MOONS’(603728) 东吴证券·2024-09-10 11:08Investment Rating - Buy (Maintained) [1] Core Views - The company is a global leader in motion control, with stable performance in stepping motors and strong growth in emerging fields such as semiconductors, energy storage, and smart vehicles [2] - The company's core business in control motors and drive systems generated revenue of 1.04 billion yuan in H1, down 3% YoY, with brushless motors growing the fastest at 82% YoY [2] - Emerging high-value-added fields such as semiconductors, energy storage, and smart vehicles showed strong performance, with H1 revenue up 57% YoY [2] - The company's hollow cup motor technology is close to leading global competitors, and its humanoid robot business has the potential to open up significant growth opportunities [3] Business Overview - The company is a global leader in motion control, with a comprehensive product portfolio including stepping motors, servo motors, brushless motors, and hollow cup motors [8] - The company has expanded globally through acquisitions, including AMP in the US and T Motion in Switzerland, enhancing its technological capabilities and market reach [9][10] - The company's revenue in H1 2024 was 1.265 billion yuan, down 3% YoY, with domestic revenue up 7% and overseas revenue down 13% [11] Financial Performance - The company's revenue in 2023 was 2.543 billion yuan, with a projected revenue of 2.724 billion yuan in 2024, 3.002 billion yuan in 2025, and 3.339 billion yuan in 2026 [1] - Net profit attributable to the parent company in 2023 was 140.44 million yuan, with a projected net profit of 144.26 million yuan in 2024, 171.09 million yuan in 2025, and 203.56 million yuan in 2026 [1] - The company's Q2 2024 gross margin was 37.0%, up 2.2 percentage points YoY, with a net profit margin of 5.2%, up 1.9 percentage points YoY [13] Emerging Fields - The company's emerging fields, including semiconductors, energy storage, and smart vehicles, generated revenue of 170 million yuan in H1, up 57% YoY [2] - Semiconductor and energy storage revenue grew over 70% YoY, while smart vehicle revenue surged 210% YoY [2] - The company's humanoid robot business is expected to drive significant growth if successfully expanded [3] Traditional Fields - The company's traditional fields, including industrial control, medical equipment, and stage lighting, generated revenue of 580 million yuan in H1, down 11% YoY [2] - Industrial control revenue declined 12% YoY, while electronic pump and valve revenue fell 20% YoY [2] Market Data - The company's closing price was 36.05 yuan, with a market capitalization of 15.14 billion yuan [4] - The company's P/E ratio based on the latest diluted EPS was 102.99x for 2024, 86.84x for 2025, and 72.99x for 2026 [1] Financial Forecast - The company's net profit attributable to the parent company is projected to grow 3% in 2024, 19% in 2025, and 19% in 2026 [3] - The company's EPS is projected to be 0.34 yuan in 2024, 0.41 yuan in 2025, and 0.48 yuan in 2026 [1]