伟创电气：多维拓新，破浪出海

Investment Rating - The report gives a "Buy" rating for the company with a target price of 36.41 CNY per share [5][11] Core Views - The company is a rising player in the industrial control field with strong product capabilities in system integration and industry customization [2] - Overseas business expansion is progressing smoothly and the company is a pioneer in the robotics sector which will benefit in the long term [2][11] - The company is expected to achieve net profits of 2.5/3.1/3.8 billion CNY in 2024-2026, with year-on-year growth of 30%/23%/26% [11] Financial Data and Valuation - Revenue is forecasted to grow from 1.64 billion CNY in 2024 to 2.46 billion CNY in 2026, with a CAGR of 23.6% [11] - Net profit is expected to increase from 248 million CNY in 2024 to 383 million CNY in 2026 [1] - EPS is projected to rise from 1.17 CNY in 2024 to 1.81 CNY in 2026 [1] - P/E ratio is estimated to decrease from 25.2 in 2024 to 16.3 in 2026 [1] Industry Landscape - The industrial automation market is divided into discrete and process automation, with different characteristics and drivers [46] - The inverter market is seeing a trend of domestic substitution, with foreign brands' advantages diminishing [55] - The servo system market is expected to recover steadily, driven by increasing precision and stability requirements in high-end manufacturing [2] - The PLC market is dominated by foreign brands in medium and large segments, while domestic brands are gaining share in the small PLC market [80] Competitive Advantages - The company has a rich product matrix and provides customized system integration solutions [87] - It adopts a differentiated strategy in inverters, with continuous upgrades of core products [90] - The company has a complete industrial control product system, including inverters, servo systems, and control systems [88] - It has made breakthroughs in high-voltage inverter technology, expanding its presence in project-based markets [92] Key Variables - Inverters: Domestic substitution and overseas expansion are expected to drive growth, with revenue forecasted to reach 13.9 billion CNY by 2026 [8] - Servo systems: Domestic substitution is progressing faster, with revenue expected to grow to 9.5 billion CNY by 2026 [8]