Megmeet(002851) 华安证券·2024-07-10 06:30Investment Rating - The report assigns a "Buy" rating to Megmeet (002851) [15] Core Views - Megmeet is a high R&D platform company with diversified business layout driving growth [15] - The company has strong technical expertise in power electronics and has built three core technology platforms [37] - Megmeet has achieved significant results in global expansion, with overseas markets contributing 40% of revenue and higher gross margins [5][99] - The company is well-positioned to benefit from multiple high-growth sectors including new energy vehicles, industrial automation, server power supplies, and humanoid robots [40] Industry Analysis New Energy & Rail Transit - The 800V high-voltage platform is accelerating industrialization, with penetration rate expected to reach 50% by 2026 [60] - Megmeet has a comprehensive product matrix in new energy vehicles, including PEU, MCU, OBC, and DCDC [75] - The company has established partnerships with major automakers such as BAIC New Energy, NIO, and Leapmotor [8] Industrial Automation - The industrial automation sector is expected to enter an upward cycle in H2 2024 [3] - Megmeet has a complete product portfolio covering factory automation and process automation [3] - The company has developed specialized electric drive controllers for construction machinery, benefiting from the electrification trend [3] Power Supply - Global AI server shipments are growing rapidly, with a CAGR of 29% from 2022 to 2026 [2] - AI servers require higher power supply specifications, which could increase the value of power supply products [2] - Megmeet has secured orders from international clients such as Ericsson and Cisco [96] Humanoid Robots - The global humanoid robot market is projected to reach $15 billion by 2030, with a CAGR of 56% [101] - Megmeet has laid out key spherical motor technology, which is highly relevant to humanoid robot actuators [11] Global Expansion - Megmeet's overseas revenue (direct + indirect) accounted for 40% of total revenue in 2023, with gross margins 6.4 percentage points higher than domestic markets [99] - The company has established R&D centers, production bases, and representative offices in multiple countries including the US, Germany, and Thailand [84] Company Overview - Megmeet has built six major business groups: smart home appliance control, power products, new energy & rail transit components, industrial automation, intelligent equipment, and precision connection [54] - The company's revenue CAGR from 2018 to 2023 was 23.1%, while net profit CAGR was 25.5% [70] - Megmeet maintains a high R&D investment, with R&D expense ratio consistently around 11% [48] - The company has over 1,700 patents and has established 10 R&D centers across China [52]