兆威机电：深耕微传动二十载，新领域曙光已现

Investment Rating and Target Price - The report initiates coverage on Zhaowei Machinery & Electronics (003021 CH) with a "Buy" rating and a target price of RMB 78.81 [1][6] - The target price is based on a 2025 PE multiple of 71x, reflecting the company's strong customer resources and its strategic positioning in the humanoid robot dexterous hand motor module market [6] Core Investment Thesis - Zhaowei Machinery & Electronics is a leading domestic player in micro transmission systems, with products widely used in automotive electronics, XR, and other fields [1] - The company's automotive electronics business provides a solid revenue base, while its dexterous hand motor module products for humanoid robots are expected to open a second growth curve in the long term [1] - The report highlights the company's ability to leverage its existing customer base to expand into new fields, such as XR and humanoid robots, which is underestimated by the market [5] Automotive Electronics - The micro transmission system market in automotive electronics is expected to reach RMB 27.6 billion by 2025, with a YoY growth of 29% [2] - Zhaowei's product performance in automotive electronics is comparable to international leaders like IMS Gear, and the company has established long-term partnerships with major clients such as Bosch, BYD, and NIO [2] - The company's automotive electronics business is expected to maintain high growth, driven by the increasing adoption of micro transmission systems in new energy vehicles [2] XR (Extended Reality) - The global market for IPD (Interpupillary Distance) adjustment systems in VR devices is projected to reach RMB 2.8 billion by 2027, with a YoY growth of 108% [3] - Zhaowei's IPD system offers a wider adjustment range (58-72mm) and higher precision (0.05mm/s) compared to competitors, and the company has entered the supply chain of leading XR customers [3] - As the XR application ecosystem matures, Zhaowei's IPD products are expected to benefit significantly from the growth in VR device shipments [3] Humanoid Robots - The global market for dexterous hand motor modules in humanoid robots is expected to reach RMB 66 billion by 2030 [4] - Zhaowei has developed a complete hardware solution for dexterous hands, with high-performance micro motors as small as 6mm in diameter and 17 active degrees of freedom [4] - The company's dexterous hand products are expected to play a key role in the commercialization of humanoid robots, leveraging its existing customer resources and technical expertise [4] Financial Projections - The report forecasts Zhaowei's net profit attributable to the parent company to be RMB 216 million, RMB 268 million, and RMB 317 million for 2024, 2025, and 2026, respectively [6] - Revenue is expected to grow at a CAGR of 20.7% from 2024 to 2026, driven by the company's strong position in automotive electronics and its emerging businesses in XR and humanoid robots [6] - The company's ROE is projected to increase from 5.11% in 2022 to 8.97% in 2026, reflecting improved profitability and operational efficiency [6]