兆威机电（003021）：业绩符合预期，继续看好公司在机器人领域的稀缺性与成长潜力

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2] Core Views - The company's performance in 2024 met expectations, with significant growth driven by the automotive business and product structure optimization. Revenue reached 1.52 billion, a year-on-year increase of 26.4%, and net profit attributable to shareholders was 230 million, up 25.1% year-on-year [6] - The company is well-positioned in the robotics sector, showcasing unique growth potential. The launch of innovative products, such as the dexterous hand with integrated drive units, highlights its competitive edge in the market [6] - The automotive electronics business is expected to continue its rapid growth, supported by the increasing adoption of various product categories in vehicles, which will enhance the average selling price per vehicle [6] Financial Performance Summary - In 2024, the company reported a revenue of 1.52 billion, with a gross margin of 31.4%, reflecting a 2.4 percentage point increase year-on-year. The net profit margin was 14.8%, slightly down by 0.2 percentage points [6] - For Q1 2025, the company achieved a revenue of 370 million, a year-on-year increase of 17.7%, while net profit was 55 million, down 1.2% year-on-year [6] - The company forecasts revenues of 1.98 billion, 2.65 billion, and 3.58 billion for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [11] Business Highlights - The company has made significant progress in the smart automotive sector, collaborating with major clients such as Bosch and BYD, and successfully applying its products in domestic automotive enterprises [6] - In the consumer and medical technology sectors, the company is actively involved in automation and smart solutions, focusing on areas like AR&VR and insulin pumps [6] - The robotics segment is highlighted by the introduction of a dexterous hand product, which features advanced capabilities and is expected to benefit from the rapid development of humanoid robots [6] Financial Ratios and Projections - The report projects a compound annual growth rate (CAGR) for total revenue of 30% from 2025 to 2027, with net profit expected to grow at a CAGR of 29% during the same period [15] - Key financial ratios indicate a gross margin of 31.8% and a net profit margin of 13.8% for 2025, with a return on equity (ROE) projected to reach 8.2% [15]