Group 1 - The core viewpoint of the news is that Micro Light Co., Ltd. is experiencing steady growth in revenue and profit, with significant advancements in its emerging humanoid robot business and other sectors [1] - In the first half of 2025, Micro Light Co., Ltd. expects a net profit of 36 million yuan, having achieved a net profit of 17.24 million yuan in the first half of the year [1] - The company has developed multiple products in the humanoid robot sector, including hollow cup motors and frameless torque motors, with some products already in mass production [1] Group 2 - ECM motors accounted for 19.07% of sales in the first half of the year, and the company plans to increase investment in research and industrialization [1] - Micro Light Co., Ltd. has made progress in various fields such as energy storage, data centers, modern agriculture, and industrial automation [1] - The company participated in a stock issuance of Songfa Co., Ltd. at a price of 36.67 yuan per share, acquiring 3,272,429 shares [1]

格隆汇8月20日丨微光股份(002801.SZ)于近期投资者关系活动表示，今年上半年公司ECM电机销售占比 营业收入19.07%。公司将加大对ECM电机研发和产业化投入，ECM电机未来对公司贡献会越来越大， 发展重要性会越来越突出。 ...

Summary of Microglow Co., Ltd. Conference Call Company Overview - **Company**: Microglow Co., Ltd. - **Industry**: Robotics and Electric Motors Key Financial Performance - **2025 H1 Revenue and Profit Growth**: Approximately 10% year-on-year growth in revenue and profit despite economic pressures [2][4] - **Profit Target for 2025**: Aiming for a profit of 360 million yuan, with 170 million yuan achieved in H1 and 190 million yuan needed in H2 [2][7] - **Sales from Thailand Factory**: Generated 4.83 million yuan in sales but incurred a loss of 2.67 million yuan; plans to achieve breakeven by year-end [4][16] Operational Developments - **New Projects**: Launched 55 R&D projects in H1 2025, focusing on humanoid robots, underwater applications, and servo motors [2][6] - **Investment in Facilities**: Over 400 million yuan invested in new projects, with future facility investments expected to exceed 500 million yuan [2][5] - **Thailand Factory**: Total investment of 25 million USD, currently in ramp-up phase, with plans to enhance production capacity [4][16] Product Development and Market Position - **Servo Motors**: Achieved sales of 68.96 million yuan in H1 2025, with a focus on industrial robots and CNC machines [2][21] - **Humanoid Robots**: Development of key components like hollow cup motors and joint modules; however, significant contributions to revenue are not expected in H2 2025 [2][8][9] - **Underwater Robotics**: Established strong partnerships with research institutions, securing approximately 7 million yuan in orders for civilian applications [2][9] Market Trends and Competitive Landscape - **Industry Growth**: The humanoid robot market is anticipated to grow significantly, potentially surpassing the automotive industry [23][25] - **Competition**: Facing competition from domestic companies like Wolong and Yilida, as well as international players [15][18] - **ECM Motors**: Expected to gradually increase in market share as a key energy-efficient product [19] Strategic Focus - **Cost Management**: Emphasis on improving product quality while reducing costs to enhance competitiveness [13][14] - **Export Strategy**: Plans to shift some export operations to Thailand to attract new customers [17] - **R&D Collaboration**: Strengthening partnerships with academic and research institutions to enhance product development [10][9] Challenges and Risks - **Economic Environment**: Acknowledgment of economic pressures impacting performance, yet maintaining a positive outlook for future growth [2][4] - **Market Demand**: The industrial robot sector is currently facing challenges, affecting sales and growth [22] Conclusion Microglow Co., Ltd. is strategically positioned in the robotics and electric motor industry, with a focus on innovation and market expansion. Despite facing economic challenges, the company is optimistic about achieving its financial targets and expanding its product offerings in emerging markets.

