步科股份：公司事件点评报告：工控行业潜力巨大，静待周期上行

Investment Rating - Buy (Maintained) [1] Core Views - The industrial control industry has significant potential, and the company is well-positioned to benefit from the cyclical upturn [1] - The company's revenue grew slightly in H1 2024, but net profit declined due to increased manufacturing costs and higher R&D and marketing expenses [1] - The company's robot industry continues to grow steadily, with revenue increasing by 11.90% YoY in H1 2024 [1] - The industrial automation market is expanding, driven by traditional manufacturing upgrades and government support, with the market size expected to reach 322.7 billion yuan by 2025 [1] - The company's fundraising project will enhance its integrated product layout, particularly in servo modules and electromechanical integration [2] Financial Performance - H1 2024 revenue: 256 million yuan (+9.16% YoY) [1] - H1 2024 net profit: 23 million yuan (-26.25% YoY) [1] - H1 2024 non-GAAP net profit: 19 million yuan (+32.06% YoY) [1] - 2024-2026 revenue forecast: 590 million yuan, 720 million yuan, 908 million yuan [3] - 2024-2026 EPS forecast: 0.84 yuan, 1.18 yuan, 1.52 yuan [3] - 2024-2026 PE ratio: 41x, 29x, 23x [3] Industry Analysis - The industrial control market in China grew from 139.9 billion yuan in 2015 to 264.3 billion yuan in 2022, with a CAGR of 9.5% [1] - The company's main product sales CAGR from 2018 to 2023 was 14.48% [1] - The company's robot industry revenue in H1 2024 was 97 million yuan (+11.90% YoY) [1] - Revenue from machine IoT, medical imaging equipment, and other general automation industries in H1 2024 was 74 million yuan, 20 million yuan, and 64 million yuan, respectively [1] Fundraising and Product Development - The company has approved an additional investment of 661 million yuan for its "Intelligent Manufacturing Production Base Construction Project" [2] - The project aims to enhance the company's servo module production capacity and electromechanical integration layout [2] - The company has successfully launched an innovative integrated machine (servo motor, servo driver, reducer, etc.) in bulk [2] Financial Forecasts - 2024-2026 revenue growth forecast: 16.5%, 22.1%, 26.1% [5] - 2024-2026 net profit growth forecast: 16.7%, 40.1%, 28.6% [5] - 2024-2026 ROE forecast: 9.5%, 12.4%, 14.7% [5] - 2024-2026 EPS forecast: 0.84 yuan, 1.18 yuan, 1.52 yuan [5]