Core Insights - The company's performance shows a clear recovery trend driven by strong growth in the industrial control segment and a rebound in the medical business, with the industrial control segment becoming a new growth engine [1] - The company achieved revenue of 0.59 billion yuan in Q1 2025, a year-on-year increase of 35.76%, and a net profit attributable to shareholders of 0.13 billion yuan, up 135.75% year-on-year, primarily due to the performance of linear actuators and DC motors [1] - The linear actuator revenue in 2024 reached 1.35 billion yuan, a year-on-year increase of 4.24%, while the DC motor segment grew by 32.78% year-on-year [1] - The decline in performance in 2024 was mainly due to a significant drop in the voice coil motor business, which fell by 91.31% year-on-year, impacted by market demand and inventory consumption [1] - The IVD business is expected to recover as customer inventory depletion is nearly complete, with growth anticipated in IVD orders and expansion into industrial automation, semiconductor, and 3C electronics sectors [1] Strategic Direction - The company is strategically focused on humanoid robots, developing a comprehensive range of core components for motion control systems, including dexterous hands, rotary joints, and linear joints [2] - The company offers various products such as hollow cup motors, precision gearboxes, and ball screws for these applications, with a research and development expense ratio increasing to 10.91% in 2024 [2] - Collaborations with multiple domestic and international humanoid robot industry clients are underway, indicating a strong market position [2] - The global humanoid robot market is projected to reach 12,400 units and 6.339 billion yuan in 2025, with an expected compound annual growth rate of 58.8% until 2030 [2] Capacity Expansion and Global Strategy - New production capacity is being gradually released, with the company's projects for an annual production of 1.8 million micro motors and a new R&D center officially launched in June 2024 [3] - A manufacturing base for screw motors in Thailand is set to begin production in Q3 2025, enhancing the company's global supply chain and competitiveness [3] - The company's performance is expected to enter a growth trend due to the recovery of the medical segment, continued expansion in industrial control, and the release of new production capacity [3] - Revenue forecasts for 2025-2027 are projected at 2.58 billion yuan, 3.05 billion yuan, and 3.72 billion yuan, with year-on-year growth rates of 15.12%, 18.34%, and 21.96% respectively [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its growth potential in the precision motion control solutions sector [5]. Core Insights - The company specializes in customized precision motion control solutions, benefiting from the anticipated acceleration of the humanoid robot industry. In Q1 2025, the company's net profit attributable to shareholders increased by 136% year-on-year [5]. - The company has established a long-term strategic partnership with Mindray Medical, focusing on domestic substitution in the medical equipment sector, which is supported by favorable policies [5]. - The humanoid robot sector is seeing active product platform development, with the company making significant advancements in core technologies [5][6]. Financial Performance - In 2024, the company is projected to achieve revenue of 224 million yuan, with a net profit of 39 million yuan. For Q1 2025, revenue reached 59 million yuan, reflecting a year-on-year growth of 35.76% [5]. - The company forecasts revenues of 265 million yuan in 2025, with a net profit of 46 million yuan, and expects continued growth in subsequent years [7][8]. Strategic Initiatives - The company has launched a stock incentive plan to motivate its core team, reflecting confidence in its growth trajectory [5]. - It is actively expanding its product offerings in the medical device sector and humanoid robotics, with ongoing collaborations with various industry players [5][8]. - The company is investing in new manufacturing facilities and establishing a global marketing network to enhance supply chain security and support business growth [8].

Group 1 - The core viewpoint of the article highlights the rise of Mindray Medical as a symbol of the Shenzhen medical device industry's transformation from non-existence to a global leader in medical devices and solutions [1] - Mindray Medical has significantly impacted the supply chain by promoting the localization of core components, with over 80% of its first-tier suppliers being domestic, and collaborating with more than 1,500 suppliers across various sectors [1] - During the surge in demand for ventilators in 2020, Mindray Medical increased its procurement of domestic components and worked closely with suppliers to enhance production capacity and establish quality control standards [1] Group 2 - Mindray Medical is driving the high-end standardization of domestic medical devices, with a reputation for rigorous quality testing, which has elevated the quality control standards across the industry [2] - The company's products are now available in over 190 countries, with a market share in the top three for key products like monitors, anesthesia machines, and ventilators, and international revenue contributing approximately 45% of total income [2] - Mindray Medical's internationalization strategy includes utilizing local talent, with nearly 80% of overseas key employees required to regularly visit the Shenzhen headquarters for knowledge exchange [3] Group 3 - The company has established a robust overseas talent management system, integrating local knowledge with its corporate culture to enhance cohesion and operational effectiveness [3] - Over 90% of Mindray Medical's 3,000 overseas employees are local hires, demonstrating the company's commitment to local integration in global markets [3]

