Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [8]. Core Views - The company has a strong foundation in temperature, pressure, and oxygen sensors, with significant growth potential in force sensors for robotics applications [1]. - The company has successfully expanded its customer base, leading to increased product sales and steady revenue growth, with a projected revenue CAGR of around 20% from 2020 to 2024 [35]. - The pressure sensor segment is expected to surpass temperature and thermal resistors as the company's primary revenue source by 2024 [23]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of thermal resistors, temperature sensors, oxygen sensors, and pressure sensors, with a comprehensive product range and advanced R&D capabilities [16][6]. - The company has established a strong market position with a diverse customer base, including major domestic and international companies [16]. Market Performance - The company’s revenue is projected to reach 1.17 billion yuan in 2025, with a growth rate of 24.5%, and net profit is expected to be 112 million yuan, reflecting a growth rate of 36.1% [8][10]. - The gross margin has remained stable around 30% from 2021 to 2023, with slight fluctuations due to production capacity and new factory amortization [39][38]. Product Segments - The thermal resistor and temperature sensor markets are expected to grow steadily, with the global NTC market projected to reach 5.1 billion yuan by 2030 [44]. - The pressure sensor market is anticipated to grow significantly, with the global market for medium and low-pressure sealed pressure sensors expected to reach 589 million USD by 2032 [5]. - The oxygen sensor market is also expanding, with a projected market size of 7.417 billion USD by 2032, driven by applications in automotive and medical sectors [7]. Financial Projections - The company’s earnings per share (EPS) are projected to be 1.14, 1.45, and 1.83 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 75.7X, 59.6X, and 47.3X [8][10]. - The company is expected to maintain a stable gross margin across its product lines, with pressure sensors, thermal resistors, and oxygen sensors projected to have gross margins of 31.61%, 33.15%, and 25.74% in 2024 [39].
安培龙（301413）：温度、压力及氧传感器夯实基础，力传感器开辟机器人应用新场景