Core Viewpoint - The article highlights the growth potential of Anpeilong, a leading domestic sensor manufacturer, focusing on its strategic development in force sensors for robotics and autonomous driving, aiming to create a new growth driver by 2024 [4]. Group 1: Company Overview - Anpeilong is recognized as one of the first "little giant" enterprises in the national specialized and innovative sector in 2019, primarily producing thermistors, temperature sensors, pressure sensors, oxygen sensors, and force sensors, with applications in automotive, home appliances, and photovoltaic sectors [4]. - The company is targeting emerging markets in robotics and autonomous driving by developing force sensors, which is expected to establish a third growth pillar [4]. Group 2: Financial Performance - From 2020 to 2024, Anpeilong's revenue is projected to grow from 420 million to 940 million yuan, reflecting a CAGR of 22.5%, with pressure sensors being the main revenue driver [5]. - The gross margin is expected to remain stable between 31% and 34% from 2022 to 2024; however, net profit margin is slightly declining due to increased depreciation and asset impairment, projected at 8.8% in 2024, with net profit stabilizing between 80 million and 90 million yuan [5]. Group 3: Market Position and Opportunities - Anpeilong is positioned as a key player in the domestic sensor import substitution market, with significant growth potential as high-end products still rely on imports despite rapid domestic technological advancements [6]. - The global temperature sensor market is expected to grow at a CAGR of 5.1% from 2023 to 2029; the domestic pressure sensor market is projected to grow at a CAGR of 10.2% from 2024 to 2026; and the domestic six-dimensional force sensor market is anticipated to grow at a CAGR of 47.5% from 2024 to 2030, indicating vast downstream market demand and substantial domestic substitution opportunities [6]. Group 4: Competitive Advantages - Anpeilong has developed a robust vertical industry chain and a strong technological barrier over 26 years, focusing on the production of ceramic sensitive materials, which supports its continuous development in high-end sensors [7]. - The company has established stable partnerships with well-known brands such as Midea Group, BYD, and Green Mountain Coffee, ensuring a solid customer base [7].
【安培龙（301413.SZ）】传感器国产替代龙头，战略发展机器人用力传感器——首次覆盖报告（黄帅斌/陈佳宁/庄晓波等）