捷昌驱动（603583）：与灵巧智能强强联手，驱动龙头迎来机器人星辰大海

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company is a leading player in the domestic linear drive industry, demonstrating stable operations and a comprehensive layout. It has achieved a compound annual growth rate (CAGR) of 22.14% in revenue from 2018 to 2023, with a revenue of 2.568 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 22.20% [1][22]. - The linear drive industry is in an upward phase, with the global market expected to reach $5.529 billion in 2024, growing by 7.2% year-on-year. The market is highly concentrated in North America, Europe, and the Asia-Pacific region, which together account for nearly 90% of the total market [2][41]. - The company has partnered with Lingqiao Intelligent to establish a joint venture focused on robotics, which is expected to diversify its product offerings and create a strong second growth curve [3][15]. Summary by Sections 1. Domestic Linear Drive Leader with Stable Operations - The company, established in 2000, specializes in the research, production, and sales of linear drive products, achieving a global market share of 1 in the office sector. It has expanded its operations internationally with subsidiaries in various regions [15][18]. 2. Linear Drive Industry on the Rise - The linear drive industry is experiencing growth, with applications spanning consumer and manufacturing sectors. The market for smart office products is projected to grow at a compound annual growth rate of over 10% [2][36]. 3. Strong Partnership with Lingqiao Intelligent - The joint venture with Lingqiao Intelligent aims to develop core components for robotics, enhancing the company's product range and positioning it for future growth in the robotics sector [3][15]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 3.654 billion yuan, 4.246 billion yuan, and 5.055 billion yuan, respectively, with corresponding net profits of 360 million yuan, 464 million yuan, and 701 million yuan. The current market valuation corresponds to price-to-earnings ratios of 33.4, 25.9, and 17.1 times for the respective years [3][5].