浙商证券研报指出，新时达为国产机器人龙头，运动控制主业拐点向上，海尔入主有望推动公司具身智能/人形机器人整机落地进程超预期。公司深耕运控技术三十载，控制类产品迭代能力强。具体看：市占率居前。公司电梯控制器全球第二、SCARA工业机器人国内出货量第四；自动化产品国产替代先锋、一体化程度较高。公司早期打破电梯控制外资垄断，后成为国内首家实现机器人驱控一体的厂商，并可实现机器人控制器+伺服驱动自供。未来公司在具身智能整机方面布局可参考特斯拉、小米、小鹏等。从具身智能底层能力来看，公司拥有运动控制技术积淀、工业机器人制造经验等，海尔拥有工业及家庭场景大模型、数据采集能力、应用场景等，则我们认为公司未来有望打通具身智能/人形机器人“大小脑+本体+应用场景+销售体系”全产业链。则从具身智能整机生态完整性角度，公司可参考特斯拉/小米/小鹏等头部跨界厂商。而从运动控制技术自主可控角度，公司布局亦可参考智元、宇树等。公司具身智能/人形机器人产品落地、订单导入；公司毛、净利率持续改善；公司半导体机器人订单量不断提升。上调公司评级为“买入”。
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