研报掘金丨华鑫证券：首予大洋电机“买入”评级，前瞻布局机器人

Core Viewpoint - The report highlights that Dayang Electric is a leading enterprise in motors and drive control, with a forward-looking layout in robotics. The company has shown significant revenue growth and is actively expanding its overseas production capacity to mitigate trade friction challenges [1] Group 1: Financial Performance - The BHM division of the company achieved a revenue of 3.806 billion yuan in the first half of the year, representing a year-on-year growth of 10.28%, marking a record high for the same period [1] Group 2: Strategic Initiatives - To reduce trade friction challenges, the company is expanding its overseas production capacity, enhancing the capacity of its Mexico factory, advancing the construction of its Morocco factory, and initiating the construction of a factory in Indiana, USA, which will work alongside its Vietnam factory to form a manufacturing base [1] - The company established a project team for "humanoid robot motors" in its forward-looking technology research institute in February, having completed the design of the joint module scheme [1] - In July, the company invested in and took a stake in the robotics company Mechaman, which focuses on "AI+3D" vision, exploring further cooperation. Mechaman will become a strategic partner for the engineering and industrialization of the company's key robotic module products [1] Group 3: Future Outlook - The company has submitted an IPO application to list on the Hong Kong Stock Exchange, indicating its growth ambitions and commitment to expanding its market presence [1] - As a leading enterprise in motors and drive control, the company has achieved significant global layout results in its two major business segments, demonstrating steady performance growth while strategically entering the robotics field [1]