Investment Rating - The report assigns a "Buy" rating to the company with a target price of 145.14 CNY, based on a projected EPS of 2.22, 3.54, and 4.51 CNY for 2024-2026, respectively, and a reference PE of 41 times for 2025 [2][4][128]. Core Insights - The company is a leader in precision progressive stamping molds, leveraging its expertise to capture opportunities in the humanoid robot sector. The new management team is expected to revitalize growth, with a projected net profit of 220-280 million CNY in 2024, marking a significant year-on-year increase of 414.39%-554.68% [7][14]. - The company has successfully expanded its business model from mold manufacturing to downstream components, including motor cores and precision structural parts for lithium batteries, aligning with the growth of the new energy vehicle market [7][14]. - The company is investing in its subsidiary, Martin Robotics, to develop precision components for humanoid robots, with an investment of up to 120 million CNY planned [7][107]. Financial Summary - The company's revenue for 2022 was 5,752 million CNY, with a projected increase to 7,117 million CNY in 2024, reflecting a growth rate of 18.2% [3][126]. - The gross margin is expected to improve from 12.3% in 2022 to 15.1% by 2026, driven by cost control and increased automation [3][126]. - The net profit margin is projected to rise from 1.8% in 2022 to 4.9% in 2026, indicating improved profitability [3][126]. Business Segments - Mold Business: The core business, contributing significantly to revenue, is expected to maintain a high gross margin of over 50% due to customized production [30][126]. - Motor Cores: This segment is projected to see revenue growth driven by the increasing demand from the new energy vehicle sector, with a gross margin of around 16.6% [31][126]. - Lithium Battery Components: The fastest-growing segment, with expected revenue growth rates of 30.1% in 2024, benefiting from the rising demand for electric vehicles [31][126]. Industry Context - The precision mold industry is experiencing robust growth, driven by the increasing demand for high-precision components in various sectors, including automotive and electronics [39][46]. - The electric vehicle market is a key driver for the motor core and lithium battery components, with significant growth expected in the coming years as the industry shifts towards more efficient and sustainable technologies [58][64]. - The company is well-positioned to capitalize on these trends, leveraging its technological advantages and established customer relationships to enhance its market share [7][14].
震裕科技：精密级进冲压模具龙头，紧抓人形机器人发展机遇