FORE(SZ:301368) Tianfeng Securities·2025-05-04 08:25Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating given [5]. Core Viewpoints - The company is a leader in the small modulus gear industry and is expanding into humanoid robotics as a second growth curve [1]. - The company has established a solid foothold in the overseas market and is leveraging its technological advantages to capture opportunities in the new energy transmission sector [2]. - The company is expected to see significant revenue growth from its robotics business, which is anticipated to open new revenue streams [3]. Summary by Sections 1. Company Overview - The company has been focused on small modulus gear research and production since its establishment in 1995, achieving significant technological breakthroughs [1]. - It has built a stable supply chain relationship with international giants like Bosch and Makita, maintaining a nearly 20-year partnership with Bosch [1]. - The company has established sales networks in markets like Germany and is expanding production capacity in Southeast Asia to strengthen its overseas market position [1]. 2. New Energy Transmission Sector - The company is developing high-precision gears and precision reducers for the new energy vehicle sector, capitalizing on the industry's demand for high-quality components [2]. - Investments include a production line in Vietnam with an annual capacity of 8 million sets of small modulus gears and a new line in Malaysia for high-precision transmission gears [2]. - The company is expected to accelerate revenue growth in the new energy transmission sector, with improving gross margins [2]. 3. Humanoid Robotics Business - The company is leveraging its expertise in planetary and harmonic reducers to enter the humanoid robotics market [3]. - It has developed a self-researched harmonic reducer that is set to achieve mass production in the second half of 2024, with core production equipment imported from Japan [3]. - Collaborations with Tsinghua University's Star Dynamics have led to the development of micro-reducers for dexterous hands, which are now in small-batch production [3]. 4. Financial Performance and Forecast - The company is projected to achieve revenues of 640 million yuan, 890 million yuan, and 1.35 billion yuan from 2025 to 2027, with net profits expected to reach 41 million yuan, 72 million yuan, and 118 million yuan respectively [3]. - The company is expected to benefit from a strong growth elasticity and valuation reappraisal potential [3]. 5. Business Structure and Product Lines - The company has diversified its business into five key areas, including intelligent furniture drives, new energy transmission gears, and precision reducers [19]. - In 2024, the revenue breakdown shows that gears account for 47.53%, precision reducers for 25.71%, and pneumatic tools for 24.13% of total revenue [20][21]. - The company has a robust product matrix that supports its competitive position in various emerging application scenarios [21].