-105.55%002747.SZ 埃斯顿 2026Q112.17-2.22%0.98674.64%300607.SZ 拓斯达 202525.10-12.59%0.74-130.12%2026Q15.3848.53%0.481147.36%688165.SH 埃夫特-U

2025 9.32 -32.12% -4.97 216.30%2026Q1 3.04 20.55% -0.10 -85.47%总计2025608.5718.34%54.0848.67%2026Q1140.7214.13%13.51-5.08%202560