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company
Harmonic Drive SystemsHarmonic Drive Systems 6324
Country国家 Japan日本
Systems系统 Muscle肌肉
Bottlenecks瓶颈 P14 Actuators, reducers, encoders执行器、减速器与编码器
Market cap市值 Live, via TradingView.实时数据，来自 TradingView。
Strain-wave reducers and integrated actuators for small robots, SCARA, cobots and humanoid joints. Q1 FY3/2027 operating margin recovered to 11.0% on a 37% full-year profit-guidance raise.
谐波减速器与集成执行器，用于小型机器人、SCARA、协作机器人与人形关节。FY3/2027 第一季度营业利润率回升至 11.0%，全年利润指引上调 37%。
What it doesStrain-wave reducers and integrated actuators for small robots, SCARA, cobots and humanoid joints. Q1 FY3/2027 operating margin recovered to 11.0% on a 37% full-year profit-guidance raise.
在干什么谐波减速器与集成执行器，用于小型机器人、SCARA、协作机器人与人形关节。FY3/2027 第一季度营业利润率回升至 11.0%，全年利润指引上调 37%。
Name sheetHarmonic Drive Systems
Why it mattersThe benchmark strain-wave transmission component for small robots, SCARA arms, collaborative robots and humanoid joints, and Leaderdrive's most direct listed comparable at a fraction of the multiple; content per joint is the most direct transmission path from humanoid volume to component revenue.
为何重要小型机器人、SCARA 机械臂、协作机器人与人形关节的谐波传动基准件，是绿的谐波倍数远低于此的最直接上市对标；每关节含量是人形放量向部件收入传导最直接的路径。
Caveat
For the year ended March 2026, reported 2026-05-13, consolidated order intake was JPY 61,613m (+16.2% year over year), revenue JPY 59,557m (+7.0%) and operating profit JPY 2,567m against JPY 6m the prior year -- a return from near-zero to real profitability. Q1 FY3/2027 (April-June 2026), reported 2026-08-07, showed the trend accelerating: revenue JPY 16,681m (+23.6%), operating profit JPY 1,840m, net profit JPY 1,274m, and operating margin moving from 0.9% to 11.0%.
Full-year guidance was raised the same day: revenue from JPY 68,000m to JPY 74,500m, operating profit from JPY 6,200m to JPY 8,500m (+37.1%). The company's stated reason is demand across industrial robots and semiconductor manufacturing equipment -- humanoids are not cited as a driver, and no order-intake figure was disclosed with the Q1 release.
The market has re-rated well ahead of that operational recovery: the stock is up roughly 150% over the trailing 52 weeks (JPY 2,316 to a peak of JPY 9,150) against a trailing P/E near 187x on TTM net income of JPY 2.92bn -- a narrative-driven multiple on a business whose own disclosures do not yet name humanoid demand. This is the site's cleanest direct listed comparable to Leaderdrive: real, disclosed operating recovery, at a rich but not yet extreme multiple, still waiting on the same order-intake evidence Leaderdrive's book also lacks.
风险提示
截至 2026 年 3 月的财年（2026-05-13 公布），合并订单额 616.13 亿日元（同比 +16.2%），收入 595.57 亿日元（+7.0%），营业利润 25.67 亿日元，上一年度仅 0.06 亿日元——从接近零回升至真实盈利。FY3/2027 第一季度（2026 年 4–6 月，2026-08-07 公布）显示趋势加速：收入 166.81 亿日元（+23.6%），营业利润 18.40 亿日元，净利 12.74 亿日元，营业利润率从 0.9% 升至 11.0%。
同日上调全年指引：收入从 680 亿上调至 745 亿日元，营业利润从 62 亿上调至 85 亿日元（+37.1%）。公司给出的理由是工业机器人与半导体制造设备需求，并未将人形机器人列为驱动因素，季报也未披露订单额。
市场的重新定价已明显领先于这一经营复苏：过去 52 周股价上涨约 150%（从 2,316 日元升至最高 9,150 日元），而基于 TTM 净利润 29.2 亿日元的市盈率接近 187 倍——这是一个尚未被自身披露确认人形需求的、由叙事驱动的倍数。这是本站对绿的谐波最直接的上市对标：真实、已披露的经营复苏，倍数偏高但尚未到极端水平，仍在等待与绿的谐波同样缺失的订单证据。
ProductStrain-wave (harmonic) reducers and integrated actuators
Value accrualContent per joint, precision manufacturing know-how, and qualification with robot OEMs
Key riskTTM revenue JPY 62.74bn, net income JPY 2.92bn (~4.7% net margin), P/E ~187x. Stock +150% over 52 weeks on operational recovery, not on any disclosed humanoid order book; multiple compression risk if the recovery narrative outruns the semicap/industrial-robot capex cycle it's actually tied to.
Key riskTTM 收入 627.4 亿日元，净利润 29.2 亿日元（净利率约 4.7%），市盈率约 187 倍。过去 52 周股价上涨 150%，基于的是经营复苏而非任何已披露的人形订单；如果叙事跑赢其实际挂钩的半导体设备/工业机器人资本开支周期，存在倍数收缩风险。
Bottlenecks瓶颈 P14 Actuators, reducers, encoders执行器、减速器与编码器
- Class
- public
- Country
- JP
- HQ
- Azumino / Hotaka, Japan
- Layer
- Actuation / Precision reducer
- Systems
- muscle
- Caveat stance
- watch
- Ticker
- 6324
- Exchange
- TSE
- Purity
- High
- Valuation tier
- 2
- Last verified
- 2026-08-27
- Confidence note
- High
- Sources
- S-FAC-022 · S-PUB-024 · S-PILOT-HDS-01 · S-PILOT-HDS-02
- Translated fields
- what_it_does_en · why_it_matters_en · caveat_en · key_risk_en
- Chain position
- upstream
COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −
- Customer and task
- 客户与任务
- The 2025 report describes strain-wave gears for robot joints (page 11). This identifies an application, not a named customer acceptance test.2025 年报告第 11 页介绍机器人关节用谐波减速器。这说明应用场景，未提供具名客户验收测试。
CLAIM · S-PILOT-HDS-01 · Checked核查日期
- Deployment and payment
- 部署与付款
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Task results and human assistance
- 任务结果与人工协助
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Cost and repeat purchases
- 成本与复购
- For fiscal 2024, the report lists group sales of JPY 55,645 million and operating profit of JPY 6 million. These are group totals, not humanoid-component margins.报告列示 2024 财年集团收入 556.45 亿日元、营业利润 600 万日元。这是集团总额，并非人形机器人零部件利润率。
CLAIM · S-PILOT-HDS-02 · Checked核查日期
- What the evidence cannot establish
- 证据的局限
- Not yet assessed in this structured record.本结构化记录尚未评估。