FORE(SZ:301368) Zhong Guo Neng Yuan Wang·2025-04-07 08:34Group 1 - The company is a leading manufacturer in the small modulus gear industry, focusing on small modulus gears and related components such as precision reducers and micro gearboxes, with a complete product system that is globally leading [2] - The company has invested nearly 600 million yuan since its listing, with over 140 million yuan in equipment investment, indicating significant capacity release potential [2] - The projected net profit for the company from 2024 to 2026 is estimated to be 19 million, 43 million, and 94 million yuan, corresponding to PE ratios of 441.4, 197.9, and 90.4 times [2] Group 2 - The small modulus gear technology has high barriers to entry, with only a few companies mastering the entire process chain, leading to a favorable competitive landscape [3] - The company's micro gear processing capabilities have been recognized by global top clients such as Bosch Group and Siemens, with Bosch being the company's largest customer, accounting for 26% of revenue in 2023 [3] - The company has received the "Global Supplier Award" from Bosch, which enhances its credibility in entering the robotics sector [3] Group 3 - The small modulus gears are widely used in reducers, micro gearboxes, and robotic joints, enabling flexible movement in robots [4] - The company has developed both planetary and harmonic reducer technologies, with a long-term collaboration with top clients in the planetary reducer field [4] - The company has established deep cooperation with clients like Star Motion Era, validating its robotic transmission capabilities in the market [4]