兆威机电：汽零+XR双驱动，机器人业务前景广阔

Investment Rating - The investment rating for the company is "Buy" (首次) [3] Core Views - The company is a benchmark enterprise in micro drive systems, expanding its layout in automotive components and XR business, with a strong foundation in partnerships with major automotive clients such as Bosch, BYD, and Great Wall [3][31] - The company has a well-established vertical integration strategy, enhancing product value and focusing on providing integrated solutions of "precision components + transmission systems + control systems" [3][31] - The XR market is expected to grow significantly, with the upcoming launch of Apple Vision Pro in China, which is anticipated to open new opportunities in the industry chain [3][50] Financial Summary - The company achieved a revenue of 1.206 billion yuan in 2023, with a year-on-year growth of 4.6%, and a net profit attributable to the parent company of 180 million yuan, reflecting a year-on-year increase of 19.6% [9][35] - Forecasted revenues for 2024, 2025, and 2026 are 1.583 billion yuan, 2.120 billion yuan, and 2.576 billion yuan respectively, with corresponding net profits of 225 million yuan, 316 million yuan, and 391 million yuan [9][47] - The gross margin is projected to improve from 29.0% in 2023 to 30.6% in 2026, while the net profit margin is expected to increase from 14.9% to 15.2% over the same period [9][47] Business Segments - The company's revenue composition in 2023 was 52.5% from automotive electronics, 23.3% from smart consumer products, 10.2% from communication, 4.0% from medical and personal care, and 10.0% from other sectors [31][41] - The automotive electronics segment is the primary revenue source, with a significant growth of 33% year-on-year, contributing nearly 50% of total revenue [41] - The company is actively developing products for the XR market, including IPD adjustment devices for AR/VR applications, which are expected to enhance user experience [21][37] Market Outlook - The micro drive and micro transmission industry is expected to expand due to the increasing penetration of electric and intelligent automotive applications, leading to higher value per vehicle [51] - The company is well-positioned to capitalize on the growing demand for humanoid robots, leveraging its expertise in micro drive technology to develop advanced robotic solutions [3][54]