Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a precision component supplier with strong growth in performance, achieving a revenue of 5.01 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.3%, and a net profit of 170 million yuan, up 214.4% year-on-year [4][23][26]. - The company is expanding into the humanoid robot industry, leveraging its precision manufacturing capabilities, particularly in planetary roller screws, which are critical components in humanoid robots [5][38]. - The company has established long-term partnerships with leading automotive and battery manufacturers, enhancing its market position and growth potential [12][20]. Summary by Sections 1. Company Overview and Performance - The company is a precision mold solution provider, with a business model that includes precision molds, motor cores, and lithium battery precision structural components, forming a "one body, two wings" strategy [12]. - In 2024, the company launched an equity incentive plan with performance targets indicating confidence in future growth, aiming for a median net profit of 288 million yuan in 2024 [4][35]. 2. Humanoid Robot Industry Expansion - The company is focusing on the humanoid robot supply chain, particularly in planetary roller screws, which account for about 20% of the BOM cost of humanoid robots [5][38]. - The market for screws is expected to expand significantly as humanoid robots reach mass production, with projections indicating a market size of 25.2 billion yuan when 1 million units are produced [39][40]. 3. Financial Projections and Valuation - The company forecasts net profits of 250 million yuan, 400 million yuan, and 520 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 61.6, 38.7, and 29.7 [4][7]. - The revenue from lithium battery precision structural components is projected to continue increasing, contributing significantly to overall revenue growth [25][30]. 4. Competitive Landscape - The company faces competition from established foreign firms in the planetary roller screw market, but domestic companies are positioned to reshape the global industry landscape due to their manufacturing capabilities [52][55]. - The report highlights the potential for domestic firms to quickly adapt and innovate in the humanoid robot sector, leveraging their existing technological foundations [55].
震裕科技：公司首次覆盖报告：精密零部件隐形冠军，人形机器人黑马崭露头角