兴业证券发布研报称，华沿机器人（01021）是全球头部协作机器人公司，以工业领域运用为主，占据产品及技术+落地场景+客户及渠道资源优势，受益于协作机器人赛道景气；同时公司的七轴人形手臂、轴向磁通电机等运动部件放量可期。预计公司2026-2028年收入依次为5.90、8.88、13.26亿元（人民币，下同），分别同比+52.6%、+50.4%、+49.4%；经调整净利润（Non-IFRS）依次为0.42、0.84、1.48亿元，分别同比+62.7%、+100.9%、+76.5%；截至2026年5月22日收盘，公司股价对应PS依次为17.7x、11.8x、7.9x。首次覆盖给予公司“增持”评级，建议投资者关注。
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