Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has maintained stable performance in the fiscal year 2025, with a focus on expanding into robotics and liquid cooling for data centers [2] - The company is expected to achieve revenues of $3.98 billion, $4.35 billion, and $4.75 billion in the fiscal years 2026, 2027, and 2028 respectively, with corresponding net profits of $308 million, $345 million, and $377 million, reflecting year-on-year growth of 17%, 12%, and 9% [7] - The company is entering the AI server thermal management system business, launching a new series of liquid cooling pumps designed for modern data centers and AI server architectures [7] Financial Summary - The company reported revenues of $3.65 billion for the fiscal year 2025, a year-on-year decrease of 4.4%, while net profit was $263 million, an increase of 14.6% [7] - The gross profit margin for the fiscal year 2025 was 23.1%, an increase of 0.8 percentage points year-on-year [7] - The company plans to distribute cash dividends of $73 million for the fiscal year 2025, with a dividend payout ratio of approximately 28% [7] Future Projections - The projected earnings per share (EPS) for the fiscal years 2026, 2027, and 2028 are $0.33, $0.37, and $0.40 respectively, with price-to-earnings (PE) ratios of 7.74, 6.91, and 6.32 [7] - The company is expected to see a recovery in revenue growth as it adjusts its customer mix and capitalizes on the rising demand for smart electric applications [7]

Financial Performance - Johnson Electric's total sales revenue reached US$3.6 billion[23] - Net income amounted to US$263 million[23] - Gross profit was US$843.3 million with a gross margin of 23.1%[73] - Adjusted net profit reached US$274 million[73] - Capital expenditure accounted for 5.4% of sales[73] Automotive Products Group (APG) - APG sales were affected by a 4% decrease in overall sales[82] due to reduced global light vehicle production and unfavorable customer mix[82] - The NEV market is expected to grow at a CAGR of 13% from 2024-2031[40] Industry Products Group (IPG) - IPG faced tough markets in EMEA and the Americas[82] - Increased sales in Asia-Pacific mitigated declines in EMEA and Americas due to restocking and new business[90] Sustainability - The company achieved an 81% reduction in Scope 2 CO2 emissions[66] - Over 90% of employees received ethics training[66] - 80% of suppliers by spending were assessed on ESG performance[66] Outlook - Group sales in the first weeks of FY25/26 were a mid-single digit percentage lower compared to the previous year[120]

