Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Insights - The company has a dual-driven business model combining intelligent equipment and electric motor control components, with a focus on technological leadership and high R&D investment [8][12]. - The company is expected to achieve significant revenue growth, with projected revenues of 4.273 billion, 5.009 billion, and 5.701 billion RMB for 2025, 2026, and 2027 respectively, alongside a substantial increase in net profit [7][45]. - The report highlights the company's strategic expansion into high-end markets and the improvement of its electric motor control business, which is expected to enhance profitability [8][41]. Summary by Sections 1. Equipment and Electric Motor Control Synergy - The company has established a dual-driven model with intelligent equipment and electric motor control components, serving major domestic and international automotive manufacturers [12][16]. - The management team consists of highly qualified professionals with advanced degrees in mechanical engineering, contributing to strong operational and technical capabilities [24][27]. 2. Intelligent Manufacturing Solutions - The company is recognized as an expert in intelligent manufacturing solutions, with extensive experience in robotics applications across various complex production scenarios [32][34]. - The integration of embodied intelligence into manufacturing processes is a key focus, aiming to enhance automation and efficiency [33][36]. 3. Improvement in Electric Motor Control Business - The company has seen a significant increase in the delivery of electric motor control components, with a year-on-year growth of 89.39% in the first half of 2025 [8][41]. - The expansion into mid-to-high-end vehicle markets is expected to drive revenue and profitability improvements in the electric motor control segment [41][39]. 4. Profit Forecast and Valuation - Revenue forecasts indicate a growth trajectory with expected revenues of 4.273 billion, 5.009 billion, and 5.701 billion RMB for 2025, 2026, and 2027 respectively, reflecting a compound annual growth rate of 21%, 17%, and 14% [7][45]. - The gross margin is projected to improve slightly, with expectations of 16.2%, 16.7%, and 17.0% for 2025, 2026, and 2027 respectively, driven by enhanced customer sales and new business developments [46].

Group 1 - The company has established a dual-driven model with its intelligent equipment and components business, focusing on core products such as body-in-white, powertrain, and electric drive components for new energy vehicles, leading to a significant profit recovery with a net profit increase of 360% year-on-year in the first three quarters of 2025 [1] - The company's management team, consisting of several executives with advanced degrees in mechanical engineering, has a strong advantage in operational management and technical assessment, with a high R&D expense ratio compared to peers in the automotive equipment industry [1] - The company plans to integrate embodied intelligence into its manufacturing processes and is actively exploring robotics, leveraging its extensive experience in robotics since its inception [1] Group 2 - The electric drive and control business has shown marginal improvement, with a continuous increase in delivery volumes since 2024, achieving a delivery of 162,500 sets of electric drive components for new energy vehicles in the first half of 2025, representing a year-on-year growth of 89.39% [2] - The company is expanding its business to high-end models, starting to supply electric drive products for the Li Auto L6 from 2024, which is expected to enhance revenue and profitability in the electric drive and control segment [2] - Revenue projections for the company are estimated at 4.27 billion, 5.01 billion, and 5.70 billion yuan for 2025-2027, with net profits of 101 million, 141 million, and 182 million yuan respectively, corresponding to PE ratios of 42.6, 30.6, and 23.6 times [2]