China Leadshine Technology (002979) 东吴证券·2025-03-06 18:20Investment 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 key growth areas. It has established a comprehensive product line in motion control and is expected to see significant profit recovery starting in 2024 due to management reforms [8][16]. - The motion control market is estimated to be nearly 30 billion yuan, with the company expanding its product categories and increasing its market share in servo systems and PLCs [8][16]. - The company is also making strides in the robotics sector, particularly with frameless and hollow cup motors, which are critical for humanoid robots. The global market for these motors is projected to reach 57.8 billion yuan and 54 billion yuan by 2030, respectively [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 a concentrated shareholding structure, with significant employee stock ownership, enhancing motivation and alignment with company performance [21][24]. - The company has implemented continuous reforms to enhance its R&D and management capabilities, adopting a platform-based management system [26]. 2. Industrial Control: Broad Market and Ongoing Import Substitution - Motion control is identified as a core area within industrial automation, essential for precise positioning and motion in manufacturing processes [42]. - The company is positioned to benefit from ongoing import substitution trends in the industrial control sector, with a focus on high-end servo systems and PLCs [42]. 3. Robotics Motor Sector - The company is developing a complete product matrix for robotics, focusing on frameless and hollow cup motors, which are essential for humanoid robots [8][16]. - It has established subsidiaries dedicated to the R&D and production of these motors, with significant production capacity already in place [8][16]. 4. Financial Forecast and Valuation - The company is projected to achieve a net profit of 2.10 billion yuan in 2024, with a year-on-year growth of 52%, and a corresponding P/E ratio of 73x [1][8]. - The long-term outlook for the company remains positive, with significant growth potential in both the industrial control and robotics sectors [8].