Group 1: Company Performance - In the first half of 2024, the company achieved revenue of 64,511.24 million, a year-on-year increase of 28.10% [3] - The net profit attributable to shareholders reached 9,382.71 million, growing by 29.05% compared to the previous year [3] - Revenue breakdown: - Automotive electronics: 33,963.43 million (52.65% of total revenue) [4] - Smart consumer products: 15,298.81 million (23.71% of total revenue) [4] - Communication industry: 8,722.98 million (13.52% of total revenue) [4] - Medical and personal care: 1,549.34 million (2.40% of total revenue) [4] - Other sectors: 4,976.69 million (7.71% of total revenue) [4] Group 2: Strategic Focus and Innovation - The company emphasizes technological innovation as a key driver for performance, focusing on core technology and R&D investment [2] - Plans to extend product lines into motor drive control modules, aiming to provide integrated solutions of "precision components + transmission + control" [3] - The company is committed to expanding its product applications in automotive electronics, medical, and industrial automation sectors [5] Group 3: Market Adaptation and Customer Engagement - The company actively explores technology development and customer product needs to adapt to market changes [5] - It aims to enhance customer communication and identify industry demands to provide comprehensive solutions [6] - The company is focused on developing competitive products to mitigate pricing pressures from clients [6] Group 4: Future Growth and Investment - The company views the robotics industry as a significant growth area and plans to invest in this sector [5] - Future capital expenditures will be disclosed in accordance with relevant regulations [5] - The company is enhancing its capabilities in precision transmission products within the medical and personal care sectors [5]

Group 1: Company Overview - Shenzhen Zhaowei Electromechanical Co., Ltd. is actively involved in the medical and personal care sectors, focusing on products like insulin pumps and automatic injectors, primarily serving industry-leading clients [2][3]. - The company has established a dedicated cleanroom for medical applications, enhancing its technical capabilities and market competitiveness [3]. Group 2: Automotive Electronics - The vehicle ceiling screen flip drive system is designed for smart cockpits, requiring high durability, stability, and low noise, utilizing a DC motor and worm gear structure [3][4]. - The automotive electronics market is rapidly growing due to trends in electrification and smart technology, with the company aiming to capture more market share by developing high-tech applications [4][5]. Group 3: Competitive Landscape - The company faces competition across various sectors, including automotive electronics, smart consumer products, and medical care, with a focus on differentiated business strategies to enhance customer engagement and market coverage [4][5]. - The governance structure includes a board of directors, supervisory board, and management team, ensuring effective and transparent operations [5]. Group 4: Future Outlook - The company plans to maintain a cautious and steady approach, focusing on market expansion and new product development while enhancing cost control and budget management [5]. - The overall business outlook for the year is positive, with strategies aimed at increasing customer coverage and operational efficiency [5].

Investment Rating and Target Price - The report initiates coverage on Zhaowei Machinery & Electronics (003021 CH) with a "Buy" rating and a target price of RMB 78.81 [1][6] - The target price is based on a 2025 PE multiple of 71x, reflecting the company's strong customer resources and its strategic positioning in the humanoid robot dexterous hand motor module market [6] Core Investment Thesis - Zhaowei Machinery & Electronics is a leading domestic player in micro transmission systems, with products widely used in automotive electronics, XR, and other fields [1] - The company's automotive electronics business provides a solid revenue base, while its dexterous hand motor module products for humanoid robots are expected to open a second growth curve in the long term [1] - The report highlights the company's ability to leverage its existing customer base to expand into new fields, such as XR and humanoid robots, which is underestimated by the market [5] Automotive Electronics - The micro transmission system market in automotive electronics is expected to reach RMB 27.6 billion by 2025, with a YoY growth of 29% [2] - Zhaowei's product performance in automotive electronics is comparable to international leaders like IMS Gear, and the company has established long-term partnerships with major clients such as Bosch, BYD, and NIO [2] - The company's automotive electronics business is expected to maintain high growth, driven by the increasing adoption of micro transmission systems in new energy vehicles [2] XR (Extended Reality) - The global market for IPD (Interpupillary Distance) adjustment systems in VR devices is projected to reach RMB 2.8 billion by 2027, with a YoY growth of 108% [3] - Zhaowei's IPD system offers a wider adjustment range (58-72mm) and higher precision (0.05mm/s) compared to competitors, and the company has entered the supply chain of leading XR customers [3] - As the XR application ecosystem matures, Zhaowei's IPD products are expected to benefit significantly from the growth in VR device shipments [3] Humanoid Robots - The global market for dexterous hand motor modules in humanoid robots is expected to reach RMB 66 billion by 2030 [4] - Zhaowei has developed a complete hardware solution for dexterous hands, with high-performance micro motors as small as 6mm in diameter and 17 active degrees of freedom [4] - The company's dexterous hand products are expected to play a key role in the commercialization of humanoid robots, leveraging its existing customer resources and technical expertise [4] Financial Projections - The report forecasts Zhaowei's net profit attributable to the parent company to be RMB 216 million, RMB 268 million, and RMB 317 million for 2024, 2025, and 2026, respectively [6] - Revenue is expected to grow at a CAGR of 20.7% from 2024 to 2026, driven by the company's strong position in automotive electronics and its emerging businesses in XR and humanoid robots [6] - The company's ROE is projected to increase from 5.11% in 2022 to 8.97% in 2026, reflecting improved profitability and operational efficiency [6]

