Investment Rating - The report gives a "Buy" rating for the company, Buke Co., Ltd. (步科股份) [1] Core Views - Buke Co., Ltd. is actively expanding its "Mobile + Collaboration" market and is a leader in the "frameless" torque motor sector, with significant growth potential in the humanoid robot market [1][6][10] - The company has a comprehensive product line in industrial automation, including human-machine interfaces, programmable logic controllers, servo systems, and low-voltage frequency converters, positioning it as a leading supplier in the automation control and robotics sector [6][14] - The report highlights the company's strong market position in mobile robot servo systems, with a significant increase in sales of its servo wheel products and a robust growth forecast for humanoid robot applications [8][9][10] Financial Summary - Projected total revenue (in million) for 2024A is 547, with a year-on-year growth rate of 8.1%, and expected to reach 1,080 by 2027E, with a growth rate of 25.1% [2] - Projected net profit attributable to shareholders (in million) for 2024A is 49, with a year-on-year decline of 19.4%, but expected to rebound to 123 by 2027E, with a growth rate of 19.7% [2] - Earnings per share (in yuan) are projected to increase from 0.58 in 2024A to 1.47 in 2027E [2] Market Position and Growth Drivers - The company has a leading market share in the mobile robot low-voltage servo sector, with cumulative shipments exceeding 1.2 million units, serving over 400,000 AGV/AMR units, making it the top player in the mobile robot industry [6][8][45] - The humanoid robot torque motor market is expected to reach 200 million yuan by 2025, with a compound annual growth rate (CAGR) of 91.7% from 2025 to 2030, indicating substantial growth opportunities [9][66] - The report emphasizes the increasing demand for automation driven by rising labor costs and an aging population, which is expected to boost the industrial automation rate [35][40] Product and Technology Development - Buke Co., Ltd. has developed an integrated servo wheel module that combines a driver, motor, reducer, and wheel, which has seen significant sales growth, with an expected 38,000 units sold in 2024, representing a year-on-year increase of 118.5% [6][50] - The company has received small batch orders for its frameless torque motors in the humanoid robot sector, indicating a strong foothold in this emerging market [9][67] - The report outlines the company's strategic focus on expanding its product offerings in the humanoid robot market, leveraging its existing technology and market position [10][66]

Group 1 - The company, Shanghai Buke Automation Co., Ltd., is planning to issue A-shares to specific investors in 2023, with the total number of shares not exceeding 25,200,000 [4][5] - The issuance will be subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [3][7] - The final issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [3][6] Group 2 - The total amount of funds raised, after deducting issuance costs, will be allocated to specific projects, including the construction of an intelligent manufacturing production base, with a total investment of RMB 66,115.62 million [5] - The project aims to achieve an annual production capacity of 1.81 million industrial control products, but faces risks related to market demand and competition [8][10] - The company has experienced fluctuations in revenue, with reported revenues of RMB 53,930.65 million, RMB 50,648.03 million, and RMB 54,746.85 million for the years 2022, 2023, and 2024 respectively [10][11] Group 3 - The company is currently facing challenges related to production capacity and market competition, which may impact its sales growth and profitability [10][11] - The company’s major shareholders include various investment funds, with the largest shareholder holding 44.02% of the shares [15] - The company operates in the industrial automation sector, which is characterized by high technical requirements and significant R&D investments [12][14]

Core Viewpoint - The company, Buke Co., Ltd., focuses on industrial automation and robotics, emphasizing innovation and R&D to provide high-quality, cost-effective solutions in the context of increasing demand for automation and digitalization in various industries. Group 1: Company Overview - Buke Co., Ltd. is a high-tech enterprise engaged in the R&D, production, and sales of core components for industrial automation and robotics, as well as digital factory solutions [5][20]. - The company has established a complete product line with independent intellectual property rights, covering various automation and digitalization technologies [5][24]. Group 2: Financial Performance - For the reporting period, the company achieved operating revenue of 547.47 million yuan, a year-on-year increase of 8.09%, while the net profit attributable to shareholders decreased by 19.43% to 48.89 million yuan [32]. - The total assets as of December 31, 2024, were 1.02 billion yuan, reflecting a growth of 7.55% compared to the beginning of the period [32]. Group 3: Business Model - The company employs a combination of inventory production and order-based production, adjusting production plans based on sales forecasts and actual sales [13][14]. - The sales strategy includes both direct sales to key clients and distribution through a network of dealers [15]. Group 4: Industry Position and Trends - Buke Co., Ltd. is recognized as a leading player in the domestic industrial automation control industry, with a market share of 3% in the human-machine interface (HMI) market, ranking fourth among domestic brands [24]. - The company is the largest manufacturer in the domestic DC servo market, with a market share of 13% in 2022, and it continues to expand its presence in the mobile robotics sector [25]. Group 5: R&D and Innovation - The company maintains a dual approach to R&D, focusing on both forward-looking technology development and demand-driven product innovation [16][17]. - R&D investment for the reporting period was 16.72 million yuan, accounting for 12.67% of operating revenue, indicating a commitment to innovation [52]. Group 6: Industry Growth and Future Outlook - The global industrial automation equipment market is projected to grow from 213.49 billion USD in 2022 to 412.8 billion USD by 2030, with a compound annual growth rate of approximately 8.59% [29]. - The Chinese industrial automation market is expected to exceed 890 billion yuan by 2029, with a compound annual growth rate of about 7.7% from 2024 to 2029 [30].