EFORT(SH:688165)2024-03-04 10:31Group 1: Market Expectations - The company anticipates a decline in investment in the photovoltaic equipment sector for 2024, while the 3C electronics industry is expected to see some recovery [3] - The lithium battery sector is undergoing adjustments, with the company having a small market share as it has just entered this industry, presenting it as a growth opportunity [3] - The automotive and auto parts industry presents an opportunity for domestic robots, with varying investment rhythms in other general industrial markets [3] Group 2: Core Component Self-Manufacturing - The company has achieved comprehensive autonomy in controller manufacturing, although some clients still specify certain controllers due to usage habits [4] - The company has a stake in an RV reducer and is also collaborating with other domestic reducer manufacturers [4] - The drive system is primarily domestically produced, with ongoing efforts in independent research and development [4] Group 3: Profitability and Market Dynamics - The robotics industry has lower profit margins compared to other high-tech sectors, primarily due to its growth phase and increased competition [4] - The company has seen significant improvements in profit margins compared to previous years, attributed to low initial sales and high costs during early development [4] - The company’s overall performance is influenced by cautious investment trends among downstream manufacturers due to macroeconomic factors [4] Group 4: Business Operations and Strategy - The company’s payment cycle varies based on customer credit, with general machine business payment terms ranging from three to six months [5] - The company has a dedicated team for research, sales, and market development in the welding application sector, which is a key integrated application [5] - The company has entered the supplier list of automotive manufacturers, indicating successful validation of certain models in 2023 [5] - The improvement in profitability in the third and fourth quarters is driven by a focus on core capabilities and increased market share of complete machine products [5][6]