MOONS’(603728) 群益证券·2025-02-26 10:25Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8][13]. Core Insights - The company is a leading domestic player in the stepper motor industry, successfully expanding into overseas markets and enhancing its control technology through acquisitions. The strategic focus on the hollow cup motor sector positions the company favorably in the emerging humanoid robotics market [8]. - The company has a strong revenue base from control motors and drive systems, accounting for over 85% of total revenue. Despite a slight decline in revenue due to weak domestic demand, high-end products like brushless motors have seen significant growth [8][10]. - The company has made substantial investments in overseas markets, with a factory in Vietnam already operational, which is expected to support business expansion in the Asia-Pacific and European markets [8][10]. Company Overview - Industry: Electrical Equipment [3] - A-share price as of February 24, 2025: 84.68 CNY [3] - Market capitalization: 35.471 billion CNY [3] - Major shareholder: Shanghai Mingzhi Investment Management Co., Ltd. (56.08%) [3] - Earnings per share (EPS) forecast for 2024-2026: 0.2 CNY, 0.4 CNY, 0.5 CNY [12]. Financial Performance - Revenue for the first half of 2024 from control motors and drive systems was 1.04 billion CNY, a year-on-year decrease of 3.0% [8]. - The company’s gross margin has remained stable, with a slight increase in 2024 Q1-Q3 due to a higher proportion of high-margin brushless motor sales [10]. - Projected net profit for 2024-2026: 0.8 billion CNY, 1.5 billion CNY, 2.2 billion CNY, with year-on-year growth rates of -46%, +92%, and +52% respectively [12]. Market Position and Growth Potential - 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 expand 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].