Group 1 - The core business of the company is the research, production, and sales of micro motors, with key products including linear actuators, voice coil motors, hybrid stepper motors, and DC motors [1] - In the fiscal year 2024, the company achieved operating revenue of 224 million yuan, a decrease of 20.80% compared to the previous year, and a net profit attributable to shareholders of 38.70 million yuan, down 52.17% year-on-year [1] - The decline in operating revenue is primarily due to a significant drop in sales of voice coil motors, which were previously used in invasive ventilators, affected by the end market and existing inventory consumption [1] Group 2 - The company is focusing on the development of humanoid robot components, which are currently in the R&D and sample testing phase, with no mass production yet, indicating significant uncertainty in future development [2] - The company is actively enhancing its product platform layout for humanoid robots, including the development of hollow cup motors, frameless motors, precision gearboxes, and various integrated planetary module products for robotic arms [2] - Collaborations with multiple domestic and international clients in the humanoid robot supply chain are underway [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit have declined due to lower-than-expected market demand, but overseas business expansion has helped improve gross margins [2] - The company reported a revenue of 224 million yuan in 2024, down 20.80% year-on-year, and a net profit attributable to shareholders of 39 million yuan, down 52.17% year-on-year [2] - The decline in revenue is primarily attributed to a significant drop in sales of voice coil motors, which were mainly used in invasive ventilators, affected by terminal market conditions and existing inventory consumption [2] - The company has seen a gradual improvement in overseas sales channels, achieving revenue of 105 million yuan from overseas markets, an increase of 14.96% year-on-year, accounting for 46.77% of total revenue [2] Revenue Breakdown - Linear actuators have shown steady growth, with revenue increasing by 4.24% to 135 million yuan, now accounting for 60.37% of total revenue [3] - The mixed stepper motor segment has faced challenges, with revenue declining by 22.55% to 39 million yuan, representing 17.60% of total revenue [3] - Voice coil motors have seen a drastic decline of 91.31% in revenue to 5 million yuan, now making up only 2.44% of total revenue [3] - The DC motor segment has performed well, with revenue increasing by 32.78% to 19 million yuan, accounting for 8.65% of total revenue [3] Strategic Developments - The company is actively expanding its micro-motor overseas business and increasing R&D investments, with promising prospects in the robotics sector [4] - A strategic partnership with AIDIN Robotics was established to import and distribute certain sensor products in China, aiming to explore the domestic robotics market [4] - Collaboration with Suzhou University has been initiated to develop new linear drive units for various applications, including next-generation electric vehicle drive motors and humanoid robots [4] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 45 million yuan and 52 million yuan, respectively, with a new forecast for 2027 set at 64 million yuan [4] - The corresponding price-to-earnings ratios are projected to be 144.90, 123.57, and 101.85 for 2025, 2026, and 2027, respectively [4]

证券研究报告·公司点评报告·自动化设备 鼎智科技（873593） 2024 年报点评：市场需求不及预期致业绩承 压，战略合作赋能机器人业务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 282.47 | 223.72 | 250.23 | 300.20 | 360.45 | | 同比（%） | (11.31) | (20.80) | 11.85 | 19.97 | 20.07 | | 归母净利润（百万元） | 80.91 | 38.70 | 44.72 | 52.44 | 63.62 | | 同比（%） | (19.80) | (52.17) | 15.55 | 17.26 | 21.32 | | EPS-最新摊薄（元/股） | 0.60 | 0.29 | 0.33 | 0.39 | 0.47 | | P/E（现价&最新摊薄） | 80.09 | 167.43 | 144.90 | 123.57 | 101.8 ...

证券简称： 鼎智科技 证券代码： 873593 江苏鼎智智能控制科技股份有限公司 常州经济开发区潞城街道龙锦路 355 号 江苏鼎智智能控制科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 素，审慎作出投资决定。 保荐机构（主承销商） 北京市朝阳区安立路 66 号 4 号楼 1-1-1 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后 因发行人经营与收益变化或者股票价格变动引致的投资风险。 公司负责人和主管会计工作的负责人、会计机 ...

证券简称： 鼎智科技 证券代码： 873593 江苏鼎智智能控制科技股份有限公司 常州经济开发区潞城街道龙锦路 355 号 江苏鼎智智能控制科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 保荐机构（主承销商） 1-1-1 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后 因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声 明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息 ...

证券简称： 鼎智科技 证券代码： 873593 江苏鼎智智能控制科技股份有限公司 常州经济开发区潞城街道龙锦路 355 号 江苏鼎智智能控制科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 保荐机构（主承销商） 1-1-1 北京市朝阳区安立路 66 号 4 号楼 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 1-1-2 声 明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在 虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担连带责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或重大遗 漏， ...

证券简称： 鼎智科技 证券代码： 873593 江苏鼎智智能控制科技股份有限公司 江苏鼎智智能控制科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 保荐机构（主承销商） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后 因发行人经营与收益变化或者股票价格 ...