Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is a leading player in the motion control field, with rapid iterations of its dexterous hand solutions [1]. - In 2024, the company achieved a revenue of 1.584 billion yuan, a year-on-year increase of 12%, and a net profit attributable to the parent company of 200 million yuan, up 45% year-on-year [3]. - The servo system business continues to break through, with sales revenue of 709 million yuan in 2024, representing a 33% year-on-year growth [3]. - The company is focusing on dexterous hand solutions in line with the trend of humanoid robots, establishing subsidiaries to enhance its product offerings [3]. - Profit forecasts indicate net profits of 268 million yuan, 345 million yuan, and 438 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34%, 29%, and 27% [3]. Financial Summary - Total revenue is projected to grow from 1.415 billion yuan in 2023 to 2.476 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [2]. - The net profit attributable to the parent company is expected to increase from 139 million yuan in 2023 to 438 million yuan in 2027, reflecting a significant recovery and growth trajectory [2]. - The gross margin is expected to remain stable around 37.3% to 38.4% over the forecast period [2]. - The company's return on equity (ROE) is projected to rise from 10.5% in 2023 to 22.9% in 2027, indicating improved profitability [2]. - The earnings per share (EPS) is forecasted to grow from 0.45 yuan in 2023 to 1.42 yuan in 2027 [2].

Core Viewpoint - The company, 雷赛智能, reported a modest performance in 2023, attributing challenges to macroeconomic downturns and significant declines in the new energy sector, while planning to increase investments in humanoid robotics and focus on domestic key component production for high-quality business development [1][2]. Financial Performance - In 2023, 雷赛智能 achieved a revenue of 1.584 billion yuan, a year-on-year increase of nearly 12%, and a net profit of approximately 200 million yuan, reflecting a growth of nearly 45%, with earnings per share at 0.65 yuan [1]. - In Q1 2024, the company reported a net profit of about 55.82 million yuan, a year-on-year growth of 2.25%, with expectations for accelerated growth in Q2 [2]. Business Strategy - 雷赛智能 is focusing on deepening its presence in traditional sectors such as 3C, electronics manufacturing, semiconductor equipment, and special machine tools, while also expanding into the packaging industry to offset declines in solar and lithium battery sales [1]. - The company has introduced over 200 new channel partners and is transitioning from single product sales to a combination of products and complete solution marketing to enhance value [2]. Product Development - The company is investing significantly in humanoid robotics, with substantial orders for core components like frameless torque motors and hollow cup motors, although current revenue from this segment is still small [2][3]. - 雷赛智能 is advancing its general robot motion control system products into the R&D phase, leveraging its extensive experience in motion control technology [2]. Market Expansion - The company aims to achieve a revenue growth of 20%-30% and a net profit growth of 30%-50% by 2025, focusing on humanoid robotics and overseas market expansion [3]. - The impact of U.S. tariffs on the company is minimal, as exports to the U.S. account for less than 1% of revenue, potentially accelerating domestic automation opportunities [3]. Supply Chain Management - 雷赛智能 emphasizes the localization of key components and maintains a strategy to ensure core material supply, with minimal impact from U.S. tariff policies on procurement costs [3].

Core Viewpoint - The company is minimally affected by the US tariffs, with less than 1% of its revenue coming from exports to the US, and sees opportunities for domestic substitution in industrial automation due to the tariffs [1] Group 1: Impact of Tariffs - The company's export business to the US accounts for less than 1% of its total revenue, indicating a minimal direct impact from the tariffs [1] - The US tariff policy may accelerate domestic substitution in industrial automation, providing more opportunities for the company and domestic competitors [1] Group 2: Business Opportunities - Hundreds of robot companies and module manufacturers are testing and using the company's products, indicating strong interest and potential market growth [1] - The company has received several large commercial orders for its frameless torque motors and hollow cup motors, with cumulative shipments exceeding 10,000 units [1]

