伟创电气更新报告：海外拓展顺利，专机竞争力显著

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 31.40 CNY [2][4] Core Views - The company is enhancing its product competitiveness and successfully expanding into overseas markets, leading to an upward revision of EPS for 2024, 2025, and 2026 to 1.33 (+0.13), 1.73 (+0.19), and 2.26 (+0.33) CNY respectively [2] - The global industrial automation market reached 480.73 billion USD in 2023, with China's market share being less than 10%, indicating significant growth potential in overseas markets [2] - The company has established a comprehensive product line for servo products, enabling entry into the vast overseas market, particularly in the plains business [2] - The company has actively expanded its overseas presence, with 313 domestic and international distributors and the establishment of a subsidiary in India [2] - In H1 2024, overseas business revenue reached 198 million CNY, accounting for 25.63% of total revenue, with a year-on-year growth of 20.99% and a gross margin of 52.53%, significantly higher than the domestic market's 35.11% [2] - The company is also exploring applications of specialized machines in emerging sectors such as robotics, heavy industry, HVAC, and port machinery, which is expected to enhance product competitiveness and customer loyalty [2] Financial Summary - Revenue for 2022 was 906 million CNY, with projections of 1,305 million CNY for 2023, 1,749 million CNY for 2024, 2,359 million CNY for 2025, and 3,186 million CNY for 2026, reflecting growth rates of 10.6%, 44.0%, 34.1%, 34.8%, and 35.1% respectively [3] - Net profit attributable to the parent company was 140 million CNY in 2022, expected to rise to 191 million CNY in 2023, 281 million CNY in 2024, 365 million CNY in 2025, and 477 million CNY in 2026, with growth rates of 10.4%, 36.4%, 47.4%, 29.9%, and 30.6% respectively [3] - The projected EPS for 2024, 2025, and 2026 is 1.33, 1.73, and 2.26 CNY respectively, with a PE ratio of 23.6X for 2024 [2][3]