Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.525 billion yuan in 2024, representing a year-on-year growth of 26.42%, and a net profit attributable to shareholders of 225.09 million yuan, up 25.11% year-on-year [2] - The company is actively expanding into the humanoid robot sector, having launched a dexterous hand product with 17 degrees of freedom, showcasing significant innovation [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.525 billion yuan, with a year-on-year increase of 26.42%. The net profit attributable to shareholders was 225.09 million yuan, reflecting a growth of 25.11% year-on-year. The net profit after deducting non-recurring items was 184 million yuan, up 37.57% year-on-year [2] - The revenue breakdown by product shows that the micro drive system generated 966 million yuan, up 28.20% year-on-year, precision injection parts generated 467 million yuan, up 24.52%, and precision molds and others generated 91 million yuan, up 18.36% [2] - The company's gross margin for 2024 was 31.43%, an increase of 2.38 percentage points year-on-year, driven by improvements in the gross margins of the micro drive system and precision injection parts [3] - The company reported a net cash flow from operating activities of 124 million yuan in 2024, a decrease of 36.89% year-on-year, indicating some pressure on cash flow management [4] Strategic Initiatives Summary - The company has made significant strides in the humanoid robot market, launching a dexterous hand product that integrates advanced technologies such as micro gear reducers, motors, control units, and electronic skin sensors, enhancing its competitive edge in complex grasping tasks [5]
兆威机电（003021）：2024年报、2025年一季报点评：业绩增速可观，积极布局人形机器人灵巧手领域