兆威机电：公司深耕微型传动领域，布局汽车电子、XR、机器人等前端领域

Company Overview - The company operates in the electrical equipment industry with a current stock price of 72.60 as of December 25, 2024 [2] - The company's market capitalization is 14.97 billion yuan with a total of 240.2 million shares issued [2] - The company's product portfolio consists of micro transmission systems (64%), precision parts (31.9%), and precision molds and others (4.1%) [2] Investment Rating - The company is rated as "Buy" with a target price of 85 yuan [4][6] Core Business Analysis - The company specializes in micro transmission systems and has expanded into automotive electronics, XR, and robotics [4] - Automotive electronics revenue has grown significantly, with a CAGR of 49% from 2021 to 2023, reaching 3.4 billion yuan in H1 2024, accounting for 53% of total revenue [4] - The company is the exclusive supplier of the IPD module for Apple's Vision Pro, contributing to a 51.6% YoY growth in the smart consumer segment in H1 2024 [5] - The company has also developed a dexterous hand solution for humanoid robots, which is expected to become a new growth driver [10] Financial Performance - Revenue in 2023 was 1.21 billion yuan, a 4.6% YoY increase, with Q1-Q3 2024 revenue reaching 1.06 billion yuan, a 30% YoY increase [4] - Gross margin has remained stable at around 29% since 2021, with a slight increase to 31.6% in the first three quarters of 2024 [9] - Net profit margin has shown a steady increase, rising from 10.8% in 2021 to 12.1% in the first three quarters of 2024 [9] Future Outlook - The company is expected to achieve net profits of 220 million yuan, 260 million yuan, and 320 million yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.9 yuan, 1.1 yuan, and 1.4 yuan [11] - The company's PE ratios for 2024-2026 are projected at 81x, 67x, and 54x, respectively [11] - The company is well-positioned to benefit from the growth in automotive electronics, XR, and humanoid robotics sectors [11]