汽车电子方面，伴随车载屏幕执行器、汽车热管理执行器、电子驻车、汽车主动式升降尾翼执行器、汽车隐藏门把手驱动系统等众多品类不断量产上车，单车ASP 有望持续提升，伴随新增产能的持续投放，未来望保持中高速增长态势；机器人方面，公司的微型传动、微型驱动系统产品，凭借其高精度运动控制、高扭矩输出和紧凑体积等特性，与机器人领域的运动控制需求高度契合；公司开发的人形机器人灵巧手采用全驱动模式，其自由度极高，可以几乎模仿人类所有的手型及精巧动作，对于应用与复杂抓取等场景可获得不错的效果。我们长线看好公司微传动系统在汽车、医疗、人形机器人、XR 等应用边界拓宽及智能化趋势，公司整合齿轮箱和驱动后产品价值量望持续提升，成长空间广阔。The company announced its three-quarter report, with revenue of 1.06 billion +30.0% YoY for the first three quarters, +24.2% YoY net profit of 0.16 billion, +49.0% YoY after deducting non-return 0.13 billion, gross profit margin of 31.6% yoy +2.8pcts, and a net profit margin of 15.1% yoy -0.7pct. Our review is as follows:
Q3 performance exceeded expectations and profitability improved significantly, mainly benefiting from high growth in the automotive business and product structure optimization. Looking at Q3 alone, revenue 0.41 billion YoY +33.1% month-on-month +23.9%, net profit to mother 0.065 billion +17.9% month-on-month +69.9%, minus 0.056 billion YoY +47.9% YoY +96.8% month-on-month, gross profit margin 32.1% yoy +2.0pcts month-on-month +2.3pcts, net profit margin 15.8% yoy -2.0pcts month-on-month +4.3pcts, period expense ratio 14.8% yoy -2.9pcts month-on-month- 7.1 pcts The Q3 performance improved significantly, mainly benefiting from the continuation of a rapid growth trend in the automotive business. The year-on-month improvement in gross margin was mainly due to an increase in the share of high-value automobile product shipments and cost-side optimization. Among them, the R&D cost ratio was -3.6 pcts month-on-month and -6.0 pcts month-on-month.
The automotive electronics business is expected to continue to grow at a high rate this year and next, and we are optimistic about the company's expansion progress in the robotics field.
In terms of automotive electronics, along with vehicle screen actuators, automobile thermal management actuators, electronic parking, automobile active lift and tail actuators, automobile hidden door handle driving systems, etc., bicycle ASP is expected to continue to increase, and with the continuous investment of new production capacity, it is expected to maintain a medium- to high-speed growth trend in the future; in terms of robots, the company's micro transmission and micro drive system products are highly compatible with motion control requirements in the robotics field; the humanoid robot dexterous hand developed by the company uses full drive The mode, which has a high degree of freedom, can simulate almost all human hand shapes and delicate movements, and can obtain good results for applications and complex grasping scenarios. We are optimistic about the trend of broadening the application boundaries and intelligence of the company's microtransmission systems in automobiles, medical care, humanoid robots, XR, etc. After the company integrates gearboxes and drives, the product value is expected to continue to increase, and there is plenty of room for growth.
Maintain a “Highly Recommended” investment rating. We forecast 24-26 revenue of 1.51/1.96/2.65 billion yuan, and net profit of 0.2/0.27/0.37 billion yuan, corresponding to the current PE price of 55.4/41.8/30.0 times. Considering the company's technical barriers in the field of micro transmission systems and the early card position advantages of leading customers, while actively promoting vertical integration strategies, we maintain a “highly recommended” investment rating.
Risk warning: Downstream demand falls short of expectations, progress of new product R&D projects falls short of expectations, fluctuating raw material prices, and fluctuating macropolitical and economic environments.
