兆威机电：主业稳健增长，灵巧手布局领先同业-20250513

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1]. Core Views - The company demonstrates steady growth in its main business and leads the industry in the development of dexterous hands for robotics [1]. - The company is a global leader in micro transmission and drive system solutions, benefiting from trends in miniaturization, automation, and intelligence across various sectors including smart vehicles, consumer technology, and medical technology [8]. Financial Performance - In 2024, the company achieved revenue of 1.525 billion yuan, a year-on-year increase of 26.42%, and a net profit of 225 million yuan, up 25.11% year-on-year [3]. - For Q1 2025, the company reported revenue of 368 million yuan, a year-on-year increase of 17.66%, with a net profit of 55 million yuan, down 1.19% year-on-year [3]. - The revenue from the micro transmission system reached 966 million yuan, contributing 63.34% to total revenue, with a gross margin of 28.87% [4]. Product and Market Development - The company has effectively expanded its downstream markets, particularly in the new energy vehicle sector, which generated 683 million yuan in revenue, a year-on-year increase of 48.71% [4]. - The company launched a pioneering dexterous hand product in November 2024, featuring advanced capabilities such as 17-20 degrees of freedom and a load capacity of 1000g, aimed at high-frequency industrial applications [5]. Research and Development - The company maintains a strong focus on R&D, with R&D expenses accounting for over 10% of revenue and R&D personnel making up over 20% of the workforce [6]. - Significant advancements include the completion of fatigue life tests for high-performance engineering plastics and breakthroughs in precision gear technology [6]. Shareholder Returns - The company has consistently optimized shareholder returns, proposing a cash dividend of 2.85 yuan per 10 shares, with a cash dividend payout ratio of 30.41% for 2024 [7][6]. Financial Projections - The company forecasts revenues of 1.909 billion yuan, 2.376 billion yuan, and 2.936 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 261 million yuan, 333 million yuan, and 425 million yuan [9][13]. - The projected EPS for 2025, 2026, and 2027 are 1.09 yuan, 1.38 yuan, and 1.77 yuan respectively, with P/E ratios of 122.8, 96.4, and 75.5 [8][9].