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震裕科技:首次覆盖报告锂电结构件盈利改善,机器人业务前景广阔-20250527

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability from lithium battery structural components and has a promising outlook for its robotics business [4][6]. - The company has established a solid foundation in precision manufacturing and is expanding into the emerging field of humanoid robotics, with successful product testing and small-scale deliveries [4][6][58]. Summary by Sections Company Overview - The company, Zhenyu Technology, started as a precision mold manufacturer and has evolved to focus on precision lithium battery structural components and electric motor cores, while also venturing into humanoid robotics [4][19]. - The company was listed on the Shenzhen Stock Exchange in 2021 and has been expanding its business since then, including the establishment of a subsidiary for robotics in 2024 [4][6]. Financial Performance - In 2023, the company reported revenue of 6,019 million yuan, a year-on-year increase of 4.63%, but a net profit of 43 million yuan, down 58.73% year-on-year due to various operational challenges [4][23]. - The company expects significant revenue growth in the coming years, with projected revenues of 91.14 billion yuan in 2025, 114.54 billion yuan in 2026, and 140.51 billion yuan in 2027 [12][25]. Market Position and Growth - The company has maintained a stable market share in the lithium battery structural component sector, with revenues from this segment increasing from 23.7 billion yuan in 2021 to 57.5 billion yuan in 2024 [7][43]. - The global market for lithium battery structural components is projected to grow significantly, with estimates of 557.4 billion yuan by 2025 [42]. Robotics Business Development - The company has made strides in the robotics sector, establishing a subsidiary and developing key components such as planetary roller screws and linear actuators, with successful testing and initial deliveries to clients [58][63]. - The humanoid robotics market is expected to grow substantially, with projections indicating a market size of 642.22 billion yuan by 2030 [54][56].