柯力传感：力传感器龙头企业，平台化拓展新兴应用领域-20250307

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is a leading force sensor enterprise with a wide range of downstream applications, achieving a revenue growth from 740 million to 1.072 billion yuan from 2019 to 2023, with a CAGR of 10% [2] - The company is accelerating its platform-based development in the sensor ecosystem, establishing a closed-loop system across six major investment areas [3] - The demand for force sensors is expected to grow significantly alongside the mass production of humanoid robots, with the company positioned to benefit from this trend [4] - The company's profitability is projected to increase, with net profits expected to reach 284 million, 318 million, and 373 million yuan from 2024 to 2026, respectively [4] Summary by Sections Company Overview - The company is recognized as the domestic leader in force sensors, maintaining the highest market share in the weighing sensor sector for 14 consecutive years [15] - The company has a concentrated shareholding structure, with the controlling shareholder holding 52.92% of the shares, and has established 29 subsidiaries covering various business areas [22] Financial Performance - The company has shown steady revenue growth, with a revenue of 919 million yuan in Q1-Q3 2024, a 14% year-on-year increase [24] - The gross profit margin has remained stable at around 40%, with a net profit margin increasing from 24.75% to 31.27% from 2019 to 2023 [2][28] Market Position and Technology - The global sensor market is valued at over 1 trillion yuan, with the strain sensor being a major category [32] - The company leads the domestic market in strain sensors, with all core technologies developed in-house [48][50] - The company is focusing on the development of six-dimensional force sensors, which are crucial for the precision control required in humanoid robots [52] Future Outlook - The company is well-positioned to benefit from the growing demand for high-precision sensors in various industries, including industrial automation, automotive testing, and medical applications [56] - The company has completed product series development for humanoid robot applications and is actively collaborating with various enterprises and institutions for further advancements [57]