兆威机电（ [Table_StockNameRptType] 003021） 公司点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Maintain "Overweight" rating [3] Core Views - The company's revenue for the first three quarters reached 1.06 billion yuan, a year-on-year increase of 30.0%, with net profit attributable to the parent company of 160 million yuan, up 24.2% year-on-year [3] - The automotive electronics sector has become the company's core business, accounting for over 50% of revenue, with strong growth expected to continue at a rate of over 30% in the next 2-3 years [3] - The XR sector, despite weaker shipments from major clients this year, is expected to see increased focus and potential for scale in the future [3] - The communication sector is expected to stabilize and recover in 2024, while the medical and personal care sector is projected to remain flat [3] - The company is actively developing dexterous hand modules for humanoid robots, with significant potential for integration into leading clients' products [3] Financial Performance - Revenue for 2023A was 1.21 billion yuan, with a projected increase to 1.60 billion yuan in 2024E and 2.08 billion yuan in 2025E [4] - Net profit attributable to the parent company for 2023A was 179.92 million yuan, expected to grow to 229.67 million yuan in 2024E and 290.96 million yuan in 2025E [4] - EPS for 2023A was 1.05 yuan per share, with forecasts of 0.96 yuan in 2024E and 1.21 yuan in 2025E [4] - The company's gross margin improved to 31.6%, up 2.8 percentage points year-on-year, while the net margin slightly decreased to 15.1% [3] Market and Valuation - The current stock price is 46.34 yuan, with a 52-week high/low of 93.99 yuan and 34.61 yuan respectively [5] - The company's market capitalization is 11.26 billion yuan, with a circulating market value of 9.67 billion yuan [5] - The P/E ratio for 2023A was 89.51, expected to decrease to 48.47 in 2024E and 51.16 in 2025E [4] Business Segments - Automotive electronics: Strong growth driven by partnerships with major clients like BYD, Bosch, Changan, and Li Auto, with high-margin projects such as in-car motion screens and electric spoilers contributing significantly [3] - XR: Despite current challenges, the sector is expected to benefit from increased client focus and technological advancements [3] - Communication: Revenue is influenced by industry investment cycles, with stabilization expected in 2024 [3] - Medical and personal care: Small revenue base with potential growth dependent on new project developments [3] - Humanoid robots: The company is well-positioned with advanced dexterous hand module technology and active engagement with leading humanoid robot manufacturers [3]

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-011 | --- | --- | --- | |----------------|-----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 21 家机构（共 23 资者交流会，其中包括： | 人）参与 ...

Financial Performance - Revenue for the third quarter reached 412.35 million yuan, a year-on-year increase of 33.07%[3] - Net profit attributable to shareholders of the listed company was 65.34 million yuan, up 17.88% year-on-year[3] - Total operating income for the quarter reached 1,057,458,316.60 RMB, a significant increase from 813,472,672.98 RMB in the same period last year[16] - Net profit for the quarter was 171,732,869.75 RMB, compared to 137,654,842.36 RMB in the previous year[17] - Net profit attributable to parent company shareholders increased to RMB 159,164,724.15, up 24.2% compared to the previous period's RMB 128,136,317.98[18] - Basic earnings per share (EPS) rose to RMB 0.67 from RMB 0.54 in the previous period, a 24.1% increase[18] - Total comprehensive income attributable to parent company shareholders reached RMB 158,147,723.18, up 25.0% from RMB 126,476,712.22 in the previous period[18] Assets and Liabilities - Total assets as of the end of the reporting period were 3.95 billion yuan, an increase of 3.97% compared to the end of the previous year[3] - Total assets increased to 3,954,946,979.12 RMB from 3,804,043,861.54 RMB at the beginning of the year[15] - Total liabilities increased to 801,615,446.76 RMB from 716,361,196.30 RMB at the beginning of the year[15] - Shareholders' equity increased to 3,153,331,532.36 RMB from 3,087,682,665.24 RMB at the start of the year[16] - The company's monetary funds at the end of the period were 228,893,398.04 yuan, an increase from 131,598,120.41 yuan at the beginning of the period[13] - The company's trading financial assets at the end of the period were 837,415,202.97 yuan, an increase from 640,471,075.11 yuan at the beginning of the period[13] - The company's accounts receivable at the end of the period were 449,469,148.59 yuan, an increase from 420,233,116.79 yuan at the beginning of the period[13] - Inventory levels rose to 198,907,400.65 RMB, up from 164,468,209.75 RMB at the start of the year[14] - The company's long-term investments decreased to 64,254,814.48 RMB from 68,002,609.13 RMB at the start of the year[14] Cash Flow - Cash and cash equivalents increased by 73.93% to 228.89 million yuan, mainly due to the redemption of idle funds for cash management[5] - Investment activities generated a net cash flow of 51.09 million yuan, a decrease of 32.77% year-on-year, mainly due to reduced net investment in idle funds[8] - Financing activities resulted in a net cash outflow of 71.60 million yuan, a 55.73% increase in outflow, mainly due to the distribution of 2023 cash dividends[8] - The company's cash and cash equivalents decreased to 930,399,140.97 RMB from 1,002,916,581.60 RMB at the beginning of the year[14] - Cash received from sales of goods and services reached RMB 1,167,521,963.73, up 23.1% from RMB 948,697,855.86 in the previous period[19] - Net cash flow from operating activities grew to RMB 158,628,339.17, a 7.2% increase from RMB 148,044,719.01 in the previous period[19] - Cash received from investments totaled RMB 1,208,834,958.70, slightly down by 1.4% from RMB 1,225,376,651.89 in the previous period[20] - Net cash flow from investment activities decreased to RMB 51,089,842.03, down 32.7% from RMB 75,989,393.64 in the previous period[20] - Net cash flow from financing activities was negative RMB 71,595,116.38, compared to negative RMB 45,973,166.16 in the previous period[20] - Cash and cash equivalents at the end of the period stood at RMB 228,844,021.72, down 16.2% from RMB 272,943,144.26 in the previous period[20] Expenses and Costs - Sales expenses rose by 38.63% to 42.81 million yuan, primarily due to increased market expansion efforts[7] - Operating costs for the quarter were 918,809,169.69 RMB, compared to 728,651,217.35 RMB in the previous year[17] - R&D expenses increased to 108,393,535.73 RMB, up from 92,513,078.45 RMB in the same period last year[17] - Income tax expenses increased to RMB 12,568,145.60, up 32.0% from RMB 9,518,524.38 in the previous period[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 22,963[9] - Shenzhen Qianhai Zhaowei Financial Holding Co., Ltd. holds 35.44% of the shares, totaling 85,120,000 shares[9] - Li Haizhou holds 18.18% of the shares, totaling 43,657,600 shares[9] - Qingcheng Qingmo Venture Capital Partnership holds 10.26% of the shares, totaling 24,640,000 shares[9] - The company granted 1,262,700 stock options and 1,262,700 restricted shares to 123 and 120 individuals respectively, with exercise prices of 42.70 yuan per option and 21.35 yuan per share[12]

