兆威机电：微型传动领域龙头企业，布局灵巧手电机打开成长空间

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - Zhaowei Electromechanical is a leading domestic micro-drive enterprise with stable operations and growth potential in the micro-drive sector, particularly in automotive electronics and XR applications [2][3] - The company has established a strong foothold in the precision transmission field, leveraging its technological and channel advantages to drive performance growth [3][4] - The forward-looking layout in humanoid robot dexterous hands positions the company to benefit from the industrialization of humanoid robots [4] Summary by Sections Company Overview - Founded in 2001, Zhaowei Electromechanical has over 20 years of experience in the micro-drive field, focusing on micro-drive systems and precision components applicable in various sectors including automotive electronics, medical care, industrial automation, and robotics [2][14] - The company has seen stable revenue around 1.1 to 1.2 billion yuan from 2020 to 2023, with a significant increase of 30% year-on-year in Q1-Q3 2024, driven by strong demand in automotive electronics [2][26] Financial Performance - The company's net profit has steadily increased from 148 million yuan in 2021 to 180 million yuan in 2023, with a projected net profit of 219 million yuan in 2024 [5][26] - The gross margin has improved, with a rise from 29% in 2021 to 31.6% in Q1-Q3 2024, attributed to better performance in micro-drive systems [2][28] Market Position and Growth Drivers - Zhaowei Electromechanical has built a dual barrier of technology and channels, with 450 intellectual property rights and a research team of 453 people, enabling comprehensive capabilities from product design to mass production [3][41] - The automotive electronics market is expanding rapidly, with the company's revenue from this sector growing from 238 million yuan in 2020 to 633 million yuan in 2023, reflecting a CAGR of 39% [23][46] - The company is also actively involved in the XR industry, which is expected to grow significantly, with the global VR market projected to reach 32.4 billion USD by 2025 [57] Future Outlook - The company forecasts net profits of 219 million yuan, 278 million yuan, and 351 million yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic P/E ratios of 130, 102, and 81 [5] - The increasing penetration of new energy vehicles is expected to drive demand for micro-drive systems, with the market projected to reach 270 billion yuan by 2024 [51][52]