Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [1]. Core Insights - The company is positioned in the precision progressive stamping die industry and is expanding into humanoid robotics and low-altitude economy sectors, indicating a strategic diversification [1][11]. - The company has demonstrated rapid revenue growth, with a compound annual growth rate (CAGR) of 71.7% from 2020 to 2023, and is expected to continue this trend with projected revenues of 72.7 billion, 87.8 billion, and 102.8 billion for 2024 to 2026 respectively [1][15]. - The company has a strong customer base, including major clients in the home appliance and automotive sectors, which contributes to its revenue stability and growth potential [5][7]. Summary by Sections Company Overview - The company specializes in precision progressive stamping dies and related precision structural components, with a focus on high-quality manufacturing and innovation [1][4]. - It has achieved a market share of approximately 25% in the precision stamping die market from 2017 to 2019, showcasing its competitive strength [4]. Financial Performance - The company's revenue for 2020-2024H1 is reported as 2.7 billion, 2.2 billion, 3.2 billion, 3.1 billion, and 2.0 billion respectively, with a gross margin consistently above 46% [5][10]. - The projected earnings per share (EPS) for 2024-2026 are 2.6, 3.6, and 4.3 respectively, reflecting significant growth potential [15]. Business Segments - The company’s business segments include lithium battery precision structural components, which have shown a significant increase in revenue, indicating a successful strategy in targeting high-demand markets [9][10]. - The company has also developed innovative adhesive motor core products, enhancing its product offerings and market competitiveness [6][9]. Future Outlook - The company is actively investing in humanoid robotics and low-altitude economy sectors, with plans to establish a subsidiary focused on these emerging markets [11][14]. - The report anticipates that the company will benefit from scale effects in its lithium battery structural components business, leading to improved profitability [10].
震裕科技：公司动态研究报告：精密级进冲压模具龙头厂商，布局人形机器人&低空经济赛道