2025年04月27日，雷赛智能2024年度及2025年第一季度网上业绩说明会在全景网顺利举行。出席本次业 绩说明会的人员有雷赛智能 董事长、总经理李卫平、董事会秘书向少华、董事、财务总监游道平、独 立董事杨健。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问44 个，公司嘉宾共回答问题43个，答复率97.73%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：目前很多机器人整机公司都有自研灵巧手的想法，公司灵巧手已经落地，后续推广阶段有什么 成本或者功能优势？目前是否有企业和公司灵巧手打算合作？ 回答：公司暂未回复。 2、问：尊敬的李董事长:公司业绩相对于同类公司,业绩及成长性都属于上乘,但股价远远低于它们,其实, 公司股价在二级市场上的表现是最好的广告效应,股价及市值提升,是对公司实力最好的宣传,是对公司产 品最有效的推介.真心希望公司管理层确实重视市值管理,也祝公司前程似锦,股价屡创新高.【征集问题】 回答：您好。公司一直聚焦于主营业务，以长期且稳定的业绩，回报全体股东实现为股东创造更大价值 目标，公司对未来充满信心。同时，股价在二级 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 is in line with market expectations, with 2024 revenue reaching 1.58 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders at 200 million yuan, a year-on-year increase of 45% [8] - The company is experiencing steady growth in its motion control products, with significant contributions from the servo system and control technology segments [8] - The launch of the dexterous hand solution positions the company as a key player in the humanoid robot sector, with ongoing development of a general robot motion control system [8] Financial Summary - Revenue projections for the company are as follows: 2023A at 1.415 billion yuan, 2024A at 1.584 billion yuan, 2025E at 2.071 billion yuan, 2026E at 2.599 billion yuan, and 2027E at 3.236 billion yuan, with respective year-on-year growth rates of 5.79%, 11.93%, 30.74%, 25.49%, and 24.48% [1] - Net profit attributable to shareholders is projected to be 138.57 million yuan in 2023A, 200.47 million yuan in 2024A, 281.52 million yuan in 2025E, 367.58 million yuan in 2026E, and 480.28 million yuan in 2027E, with year-on-year growth rates of -37.10%, 44.67%, 40.43%, 30.57%, and 30.66% respectively [1] - The latest diluted EPS is forecasted to be 0.45 yuan in 2023A, 0.65 yuan in 2024A, 0.92 yuan in 2025E, 1.20 yuan in 2026E, and 1.57 yuan in 2027E [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 is in line with market expectations, with 2024 revenue reaching 1.58 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders at 200 million yuan, a year-on-year increase of 45% [8] - The company is experiencing steady growth in its motion control products, with significant contributions from the servo system and control technology segments [8] - The launch of the dexterous hand solution positions the company as a key player in the humanoid robot sector, with ongoing development of a general robot motion control system [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1.415 billion yuan, 2024A at 1.584 billion yuan, 2025E at 2.071 billion yuan, 2026E at 2.599 billion yuan, and 2027E at 3.236 billion yuan, with respective year-on-year growth rates of 5.79%, 11.93%, 30.74%, 25.49%, and 24.48% [1] - Net profit attributable to shareholders is projected to be 138.57 million yuan in 2023A, 200.47 million yuan in 2024A, 281.52 million yuan in 2025E, 367.58 million yuan in 2026E, and 480.28 million yuan in 2027E, with year-on-year growth rates of -37.10%, 44.67%, 40.43%, 30.57%, and 30.66% respectively [1] - The latest diluted EPS is expected to be 0.45 yuan in 2023A, 0.65 yuan in 2024A, 0.92 yuan in 2025E, 1.20 yuan in 2026E, and 1.57 yuan in 2027E [1] Market and Product Insights - The company has established a strong market presence in the servo system segment, achieving a market share of 4% in 2024, second only to the industry leader [8] - The company is expanding its distribution channels, with over 200 quality distributors introduced by the end of 2024, which is expected to drive revenue growth [8] - The 3C semiconductor industry has shown significant contributions to revenue, while the new energy sector faces challenges due to overcapacity and reduced capital expenditures [8]

