Domestic stepper motor leader, world-class comprehensive manufacturer in the field of motion control mainly focuses on control motor and drive system (stepper motor, servo motor, brushless DC motor, hollow cup motor, etc.), and is the domestic leader in the field of HB hybrid stepper motor, taking the lead in breaking the monopoly of Japanese capital, and the scale has risen to the top three in the world in 18 years (18 million sets in 22 years, the top three in sales). The company attaches importance to overseas markets, has acquired many overseas related companies, business covers North America, Europe, East Asia and Southeast Asia, overseas revenue accounts for more than 40% (mainly in Europe and the United States).
From 2017 to 2022, the company's revenue / return net profit grew at a compound annual rate of 13% and 8% respectively, and its performance increased steadily over a long period of time.
Key mergers and acquisitions enhance technology expansion categories, accelerated production capacity expansion, high value-added areas, companies with outstanding integration management capabilities, have acquired the world's leading motor and drive companies, such as AMP, LIN, and T Motion of Switzerland, and internalized their technology (absorbing and integrating advanced technology of stepper motors and hollow cup motors), markets and customers (effectively expanding overseas markets through mergers and acquisitions) into their own resources. And customer demand-oriented to expand the product category from a single stepper motor to servo, brushless, hollow cup motor and so on. With the full commissioning of the Taicang plant and the opening of the Vietnam plant in 23 years, the company's capacity has been released, which is expected to accelerate the layout of high value-added areas such as semiconductors, industrial control automation, medical biochemistry and other high value-added areas, and continue to improve profitability.
To grasp the hot spots of the times, humanoid robots help hollow cup motors to develop humanoid robots with broad commercial prospects. GGII estimates that the global penetration rate of humanoid robots in service robots is expected to reach 3.5% in 2026, the market size is expected to exceed US $2 billion, and by 2030, the global market size is expected to exceed US $20 billion. The performance of the company's hollow cup motor is overseas, with the best heat treatment and response speed, and the price is lower than that of overseas competitors. Relying on "technology accumulation + drive matching + localization service", the company has formed certain advantages in the field, and has formulated a capacity plan to form an additional annual production capacity of 2.27 million brushless motors within five years, which may include brushless hollow cup motors.
Profit forecast: the total revenue of the company in 23-25 is estimated to be 43.1 billion yuan, with an increase of 9%, 33%, 27%, and net profit of 2.7%, 4.3 million, 6.1 million yuan, respectively, up 9%, 59%, 42%. It is expected that the company's performance will grow at a compound growth rate of 35% in the next three years. Considering that the company's hollow cup motor has strong room for development in the field of humanoid robots in the future, we give the company a "hold-up" rating.
Risk tips: raw material price volatility risk; international trade friction risk; market demand is lower than expected; R & D and technology progress is not as expected; subjective risk measurement; secondary market trading risk.