人形机器人热度席卷A股市场。三季报披露前夕，人形机器人板块情绪持续升温，长盈精密在股价也随之走出一波上扬。
10月28日晚间披露的2026年三季报，却和股价呈现不样的走势。虽然公司整体营收持续扩张，新能源、具身智能两大新兴业务收入高速增长，其中具身智能业务更是同比增幅超5倍，但是公司前三季度的净利润却转为亏损，赛道红利尚未转化为账面利润。
收入狂奔利润失速
财报数据显示，长盈精密2026年前三季度实现营业收入164.53亿元，同比增长21.78%；净利润亏损0.66亿元，同比下滑114.16%，去年同期盈利4.68亿元；扣非净利润亏损0.82亿元。第三季度单季营收57.24亿元，同比增长17.52%，归母净利润亏损0.84亿元。
不过对比二季度1.07亿元亏损，Q3的亏损幅度有所收窄。亏损主要来自费用端压力，并非收入端出现恶化。
仔细来看，公司新能源精密零组件、具身智能与新兴科技硬件、消费电子三大板块，多条业务线营收高增，但增收不增利的矛盾凸显。
新能源精密零组件是当前公司的第一增长引擎，前三季度营收71.17亿元，同比大涨52.27%，动力电池与储能结构件共同拉动增长，储能项目增长显著，公司未披露该板块单独增速。不过新能源结构件行业竞争激烈，下游电池、储能客户议价能力较强，价格竞争持续挤压加工环节利润，营收高速增长没有同步带来利润改善。
市场关注度最高的具身智能与新兴科技硬件业务，前三季度营收4.19亿元，同比暴涨532.67%。但该板块占总营收比重仅2.5%。根据公开资料，公司位于深圳的机器人智能制造产业园已投入使用，约6万平米厂房专门用于人形机器人产品生产；此外宜宾具身智能零部件西南基地也已投运，具备模具开发到零部件量产全链条能力。不难发现，公司目前正处于产能硬件准备就绪的背景下，该板块尚未形成足够的利润贡献。
消费电子作为传统基本盘，依靠AI PC、AI穿戴新品实现结构性回暖，但整体增长弹性有限。
营收扩张的同时，公司研发投入抬升、汇兑冲击成为挤压利润的主要因素。前三季度研发费用达到13.04亿元，较去年同期明显增加。
等待利润
早在互动易上，公司披露的“公司2026年1-8月交付超过110万件人形机器人精密零组件”，很容易被市场直接等同于业绩爆发，但仔细来看，这一统计单位是零部件件数，并非机器人整机台数。公司此前表示，“三、四季度订单相比上半年增速更快”，但从目前来看订单转化为收入、再到利润仍需要时间。
人形机器人赛道的头部公司宇树科技的三季报可以参考一二。其三季度营收6.65亿元，同比增长69.93%，前三季度营收18.17亿元；前三季度净利润3.87亿元，但第三季度单季净利润环比接近腰斩，扣非净利润也出现同比下滑。研发投入激增是主要拖累之一，销售费用扩张、当季毛利率环比回落也共同压低了当季利润。
作为自有品牌整机厂商，宇树享有50%以上的较高毛利率；而长盈精密处于上游零部件代工环节，以加工费模式为主，议价权偏弱，还额外承担海外业务的汇率波动、下游压价等多重压力。
横跨消费电子、新能源储能、人形机器人、AI算力硬件多条赛道，长盈精密每开辟一条新赛道，都需要承担大额资本开支与研发投入。摆在公司面前的现实命题是：未来盈利修复，究竟单纯依靠订单规模摊薄固定成本，还是向上突破，切入附加值更高的自研组件，摆脱单纯加工代工的定位。
即便如此，机构对于公司的未来还是有着很高的期待。
三季报前十大股东名单显示，全国社保基金一零四组合大幅增持，重新回到前十大股东行列；基本养老保险基金一九零七组合、永赢先进制造智选混合基金为本报告期新进前十大股东。
对于长盈精密而言，接下来数个季度，人民币汇率波动、机器人客户订单爬坡速度、新项目良率水平以及产品定价，将成为决定盈利修复节奏的核心变量。(本文首发钛媒体，文 | 三原，编辑 | 曹晟源)
本文由 AI图鉴自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
The human robots heat up the A share market. On the eve of the release of the tri-quarterly newspaper, man-made robotic plate emotions continued to rise, with long and sophisticated stock prices rising.
