STEP (002527.SZ) Analysis of Commercial Aerospace and Emerging Industrial Scenario Expansion

Based on the fundamental analysis and industry research of STEP (002527.SZ), I will provide a comprehensive analysis from two dimensions: commercial aerospace opportunities and emerging industrial scenario expansion:

: The China National Space Administration recently established the Commercial Aerospace Department, marking that China’s commercial aerospace industry has a full-time regulatory body, which will continue to promote high-quality development, and the industrial chain is expected to benefit across the board [1]. This policy breakthrough provides unprecedented development opportunities for robot companies in the aerospace manufacturing field.

: The market size of aerospace welding robots is about 10 billion yuan (2024), with application scenarios including aircraft component welding and spacecraft structural part welding, which have extremely high requirements for welding precision, quality, and reliability [2]. Although STEP has not yet been directly applied to rocket welding, this segment has high growth potential and high technical barriers.

: As a leading domestic industrial robot enterprise, STEP has been shortlisted in the TOP10 of China’s industrial robot sales market [3], with the following technical advantages:

• Mastery of control systems, servo, and software technologies for robots with 1-600KG load [3]
• Application foundation in friction stir welding technology
• Provides system integration solutions to promote high-quality development of the manufacturing industry [3]

: Welding of spacecraft structural parts, especially aluminum alloy structures such as rocket fuel tanks and spacecraft shells, requires friction stir welding robots [2]. This type of welding has the characteristics of “super strength, no defects, and almost no deformation”, making it particularly suitable for large aluminum alloy parts [2].

: In the aerospace welding field, the penetration rate of traditional welding robots in automotive, shipbuilding, and other fields has exceeded 45%, but there is still room for improvement in applications in high-end manufacturing [2].

:

1. Technology Cooperation Model
   : Establish cooperative relationships with existing aerospace manufacturing enterprises to provide customized welding solutions
2. Product Upgrade Strategy
   : Develop high-precision welding systems adapted to the special requirements of aerospace manufacturing based on existing robot platforms
3. Standard Certification Breakthrough
   : Obtain market access qualifications by passing the quality system certification of the aerospace industry

: STEP is a leading enterprise in China’s industrial robot market, participating in national robot standardization work and holding important positions in the China Robot Industry Alliance [3]. Its robot factory was rated as one of Shanghai’s first smart factories and recognized as a smart manufacturing demonstration unit by the Ministry of Industry and Information Technology [3].

: According to the latest financial data [0]:

• Market capitalization: 9.91 billion USD, stock price: 14.95 USD
• Stable revenue scale, but profitability faces challenges (P/E ratio: -41.07x)
• Relatively stable financial health, debt risk classified as low [4]
• Good cash flow status, latest free cash flow reaches 93.76 million USD [4]

: The industrial robot market is expanding from traditional automotive and 3C industries to emerging fields such as new energy and aerospace. In 2024, the scale of China’s industrial robot market is about 58 billion yuan, making it the world’s largest industrial robot application market [3].

:

1. Technology-Driven Expansion
   • With motion control technology as the core, focus on products such as servo drives, frequency control, robots, and industrial controllers [3]
   • Empower robots through AI, expand new robot application scenarios with more than 20 years of robot manufacturing accumulation and new technology support [3]
2. Scenario-Based Application Layout
   • Semiconductor Field
     : Provide semiconductor wafer robot solutions [3]
   • New Energy Vehicles
     : Expand applications in battery tray and large aluminum alloy component welding [2]
   • Rail Transit
     : Develop application scenarios such as aluminum plates for subway car bodies [2]
3. Intelligent Upgrade Path
   • Transform from traditional automation to embodied intelligence, realizing a complete closed loop of perception-decision-execution
   • Develop a new generation of human-robot collaboration systems to enhance flexible production capabilities

:

• Deep Technical Accumulation
  : Possess 60 national/industry technical standards and 1101 patents and software copyrights [3]
• Complete Product Line
  : Provide a full range of products such as multi-joint, SCARA, and collaborative robots [3]
• Strong System Integration Capability
  : Have the ability to develop customized solutions [3]

:

1. Focus on High-Value Scenarios
   : Break through high-value fields such as aerospace welding
2. Strengthen Technical Cooperation
   : Establish strategic partnerships with AI enterprises and aerospace enterprises
3. Differentiated Competition
   : Leverage technical advantages in motion control to develop characteristic products
4. Talent Reserve
   : Strengthen the training of high-end R&D talents and application engineers

1. Policy Benefits
   : Supported by national strategies such as commercial aerospace and smart manufacturing
2. Market Space
   : Strong demand in emerging industrial scenarios with huge growth potential
3. Technical Barriers
   : Competitive advantages formed by long-term technical accumulation

1. Profit Pressure
   : Current profitability faces challenges; need to pay attention to the progress of performance improvement
2. Technological Iteration
   : Robot technology updates rapidly; need to continue increasing R&D investment
3. Market Competition
   : Many domestic and foreign competitors, fierce market competition

STEP has a good technical foundation and market opportunities in the expansion of commercial aerospace and emerging industrial scenarios. The company should fully leverage its existing technical advantages, achieve breakthroughs in high-value fields such as aerospace welding through differentiated competition strategies, and seize the market opportunities of smart manufacturing transformation and upgrading to achieve diversified business development.

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[0] Jinling API Data - Fundamental and Financial Data of STEP (002527.SZ)
[1] Securities Times - “8 Out of 12 Days Limit-Up, Commercial Aerospace Concept Bursts! Unitree Technology Completes IPO Counseling, Institutions Focus on These Stocks” (https://www.stcn.com/article/detail/3519135.html)
[2] OFweek - “Hot Topic: Intelligent Welding Robots, Over 20 Billion Yuan [In-Depth Report]” (https://m.ofweek.com/ai/2025-11/ART-201717-8120-30673907.html)
[3] Sina Finance - “2025 China Industrial Robot Industry Panoramic Map” (https://finance.sina.com.cn/roll/2025-03-08/doc-inenwxxr1831284.shtml)
[4] Jinling API Data - STEP Financial Analysis Report