Investment Rating - The investment rating for the company is "actively participate" in the new share subscription [34] Core Viewpoints - The company is a customized expert in micro-special motors, with broad domestic substitution space and multiple breakthroughs in application fields [6][34] - The company has established stable cooperation with leading enterprises in various sectors, including Hikvision and Dahua Technology, and has a good reputation and stable customer resources [8][34] - The company has achieved steady growth in revenue and profit, with a projected revenue of 420 million yuan and a net profit of 56.34 million yuan for 2024, reflecting a CAGR of +20.95% and +44.51% over the past three years respectively [8][34] Summary by Sections 1. Company Overview - The company specializes in stepper motors, servo motors, and brushless motors, widely used in security, textiles, photovoltaics, semiconductors, 3C, automotive, robotics, medical, and intelligent logistics [2][6] - The company has achieved a level of core technical indicators comparable to international leaders such as Japan's Mechatronics and Panasonic [2][6] 2. Issuance Plan - The new share issuance adopts a direct pricing method, with an initial issuance scale of 18 million shares, accounting for 25.31% of the total share capital after issuance [2][14] - The issuance price is set at 8.83 yuan per share, with an expected market capitalization of 628 million yuan post-issuance [2][18] 3. Industry Situation - The global micro-special motor market is steadily growing, with a projected market size of 46.74 billion USD in 2024, expected to reach 76.99 billion USD by 2032 [21][22] - The domestic market for stepper motors and servo motors has significant room for growth, with a current reliance on imports for high-end applications [25][24] 4. Competitive Advantages - The company has a strong technical innovation advantage, with continuous investment in R&D and a focus on meeting customer needs [26][28] - The company benefits from a stable customer base, having established long-term partnerships with industry leaders [28] 5. Comparable Companies - The company has a lower market capitalization compared to its peers, with a PE ratio of 10.5, significantly lower than the median of comparable companies [35][33]
三协电机（920100）：北交所新股申购策略报告之一百四十：微特电机定制专家，应用多点突破、国产化空间广阔-20250823
Shenwan Hongyuan Securities·2025-08-23 14:34