MOONS’(603728) 群益证券·2025-02-25 03:35Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8]. Core Views - The company is a leader in the domestic stepper motor industry and is expanding into the linear rolling industry, which is expected to drive growth. The company has successfully entered overseas markets in the Americas, Europe, and Southeast Asia, and its strategic positioning in the hollow cup motor sector is anticipated to capitalize on the rising demand for humanoid robots [8]. - The company has a strong focus on high-value-added applications in its control motor business, which constitutes over 85% of its revenue. Despite a slight decline in revenue due to weak domestic automation demand, high-end products like brushless motors have seen significant growth [8][10]. - The company has made strategic acquisitions to enhance its technology and market presence, including the establishment of a factory in Vietnam to support its expansion in the Asia-Pacific and European markets [8][10]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 84.68 RMB and a market capitalization of 35.47 billion RMB. The stock has seen a significant increase of 96.9% over the past year [3][8]. Product Portfolio - The company's product mix is heavily weighted towards control motors and their drive systems, accounting for 85.6% of revenue. Other product categories include power and lighting control systems (5.5%) and trade products (3.4%) [5]. Financial Performance - In the first half of 2024, the company's control motor and drive systems generated revenue of 1.04 billion RMB, a year-on-year decrease of 3.0%. However, high-end products like brushless motors saw an impressive revenue increase of 82.2% [8][10]. - The company's gross margin has remained stable, with a slight increase in the first three quarters of 2024 compared to the previous year, primarily due to the higher revenue contribution from high-margin brushless motor products [10]. Market Outlook - The hollow cup motor market is expected to grow significantly, driven by the increasing demand for humanoid robots. The domestic market size is projected to grow from 290 million USD in 2023 to 720 million USD by 2028, with a CAGR of 20% [10]. - The company is well-positioned in the hollow cup motor sector, with a competitive edge in product quality and pricing compared to international players [10]. Profit Forecast - The company is expected to achieve net profits of 80 million RMB, 150 million RMB, and 220 million RMB for the years 2024, 2025, and 2026, respectively, with significant growth anticipated in the latter years [12].