伟创电气（688698）：公司联合机器人产业链公司，加速布局灵巧手赛道

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][11]. Core Insights - The company is actively expanding into the robotics sector by establishing a joint venture focused on dexterous robotic hands, which is expected to have significant market potential [7][8]. - The company's revenue for Q1 2025 reached RMB 390 million, representing a year-over-year growth of 18.2%, with steady growth in its core products: variable frequency drives and servo systems [8]. - Profit forecasts for the company are optimistic, with expected net profits of RMB 300 million, RMB 350 million, and RMB 430 million for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 22%, 18%, and 22% [8][10]. Company Overview - The company operates in the electrical equipment industry, with a current A-share price of RMB 45.89 and a target price set at RMB 56 [1][6]. - The major shareholder is Huai'an Weichuang Electric Technology Co., Ltd., holding 57.15% of the shares [1]. - The company has a market capitalization of RMB 9.7 billion and a price-to-book ratio of 4.62 [1]. Product Portfolio - The company's product mix includes variable frequency drives (63.1%), servo systems and control systems (30.2%), and digital energy solutions (3.7%) [2]. Financial Performance - The company is projected to achieve a revenue of RMB 2.035 billion in 2025, with a steady increase in operating income and net profit over the next few years [10][12]. - The earnings per share (EPS) are expected to grow from RMB 1.42 in 2025 to RMB 2.04 in 2027, indicating a positive trend in profitability [10]. Market Position - The company is positioning itself as a leading supplier in the dexterous robotic hand market through strategic partnerships and technological advancements in motion control [8]. - The collaboration with other industry players is aimed at enhancing the development and commercialization of key technologies in the robotics field [8].