精密减速机品类齐全，人形新产业潜力巨大

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][34][165]. Core Insights - The company's integrated control, drive, motor, and reducer technologies have led to rapid growth in the intelligent execution unit business, with revenue growth rates of 108.7% in 2022 and 80.1% in the first half of 2023 [2][79]. - The company is expected to achieve net profits of 0.82 billion, 0.94 billion, and 1.09 billion yuan from 2023 to 2025, with corresponding PE ratios of 65x, 57x, and 49x, compared to an average valuation of comparable companies at 113x, 71x, and 55x [3][34][124]. - The company has a strong foundation in the reducer sector, with extensive production and R&D experience, and is well-positioned to benefit from the commercialization of humanoid robots [3][34][165]. Summary by Sections Company Overview - The company has evolved from a motor manufacturer established in 1998 to a high-tech enterprise integrating R&D, manufacturing, sales, and service of motors, precision reducers, and intelligent execution units [14][165]. - The revenue has grown from 250 million yuan in 2013 to 900 million yuan in 2022, with a compound annual growth rate (CAGR) of 13.6% [23][165]. Short-term Drivers - The intelligent execution unit business is a key growth driver, aligning with industry trends towards integration and miniaturization, and has seen significant revenue growth since its launch in 2021 [2][79][165]. Mid-term Drivers - The domestic industrial robot market is experiencing accelerated localization, with the company positioned to capture market share as the demand for automation increases [32][66][109]. Long-term Drivers - The commercialization of humanoid robots presents significant growth potential, with major companies like Tesla and various domestic firms actively developing humanoid robot technologies [75][166]. Financial Projections - The company forecasts revenues of 1.088 billion, 1.217 billion, and 1.400 billion yuan for 2023 to 2025, with expected net profit growth rates of 22.9%, 15.1%, and 15.9% respectively [4][155][181].