Financial Performance - The group's revenue for the year ended March 31, 2025, was $3,648 million, a decrease of 4% compared to the previous year[3]. - Gross profit was $843 million, representing 23.1% of revenue, up from 22.3% last year[3]. - Adjusted EBITDA was $344 million, or 9.4% of revenue, compared to $343 million, or 9.0% last year[3]. - Net profit attributable to shareholders increased by 15% to $263 million[9]. - The automotive products segment generated revenue of $3,072 million, down 3% when excluding foreign exchange effects[5]. - The industrial and commercial products segment's revenue was $575 million, a decrease of 5% compared to last year[7]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[17]. - The automotive product segment accounted for 84% of total revenue, with reported sales of $3,072.4 million, down 4% from $3,210.2 million[17]. - The industrial product segment represented 16% of total revenue, with reported sales of $575.2 million, also down 5% from $604.0 million[17]. - The gross profit for the fiscal year 24/25 was $843.3 million, resulting in a gross margin of 23.1%, an increase from 22.3% in the previous year[16]. - Adjusted EBITA for the fiscal year 24/25 was $344.3 million, representing an adjusted EBITA margin of 9.4%, up from 9.0% in the previous year[16]. - The company reported a net profit attributable to shareholders of $262.8 million, an increase from $229.2 million in the previous year[16]. - The total debt decreased significantly from $560.8 million to $359.3 million, resulting in a debt-to-capital ratio of 12% compared to 18% the previous year[16]. - The company maintained a strong cash position with $790.6 million in cash as of March 31, 2025, down slightly from $809.9 million the previous year[16]. - The market capitalization increased to $1,881.2 million from $1,294.6 million, reflecting a positive market response[16]. Dividends and Shareholder Returns - The board proposed a final dividend of 44 HK cents (5.64 US cents) per share, maintaining a cautious approach due to global trade uncertainties[10]. - The company paid dividends totaling $72.2 million in the fiscal year 24/25, up from $52.5 million in the fiscal year 23/24[47]. - The company proposed a final dividend of 44 HK cents per share, amounting to $52.1 million, to be paid in September 2025[67]. Debt and Cash Management - The company maintained a cash reserve of $791 million, with a total debt-to-capital ratio of 12%[9]. - The company repaid a net amount of $200.2 million in loans during the fiscal year 24/25, compared to borrowing a net amount of $87.7 million in the fiscal year 23/24[50]. - The company has $951.7 million in available and undrawn credit facilities as of March 31, 2025[56]. - The total debt-to-capital ratio decreased to 12% from 18% as of March 31, 2024, due to the reduction in loans[68]. - The total debt-to-adjusted EBITDA ratio decreased to 0.8 times from 1.1 times as of March 31, 2024[68]. - The net cash position increased by $182.2 million to $431.3 million as of March 31, 2025, compared to $249.1 million as of March 31, 2024[57]. Operational Performance - The company is focusing on innovative technologies in the automotive sector to enhance electrification and safety[6]. - The company is actively adjusting pricing strategies to mitigate short-term impacts of tariffs while exploring long-term production relocation options[13]. - The company is focusing on cost leadership and standardization in its industrial product segment to address competitive pressures[26]. - The company is focusing on automation and artificial intelligence to transform production and create smart factories[96]. - The company aims to strengthen regional production capabilities to reduce delivery times and reliance on global supply chains[102]. - The company is focusing on local suppliers to simplify logistics and decrease global dependency[102]. Sustainability and Environmental Initiatives - The company is committed to reducing carbon emissions and increasing the use of renewable energy[105]. - The company is implementing measures to monitor and minimize waste generation, water consumption, and emissions[105]. - The company has quantified the product carbon footprint (PCF) for 70 products and implemented strategies to reduce carbon-intensive materials and use renewable resources[116]. - The company aims to develop all new products with optimized lifecycle assessment (LCA) and environmental product declarations[116]. - The company has set greenhouse gas absolute reduction targets, aiming for a 59% reduction in Scope 1, 65% in Scope 2, and 35% in Scope 3 emissions by the 34/35 fiscal year, using the 22/23 fiscal year as a baseline[134]. - The company has committed to using 100% renewable energy in all operational sites by 2025 and aims to reduce energy consumption intensity by 15% by 2030 compared to the 19/20 fiscal year[134]. - The company has established a comprehensive environmental, health, and safety (EH&S) management system, with all production sites certified under ISO 14001 and major sites under ISO 50001, covering 53% of total energy consumption[123]. - The company has provided over 1,600 hours of EH&S training in the 24/25 fiscal year, supporting the adoption of clean technologies and improving environmental performance[123]. Employee Engagement and Development - The company emphasizes the importance of employee well-being and has implemented health and safety measures that exceed requirements[112]. - The company conducts biannual employee engagement assessments to implement targeted follow-up actions[112]. - The company invests in employee development through various training programs, enhancing overall organizational efficiency[156]. - The company aims to increase the proportion of women in senior management from 13% to 15% by the end of the 25/26 fiscal year[161]. - The company has implemented pollution control technologies and maintains emissions below permitted levels, with VOC emissions at 46 tons[141]. Governance and Compliance - The board consists of independent non-executive directors with diverse experience, ensuring high levels of objective discussion and overall engagement in decision-making[196]. - The board meets quarterly to discuss business performance, corporate strategy, risk management, and significant transactions, ensuring accountability to shareholders[197]. - The company is committed to maintaining compliance with relevant regulations and internal control systems[198]. - The company recognizes the importance of independent directors in understanding and engaging with its operations and management[196]. - The internal audit department conducted visits to 18 entities to test anti-corruption controls for appropriateness and compliance[183]. Risk Management - The company has established a risk management committee led by the CEO to analyze and monitor existing and potential risks on a quarterly basis[85]. - The company actively manages commodity price risks through appropriate clauses in customer contracts and price adjustments, although there may be a time lag in passing on increased costs to customers[82]. - The company has signed currency swaps between USD and RMB to hedge related operational costs[75].

