Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Viewpoints - The company is positioned as a leading supplier in the high-end equipment and intelligent manufacturing sectors in China, with a strong focus on automatic control technologies and a top-tier technical team [8] - The report anticipates significant revenue growth driven by the company's core components and control systems, with projected revenue increases of 12% in 2024, 34% in 2025, and 26% in 2026 for core components, and 50% in 2024, 55% in 2025, and 45% in 2026 for control systems [8] - The company is expected to benefit from the rapid development of AI-driven robotics, leveraging its extensive experience in the robotics field [8] Financial Data and Forecasts - The company's revenue is projected to grow from 404 million yuan in 2023 to 777 million yuan in 2026, with year-on-year growth rates of 16%, 10%, 35%, and 29% respectively [6][10] - Net profit is expected to increase from 62 million yuan in 2024 to 175 million yuan in 2026, with corresponding year-on-year growth rates of 20%, 110.4%, and 34.7% [6][10] - The report forecasts a diluted EPS of 0.15 yuan in 2024, 0.32 yuan in 2025, and 0.44 yuan in 2026 [6][10] Business Segmentation - The revenue from core motion control components is expected to be 261.08 million yuan in 2024, with a year-on-year growth of 4% and a gross margin of 52% [6] - Revenue from motion control systems is projected to be 56.98 million yuan in 2024, with a gross margin of 38% [6] - Revenue from motion control complete machines is anticipated to reach 95.26 million yuan in 2024, with a significant year-on-year growth of 40% and a gross margin of 30% [6] Valuation Metrics - The report assigns a dynamic PE ratio of 115-135 for 2025, with a reasonable value range of 37.28-43.77 yuan over the next six months [8][10] - The company’s current stock price is 36.54 yuan, with a market capitalization of approximately 146.16 billion yuan [2][7]
固高科技（301510）公司研究报告：二十余年专注于运动控制，AI智能化时代迎来新发展机遇