SIASUN(SZ:300024) Ge Long Hui·2025-11-08 03:56Core Viewpoint - The company is a leading global supplier of automotive micro motors and systems, with a complete global manufacturing system and stable Tier 1 customer resources. It is rated "Buy" for investment, with projected revenue and net profit growth from 2026 to 2028, indicating significant valuation attractiveness compared to peers [1] Group 1: Automotive Motor Business - The company is transitioning from fuel vehicles to electric vehicles, with the average number of motors in new energy vehicles being approximately 17 times that of fuel vehicles. The estimated value per vehicle for fuel vehicles is $217.6, while for new energy vehicles it is $326.5 [2] - Global production of new energy vehicles is expected to grow from 24.9 million in 2024 to 40.2 million in 2028 (CAGR=12.7%), with the company's market share increasing from 7.2% to 7.4%, leading to revenue growth from $600 million to $970 million [2] - Traditional fuel vehicle production is projected to decline from 64.7 million to 55.2 million (CAGR=-3.9%), with corresponding revenue decreasing from $2.6 billion to $2.0 billion [2] Group 2: Humanoid Robot Business - The company aims to become a core supplier for domestic and international humanoid robot manufacturers, leveraging its mature customer system and global manufacturing layout. Approximately two-thirds of its production capacity is overseas, enhancing its global manufacturing and delivery advantages [2] - The estimated value per humanoid robot is approximately ¥21,389, with the BOM value accounting for 12.25% [2] Group 3: AI Data Center Liquid Cooling Pump - The demand for cooling efficiency in AI data centers is driving the growth of liquid cooling solutions. The market for AI servers using liquid cooling systems is expected to grow from $20 billion in 2024 to $728.9 billion by 2030 (CAGR=82.1%) [3] - The global liquid cooling pump market is projected to increase from $1.4 billion in 2024 to $51 billion by 2030. The company has a product matrix covering 18W to 1800W liquid cooling pumps [3] - In optimistic, neutral, and conservative scenarios, the company's revenue from liquid cooling pumps could reach $357 million, $255 million, and $153 million by 2030, respectively [3] Group 4: Catalysts for Stock Performance - Key catalysts include the mass production validation of humanoid robots, increased sales of liquid cooling pump products, higher-than-expected penetration rates of new energy vehicles, improved gross margin structure through cost control and capacity optimization, and exceeding expectations in new orders and product launches [4]