Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company, Xiaxia Precision, is a leader in the small modulus gear industry and is expected to penetrate the humanoid robot supply chain [2] - The company has a stable business foundation and is poised for growth due to its IPO fundraising projects aimed at increasing production capacity for robot reducers [4] - The precision reducer market is expected to expand significantly due to the industrialization of humanoid robots, with substantial future demand projected [3][31] Summary by Sections Company Overview - Xiaxia Precision, established in 1999, specializes in the research, production, and sales of small modulus gears and related products, serving various downstream industries including automotive gears and smart home gears [2][13] - The company achieved a global market share of 1.80% in small modulus precision cylindrical gears in 2021, ranking second globally [2][13] Financial Performance - In Q1-Q3 2024, the company reported revenue of 460 million yuan, a year-on-year increase of 21.3%, with a compound annual growth rate (CAGR) of 14.9% from 2019 to 2023 [2][18] - The net profit attributable to shareholders for Q1-Q3 2024 was 47.73 million yuan, a decrease of 15.7% year-on-year, influenced by macroeconomic conditions and increased competition in the automotive sector [2][18] Market Opportunities - The global humanoid robot market is projected to reach significant demand levels by 2027, with corresponding increases in the demand for precision reducers [3][31] - The report estimates the market space for harmonic reducers in humanoid robots to be 4 billion yuan in 2025, growing to 751 billion yuan by 2035 [31] IPO and Fundraising - The company raised 750 million yuan through its IPO, with plans to enhance production capacity for industrial robot reducers, which are similar in principle to those used in humanoid robots [4][33] - The fundraising will support projects including the production of 72,000 sets of new structure reducers for industrial robots [34] Profit Forecast - The report forecasts net profits for 2024-2026 to be 640 million, 830 million, and 1.01 billion yuan respectively, with corresponding price-to-earnings ratios of 93, 71, and 59 [4][38]
夏厦精密（001306）：小模数齿轮龙头，人形机器人领域布局打开成长空间