步科股份（688160）：深耕自动化产业，积极布局人形机器人关节电机

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4]. Core Insights - The company is deeply engaged in the industrial automation sector, focusing on robotic components and expanding into medical imaging, new energy manufacturing, and logistics packaging, forming a "1+N" strategic industry layout. The imminent mass production of humanoid robots is expected to benefit the company due to its integrated production capabilities for drives and motors [4]. - The company is positioned as a leader in the domestic robotic motor market, with significant advancements in its core products, particularly the frameless torque motors, which are crucial for humanoid robots. The global market for these motors is projected to grow rapidly, with an expected market size of RMB 1.7 billion in 2025 and RMB 41 billion by 2030, reflecting a CAGR of 88% from 2025 to 2030 [4][6]. - The company has seen a recovery in HMI sales, with a market share of 3% in 2023, and is actively enhancing its product offerings and supply chain to mitigate geopolitical risks. The company anticipates gradual business recovery through continuous product iteration and optimization [8]. Financial Summary - The company’s revenue is projected to grow from RMB 506 million in 2023 to RMB 1,031 million by 2027, with a steady increase in net profit from RMB 61 million in 2023 to RMB 113 million in 2027 [11]. - The earnings per share (EPS) is expected to rise from RMB 0.72 in 2023 to RMB 1.34 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 119.03 in 2023 to 63.88 in 2027, indicating improving valuation metrics [7][11]. - The company is increasing its investment in sales and R&D, with a focus on long-term growth, which is expected to lead to a gradual recovery in profit margins [8].