Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6]. Core Insights - The company has been focused on linear drive systems for over 30 years and has achieved significant global expansion, becoming a leading player in the linear drive market with over 30% market share in electric sofa push rods [3][12]. - The linear drive market is expected to grow significantly, with a projected global market size of approximately $8.694 billion in 2025, reaching $10.38 billion by 2032, with a CAGR of 2.6% from 2026 to 2032 [4][50]. - The company is actively expanding into the humanoid robot sector, leveraging its strong technical capabilities in electromechanical integration [5][94]. Summary by Sections 1. Leading Company in Linear Drives - The company has established itself as a leader in the linear drive industry, with a focus on diverse application scenarios including smart homes, medical care, and automotive components [3][12]. - The company has a significant presence in North America and Europe, with a notable market share in electric sofa push rods [3][12]. 2. Broad Market Prospects for Linear Drives - The linear drive market is expanding into various fields, driven by global consumption upgrades and technological advancements [4][50]. - The smart home market is projected to grow to $173 billion by 2025, with a CAGR of 8.9% from 2022 to 2025 [58]. - The smart office market is expected to reach $51.63 billion in 2024, with a CAGR of 13.6% until 2029 [63]. 3. Strong Electromechanical Integration Capabilities - The company has developed a comprehensive vertical integration manufacturing system, allowing for in-house production of key components [5][94]. - The company is focusing on core motor technology and has made strategic investments in related fields such as gear reducers and joint modules [7][94]. 4. Profit Forecast and Rating - Revenue forecasts for 2025-2027 are projected at 1.378 billion, 1.530 billion, and 1.714 billion yuan respectively, with net profits expected to be 0.55 billion, 0.89 billion, and 1.11 billion yuan [6][8]. - The company is expected to gradually improve its profitability as overseas production capacity utilization increases and tariff impacts diminish [3][6].

Core Viewpoint - Kaidi Co., Ltd. (605288) has experienced a significant stock price increase, with the company confirming that its production and operational activities remain normal, and there have been no major changes in the internal and external business environment [1] Group 1: Company Overview - Kaidi Co., Ltd. is a leading global provider of intelligent linear drive system solutions, leveraging its mechatronics technology to establish a comprehensive service system that includes R&D, production, and global marketing [1] - The company's products cover five core scenarios: smart home, smart office, automotive components, medical care, and industrial transmission, continuously expanding the application boundaries of linear drive technology [1] - Major clients include well-known domestic and international home furnishing companies such as Gujia Home (603816), Huadali, Teknion Limited, and ESI, as well as partnerships with automotive manufacturers like NIO, Xpeng, and Chery, ensuring a stable order flow due to a large and reputable client base [1] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 608 million yuan, an increase of 5.64% compared to the same period last year, while the net profit attributable to shareholders decreased by 43.69% to 31.15 million yuan [1][2] Group 3: Business Development - The company stated that its main business and product structure remain stable, with core competitiveness further strengthened [2] - Kaidi Co., Ltd. has initiated the development of industrial linear actuators, which have already been applied in small industrial vehicles, and is accelerating development in other fields with self-developed components [2] - The company is currently developing core components for robotic products, including outer rotor motors, frameless torque motors, and joint modules, which are still in the development stage and have not yet generated sales [2] - The company has noted a high market interest in its robotics-related business, which is still in the development phase and is not expected to significantly impact the company's performance in the short term [2]