Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Nidec, a global motor giant, is a core supplier of motors for Tesla, with a total revenue of approximately 127 billion RMB and a net profit of 8.2 billion RMB in 2024. The motor revenue accounts for 85% of its total revenue [5][15] - Nidec has established a comprehensive product system centered around motor technology, including motors, reducers, sensors, and machine tools, and possesses integrated technology and mass production capabilities for robotic joints [20][47] - The company emphasizes a "wolf-like" business style, focusing on aggressive investments and the Chinese market, which constitutes 21% of its revenue [7][42] Summary by Sections Nidec as a Core Supplier - Nidec is recognized as a core supplier of motors for Tesla and has a robust partnership in the automotive sector, providing electric drive systems [20] - The company has a full range of motor capabilities, with a global market share of 46% in brushless motors and over 70% in various fields [20][15] Reducer Technology - Nidec acquired reducer technology from Japan's Shinbo, which ranks among the top three reducer companies globally, holding a 12.9% market share in planetary reducers and 14.7% in harmonic reducers [6][23] - The company has three factories globally, including one in Zhejiang, China, to meet Tesla's overseas production needs [29] Sensor Customization - Nidec develops custom torque, temperature, and angle sensors, which are integrated into reducers to enhance the compactness and lightweight design of robots [33] Machine Tool Acquisition - Nidec has acquired several machine tool companies since 2021, enhancing its capabilities in gear processing and production [34] Investment Opportunities - The report highlights potential investment opportunities in companies benefiting from Nidec's supply chain, including electric motor beneficiaries like Weike Technology and Jinli Permanent Magnet, reducer recommendations like Longsheng Technology, and bearing recommendations like Wuzhou Xinchun and Redik [49]