Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights the long-term potential of the micro-drive market driven by AI innovations in terminal products. The company is expected to benefit from the growing demand for AI-enabled consumer technology [7] - The company has made significant advancements in XR core pupil distance adjustment modules, which are expected to enhance user experience and cater to diverse consumer needs [7] - The projected net profit for the company from 2025 to 2027 is estimated at 270 million, 329 million, and 419 million RMB, respectively, with corresponding EPS of 1.12, 1.37, and 1.74 RMB [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 1,206 million RMB - 2024A: 1,525 million RMB - 2025E: 1,849 million RMB - 2026E: 2,232 million RMB - 2027E: 2,859 million RMB - The revenue growth rates are projected at 4.6%, 26.4%, 21.3%, 20.7%, and 28.1% for the respective years [6][8] - The net profit is expected to grow at rates of 19.6%, 25.1%, 19.8%, 21.9%, and 27.3% from 2023 to 2027 [6][8] - The company's PE ratio is projected to decrease from 125.3 in 2023 to 68.3 in 2027, indicating improving valuation metrics over time [6][8] Market Performance - The company's stock has shown significant performance compared to the market, with a 270% increase over the last 12 months, outperforming the Shanghai Composite Index and the CSI 300 Index [4]
兆威机电（003021）：AI引领终端创新，看好微传动市场长线空间