Core Insights - The company's performance shows a clear recovery trend driven by strong growth in the industrial control segment and a rebound in the medical business, with the industrial control segment becoming a new growth engine [1] - The company achieved revenue of 0.59 billion yuan in Q1 2025, a year-on-year increase of 35.76%, and a net profit attributable to shareholders of 0.13 billion yuan, up 135.75% year-on-year, primarily due to the performance of linear actuators and DC motors [1] - The linear actuator revenue in 2024 reached 1.35 billion yuan, a year-on-year increase of 4.24%, while the DC motor segment grew by 32.78% year-on-year [1] - The decline in performance in 2024 was mainly due to a significant drop in the voice coil motor business, which fell by 91.31% year-on-year, impacted by market demand and inventory consumption [1] - The IVD business is expected to recover as customer inventory depletion is nearly complete, with growth anticipated in IVD orders and expansion into industrial automation, semiconductor, and 3C electronics sectors [1] Strategic Direction - The company is strategically focused on humanoid robots, developing a comprehensive range of core components for motion control systems, including dexterous hands, rotary joints, and linear joints [2] - The company offers various products such as hollow cup motors, precision gearboxes, and ball screws for these applications, with a research and development expense ratio increasing to 10.91% in 2024 [2] - Collaborations with multiple domestic and international humanoid robot industry clients are underway, indicating a strong market position [2] - The global humanoid robot market is projected to reach 12,400 units and 6.339 billion yuan in 2025, with an expected compound annual growth rate of 58.8% until 2030 [2] Capacity Expansion and Global Strategy - New production capacity is being gradually released, with the company's projects for an annual production of 1.8 million micro motors and a new R&D center officially launched in June 2024 [3] - A manufacturing base for screw motors in Thailand is set to begin production in Q3 2025, enhancing the company's global supply chain and competitiveness [3] - The company's performance is expected to enter a growth trend due to the recovery of the medical segment, continued expansion in industrial control, and the release of new production capacity [3] - Revenue forecasts for 2025-2027 are projected at 2.58 billion yuan, 3.05 billion yuan, and 3.72 billion yuan, with year-on-year growth rates of 15.12%, 18.34%, and 21.96% respectively [3]
鼎智科技(873593)：业绩恢复趋势明显 全维度布局人形机器人运动控制系统核心部件