xinje(SH:603416) Di Yi Cai Jing·2025-11-28 13:25Core Insights - The PLC (Programmable Logic Controller) industry is experiencing rapid growth as industrial automation becomes a key driver for the transformation of China's manufacturing sector [1] - Domestic companies are increasingly replacing imports in the small PLC market, with Xinjie Electric leading the way and expanding into medium and large PLCs and servo drives [1][2] - The company is also actively exploring high-end smart manufacturing applications in sectors such as new energy, semiconductors, robotics, and healthcare [1] Company Performance - In 2024, Xinjie Electric's PLC segment achieved revenue of 648 million yuan, a year-on-year increase of 21.09%, accounting for 38.05% of the company's total revenue [2] - The company's market share in the domestic small PLC sector reached 9.4%, making it the leading domestic brand [2] - Continuous innovation and a strong R&D team, which constitutes one-third of the workforce, are key drivers of the company's steady growth [2][3] Product Development - Xinjie Electric is increasing its R&D efforts for medium and large PLCs, with sales of medium PLCs exceeding 10 million yuan last year and doubling in the first half of this year [3] - The company has developed a comprehensive product matrix for small PLCs, consisting of six major product series and over 100 models [2][3] Business Expansion - The company has expanded its business scope to include drive products, human-machine interfaces, and intelligent robots, establishing itself as one of the few suppliers of comprehensive industrial automation solutions in China [4] - The value distribution in the industrial automation supply chain shows that PLCs account for about 15% of the total value, while servo motors account for 20%, indicating a strategic shift towards higher-value areas [4] Future Strategy - Xinjie Electric aims to focus on localized and personalized services, with a goal for solution-based revenue to exceed 50% of total sales in the future [5] - The company is positioning itself as a partner to downstream clients, enhancing its adaptability to industry changes and accelerating the pace of domestic substitution [5] New Growth Opportunities - The company is actively entering the embodied intelligence sector, with a dedicated team of around 70 people working on various robotic applications [6] - An investment of 800 million yuan is planned for building a production project for intelligent drive control systems, aiming to enhance the completeness and autonomy of the supply chain [7] - The precision control technology of PLCs is expected to be advantageous in the robotics field, potentially lowering production costs for robotic products [7]