机械设备行业 买入（维持） 2025Q1 盈利能力提升，PLC 产品营收高增 雷赛智能（002979）2024 年报及 2025 年一季报点评 2025 年 4 月 30 日 投资要点： 事件：雷赛智能发布2024年报及2025年一季报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn | 主要数据 2025 年 | 4 月 | 29 | 日 | | --- | --- | --- | --- | | 收盘价(元) | | 46.49 | | | 总市值（亿元） | | 143.02 | | | 总股本(亿股) | 3.08 | | | | 流通股本(亿股) | 2.18 | | | | ROE（TTM） | | 13.04% | | | 12 月最高价(元) | | 57.40 | | | 12 月最低价(元) | | 17.34 | | 公 司 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Insights - The company is a leading enterprise in the field of intelligent motion control, benefiting significantly from the development of humanoid robots [3]. - Revenue for 2024 is projected to be 1.584 billion yuan, representing a year-on-year growth of 11.93%, while net profit attributable to the parent company is expected to reach 200 million yuan, a 44.67% increase [1][4]. - The company has a strong focus on the intelligent manufacturing sector, with rapid growth in control technology-related revenues [2]. Financial Performance - In 2024, the company achieved a gross margin of 38.27% and a net margin of 12.65%, both showing improvements from the previous year [1]. - The company’s revenue is expected to grow to 1.994 billion yuan in 2025, with a net profit of 269 million yuan, reflecting a growth rate of 25.9% and 34.3% respectively [4][44]. - The company has maintained a stable growth trajectory, with a compound annual growth rate (CAGR) of 19.02% in revenue from 2019 to 2024 [17]. Business Segments - The company’s main business segments include servo systems, stepper systems, control technology, and mobile robots, with significant advancements in each area [10][11]. - In 2024, revenue from servo systems is expected to reach 709 million yuan, a year-on-year increase of 11.37%, while control technology revenue is projected to grow by 46.68% to 252 million yuan [2][41]. - The company has been actively developing products for the mobile robot sector, including high-density frameless torque motors and servo drivers [3][30]. Market Position and Strategy - The company has established a strong market presence in the intelligent manufacturing sector, particularly in the 3C and semiconductor equipment fields [2]. - The strategic focus on humanoid robots and related components positions the company as a key player in the emerging market for humanoid robotics [3][30]. - The company has received recognition for its innovative solutions, including awards for excellence in supply chain management [32]. Valuation - The report estimates a reasonable valuation range for the company between 52.62 and 61.27 yuan, based on projected earnings and market comparisons [54]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 52, 39, and 30 respectively, indicating strong growth potential [54].

Core Viewpoint - The competition between two leading companies in the industrial automation sector, Zhaowei Electromechanical and Raise Intelligent, is intensifying in the humanoid robot market, particularly focusing on the "dexterous hand" technology, which is considered the most valuable part of the upper body of humanoid robots [1][2]. Financial Performance - In 2024, Zhaowei Electromechanical achieved a revenue of 1.525 billion yuan, representing a year-on-year growth of 26.42%, with a net profit of 225 million yuan, up 25.11%. The overall gross margin was 31.43% [1]. - Raise Intelligent reported a revenue of 1.584 billion yuan, with a year-on-year increase of 11.93%, and a net profit of 200 million yuan, which grew by 44.67%. The overall gross margin was 38.27% [1]. R&D Investment - Both companies maintained high levels of R&D investment in 2024, with Zhaowei Electromechanical investing 155 million yuan, accounting for 10.18% of its total revenue, and holding 87 invention patents [1]. - Raise Intelligent invested 195 million yuan in R&D, representing 12.30% of its total revenue, with over 540 patents in its portfolio [1]. Product Differentiation - Zhaowei Electromechanical focuses on high precision and bionic features in its dexterous hand products, utilizing a micro harmonic reducer for 0.05mm positioning accuracy and 17-20 degrees of freedom [2]. - Raise Intelligent emphasizes high load capacity and industrial adaptability, with its DH116 dexterous hand capable of handling loads up to 40kg, targeting logistics and automotive assembly applications [2]. Market Positioning - Zhaowei Electromechanical positions itself as a high-end