Group 1: Company Overview and Activities - Shenzhen Zhaowei Electromechanical Co., Ltd. held an investor relations event on November 21, 2024, with participation from 12 institutions and a total of 28 investors [2] - The event included various formats such as on-site communication and online meetings, hosted at the company's office in Yanhua Road, Bao'an District, Shenzhen [2] Group 2: Product Offerings and Market Insights - The company provides precision components and micro-drive systems for the automotive electronics sector, including actuators and intelligent electronic drive controls, applicable in smart cockpits, body domains, and chassis domains [2] - The electric stapler drive system is gaining traction in minimally invasive surgery due to its advantages over manual staplers, such as ease of use and high precision, which are critical for surgical efficiency and patient recovery [3] - The company launched a new generation of electric roller products at the Asian International Logistics Technology and Transportation Systems Exhibition, enhancing product visibility and customer engagement [3] Group 3: Robotics and Future Development - The company is optimistic about the robotics industry and has established a dedicated team focusing on technology and sales, covering areas such as structure, transmission, motors, and control systems [4] - The bionic robotic hand product features unique single-joint drive technology, with 17 active actuators allowing for independent movement, enhancing flexibility and precision in industrial applications [4] - The company aims to strengthen partnerships with research institutions and leading enterprises in fields like sensing, algorithms, and artificial intelligence to expand the application of robotics in smart manufacturing [4] Group 4: Strategic Focus and Market Positioning - The company emphasizes a steady operational approach, focusing on suitable solutions to address customer pain points and enhance product value [5] - It plans to increase insights into industries such as automotive electronics, smart consumer products, medical care, and industrial automation to expand market share and brand influence [5] - Continuous investment in key technologies and product upgrades is prioritized to maintain a competitive edge in the micro-drive industry [5]

Group 1: Company Overview and Governance - The company has established a project classification management system to evaluate projects based on strategic and economic value, ensuring resource management aligns with customer expectations on cost, quality, and delivery [1] - The governance structure includes a shareholders' meeting, board of directors, supervisory board, and management, ensuring scientific, standardized, transparent, and effective governance [2] - The chairman and vice-chairman are the founders and actual controllers, with the chairman focusing on strategic direction and market development [2] Group 2: Market Strategy and Customer Engagement - The company adopts a platform + customization model in R&D to meet diverse customer needs efficiently, enhancing product standardization and series development [2] - Digital management systems are implemented to coordinate production, supply, sales, and finance, promoting refined management and cost advantages [2] - The company aims to deepen existing customer relationships while actively seeking new clients to expand market share in the automotive electronics sector [3] Group 3: Automotive Electronics Business - The automotive electronics segment is expected to remain a major growth driver, supported by increasing electrification and consumer demand for enhanced vehicle experiences [3] - The company is focused on providing competitive products and solutions in the automotive electronics market, enhancing product value and core competitiveness [3] - The electric tailgate gearbox module improves user experience and safety, with growing consumer demand for such features driving market expansion [3]

Group 1 - Huawei is collaborating with Shenzhen Qianhai Management Bureau and Bao'an District People's Government to establish an innovation center for embodied intelligence, aiming to integrate Huawei's capabilities in this field and develop key technologies [1] - The first batch of projects will involve companies like Zhaowei Electromechanical and Leju Robotics, focusing on creating popular products that address real-world business challenges [1] - Zhaowei Electromechanical has confirmed its long-term relationship with Huawei, providing customized micro-drive solutions and components for communication base stations [2] Group 2 - The concept of embodied intelligence extends beyond robotics, encompassing various intelligent devices that interact with their environment, with humanoid robots being a primary focus of current research [3] - The Ministry of Industry and Information Technology has set goals for humanoid robot innovation, aiming for a preliminary innovation system by 2025 and a competitive industrial ecosystem by 2027 [3] - The establishment of the National Local Joint Embodied Intelligence Robot Innovation Center aims to address common issues faced by various innovation entities and promote the development of industry standards [3] Group 3 - The commercialization paths for embodied intelligence include general-purpose robots, pure software solutions, and vertical integration of hardware and software, each addressing different market needs [4] - The year 2024 is anticipated to be a pivotal year for humanoid robot development, driven by significant investments from global tech giants, leading to accelerated industry advancements [4] - The increasing demand for humanoid robots is driven by societal aging and rising labor costs, indicating a potential new industry with substantial market opportunities, although cost remains a barrier to widespread adoption [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of November 1, 2024 [1] Core Views - The company has shown significant revenue growth, achieving a revenue of 1.057 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.99%. In Q3 alone, the revenue reached 412 million yuan, up 33.07% year-on-year and 23.92% quarter-on-quarter [1] - The company has improved its profitability, with a gross profit margin of 31.55% in the first three quarters of 2024, an increase of 2.75 percentage points year-on-year. The net profit attributable to the parent company for the same period was 159 million yuan, up 24.22% year-on-year, and the net profit margin was 15.05%, down 0.70 percentage points year-on-year [1] - The company is actively developing new products, particularly in the humanoid robot sector, focusing on advanced technologies such as precision gearboxes and high-performance motors [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 159 million yuan, with a year-on-year increase of 24.22%. The net profit for Q3 was 65 million yuan, up 17.88% year-on-year and 69.90% quarter-on-quarter [1] - The company’s gross profit margin for Q3 was 32.06%, reflecting a year-on-year increase of 2.02 percentage points and a quarter-on-quarter increase of 2.34 percentage points [1] - The company’s financial forecasts indicate a projected net profit of 223 million yuan for 2024, with expected growth rates of 23.8% for the following years [2][5] Product Development and Market Outlook - The company is making significant progress in developing a humanoid robot dexterous hand, which is a key focus for future product offerings. This product integrates structural and software/hardware system development and is designed to work with various flexible robots [1] - The automotive electronics segment continues to contribute to growth, and the XR business is expected to have substantial potential [1]

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]