Etron(SH:603380) Guolian Minsheng Securities·2026-01-23 07:50Investment Rating - The report gives a "Buy" rating for the company [3] Core Views - The company is positioned as a leading flexible EMS provider globally, entering a new value cycle driven by R&D [8] - The EMS industry is transitioning to a "regional manufacturing + demand restructuring" phase, with a focus on localized production and partnerships with R&D capabilities [10] - The company is expanding its R&D efforts and product offerings, particularly in PCB axial motors, which are expected to have significant market potential [10] Summary by Sections 1. Flexible EMS Leader, Entering a New R&D-Driven Value Cycle - The company has over 20 years of experience in the EMS industry, with a global production base established in regions like Mexico, Vietnam, and Romania [16] - The company has a stable shareholding structure, with the founding team having extensive experience [20] - Revenue has shown steady growth, with a significant recovery in profitability expected starting in 2024 [24] 2. Transition from EMS to R&D Manufacturing, Unlocking Growth Potential - The EMS industry is entering a new phase characterized by regional manufacturing and demand restructuring [37] - The company has established multiple overseas production bases to enhance its delivery capabilities and reduce costs [51] 3. Forward-Looking Layout in High-Potential Sectors, R&D of PCB Axial Motors - PCB axial motors are highlighted for their advantages in lightweight and high power density, suitable for applications in robotics and electric vehicles [57] - The global market for axial flux motors is projected to grow significantly, with the company positioned to capitalize on this trend [78] 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 24.98 billion, 30.03 billion, and 35.46 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 2.41 billion, 2.91 billion, and 3.50 billion yuan [2]