MOONS’(603728) 广发证券·2025-01-02 03:00Investment Rating - The report gives a "Buy" rating for the company, with a target price of 61.32 CNY per share based on a 2025 PS valuation of 9x [74]. Core Insights - The company has successfully broken the technological monopoly of Japanese firms and is now a leading global player in hybrid stepper motors. It has expanded its product matrix in servo motors and hollow cup motors, leveraging scale effects and cost advantages to steadily increase market share [73]. - The domestic replacement process for stepper motors is advancing, with the company expanding from low-end to high-end applications. The demand in traditional sectors is expected to recover, while new emerging sectors like factory automation and automotive electronics are driving growth [73]. - The company holds a first-mover advantage in the research and application of hollow cup motors, which are expected to meet the growing demand in humanoid robots. The global market for hollow cup motors is projected to grow significantly, with the company positioned as a potential supplier for leading robotics firms [74]. Summary by Sections Company Overview - The company specializes in motor products, breaking the monopoly of Japanese companies, with a wide range of applications in industrial automation, security, communication, automotive, and consumer sectors [6][5]. Product Segmentation - The company's revenue is primarily derived from control motors and their drive systems (82.29% of revenue, 39.0% gross margin), followed by power and lighting control systems (7.13% revenue, 37.1% gross margin), and trade-related activities (9.3% revenue, 20% gross margin) [8]. Market Position and Competitiveness - The company has made strategic acquisitions to enhance its technology and market presence, including AMP in 2014 and Technosoft Motion AG in 2018, which have expanded its product lines and customer base in North America and Europe [9][10]. Financial Performance - The company has maintained a high R&D expense ratio (9.40% in H1 2024), indicating a commitment to technological advancement and maintaining a competitive edge in core business areas [14]. Market Trends - The stepper motor market in China is expected to grow from 102.4 billion CNY in 2018 to 161 billion CNY in 2023, with a CAGR of 9.48%, driven by demand in consumer electronics, home appliances, and automotive electronics [20][21]. Future Outlook - The company is projected to achieve revenues of 2.42 billion CNY, 2.85 billion CNY, and 3.61 billion CNY from 2024 to 2026, with net profits reaching 84 million CNY, 178 million CNY, and 217 million CNY respectively [74].