industrial dexterous hand solution provider, focusing on high freedom, high precision, and human-like products [2]. - Raise Intelligent positions itself as a supplier of core components and modular solutions for robots, targeting the mid-to-low-end market [2]. Supply Chain Strategy - Zhaowei Electromechanical adopts a "vertical integration" strategy, emphasizing the combination of AI algorithms with hand movement control [3]. - Raise Intelligent focuses on "core component breakthroughs," expanding its distribution network and increasing the proportion of its distribution partners [3]. Subsidiary Development - In 2024, both companies established subsidiaries to enter the robotics sector, with Raise Intelligent creating two subsidiaries focused on high-density motors and dexterous hand solutions [3]. - Zhaowei Electromechanical established a subsidiary in the U.S. and previously set up one in Germany [3]. Globalization Efforts - Zhaowei Electromechanical has a faster global expansion, with 14% of its revenue coming from international markets in 2024, growing at 35.15% [4]. - Raise Intelligent's international revenue accounted for only 4% of its total revenue in 2024 [4]. Competitive Outlook - Zhaowei Electromechanical is expected to leverage technological innovation and industrial-grade performance to gain an advantage in the high-end market [5]. - Raise Intelligent's modular solutions and cost control capabilities may provide a competitive edge in the mid-to-low-end market [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is a leading player in the motion control field, with rapid iterations of its dexterous hand solutions [1]. - The company reported a revenue of 1.584 billion yuan for 2024, representing a year-on-year growth of 12%, and a net profit of 200 million yuan, up 45% year-on-year [3]. - The servo system business has shown significant growth, with sales revenue reaching 709 million yuan in 2024, a 33% increase compared to the previous year [3]. - The company is focusing on dexterous hand solutions in line with the trend of humanoid robots, establishing subsidiaries to enhance its product offerings [3]. - Profit forecasts indicate that the company's net profit is expected to grow to 268 million yuan in 2025, 345 million yuan in 2026, and 438 million yuan in 2027, with respective growth rates of 34%, 29%, and 27% [3]. Financial Summary - Total revenue is projected to increase from 1.415 billion yuan in 2023 to 2.476 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [2]. - The company's gross profit margin is expected to remain stable, with slight fluctuations from 38.3% in 2023 to 37.9% in 2027 [2]. - The return on equity (ROE) is forecasted to improve from 10.5% in 2023 to 22.9% in 2027, indicating enhanced profitability [2]. - Earnings per share (EPS) are projected to rise from 0.45 yuan in 2023 to 1.42 yuan in 2027, reflecting strong earnings growth [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is a leading player in the motion control field, with rapid iterations of its dexterous hand solutions [1]. - In 2024, the company achieved a revenue of 1.584 billion yuan, a year-on-year increase of 12%, and a net profit attributable to the parent company of 200 million yuan, up 45% year-on-year [3]. - The servo system business continues to break through, with sales revenue of 709 million yuan in 2024, representing a 33% year-on-year growth [3]. - The company is focusing on dexterous hand solutions in line with the trend of humanoid robots, establishing subsidiaries to enhance its product offerings [3]. - Profit forecasts indicate net profits of 268 million yuan, 345 million yuan, and 438 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34%, 29%, and 27% [3]. Financial Summary - Total revenue is projected to grow from 1.415 billion yuan in 2023 to 2.476 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [2]. - The net profit attributable to the parent company is expected to increase from 139 million yuan in 2023 to 438 million yuan in 2027, reflecting a significant recovery and growth trajectory [2]. - The gross margin is expected to remain stable around 37.3% to 38.4% over the forecast period [2]. - The company's return on equity (ROE) is projected to rise from 10.5% in 2023 to 22.9% in 2027, indicating improved profitability [2]. - The earnings per share (EPS) is forecasted to grow from 0.45 yuan in 2023 to 1.42 yuan in 2027 [2].