Group 1 - As of May 26, a total of 88 stocks reached their 52-week highs, with Tianbao Energy (01671), China Nuclear International (02302), and Honghui Group (00183) leading the high rate at 141.60%, 93.92%, and 21.34% respectively [1] - Tianbao Energy closed at 0.700 and reached a peak of 1.510, marking a significant increase of 141.60% [1] - China Nuclear International closed at 4.090 with a highest price of 5.100, reflecting a rise of 93.92% [1] Group 2 - Other notable stocks that reached their 52-week highs include Century International (00959) with an increase of 18.64%, and Junjie Group Holdings (08188) with a rise of 17.95% [1] - The list also includes Haotian Financial Group (01260) with a 13.70% increase and Dechang Electric Holdings (00179) with a 10.96% rise [1] - The overall trend indicates a strong performance in the market, with multiple stocks achieving significant gains [1] Group 3 - The report also highlights stocks that reached their 52-week lows, with Sipai Health (00314) showing the largest decline at -11.65% [3] - Other stocks experiencing declines include Feitian Yundong (06610) at -9.05% and Hengrui Medicine (01276) at -4.81% [3] - The presence of stocks reaching both highs and lows suggests a volatile market environment [3]

Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

Core Viewpoint - The Chinese brushless DC motor industry is experiencing rapid expansion, driven by the growth of the renewable energy sector, the popularity of electric vehicles, and the surge in demand for smart home appliances. The market is projected to reach approximately 81.535 billion yuan in 2024, with increasing applications in electric vehicles, smart manufacturing, and household appliances [1][19]. Industry Overview - Brushless DC motors utilize electronic controllers instead of traditional mechanical brushes, offering higher efficiency, longer lifespan, and lower maintenance needs compared to brushed motors. They are widely used in applications requiring high efficiency and precise control, such as electric tools, vehicles, and drones [3][4]. Market Dynamics - The market for brushless DC motors is expanding due to technological innovations and significant improvements in manufacturing capabilities. The application boundaries are broadening, penetrating various sectors including electric vehicle drive systems, smart home appliances, and industrial automation equipment [1][19]. Key Market Data - The projected market size for the Chinese brushless DC motor industry in 2024 is approximately 81.535 billion yuan. The demand for high-performance and efficient motors in the electric vehicle sector is expected to grow, alongside the increasing consumer preference for energy-saving and efficient products in the home appliance sector [1][19]. Policy Support - The Chinese government has implemented several policies to promote the development of the brushless DC motor industry, focusing on energy efficiency improvements and technological innovation. Initiatives include the promotion of high-efficiency equipment and the encouragement of performance optimization in motor production [8][9]. Competitive Landscape - The industry features a diverse competitive landscape with both leading companies and specialized firms. Major players like Dayang Motor and Jiangsu Leili leverage comprehensive product lines and innovative solutions to maintain competitive advantages. Companies are increasingly focusing on technology innovation and application expansion to enhance their market positions [22][25][27]. Future Trends - The brushless DC motor industry is expected to continue evolving towards high performance and smart technology integration. The adoption of new materials and intelligent technologies will enhance motor efficiency and power density, while expanding applications in emerging markets such as renewable energy and industrial automation [30][31][32].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 光大证券(601788)研报指，在医疗康复领域，外骨骼机器人主要应用于三大场景：1)脊髓损伤修复、2) 脑卒中偏瘫康复、3)老龄化辅助。全球外骨骼机器人市场正进入高速增长期，根据Grand View Research 数据显示，2024年市场规模达18亿美元，预计2030年将突破120亿美元，年复合增长率28%。叠加中 国"十四五"规划将外骨骼纳入高端医疗装备重点发展领域，多地医保已将部分康复型外骨骼纳入报销范 围，光大证券认为外骨骼机器人在医疗康复领域的商业化有望加速落地。(格隆汇) (责任编辑：宋政 HN002) 格隆汇5月20日｜港股机器人概念股普遍上涨，其中，国华、小米、盛业、德昌电机控股涨超2%，速腾 聚创、中芯国际、华虹半导体涨超1%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 0 ...

