柯力传感：力传感器龙头企业，平台化拓展新兴应用领域-20250308

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company is a leading force sensor enterprise in China, with a wide range of downstream applications. From 2019 to 2023, the company's revenue grew from 740 million to 1,072 million yuan, with a CAGR of 10%. The net profit attributable to shareholders increased from 183 million to 312 million yuan during the same period, with a CAGR of 14% [2][24] - The company is accelerating its platform-based development in the sensor ecosystem, establishing a closed-loop system with investments in various sectors including industrial detection, environmental measurement, and logistics [3][52] - The demand for six-dimensional force sensors is expected to grow alongside the mass production of humanoid robots, positioning the company to benefit significantly from this trend [4][52] Summary by Sections Company Overview - The company has maintained the highest market share in the domestic weighing sensor market for 14 consecutive years and has a rich product matrix covering various types of sensors and industrial IoT solutions [15][19] - The company has a concentrated shareholding structure, with the controlling shareholder holding 52.92% of the shares, and has established 29 subsidiaries to cover the entire industry chain [22] Financial Performance - The company achieved a revenue of 919 million yuan in Q1-Q3 2024, a year-on-year increase of 14%. The net profit attributable to shareholders for the same period was 191 million yuan [24][28] - The gross margin has remained stable at around 40%, with a gross margin of 43.32% in Q1-Q3 2024. The net profit margin was 23.7% during the same period [28][30] Market Potential - The global sensor market is expected to exceed 1 trillion yuan, with the strain sensor market being a major segment. The domestic strain sensor market has shown a significant growth rate, with sales expected to reach 3.585 billion yuan in 2024 [32][44] - The company leads in the domestic strain sensor market, with all core technologies developed in-house, ensuring high precision and reliability in various applications [48][50] Technological Development - The company is focusing on the development of six-dimensional force sensors, which are crucial for precision control in various fields, including industrial automation and humanoid robotics [52][56] - The company has established a comprehensive design and production capability for six-dimensional force sensors, enabling it to meet the growing demand in the humanoid robot sector [57]