xinje(SH:603416) Yin He Zheng Quan·2026-03-09 02:06Investment Rating - The report gives a "Recommended" rating for the company Xinjie Electric (603416.SH) [5] Core Views - The company has a solid foundation in industrial control and is accelerating its layout in embodied intelligence, particularly in the humanoid robot market. It has established a strong market position in small PLCs and is expanding into new growth areas [4][7][9]. Financial Forecast - The projected financial indicators for the company are as follows: - Revenue (in million CNY): 1,708 in 2024, 2,001 in 2025, 2,416 in 2026, and 2,903 in 2027 - Revenue growth rate: 13.50% in 2024, 17.13% in 2025, 20.74% in 2026, and 20.16% in 2027 - Net profit attributable to shareholders (in million CNY): 229 in 2024, 279 in 2025, 355 in 2026, and 443 in 2027 - Profit growth rate: 14.84% in 2024, 21.90% in 2025, 27.59% in 2026, and 24.53% in 2027 - EPS (in CNY): 1.45 in 2024, 1.77 in 2025, 2.26 in 2026, and 2.82 in 2027 - PE ratio: 39.02 in 2024, 32.01 in 2025, 25.09 in 2026, and 20.15 in 2027 [4][5][7]. Group 1: Company Overview - Xinjie Electric has been deeply engaged in the industrial control sector for over 20 years and is now venturing into the humanoid robot market, leveraging its expertise in core components [7][9]. - The company is a leader in the domestic small PLC market, with a market share of approximately 7% as of Q3 2025, and is expanding into mid-to-large PLCs [7][9]. Group 2: Market Position and Strategy - The company is focusing on the humanoid robot market by developing key components such as hollow cup motors and torque motors, and has established strategic partnerships for collaborative research and development [7][9]. - The company’s strategy includes a "drive + motor" approach to penetrate the humanoid robot execution layer, with significant investments planned for production capabilities [7][9]. Group 3: Financial Performance - The company reported a revenue of 1.382 billion CNY for the first three quarters of 2025, reflecting a year-on-year growth of 14.2%, driven by strong performance in PLC and servo systems [19]. - The gross profit margin for Q3 2025 was 35.4%, showing a decline compared to previous periods, attributed to rising raw material costs and strategic pricing adjustments [27][19]. - The net profit attributable to shareholders for Q1-Q3 2025 was 180 million CNY, with a net profit margin of 13% [47].