Market Overview - The compact rotary actuator market is segmented into various product types including pneumatic, electric, hydraulic, and others, with growth trends projected from 2020 to 2031 [2][3]. - The market is also categorized by applications such as industrial automation, medical devices, robotics, and others, with significant growth expected in these sectors [2][3]. Industry Development Status - The compact rotary actuator industry is characterized by specific development features and factors influencing its growth, including both favorable and unfavorable elements [3]. - Barriers to entry in the compact rotary actuator industry are identified, impacting new entrants [3]. Supply and Demand Analysis - Global supply and demand dynamics for compact rotary actuators are forecasted from 2020 to 2031, detailing production capacity, output, and utilization rates [3][4]. - The report includes a detailed analysis of the compact rotary actuator market in China, highlighting production capacity, output, and market demand trends [4][5]. Regional Market Analysis - The report provides a comprehensive analysis of the compact rotary actuator market across major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with sales revenue and market share data from 2020 to 2031 [3][4][5]. - Specific insights into the sales volume and revenue trends for compact rotary actuators in North America, Europe, and Asia-Pacific are presented [4][5][6]. Competitive Landscape - The competitive landscape of the global compact rotary actuator market is analyzed, including market share and revenue data for major manufacturers from 2020 to 2025 [4][5][6]. - The report identifies leading manufacturers in the compact rotary actuator market, detailing their production capacities, sales volumes, and revenue [6][7]. Product Type Analysis - A detailed analysis of different product types of compact rotary actuators is provided, including sales volume and revenue forecasts from 2020 to 2031 [5][6]. - The report also discusses price trends for various product types in the compact rotary actuator market [5][6]. Application Analysis - The report examines the sales volume and revenue of compact rotary actuators across different applications, with forecasts extending to 2031 [6][7]. - Insights into market share and revenue trends for specific applications such as industrial automation and robotics are included [6][7]. Industry Development Environment - The report outlines the development trends and key driving factors for the compact rotary actuator industry, including a SWOT analysis of Chinese enterprises [6][7]. - An analysis of the policy environment affecting the compact rotary actuator industry in China is also provided [6][7]. Supply Chain Analysis - The supply chain for the compact rotary actuator industry is described, including key raw materials and major downstream customers [6][7]. - The report discusses procurement and production models within the compact rotary actuator industry [6][7].

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [13]. Core Insights - The company is a global leader in micro-motor manufacturing and is expanding into the humanoid robot sector, which is expected to open a second growth curve [11][12]. - The company has a strong market position in the automotive micro-motor sector, holding the second-largest global market share at 14.1% as of 2021 [8][9]. - The company has experienced stable revenue, with a focus on automation and high-growth business expansion, despite a slight decline in revenue for the first half of the 2024/2025 fiscal year [9][10]. Summary by Sections Company Overview - Founded in 1959, the company has evolved from a family business focused on toy micro-motors to a leading manufacturer in various sectors including automotive, home appliances, and industrial automation [5][6]. - The company has expanded internationally, establishing a presence in key markets such as the U.S., Japan, and Germany [6]. Business Expansion - The company has pursued acquisitions to enhance its global footprint, acquiring several firms to broaden its product offerings and customer base [6]. - It has established over 30 production bases worldwide, leveraging its supply chain advantages in China to drive growth in automotive electrification and intelligence [8]. Financial Performance - For the first half of the 2024/2025 fiscal year, the company reported total revenue of $1.85 billion, a year-on-year decrease of 4.3% [9]. - The automotive segment remains the primary revenue source, with a revenue contribution of $1.57 billion, while industrial products contributed $290 million [9]. Profitability - The company's gross margin improved to 23.6% in the first half of the 2024/2025 fiscal year, up 1.4 percentage points year-on-year, driven by lower raw material costs and enhanced automation [10]. - Net profit attributable to the parent company increased by 9.5% year-on-year to $130 million [10]. Future Outlook - The company is actively exploring opportunities in the humanoid robot sector, aiming to develop core components and establish strategic partnerships [11][12]. - Revenue projections for 2025-2027 are estimated at $3.62 billion, $3.85 billion, and $4.12 billion, respectively, with expected EPS of $0.25, $0.27, and $0.29 [13].