MOONS’(603728) 群益证券·2025-02-25 05:06Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4]. Core Insights - The company is a leader in the stepper motor industry in China, successfully expanding its market presence in North America, Europe, and Southeast Asia through acquisitions and technological advancements [4]. - The company has a strong position in the hollow cup motor sector, which is expected to benefit from the growing demand for humanoid robots, positioning it well for future growth [4]. - The company's revenue from control motors and their drive systems constitutes over 85% of total revenue, with a focus on high-value applications in various industries [4][6]. Summary by Sections Company Overview - The company operates in the electrical equipment sector, with a current A-share price of 84.68 and a target price of 98 [1]. - The company has a market capitalization of 35.47 billion and a total share count of 418.88 million [1]. Business Segments - The primary revenue source is from control motors and their drive systems, accounting for 85.6% of total revenue, with significant contributions from stepper motors, brushless motors, and servo motors [2][4]. - The company has made strategic acquisitions to enhance its technology and market reach, including purchases of American companies to gain access to advanced motor technologies [4]. Financial Performance - In the first half of 2024, the company reported a revenue of 10.4 billion, a 3% decline year-on-year, primarily due to weak domestic demand [4]. - The gross margin has remained stable, with a slight increase in the first three quarters of 2024, attributed to the growth in high-margin brushless motor sales [6]. Market Outlook - The hollow cup motor market is projected to grow significantly, driven by the increasing adoption of humanoid robots, with an expected CAGR of 20% from 2023 to 2028 [6]. - The company is well-positioned to capitalize on this growth, having established partnerships with over 20 enterprises in the robotics sector [6]. Profit Forecast - The company is expected to achieve net profits of 0.8 billion, 1.5 billion, and 2.2 billion from 2024 to 2026, with corresponding EPS of 0.2, 0.4, and 0.5 [8].