Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Viewpoints - The company, Xiaxia Precision, is a leader in the small modulus gear industry and is expected to penetrate the humanoid robot supply chain, benefiting from the growing demand in this sector [2][3] - The company has successfully listed on the Shenzhen Stock Exchange in 2023 and has established a strong market position with a global market share of 1.80% in small modulus precision cylindrical gears, ranking second worldwide [2][13] - The precision reducer market is projected to expand significantly due to the increasing industrialization of humanoid robots, with major companies like Tesla and domestic firms actively developing humanoid robot products [3][29] - The company plans to utilize its IPO proceeds of 750 million yuan to enhance its production capacity for robot reducers, which is expected to drive revenue growth [4][33] Summary by Sections Company Overview - Xiaxia Precision was founded in 1999 and specializes in the research, production, and sales of small modulus gears and related products, serving various industries including automotive, electric tools, and smart home applications [2][13] - The company has a stable customer base, including partnerships with leading firms such as BYD and Bosch [15][16] Financial Performance - In Q1-Q3 2024, the company achieved a revenue of 460 million yuan, a year-on-year increase of 21.3%, while the net profit attributable to shareholders was 47.73 million yuan, a decrease of 15.7% [2][18] - From 2019 to 2023, the company's revenue grew from 300 million yuan to 530 million yuan, with a CAGR of 14.9% [2][18] - The report forecasts net profits for 2024-2026 to be 640 million, 830 million, and 1.01 billion yuan respectively, with corresponding P/E ratios of 93, 71, and 59 [4][38] Market Opportunities - The humanoid robot market is expected to see significant growth, with projected global demand reaching 3 million units in 2025 and 1.165 billion units by 2035, leading to a substantial increase in the precision reducer market [3][31] - The company is well-positioned to benefit from this trend, as its products are essential components in humanoid robots [3][31] IPO and Future Growth - The company plans to invest in projects that will increase its production capacity for industrial robot reducers, which are similar in principle to those used in humanoid robots [4][33] - The report emphasizes that the company's main business remains stable, and the expansion into the humanoid robot reducer market is expected to enhance its performance [4][38]
夏厦精密：小模数齿轮龙头，人形机器人领域布局打开成长空间-20250319