MOONS’(603728) 华安证券·2024-05-17 07:32Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading micro-motor enterprise with advanced technology and a comprehensive product layout, with its robotics business expected to drive long-term growth [1][18] - The company focuses on control execution components and integrated products in the field of information technology applications, holding a significant market share in high-precision control motors and their drive control systems [5][18] - The company experienced a revenue decline of 14% year-on-year in 2023, primarily due to the overseas supply chain's inventory destocking phase and external operating environment challenges [1][5] Summary by Sections 1. Company Overview - The company specializes in high-precision control motors and drive control systems, with a global market share of over 10% in hybrid stepper motors, ranking among the top three globally [1][5] - The company operates over 30 subsidiaries in developed regions such as North America, Europe, and East Asia, providing customized solutions to leading clients across various industries [5] 2. Financial Performance - In 2023, the company achieved a revenue of 2.543 billion yuan, down 14.1% year-on-year, and a net profit attributable to the parent company of 140 million yuan, down 43.2% [2][5] - The company expects a revenue rebound in 2024, with projected net profits of 184 million yuan, reflecting a growth of 31.2% [2][18] 3. Robotics Business Potential - The company's core product, the hollow cup motor, is expected to benefit from the emerging humanoid robot market, which could create a trillion-yuan market opportunity [1][10] - The hollow cup motor's unique structure and manufacturing technology provide a competitive edge, particularly in the robotics sector [10][11] 4. Market Position and Competitive Advantage - The company has established a strong position in the hollow cup motor market, leveraging early entry and domestic technological leadership to compete against established overseas players [10][15] - The company has made significant investments in R&D and has acquired international firms to enhance its core technology and production capabilities [16][18] 5. Future Outlook - The company anticipates a reversal in performance in 2024 as inventory destocking by overseas clients concludes and new production capacities come online [1][18] - Projections for net profits in 2024, 2025, and 2026 are 184 million yuan, 220 million yuan, and 281 million yuan, respectively, with corresponding P/E ratios of 117, 98, and 77 [2][18]