昊志机电20251214

Summary of Haoshi Electromechanical Conference Call Industry and Company Overview - Company: Haoshi Electromechanical - Industry: Commercial aerospace, PCB drilling and forming equipment, robotics, and automation Key Points and Arguments - Commercial Aerospace Applications: Haoshi's liquid oxygen-methane engine motors are utilized in Blue Arrow rockets, with each engine valued at approximately 4 million yuan. It is expected that 30% of the motors will need replacement after each recovery due to wear and tear, indicating a potential increase in value as rocket capacity expands and new products are developed [2][4][13][18] - Growth Projections: The company anticipates a nearly 90% revenue growth in 2025, with a further 100% increase expected in 2026. This growth is driven by advancements in AI and changes in the Apple supply chain, which are projected to boost spindle business by 40%-50% [2][3][6] - Acquisition Impact: The acquisition of a European automation group in 2020 has stabilized revenue at around 300 million yuan annually. However, inflation has led to losses, with expectations of returning to profitability by 2026 [2][7] - Production Capacity Expansion: Due to unexpected demand from the AI market, Haoshi has invested nearly 100 million yuan in new equipment to double production capacity by February 2026 [2][9][10] - Market Share in Apple Supply Chain: Haoshi holds over 60% market share in the glass and touch screen polishing market, with expected growth in spindle business from 100 million yuan in 2025 to 200 million yuan in 2026 [2][11] - Joint Ventures: A joint venture with Fengze Sheng aims to invest in high-end linear guide rail projects, expected to generate 150 million yuan in revenue by March 2026 [2][14] - Overall Performance Expectations: The company forecasts a 40%-50% increase in overall performance for 2026, with revenues projected to reach around 2.3 billion yuan, primarily driven by the industrial mother machine and robotics sectors [3][15] Additional Important Insights - Commercial Space Development: Haoshi is focusing on expanding its customer base in the commercial aerospace sector and enhancing product technology to meet growing market demands [16] - Competitive Advantages: Haoshi's products are competitively priced, approximately 30% cheaper than those from state-owned manufacturers, providing a significant advantage in the commercial aerospace market [19] - Collaborations in Robotics: Ongoing collaboration with Lens Technology, a key player in the Apple supply chain, is expected to strengthen as Lens builds a large factory for robotics components [20] - Satellite Sector Plans: Haoshi is exploring opportunities in the satellite sector, with plans to develop motor systems for satellite movement and power, expected to commence in 2026 [21]