The Quarterly 2026, which was disclosed on the evening of 28 October, shows a different trend in stock prices. Despite the continued expansion of corporate corporate revenue and the rapid growth of income from new energy and smart new businesses, with more than five times the same increase in smart operations, net profits in the first three quarters of the company have turned into losses and the track dividend has not yet been translated into book profits.
The income rushes and profits go off.
According to the financial data, in the third quarter of the first three months of 2026, operating income was 16,453 million yuan, an increase of 21.78 per cent over the same period; a net profit loss of 66 million yuan, a decline of 11,4.16 per cent over the same period; a profit gain of 468 million yuan over the same period last year; and a net profit loss of 82 million yuan. In the third quarter, $5,724 million was collected on a single-season basis, an increase of 17.52 per cent over the same period, resulting in a loss of $84 million in net profits for the mother.
However, the Q3 deficit was narrower than the loss of $107 million in the second quarter. The losses were mainly due to cost pressures and not to deterioration of the revenue side.
Looking closely at the company ' s new energy precision zero components, smart and emerging technology hardware, and the consumption of electronics, multiple lines of business have increased, but the contradiction of the gains has been highlighted.
The clean zero component of the new energy is the first growth engine of the current company, with a profit of $7,117 million in the first three quarters, representing a 52.27 per cent increase over the same period. The power cell and the energy storage structure have been boosted with a significant increase in the energy storage project, and the company has not disclosed a single rate of growth of the plate. However, the new energy structure sector is highly competitive, downstream batteries and energy-capable customers are more bargaining power, price competition continues to squeeze profits from the processing chain, and high recovery growth has not been accompanied by improved profits.
The smart and emerging technology hardware business with the highest market interest received $419 million in the first three quarters, an increase of 53.267 per cent over the same period. However, it represents only 2.5 per cent of total revenue. According to publicly available information, the company ' s robotic smart manufacturing estate in Shenzhen has been put into operation, with about 60,000 square metres of plant dedicated to the production of human-shaped robotic products; in addition, the south-west base of spare parts of the right size has also been shipped and has the capability to develop moulds to produce the full chain of parts. It is not difficult to find that the company is currently in a state of readiness for energy hardware and that the plate has not yet produced sufficient profit contributions.
Consumer electronics, as a traditional base disk, relies on AI PC, AI and new products for structural warming, but overall growth elasticity is limited.
In parallel with the expansion of revenue, the rise in corporate R & D inputs and the exchange rate shock have been major factors in squeezing profits. The cost of research and development in the first three quarters amounted to 1.304 billion yuan, a marked increase over the same period last year.
Waiting for profit
As early as interaction, the company disclosed “company deliveries of more than 1.1 million human-shaped robotic precision zero components in January-August 2026”, which could easily be directly equated with a performance explosion, but in a careful look, this unit is the number of parts and components, not the number of robotics as a whole. The company had previously stated that “orders in the three or four quarters are growing faster than in the first half of the year”, but it would still take time to convert orders into income and profit.
The three-quarter editions of the company Ululu Tech at the front of the human robot track can be used as a reference. It received $665 million in the third quarter, an increase of 69.93 per cent over the same period, and $1.817 million in the first three quarters; and $387 million in net profits in the first three quarters, but the net profit ring in the third quarter was close to the waist, with a similar decline in net profits. The surge in R & D inputs is one of the main drags, and the expansion of marketing costs and the return of the M /R ratio in the current season have combined to reduce profits in the current season.
As a self-owned manufacturer of brands, Wootree enjoys a higher Māori rate of 50 per cent or more, while long-term surplus and precision are in the upstream spare parts substitute, dominated by a processing fee model, with weak bargaining power and additional pressures such as exchange rate fluctuations in overseas operations and downstream pressure.
Across consumer electronics, new energy reserves, human-shaped robots, and multiple tracks of AC hardware, each opening a new track requires significant capital expenditure and research and development inputs. The real proposition before the company is whether future profit-making repairs will be based solely on a fixed fee on the size of the purchase order, or whether they will be able to move upwards and move away from the position of a mere processor.
Even so, institutions have high expectations for the company ' s future.
According to the list of top ten shareholders in the quarterly report, the NFSS portfolio of 104 has grown significantly and has been re-established as the top ten shareholders, while the Basic Pension Insurance Fund, with a combined set of 197, has been the top ten shareholders in the reporting period.
In terms of long-term earnings and precision, exchange rate fluctuations in the renminbi, the rate at which robotic customer orders climb the slope, the level of goodness of the new project and the pricing of products will become the core variables determining the pace of profit-making restoration in the next few quarters. This is the first time I've got a titanium medium.
Auto-fetched and translated by AI Atlas. All rights belong to the original author.