Core Viewpoint - The company, 雷赛智能, reported a modest performance in 2023, attributing challenges to macroeconomic downturns and significant declines in the new energy sector, while planning to increase investments in humanoid robotics and focus on domestic key component production for high-quality business development [1][2]. Financial Performance - In 2023, 雷赛智能 achieved a revenue of 1.584 billion yuan, a year-on-year increase of nearly 12%, and a net profit of approximately 200 million yuan, reflecting a growth of nearly 45%, with earnings per share at 0.65 yuan [1]. - In Q1 2024, the company reported a net profit of about 55.82 million yuan, a year-on-year growth of 2.25%, with expectations for accelerated growth in Q2 [2]. Business Strategy - 雷赛智能 is focusing on deepening its presence in traditional sectors such as 3C, electronics manufacturing, semiconductor equipment, and special machine tools, while also expanding into the packaging industry to offset declines in solar and lithium battery sales [1]. - The company has introduced over 200 new channel partners and is transitioning from single product sales to a combination of products and complete solution marketing to enhance value [2]. Product Development - The company is investing significantly in humanoid robotics, with substantial orders for core components like frameless torque motors and hollow cup motors, although current revenue from this segment is still small [2][3]. - 雷赛智能 is advancing its general robot motion control system products into the R&D phase, leveraging its extensive experience in motion control technology [2]. Market Expansion - The company aims to achieve a revenue growth of 20%-30% and a net profit growth of 30%-50% by 2025, focusing on humanoid robotics and overseas market expansion [3]. - The impact of U.S. tariffs on the company is minimal, as exports to the U.S. account for less than 1% of revenue, potentially accelerating domestic automation opportunities [3]. Supply Chain Management - 雷赛智能 emphasizes the localization of key components and maintains a strategy to ensure core material supply, with minimal impact from U.S. tariff policies on procurement costs [3].

Core Viewpoint - The company is minimally affected by the US tariffs, with less than 1% of its revenue coming from exports to the US, and sees opportunities for domestic substitution in industrial automation due to the tariffs [1] Group 1: Impact of Tariffs - The company's export business to the US accounts for less than 1% of its total revenue, indicating a minimal direct impact from the tariffs [1] - The US tariff policy may accelerate domestic substitution in industrial automation, providing more opportunities for the company and domestic competitors [1] Group 2: Business Opportunities - Hundreds of robot companies and module manufacturers are testing and using the company's products, indicating strong interest and potential market growth [1] - The company has received several large commercial orders for its frameless torque motors and hollow cup motors, with cumulative shipments exceeding 10,000 units [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 is in line with market expectations, with 2024 revenue reaching 1.58 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders at 200 million yuan, a year-on-year increase of 45% [8] - The company is experiencing steady growth in its motion control products, with significant contributions from the servo system and control technology segments [8] - The launch of the dexterous hand solution positions the company as a key player in the humanoid robot sector, with ongoing development of a general robot motion control system [8] Financial Summary - Revenue projections for the company are as follows: 2023A at 1.415 billion yuan, 2024A at 1.584 billion yuan, 2025E at 2.071 billion yuan, 2026E at 2.599 billion yuan, and 2027E at 3.236 billion yuan, with respective year-on-year growth rates of 5.79%, 11.93%, 30.74%, 25.49%, and 24.48% [1] - Net profit attributable to shareholders is projected to be 138.57 million yuan in 2023A, 200.47 million yuan in 2024A, 281.52 million yuan in 2025E, 367.58 million yuan in 2026E, and 480.28 million yuan in 2027E, with year-on-year growth rates of -37.10%, 44.67%, 40.43%, 30.57%, and 30.66% respectively [1] - The latest diluted EPS is forecasted to be 0.45 yuan in 2023A, 0.65 yuan in 2024A, 0.92 yuan in 2025E, 1.20 yuan in 2026E, and 1.57 yuan in 2027E [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 is in line with market expectations, with 2024 revenue reaching 1.58 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders at 200 million yuan, a year-on-year increase of 