Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company, Jiecang Drive, is a leading player in the linear drive industry, focusing on the research, production, and sales of linear drive products, with a strong presence in smart office, medical care, smart home, and industrial automation sectors [1][15]. - The linear drive industry is in an upward growth phase, with a projected global market size of $5.529 billion in 2024, reflecting a year-on-year growth of 7.2% [2][41]. - The partnership with Lingqiao Intelligent to establish a joint venture, focusing on robotic components, is expected to diversify the company's product offerings and create a new growth trajectory [3][15]. Summary by Sections 1. Company Overview - Jiecang Drive was established in 2000 and has become a leader in the linear drive sector, achieving a compound annual growth rate (CAGR) of 22.14% in revenue from 2018 to 2023 [1][15]. - The company has a global market share of 1st in the office sector and has expanded its international footprint through acquisitions and establishing subsidiaries in various regions [15][21]. 2. Industry Analysis - The linear drive industry is characterized by a wide range of applications, including electric, pneumatic, hydraulic, and electromagnetic drives, and is experiencing significant growth due to increasing demand in various sectors [36][41]. - The market is dominated by North America, Europe, and the Asia-Pacific region, which together account for nearly 90% of the total market size [43][45]. 3. Strategic Partnerships - The collaboration with Lingqiao Intelligent aims to develop key components for robotics, such as dexterous hands and joint modules, enhancing the company's technological capabilities and product range [3][15]. - This partnership is expected to leverage the company's existing strengths in motor and control technologies to penetrate the robotics market effectively [3][15]. 4. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 36.54 billion, 42.46 billion, and 50.55 billion yuan, respectively, with net profits projected at 3.60 billion, 4.64 billion, and 7.01 billion yuan [3][5]. - The current market valuation corresponds to price-to-earnings (P/E) ratios of 33.4, 25.9, and 17.1 for the years 2024, 2025, and 2026, indicating potential for valuation expansion [3][5].
捷昌驱动：与灵巧智能强强联手，驱动龙头迎来机器人星辰大海-20250411