Investment Rating - The report gives a "Buy" rating for the company, Zhenyu Technology, with a target price of 137.62 CNY [5]. Core Insights - Zhenyu Technology has a strong technical foundation and robust business growth, focusing on precision progressive stamping molds and downstream precision components, particularly in the fields of home appliances and automotive parts [1][12]. - The company has shown significant revenue growth, with a 30.64% year-on-year increase in revenue to 3.13 billion CNY in the first half of 2024, and a remarkable 276.35% increase in net profit to 130 million CNY [2][17]. - The company is expanding into the robotics market, leveraging its expertise in precision components to meet the needs of humanoid robots [3][4]. Summary by Sections Company Overview - Zhenyu Technology specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision components, with a strong manufacturing system and technical expertise [1][12]. - The company has established long-term relationships with high-quality clients such as Gree, Midea, BYD, and CATL, enhancing its market position [15][16]. Precision Progressive Stamping Mold Business - The precision progressive stamping mold business is experiencing steady growth, with a focus on high-quality, customized molds for various industries, including home appliances and automotive [23][25]. - The company has a mature production model that emphasizes customization and efficiency, allowing it to maintain a competitive edge in the market [25][32]. Lithium Battery Structural Components - Zhenyu Technology's lithium battery structural components business has seen significant growth, with revenue reaching 3.266 billion CNY in 2023, driven by strong demand in the new energy vehicle sector [35][39]. - The company has established partnerships with leading battery manufacturers, enhancing its market presence and revenue share [40][41]. Electric Motor Core Technology - The electric motor core business is a key area of growth, with the company leveraging its advanced stamping technology to produce high-quality components for various applications [46][48]. - Continuous innovation in production processes, such as the development of adhesive core technology, positions the company favorably in the high-end automotive market [50].
震裕科技：首次覆盖报告：精密结构到精密传动，稳步进军机器人市场新锐