证 券 研 究 报 告 兆威机电（003021）深度研究报告 推荐（首次） 扬微型传动之帆，向机器人、XR 蓝海启航 目标价：54 元 当前价：41.71 元 微型传动龙头企业，多行业拓展。公司以技术创新为核心，在微型传动领域拥 有深厚的技术积累和丰富的产品线，能够提供定制化的解决方案，满足不同行 业客户的需求。微型传动应用领域广泛，公司不断开拓下游应用领域，目前已 经应用于汽车电子、智慧医疗、智能家居、消费电子和工业设备、机器人等。 受到升降式摄像头模组的式微，公司最主要应用领域从 2020 年前的通讯类调 整为汽车电子，公司积极拓展下游行业，推动公司业绩企稳回升。 人形机器人市场前景广阔，有望为公司产品打开新市场。人形机器人的灵巧手 是高度复杂且至关重要的执行部件，它模仿人手设计，需要紧凑且高性能的电 机来实现精细动作。特斯拉 Optimus 机器人的灵巧手采用空心杯电机和微型齿 轮箱，具备高功率密度和精准控制能力，能够执行自适应抓取和负重等任务。 随着人形机器人行业的增长，预计到 2030 年，相关电机和齿轮箱市场将有望 扩张至数百亿规模。公司专注于微型传动技术的创新，开发了适用于机器人的 高精度、小体 ...

深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2024-010 | --- | --- | --- | |----------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 特定对象调研 □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 22 家机构（共 3 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 003021.SZ 增持 原评级：增持 市场价格:人民币 37.02 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (32%) (19%) (7%) 5% 18% 30% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 兆威机电 深圳成指 绝对 (59.6) (13.0) (30.0) (48.4) 相对深圳成指 (47.5) (9.7) (18.3) (27.4) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 238.94 | | 流通股 ( 百万 ) | | 206.20 | | 总市值 ( 人民币 百万 ) | | 8,845.59 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 178.86 | | 主要股东 ...

证券研究报告 | 公司动态点评 2024 年 09 月 03 日 兆威机电（003021.SZ） 24H1 公司业绩稳步增长，前瞻布局机器人领域助力公司发展 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,152 | 1,206 | 1,471 | 1,810 | 2,307 | | | | 增长率 yoy （ % ） | 1.1 | 4.6 | 22.0 | 23.0 | 27.5 | 股票信息 | | | 归母净利润（百万元） | 150 | 180 | 204 | 255 | 325 | 行业 | 机械 | | 增长率 yoy （ % ） | 2.0 | 19.6 | ...

兆威机电（ [Table_StockNameRptType] 003021） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

ZHAQWEI 北应 证券简称: 兆威机电 证券代码:003021 2024 半年度报告 2024 INTERIM REPORT 深圳市 兆 威 机 电 股 份 有 限 公 司 SHENZHEN ZHAOWEI MACHINERY & ELECTRONICS CO.,LTD. 深圳市兆威机电股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人李海周、主管会计工作负责人左梅及会计机构负责人(会计主 管人员)左梅声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及公司未来计划等前瞻性的陈述，能否实现取决于市场状况变 化等多种因素，存在不确定性，并不代表公司对未来年度的盈利预测，也不构 成公司对投资者的实质承诺，投资者及相关人士应对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。本公司请投资者认真阅读本报告， 谨慎投资。 公司在本报告第三节"管理层讨论与分 ...