Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit have declined due to lower-than-expected market demand, but overseas business expansion has helped improve gross margins [2] - The company reported a revenue of 224 million yuan in 2024, down 20.80% year-on-year, and a net profit of 39 million yuan, down 52.17% year-on-year [2] - The decline in revenue is primarily attributed to a significant drop in sales of voice coil motors, which were mainly used in invasive ventilators, affected by terminal market conditions and existing inventory consumption [2] - The company has seen a 14.96% increase in overseas sales, reaching 105 million yuan, which now accounts for 46.77% of total revenue [2] Revenue Breakdown - Linear actuators have shown steady growth, with revenue increasing by 4.24% to 135 million yuan, now representing 60.37% of total revenue [3] - The mixed stepper motor segment has faced a decline of 22.55%, with revenue at 39 million yuan, accounting for 17.60% of total revenue [3] - Voice coil motors have seen a drastic decline of 91.31%, with revenue dropping to 5 million yuan, now only 2.44% of total revenue [3] - The DC motor segment has increased by 32.78%, with revenue at 19 million yuan, representing 8.65% of total revenue [3] Strategic Developments - The company is investing in its micro-motor overseas business and has increased R&D spending, indicating a promising future for its robotics business [4] - A strategic partnership with AIDIN Robotics was established to import and distribute certain sensor products in China, aiming to expand into the domestic robotics market [4] - Collaboration with Suzhou University has been initiated to develop new linear drive units for various applications, enhancing design and process validation capabilities [4] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 45 million yuan and 52 million yuan, respectively, with a new forecast for 2027 set at 64 million yuan [4] - The corresponding price-to-earnings ratios are projected to be 144.90, 123.57, and 101.85 for 2025, 2026, and 2027, respectively [4]
鼎智科技（873593）：2024年报点评：市场需求不及预期致业绩承压，战略合作赋能机器人业务