JIANGNAN YIFAN(SZ:301023) ZHESHANG SECURITIES·2025-05-14 00:40Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Viewpoints - The company specializes in the research, manufacturing, and sales of customized micro and special reduction motors, with a diverse product line exceeding 3,000 specifications and models [1][15] - The company has shown significant revenue growth, achieving 282 million yuan in 2024, a year-on-year increase of 61.69%, and a net profit of 95 million yuan, up 98.51% [1][17] - The reduction motor market in China is projected to grow from 884 billion yuan in 2023 to 1,156 billion yuan by 2030, with a CAGR of 5.12% from 2024 to 2030 [2][33] Summary by Sections Section 1: Company Overview - The company has a strong focus on the micro and special reduction motor sector, continuously expanding its downstream application scenarios [1][15] - It has established long-term partnerships with renowned companies such as Siemens, Schneider Electric, and Eaton, enhancing its market position [3][57] Section 2: Market Potential - The reduction motor market is vast, with applications in various industries including power distribution, recreational vehicles, and renewable energy [2][33] - The company is well-positioned to benefit from the growing demand in these sectors, particularly in energy storage and solar energy applications [36][45] Section 3: Technological Leadership - The company maintains a high R&D investment rate, consistently above 4.5%, leading to industry-leading technology and product quality [3][52] - It has developed numerous patents and has a professional R&D team with extensive experience in motor and reduction mechanism development [3][54] Section 4: Growth Strategies - The company is actively expanding into new fields such as electric bicycles and humanoid robots, aiming to create new growth curves [4][61] - Strategic collaborations with technology firms are underway to enhance product offerings and market reach [4][73] Section 5: Financial Projections - Revenue forecasts for 2025 to 2027 are projected at 364 million, 451 million, and 543 million yuan, with respective growth rates of 29%, 24%, and 20% [5][6] - Net profit is expected to grow to 114 million, 135 million, and 159 million yuan over the same period, with growth rates of 20%, 19%, and 18% [5][6]