Core Viewpoint - The company is a leading enterprise in the field of intelligent equipment motion control, providing high-value motion control core components and system-level solutions to numerous manufacturing enterprises domestically and internationally. The company aims to become a "Chinese leader and world-class" specialized motion control group through advanced technology and close advisory services [4][5]. Company Overview - The company focuses on the research, production, sales, and service of core components for intelligent equipment motion control, with main products including servo systems, stepper systems, and control technology products [5][6]. - The products are widely used in various precision equipment in intelligent manufacturing and service fields, such as 3C manufacturing equipment, semiconductor equipment, robots, PCB/PCBA manufacturing equipment, logistics equipment, special machine tools, packaging equipment, medical equipment, lithium battery equipment, and photovoltaic equipment [5][6]. Business Model - The company adheres to the main channel of "intelligent manufacturing" and the auxiliary channel of "mobile robots," providing motion control products and solutions to create maximum value for global intelligent equipment industry clients [7]. - The company employs a market-driven material procurement model, ensuring timely supply and quality reliability through a well-established supplier management process [9]. - The production model combines outsourced production and in-house production, focusing on core processes to strictly control product quality [10]. - The marketing management model integrates industry development, regional services, and product collaboration to enhance customer service and support industry upgrades [11]. Financial Performance - In the reporting period, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 2.36%. The net profit attributable to shareholders was 56 million yuan, reflecting a year-on-year growth of 2.25% [15]. - The company has implemented various cost-reduction and efficiency-enhancement measures, resulting in positive outcomes despite challenges in the photovoltaic and lithium battery industries [15]. Shareholder Information - The company has initiated a share repurchase plan, intending to use its own funds to repurchase shares for future employee stock ownership plans or equity incentives, with a total repurchase amount between 60 million yuan and 120 million yuan [17]. - As of the reporting period, the company has repurchased a total of 1,696,800 shares, accounting for 0.55% of the total share capital, at an average price of 16.97 yuan per share [17]. Employee Stock Ownership Plans - The company has established employee stock ownership plans to incentivize key personnel, with the 2022 plan involving a total funding of up to 45.9 million yuan and a share allocation of up to 2.56 million shares [35]. - The 2023 employee stock ownership plan aims to raise up to 31.07 million yuan, with a share allocation of up to 1.155 million shares [40].

Group 1 - The company plans to use up to RMB 600 million of idle funds for cash management, which is expected to enhance the efficiency of fund utilization and generate investment returns for shareholders [3][4][30] - The board of directors and the supervisory board have approved the cash management proposal, confirming that it will not adversely affect the company's operations or the interests of shareholders, especially minority shareholders [2][3][4] Group 2 - The company will hold an online performance briefing on April 27, 2025, to discuss the 2024 annual report and the first quarter of 2025, allowing investors to engage and ask questions [8][9][10] - The company has reported a net profit of RMB 200.46 million for 2024, with a proposed cash dividend of RMB 3.2 per 10 shares, amounting to a total cash dividend of approximately RMB 97.5 million, which represents 63% of the net profit [14][15][17] Group 3 - The company has changed its accounting policies in accordance with new regulations issued by the Ministry of Finance, which will take effect from January 1, 2024, and will not significantly impact the company's financial status or results [18][23][25] - The supervisory board and the audit committee have reviewed and approved the changes in accounting policies, confirming compliance with relevant laws and regulations [24][26][39] Group 4 - The company has approved a financial assistance program for employees to purchase homes, with a maximum annual loan amount of RMB 30 million, which is expected to enhance employee welfare and retention [50][51][59] - The financial assistance will be interest-free and subject to specific conditions, ensuring that it does not affect the company's normal operations [54][55][59]

容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 深圳市雷赛智能控制股份有限公司 容诚审字[2025]518Z0921 号 内部控制审计报告 容诚审字[2025]518Z0921 号 深圳市雷赛智能控制股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳市雷赛智能控制股份有限公司（以下简称雷赛智能公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是雷赛 智能公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部 ...

非经营性资金占用及其他关联资金 往来情况专项说明 深圳市雷赛智能控制股份有限公司 容诚专字[2025]518Z0324 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于深圳市雷赛智能控制股份有限公司 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]518Z0324 号 深圳市雷赛智能控制股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了深圳市雷赛智能控制股 份有限公司（以下简称雷赛智能公司）2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公 司所有者权益变动表以及财务报表附注，并于 2025 年 4 月 24 日出具了容诚审字 [2025]518Z0919 号的 ...