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 [2][3] - The precision reducer market has significant growth potential due to the industrialization of robots, with major global players actively seeking to reduce costs through partnerships with Chinese supply chains [3][31] - The company has successfully raised 750 million CNY through its IPO to enhance its production capacity for robot reducers, positioning itself to benefit from the growing demand in the humanoid robot market [4][33] Summary by Sections Company Overview - Xiaxia Precision, established in 1999, specializes in the research, production, and sales of small modulus gears, serving various industries including automotive, electric tools, and smart home applications. The company became the second-largest global player in small modulus precision cylindrical gears with a market share of 1.80% in 2021 [2][13] Financial Performance - In Q1-Q3 2024, the company achieved a revenue of 460 million CNY, a year-on-year increase of 21.3%. From 2019 to 2023, revenue grew from 300 million CNY to 530 million CNY, with a CAGR of 14.9%. However, net profit for the same period was 47.73 million CNY, a decrease of 15.7% year-on-year [2][18] Market Potential - The global demand for humanoid robots is projected to reach 3 million units by 2025, with corresponding market opportunities for precision reducers estimated at 4 billion CNY. The market for harmonic reducers is expected to grow significantly, with projections of 751 billion CNY by 2035 [3][31] IPO and Investment Projects - The company plans to invest in projects that include the production of 72,000 sets of new structure reducers for industrial robots, which will also be applicable to humanoid robots. This strategic move is expected to enhance the company's revenue growth as the humanoid robot market matures [4][33] Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 640 million CNY, 830 million CNY, and 1.01 billion CNY respectively, with the current price-to-earnings ratio at 93, 71, and 59 times for the respective years [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-20250320