China Leadshine Technology (002979) 东吴证券·2025-03-06 14:23Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Viewpoints - The company is positioned as a leader in motion control, focusing on both "smart manufacturing" and "mobile robotics" as its main and auxiliary business tracks respectively. The company has been undergoing management reforms to enhance its operational efficiency and market competitiveness [8][16]. - The motion control market is estimated to be nearly 30 billion yuan, with the company expanding its product categories to include servo systems and PLCs, aiming for a significant market share increase [8][16]. - The company is expected to see substantial profit growth starting in 2024, with projected net profits of 2.10 billion yuan, 2.82 billion yuan, and 3.68 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 52%, 34%, and 31% [8][16]. Summary by Sections 1. Comprehensive Layout in Motion Control - The company has over 20 years of experience in the motion control field, providing core components and solutions for smart manufacturing [16]. - It has established a strong product line including controllers, stepper systems, and servo systems, and is now focusing on mobile robotics [16][21]. - The company has a concentrated shareholding structure, with significant employee stock ownership to incentivize performance [23][26]. 2. Industrial Control: Broad Market and Continuous Import Substitution - The industrial control sector is characterized by both cyclical and growth aspects, with motion control being a core application area [44]. - The company is positioned to benefit from ongoing trends in domestic substitution of imported products, particularly in the servo system market [44][46]. 3. Robotics Motor: New Leader in Frameless and Hollow Cup Motors - The company is developing frameless and hollow cup motors for humanoid robots, with significant market potential projected for 2030 [8][16]. - It has established partnerships with numerous robotics companies, enhancing its market presence and product offerings [8][16]. 4. Financial Forecast and Investment Recommendation - The company’s revenue is projected to grow from 1.415 billion yuan in 2023 to 2.599 billion yuan in 2026, with a compound annual growth rate (CAGR) of over 20% expected for its main business [1][8]. - The report anticipates a recovery in profit growth following management reforms, with a significant increase in profitability expected in the coming years [8][34].