新股覆盖研究：瑞迪智驱

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has established a significant market position in electromagnetic brakes, supplying well-known manufacturers such as Huichuan Technology, Estun, and Hitachi Elevator, with a domestic market share of 1.56% [2] - The company's revenue from high-value servo brakes is continuously increasing, with a sales growth of 109.73% in 2023, and it has secured mass production orders from Panasonic and Siemens [2] - The company has developed a range of products including maintenance-free brakes and has formed technical reserves in wind power and rail transit brakes [2] - The company has adopted a differentiated competition strategy in the harmonic reducer market, serving over 60 clients and focusing on the collaborative robot segment [3] - The company plans to invest in two projects through its IPO, including an expansion project for electromagnetic brakes with an expected annual revenue increase of 62.08 million yuan and a net profit increase of 10.37 million yuan [4][5] Financial Overview - The company achieved revenues of 585.2 million yuan in 2023, a slight decrease of 0.32% year-on-year, while net profit increased by 28.98% to 97 million yuan [8][36] - The company expects revenues for Q1 2024 to be between 130 million and 142 million yuan, with a year-on-year growth rate ranging from -2.87% to 5.93% [8][36] - The main revenue sources in 2023 were electromagnetic brakes (331 million yuan, 58.51%) and precision transmission components (194 million yuan, 34.18%) [36] Industry Situation - The electromagnetic brake market in China is projected to grow, with estimated market sizes of 16.19 billion yuan, 17.61 billion yuan, and 19.89 billion yuan from 2021 to 2023 [44] - The global harmonic reducer market is expected to grow significantly, driven by the rapid development of the robotics industry, with the global robot market projected to exceed 65 billion USD by 2024 [46]