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03952精密傳動2026-06-30 · Listed

Zhejiang Laifual Drive Co., Ltd.

浙江來福諧波傳動

💡 定價範圍HK$77.00–85.50

Offer Price

HK$77.00

Market Cap

HK$79.6B

Listing Date

2026-06-30

Sector

精密傳動

📊 Valuation Analysis

P/S ratio

28.4x

合理 — 接近行業平均

精密傳動 sector P/S benchmark: 15x – 30x

Revenue growth (YoY)

142.2%

Gross margin

25.6%

Net margin

-65.4%

Profitability

Loss-making

Fair value range by sector P/S benchmark: HK$40.70 – HK$81.39

💰 Financial Summary (FY2025)

Revenue

RMB2.61B

Prior revenue

RMB1.08B

Gross profit

RMB0.67B

Net profit

RMB-1.71B

Figures in RMB (some companies converted from their prospectus reporting currency — see notes below).

📝 Key Notes

諧波減速器,18C章。FY2025收入2.61億人民幣(+142%),虧損1.71億。

🏢 Company Overview

浙江來福諧波傳動股份有限公司,國產諧波減速器龍頭企業,專注於機器人關節用高精度諧波齒輪減速器的研發與製造。產品線涵蓋杯型、帽型及超薄諧波減速器三大系列,扭力範圍覆蓋1Nm至5,000Nm,廣泛應用於工業機器人、協作機器人、半導體設備、醫療器械及航空航天等高端傳動場景。客戶包括埃斯頓、新松機器人、哈工大機器人集團等國產機器人頭部企業,部分產品已導入國際機器人品牌供應鏈。18C章特專科技公司。

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⚠️ For educational reference only and not investment advice. IPO pricing, listing dates and financial data are subject to change — always refer to HKEX announcements and the prospectus. Investing involves risk.