兆威机电：深度研究报告：扬微型传动之帆，向机器人、XR蓝海启航

Investment Rating - The report gives a "Recommend" rating for the company with a target price of 54 RMB, compared to the current price of 41.71 RMB [1] Core Views - The company is a leader in the micro transmission system industry, with extensive applications in automotive electronics, smart healthcare, smart home, consumer electronics, and industrial equipment [1] - The humanoid robot market presents a significant growth opportunity, with the company's high-precision, compact motors and gearboxes well-suited for this emerging sector [1] - The XR industry, driven by hardware innovation, offers another high-growth potential market, with the company already shipping IPD adjustment modules in 2023 [1] - The automotive electronics sector remains a stable revenue base, with strong growth expected in the new energy vehicle market [1] Company Overview - The company has over 20 years of experience in micro transmission systems, with a diversified product portfolio and a strong focus on R&D [14] - Revenue has stabilized and rebounded, with automotive electronics becoming the primary revenue driver, replacing the previously dominant communication sector [14] - The company has a global strategy, with subsidiaries in Germany and the US, and actively participates in international exhibitions to expand its overseas market [14] Industry Analysis Humanoid Robots - The humanoid robot market is expected to grow significantly, with the company's micro transmission systems well-positioned to benefit from this trend [1] - Tesla's Optimus robot uses hollow cup motors and micro gearboxes, which are key components that the company specializes in [1] - By 2030, the market for motors and gearboxes in humanoid robots is expected to reach tens of billions of RMB [1] XR Industry - The XR industry is heavily reliant on hardware innovation, with Apple's MR headset, Apple Vision Pro, setting a new industry benchmark [1] - The company's IPD adjustment modules, which improve user experience, have already started shipping in 2023, giving it a first-mover advantage [1] - As XR hardware and content ecosystems mature, XR is expected to become a major smart device category, following smartphones [1] Automotive Electronics - The new energy vehicle market in China has seen rapid growth since 2021, with sales expected to exceed 11.5 million units by 2024 [1] - The company has established partnerships with major players like Bosch, BYD, and Great Wall, and its micro transmission systems are used in various automotive applications, including smart cabins, body, chassis, and powertrain systems [1] Financial Projections - Revenue for 2024-2026 is projected to be 1.52 billion RMB, 2.09 billion RMB, and 2.67 billion RMB, respectively [1] - Net profit attributable to the parent company is expected to be 208 million RMB, 259 million RMB, and 335 million RMB for the same period [1] - The company is valued at 50x PE for 2025, based on its leadership in the micro transmission sector and its exposure to high-growth markets like XR and humanoid robots [1] Competitive Advantages - The company has a strong technical foundation in micro transmission systems, with a focus on high-precision, compact, and lightweight products [14] - It has a diversified product portfolio and a strong presence in multiple high-growth industries, including automotive electronics, XR, and humanoid robots [14] - The company's global strategy and participation in international exhibitions help it expand its overseas market and compete with international players [14]