45% [8] - The company is experiencing steady growth in its motion control products, with significant contributions from the servo system and control technology segments [8] - The launch of the dexterous hand solution positions the company as a key player in the humanoid robot sector, with ongoing development of a general robot motion control system [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1.415 billion yuan, 2024A at 1.584 billion yuan, 2025E at 2.071 billion yuan, 2026E at 2.599 billion yuan, and 2027E at 3.236 billion yuan, with respective year-on-year growth rates of 5.79%, 11.93%, 30.74%, 25.49%, and 24.48% [1] - Net profit attributable to shareholders is projected to be 138.57 million yuan in 2023A, 200.47 million yuan in 2024A, 281.52 million yuan in 2025E, 367.58 million yuan in 2026E, and 480.28 million yuan in 2027E, with year-on-year growth rates of -37.10%, 44.67%, 40.43%, 30.57%, and 30.66% respectively [1] - The latest diluted EPS is expected to be 0.45 yuan in 2023A, 0.65 yuan in 2024A, 0.92 yuan in 2025E, 1.20 yuan in 2026E, and 1.57 yuan in 2027E [1] Market and Product Insights - The company has established a strong market presence in the servo system segment, achieving a market share of 4% in 2024, second only to the industry leader [8] - The company is expanding its distribution channels, with over 200 quality distributors introduced by the end of 2024, which is expected to drive revenue growth [8] - The 3C semiconductor industry has shown significant contributions to revenue, while the new energy sector faces challenges due to overcapacity and reduced capital expenditures [8]

Core Viewpoint - The company is a leading enterprise in the field of intelligent equipment motion control, providing high-value motion control core components and system-level solutions to numerous manufacturing enterprises domestically and internationally. The company aims to become a "Chinese leader and world-class" specialized motion control group through advanced technology and close advisory services [4][5]. Company Overview - The company focuses on the research, production, sales, and service of core components for intelligent equipment motion control, with main products including servo systems, stepper systems, and control technology products [5][6]. - The products are widely used in various precision equipment in intelligent manufacturing and service fields, such as 3C manufacturing equipment, semiconductor equipment, robots, PCB/PCBA manufacturing equipment, logistics equipment, special machine tools, packaging equipment, medical equipment, lithium battery equipment, and photovoltaic equipment [5][6]. Business Model - The company adheres to the main channel of "intelligent manufacturing" and the auxiliary channel of "mobile robots," providing motion control products and solutions to create maximum value for global intelligent equipment industry clients [7]. - The company employs a market-driven material procurement model, ensuring timely supply and quality reliability through a well-established supplier management process [9]. - The production model combines outsourced production and in-house production, focusing on core processes to strictly control product quality [10]. - The marketing management model integrates industry development, regional services, and product collaboration to enhance customer service and support industry upgrades [11]. Financial Performance - In the reporting period, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 2.36%. The net profit attributable to shareholders was 56 million yuan, reflecting a year-on-year growth of 2.25% [15]. - The company has implemented various cost-reduction and efficiency-enhancement measures, resulting in positive outcomes despite challenges in the photovoltaic and lithium battery industries [15]. Shareholder Information - The company has initiated a share repurchase plan, intending to use its own funds to repurchase shares for future employee stock ownership plans or equity incentives, with a total repurchase amount between 60 million yuan and 120 million yuan [17]. - As of the reporting period, the company has repurchased a total of 1,696,800 shares, accounting for 0.55% of the total share capital, at an average price of 16.97 yuan per share [17]. Employee Stock Ownership Plans - The company has established employee stock ownership plans to incentivize key personnel, with the 2022 plan involving a total funding of up to 45.9 million yuan and a share allocation of up to 2.56 million shares [35]. - The 2023 employee stock ownership plan aims to raise up to 31.07 million yuan, with a share allocation of up to 1.155 million shares [40].