兆威机电：公司24Q3业绩点评：汽车业务稳健增长，灵巧手稳步推进

Investment Rating - Maintain "Overweight" rating [3] Core Views - The company's revenue for the first three quarters reached 1.06 billion yuan, a year-on-year increase of 30.0%, with net profit attributable to the parent company of 160 million yuan, up 24.2% year-on-year [3] - The automotive electronics sector has become the company's core business, accounting for over 50% of revenue, with strong growth expected to continue at a rate of over 30% in the next 2-3 years [3] - The XR sector, despite weaker shipments from major clients this year, is expected to see increased focus and potential for scale in the future [3] - The communication sector is expected to stabilize and recover in 2024, while the medical and personal care sector is projected to remain flat [3] - The company is actively developing dexterous hand modules for humanoid robots, with significant potential for integration into leading clients' products [3] Financial Performance - Revenue for 2023A was 1.21 billion yuan, with a projected increase to 1.60 billion yuan in 2024E and 2.08 billion yuan in 2025E [4] - Net profit attributable to the parent company for 2023A was 179.92 million yuan, expected to grow to 229.67 million yuan in 2024E and 290.96 million yuan in 2025E [4] - EPS for 2023A was 1.05 yuan per share, with forecasts of 0.96 yuan in 2024E and 1.21 yuan in 2025E [4] - The company's gross margin improved to 31.6%, up 2.8 percentage points year-on-year, while the net margin slightly decreased to 15.1% [3] Market and Valuation - The current stock price is 46.34 yuan, with a 52-week high/low of 93.99 yuan and 34.61 yuan respectively [5] - The company's market capitalization is 11.26 billion yuan, with a circulating market value of 9.67 billion yuan [5] - The P/E ratio for 2023A was 89.51, expected to decrease to 48.47 in 2024E and 51.16 in 2025E [4] Business Segments - Automotive electronics: Strong growth driven by partnerships with major clients like BYD, Bosch, Changan, and Li Auto, with high-margin projects such as in-car motion screens and electric spoilers contributing significantly [3] - XR: Despite current challenges, the sector is expected to benefit from increased client focus and technological advancements [3] - Communication: Revenue is influenced by industry investment cycles, with stabilization expected in 2024 [3] - Medical and personal care: Small revenue base with potential growth dependent on new project developments [3] - Humanoid robots: The company is well-positioned with advanced dexterous hand module technology and active engagement with leading humanoid robot manufacturers [3]