FORE(301368) 开源证券·2025-04-07 08:52Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on micro gearboxes and reducers for humanoid robots, indicating high elasticity in production capacity release [4][6] - The company has established high technical barriers in micro gear technology, gaining recognition from global quality clients such as Bosch Group, which is also its largest customer [5][42] - The company has deep collaborations with clients like Star Dynamics, enhancing its position in the humanoid robot transmission market [6][44] Summary by Sections 1. Small Modulus Gear Industry Leader, High Elasticity in Robot Production Capacity Release - The company specializes in small modulus gears, with a complete product system and leading global technology in gear design, heat treatment, and testing [4][12] - The company has invested nearly 600 million yuan since its listing, with over 140 million yuan in equipment, indicating significant capacity release potential [4][27] 2. High Technical Barriers in Micro Gear Technology, Backed by Quality Clients - Small modulus gears require micron-level precision, making their processing highly challenging, with only a few companies mastering the entire process chain [5][38] - The company has long-term partnerships with top global clients, including Bosch Group, which accounted for 26% of its revenue in 2023 [5][42] 3. New Star in Humanoid Robot Transmission, Deep Collaboration with Clients - The company’s small modulus gears are crucial components in humanoid robots, enabling flexible and precise movements [44][45] - The company has developed both harmonic and planetary reducer technologies, with significant advantages in cost reduction during mass production [6][44] 4. Profit Forecast and Investment Recommendations - The company’s projected net profits for 2024-2026 are 19 million, 43 million, and 94 million yuan, respectively, with corresponding P/E ratios of 441.4, 197.9, and 90.4 times [4][7] - The company’s revenue for the first three quarters of 2024 was 371 million yuan, a year-on-year increase of 17%, while net profit decreased by 46% due to increased costs from new business expansions [27][30]