Core Insights - The forum held on November 28, 2023, marked the launch of the joint module products by the company, positioning it within the rapidly growing embodied intelligence supply chain [1] - The demand for humanoid robots is expected to surge, with market value projected to grow from 500 million yuan in 2026 to 700 billion yuan by 2030, with the company's joint modules accounting for over 50% of this market [2] - The humanoid robot industry is experiencing significant investment, with over 260 billion yuan raised in the first half of 2025 alone, indicating strong confidence in the sector's future [3][4] Industry Trends - The integration of AI technology is enhancing the capabilities of humanoid robots, allowing them to operate in dynamic environments and interact more effectively with humans [2] - The government is providing substantial support for the development of the embodied intelligence industry, which is included in the national "14th Five-Year Plan" [4] - The domestic supply chain is becoming increasingly vital, with cost advantages positioning it as the preferred choice for the industry's future [7] Company Developments - The company is leveraging a collaborative model to enhance its product offerings and operational efficiency, focusing on the integration of various components to meet market demands [5][6] - The company has launched its first flexible production line, which will enable the efficient production of various products, with plans for additional production lines to follow [8] - The company’s joint modules feature advanced performance metrics, including a lifespan exceeding 10,000 hours and precision improvements of over 30% compared to conventional products [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [6]. Core Insights - The company has demonstrated strong revenue growth, achieving 1.35 billion RMB in revenue for the first three quarters of 2025, representing a year-over-year increase of 16.7%. Key product segments include frequency converters and servo systems, with respective revenues of 860 million RMB and 410 million RMB, showing growth rates of 16.7% and 10.9% [7]. - The company is expanding its presence in the humanoid robotics sector, launching several core components in collaboration with joint ventures. This includes high-performance motors and advanced robotic hands, which are designed for adaptability and efficiency [7]. - Future profit projections are optimistic, with expected net profits of 270 million RMB, 320 million RMB, and 390 million RMB for 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 10.1%, 18.9%, and 20.3% [7]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 86.40 RMB and a target price of 99 RMB [1]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on April 17, 2025 [2]. Product Portfolio - The product mix is heavily weighted towards frequency converters (64.1%) and servo systems (30.3%), with digital energy products making up 3.2% [2]. Financial Performance - The company reported a net profit of 191 million RMB in 2023, with projections for 2024 and 2025 at 245 million RMB and 270 million RMB, respectively [9]. - Revenue forecasts indicate a steady increase from 1.305 billion RMB in 2023 to 2.794 billion RMB by 2027 [11]. Cash Flow and Assets - The company is expected to generate positive cash flow from operating activities, with a projected net increase of 126 million RMB in 2025 [12]. - Total assets are projected to grow from 2.544 billion RMB in 2023 to 4.582 billion RMB by 2027 [13].