步科股份深度报告：无框力矩电机龙头，人形机器人打开空间

Investment Rating - The investment rating for the company is "Buy" [3][8] Core Viewpoints - The company is a leading supplier of robot motors and industrial automation solutions in China, with a compound annual growth rate (CAGR) of 10% in revenue and 8% in net profit over the past decade [7][15] - The company's "1+N" strategy focuses on the robotics sector while expanding into medical imaging, new energy, and logistics industries [15] - The company is expected to benefit from the growth of humanoid robots, with the global market for frameless torque motors projected to exceed 30 billion yuan by 2029, with humanoid robot applications accounting for 73% [7][70] Financial Summary - Revenue projections for the company are as follows: 547 million yuan in 2024, 684 million yuan in 2025, 859 million yuan in 2026, and 1,069 million yuan in 2027, reflecting growth rates of 8.1%, 25.0%, 25.5%, and 24.4% respectively [3][8] - Net profit forecasts are 49 million yuan in 2024, 86 million yuan in 2025, 109 million yuan in 2026, and 135 million yuan in 2027, with year-on-year growth rates of -19.4%, 76.0%, 26.2%, and 24.2% respectively [3][8] - The company's earnings per share (EPS) are projected to be 0.6 yuan in 2024, 1.0 yuan in 2025, 1.3 yuan in 2026, and 1.6 yuan in 2027 [3] Business Structure - The company operates in four main industries: robotics, medical imaging equipment, machine IoT, and general automation, with two systems (drive systems and control systems) and five main products (HMI, servo, PLC, stepper, and low-voltage frequency converters) [7][18][21] - In 2024, the revenue breakdown is expected to be 39% from robotics, 29% from machine IoT, 24% from general automation, and 8% from medical imaging equipment [19][20] Market Position - The company ranks among the top five domestic brands in the human-machine interface (HMI) market, which is projected to grow steadily, with a market size of approximately 9.28 billion yuan in 2024 [2][45] - The servo system market is accelerating in domestic production, with the company being a leader in the direct current servo and mobile robot segments [2][56] Growth Drivers - The three main growth drivers for the company are robotization, globalization, and domestic substitution [7][9] - The company is expected to launch its fourth-generation frameless torque motor in 2025, which will enhance its revenue contribution [10][70]