Investment Rating - The report assigns a "Strong Buy" investment rating to the company [6][7]. Core Insights - The company is a leading player in the functional protective sleeve industry in China, with a diverse product range and strong technological capabilities. It is actively expanding into the humanoid robot product applications [6][12]. - The company has benefited from the growth of the new energy vehicle (NEV) sector, with significant revenue growth and plans for international expansion [6][12]. - The company is also developing products for the humanoid robotics field, leveraging its existing technology and customer relationships [6][12]. Company Overview - The company, established in 2004 and listed in 2024, specializes in the design, research, production, and sales of modified polymer protective materials, primarily functional protective sleeves and functional monofilaments [12]. - The company has established production bases in various locations, including Shenzhen, Dongguan, Suzhou, and Mexico [12]. Industry Position - The functional protective sleeve industry is experiencing growth driven by the demand from the NEV market, with the market size in China expected to reach approximately 79 billion yuan in 2024 [34]. - The company is positioned as a domestic leader in the industry, competing with multinational corporations and benefiting from lower costs and closer customer relationships [36][40]. Financial Performance - The company has shown strong financial performance, with a compound annual growth rate (CAGR) of approximately 28% in revenue and 25% in net profit from 2020 to 2024 [20][23]. - The projected revenue for 2025 is 1.1 billion yuan, with a year-on-year growth of 27% [8]. Product Applications - The company's main products, functional protective sleeves, are widely used in various sectors, including automotive, engineering machinery, rail transit, and communications electronics [15]. - The company is expanding its product applications to include humanoid robot wiring systems and components [6][12]. Competitive Advantages - The company has a strong competitive edge due to its technological capabilities, cost advantages from vertical integration, and a robust customer base [43][48]. - The company has maintained high gross and net profit margins, with gross margins around 40% and net margins above 20% from 2020 to 2024 [23].
骏鼎达（301538）：功能性保护套管国内龙头，拓展人形机器人产品应用