高效节能是世界的发展趋势。推广和使用节能高效电机，已成为世界发达国家能源战略的重要内容。美 国、加拿大、欧洲等已强制推行节能高效电机，要求工业电机满足IE3 能效等级标准，国外强制推行节 能高效电机将推动公司节能高效电机出口。我国《工业能效提升行动计划》提出到2025 年，重点工业 行业能效全面提升，数据中心等重点领域能效明显提升，绿色低碳能源利用比例显著提高，节能提效工 艺技术装备广泛应用。在节能环保的趋势下，公司的ECM 电机以及伺服电机大有可为。 积极拓展新兴领域，伺服电机业务快速增长。25H1，公司稳固冷链行业地位，积极拓展储能、数据中 心、工业自动化、机器人（人形机器人）等领域，已完成水下机器人驱动电机送样合格，储能空调用 310、500 闭式轴流风机、3款MZW 关节模组的开发，AC72 三相电机及风机、EC1.20 万风机等产品实 现量产，制冷电机及风机业务实现营收6.60 亿、同比+10.30%，伺服电机业务实现营收6867.40 万，同 比+11.21%。公司紧跟人形机器人产业方向，加大空心杯电机、无框力矩电机、关节模组等研发投入， 未来有望受益于全球人形机器人战略竞速及政策扶持带来的产业红 ...

Core Viewpoint - The company reported a strong performance in 2024, with revenue and net profit showing significant year-on-year growth, indicating robust operational health and market expansion efforts. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.41 billion yuan, up 11.1% year-on-year, and a net profit attributable to shareholders of 220 million yuan, up 82.2% year-on-year [1] - The fourth quarter of 2024 saw revenue reach 390 million yuan, a 24.4% increase year-on-year, with a net profit of -10 million yuan, marking a reduction in losses by 87 million yuan [1] - The company’s gross profit margin for 2024 was 32.3%, a decrease of 1.4 percentage points, while the net profit margin improved to 15.7%, an increase of 6.6 percentage points [2] Group 2: Market Expansion - The company focused on deepening its domestic market presence while expanding internationally, achieving overseas revenue of 770 million yuan, a 15.2% increase year-on-year, which accounted for 54.8% of total revenue [1] - Domestic revenue reached 640 million yuan, up 6.5% year-on-year, representing 45.2% of total revenue [1] Group 3: Business Segments - The refrigeration motor and fan segment generated revenue of 1.26 billion yuan, a 10.6% increase year-on-year, making up 89.2% of total revenue, with notable growth in external rotor fans and cold cabinet motors [3] - The servo motor segment achieved revenue of 110 million yuan, a 19.0% increase year-on-year, accounting for 7.6% of total revenue [3] Group 4: Product Development - The company is actively advancing the development and industrialization of high-efficiency, energy-saving, and intelligent new products, with successful launches in various applications including heat pumps and industrial automation [3] - Multiple new products have been developed and are expected to benefit from the growth in the humanoid robotics industry [3] Group 5: Future Outlook - The company forecasts net profits of 360 million yuan, 410 million yuan, and 480 million yuan for 2025 to 2027, with a projected compound annual growth rate of 29% [3] - A target price of 54.95 yuan has been set based on a 35X target PE for 2025, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to recover growth in 2024, with a projected revenue of 1.409 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 220 million yuan, reflecting an 82.16% year-on-year increase [1]. - The company has shown resilience in both domestic and international sales, achieving a 15.2% increase in overseas revenue, which now accounts for 54.8% of total revenue [5]. - The servo motor segment has seen significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 18.97% [5]. - The company is committed to innovation, having developed several new products and increased its R&D investment to 57.36 million yuan, approximately 4.07% of revenue [5]. - The global trend towards energy efficiency is expected to benefit the company's ECM and servo motors, aligning with international standards for energy-efficient motors [5]. Financial Performance - The company reported total revenue of 1.409 billion yuan for 2024, with a projected growth rate of 11% for the following years [6]. - The net profit is expected to grow from 221 million yuan in 2024 to 336 million yuan in 2025, with corresponding PE ratios of 40.4 and 26.6 [6][9]. - The company's return on equity (ROE) is projected to improve from 14.0% in 2024 to 18.8% in 2025 [9]. Product Development and Market Position - The company has successfully launched various new products, including high-efficiency electric motors and servo motors, which are expected to contribute to future revenue growth [5]. - The company has established a research institute focused on intelligent and efficient fans, enhancing its competitive position in the market [5]. Future Outlook - The company is projected to achieve revenues of 1.614 billion yuan in 2025, with a net profit of 336 million yuan, indicating a strong growth trajectory [6]. - The report anticipates continued demand for energy-efficient products, driven by both domestic policies and international market trends [5].