ZheJiang Meili High Technology (SZ:300611)2025-03-04 02:05Summary of Key Points Company and Industry Overview - The document discusses Meili Technology, a company specializing in high-precision springs used in robotics, which are described as the "ligaments" of robots, providing multiple functions such as joint buffering, posture adjustment, flexible interaction, and noise reduction [1][1]. Core Insights and Arguments - Springs are essential components in robotics, particularly in the Tesla Gen3 model, which requires custom high-precision springs for its dexterous hands, with an estimated usage of 20-30 springs per hand and 8-10 springs in the knee and thigh areas [1][1]. - The average selling price (ASP) of these springs is projected to exceed 3000 yuan, leading to a potential revenue increase of nearly 4 billion yuan if 1 million units are produced at a unit price of 100 yuan [1][1]. - Meili Technology is recognized as a leader in high-end springs, with products widely accepted by major automotive manufacturers and Tier 1 suppliers like ZF and Magna [1][1]. Additional Important Content - The company has established a humanoid robot special task force and has sent samples of its humanoid robot series springs to several domestic and international robotics companies for small batch testing [3][3]. - Meili Technology plans to invest 650 million yuan to expand its production capacity for 10 million electric and hydraulic drive elastic components, which can be utilized in humanoid robots [4][4]. - The company has a strong technical advantage, production capacity reserves, and active R&D collaboration, positioning it to lead in the humanoid robot "ligament" market [4][4]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to reach 110 million yuan in 2024, 180 million yuan in 2025, and 250 million yuan in 2026, with current stock prices reflecting a PE ratio of 31, 20, and 14 times respectively [4][4]. - The current market valuation primarily reflects traditional business operations, while the robotics segment, assuming a 50% market share and a 15% net profit margin, could justify a valuation of 90 billion yuan at a 30X PE ratio, leading to a total target market value of 127 billion yuan, indicating a potential upside of over 240% [4][4].