凯迪股份(605288)：持续推进全球化战略 加快机器人领域布局

Core Insights - The company has over 30 years of experience in linear drive systems and possesses an integrated self-owned industrial chain [1] - The company is expanding its overseas bases to enhance global supply capabilities, with a focus on the robotics sector for new growth opportunities [2][3] Group 1: Company Overview - The company was established in 1992 and primarily produces linear drive systems, which include electric push rods, controllers, electrical boxes, and other components, applicable in smart homes, smart offices, healthcare, and automotive sectors [1] - The company has a strong flexible manufacturing system that integrates mold development, injection molding, processing, manufacturing, assembly, and testing, featuring a fully self-owned industrial chain including ABB robotic welding and production of lead screws and worm gears [1] - The company has a high degree of product customization and strong R&D capabilities, recognized as a "High-tech Enterprise" and holding numerous patents, including 52 invention patents, 283 utility model patents, and 145 design patents as of the end of 2024 [1] Group 2: Global Expansion and New Growth Areas - The company began its globalization efforts in September 2010 by establishing an office in the United States and later set up its first Southeast Asian production base in Vietnam in 2018, focusing on the production and sales of linear drive systems [2] - The first and second phases of the Vietnam factory are in operation, with the third phase planned to start, which is expected to generate annual sales revenue of $55.8 million upon full production [2] - The company is venturing into the robotics field by reorganizing its R&D capabilities in components such as motors, controls, and transmission, and has made a 10% investment in Jiangsu Huixing Power, which specializes in smart robotics and AI software and hardware [2] Group 3: Financial Projections - The company is projected to achieve revenues of 1.536 billion, 1.820 billion, and 2.142 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 95 million, 130 million, and 187 million yuan, leading to PE ratios of 53.37, 38.96, and 26.98 times [2]