Event: Recently, Raystar Intelligent released the FM1 series of high-density frameless motors and micro servo driver products. The company's offtake has entered the robot motor industry, which is expected to push domestic robot companies to carry out import substitution and upgrade and cost reduction. Also, at the SPS exhibition in Germany, the company unveiled the hollow cup micro servo system.
The hollow cup motor has reached the international level of strength and is suitable for the dexterous hands of humanoid machines. On November 14, 2023, at the SPS conference in Germany, the hollow cup micro servo system exhibited by Raysae's motor size covers the 8-36mm range. The EtherCAT bus micro driver is smaller than the size of a business card, making it suitable for emerging fields such as dexterous humanoid robots.
Frameless motors+micro servo drives are expected to expand domestic humanoid robot customers. On November 24, 2023, based on more than 20 years of successful experience in the servo industry, after more than a year of hard work, Raysai Intelligence successfully developed the FM1 series high-density frameless motor and micro servo driver. 1) In terms of design, the FM1 series frameless motor uses a multi-slot pole with optimized fixed rotor design and Japanese vacuum encapsulation process, which has generally reached a world-class technical level; 2) Benchmarking the world's best frameless motor peers, it has many advantages such as high torque density, high power density, small size, light weight, large rotor inner diameter, small heating, and low torque fluctuations. The company provides seven standard frame sizes such as 25/38/50/60/70/85/115mm, and can also optimize and customize motor sizes and electrical parameters according to customer needs; 3) In application scenarios, the company The product can be adapted to scenarios such as collaborative robots, humanoid robots, four-legged robots, medical surgery, and rehabilitation robots.
Profit forecast: We expect the company's net profit from 2023-2025 to be 1.40, 2.19, and 282 million yuan respectively, up -36%, 56%, and 29% year on year. The market value as of November 30 corresponding to 23-24 PE is 45 and 29 times higher.
Risk factors: the implementation of humanoid robots falls short of expectations, worsening competitive landscape, macroeconomic cyclical fluctuations, industrial policy adjustments, risk of rising raw material prices, etc.