冷链电机龙头，机器人伺服电机打造新成长曲线

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [10][13]. Core Insights - The company is a leader in the micro-motor sector, focusing on the production and sales of micro-motors and fans, with a strong presence in the cold chain motor and external rotor fan markets. It has established partnerships with notable clients such as PANASONIC and WHIRLPOOL [13]. - The company is expected to achieve revenues of CNY 1.269 billion, CNY 1.521 billion, and CNY 1.882 billion from 2023 to 2025, with corresponding net profits of CNY 120 million, CNY 331 million, and CNY 422 million [10][12]. - The ECM motor segment is anticipated to grow significantly due to energy efficiency policies, with the company positioned as a domestic leader in this area [13]. Financial Data and Valuation - Revenue (CNY million): 2021A: 1,111.61, 2022A: 1,204.77, 2023E: 1,269.39, 2024E: 1,521.41, 2025E: 1,882.22 [2]. - Growth Rate (%): 2021A: 39.27%, 2022A: 8.38%, 2023E: 5.36%, 2024E: 19.85%, 2025E: 23.72% [2]. - Net Profit (CNY million): 2021A: 254.43, 2022A: 307.93, 2023E: 120.36, 2024E: 331.08, 2025E: 422.10 [2]. - Earnings Per Share (CNY): 2021: 1.11, 2022: 1.34, 2023E: 0.52, 2024E: 1.44, 2025E: 1.84 [2]. - Price-to-Earnings Ratio (PE): 2023E: 41.69, 2024E: 15.15, 2025E: 11.89 [2]. - Price-to-Book Ratio (PB): 2023E: 3.13, 2024E: 2.79, 2025E: 2.45 [2]. - Return on Equity (ROE %): 2023E: 7.51%, 2024E: 18.42%, 2025E: 20.64% [2].