Summary of the Conference Call for 新时达 Company Overview - **Company**: 新时达 - **Industry**: Robotics and Control Systems Key Points and Arguments 1. Business Development and Product Launches - 新时达 is accelerating the development and commercialization of humanoid robots, planning to launch the 巨轮智能通用控制器 and complete machine products by the end of 2025, with a welding robot solution already showcased [2][3][4] - The company’s current business segments include elevator control (global second), robot control (top ten in China), and general control and drive, with revenue contributions expected to be 20%, 24%, and 47.4% respectively in 2024 [2][9] 2. Financial Performance and Projections - Expected net profits for 新时达 from 2025 to 2027 are projected to be 13 million, 84 million, and 190 million yuan, respectively, indicating a significant turnaround and a compound annual growth rate (CAGR) of approximately 290% [4][14][18] - Revenue is anticipated to recover from over 3 billion yuan to over 5 billion yuan, with net profit margins potentially reaching 5% to 10% [5][18] 3. Impact of 海尔's Acquisition - 海尔's acquisition has led to a restructuring of the shareholding, with an expected increase in ownership to 26%-27% and voting rights to 42% by the end of 2025, reflecting strong support for 新时达's future [2][6][10] - The management team has been largely replaced with 海尔 executives, enhancing operational efficiency and strategic execution [6][10] - A 10 billion yuan investment fund for embodied intelligence has been established by 海尔, facilitating product development and ecosystem collaboration [6][10] 4. Market Position and Competitive Advantages - 新时达 holds a strong market position in elevator control and is ranked fourth among domestic brands in SCARA industrial robots [9] - The company has a 30-year history in motion control, providing a competitive edge in the humanoid robot sector [3] 5. Future Growth Opportunities - The humanoid robot market is expected to be substantial, driven by a global population of 8 billion, with significant applications in both household and industrial settings [3] - The company is also expanding into semiconductor robotics, with orders expected from leading domestic semiconductor equipment manufacturers by mid-2025 [2][13] 6. Risks to Monitor - Investors should be aware of potential risks including a downturn in downstream demand, integration challenges with 海尔, and slow progress in embodied intelligence development [19] 7. Specific Developments in Robotics - The company is focusing on a wheeled configuration for its embodied robots, with plans to switch to legged designs, aiming to complete prototype development by the end of 2025 [15] - Key target applications include adaptive sorting systems, smart welding, and flexible automation for PCB quality inspection [15] 8. Financial Ratios and Valuation - Projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 1,043, 156, and 69, respectively, indicating a potential undervaluation based on future growth prospects [8][18] Conclusion - 新时达 is positioned for significant growth in the robotics sector, bolstered by 海尔's strategic support and a robust product development pipeline, despite facing certain market risks and challenges.