20240115-东吴证券-雷赛智能-002979.SZ-机器人产品陆续发布_量产销售在即_3页_468kb

报告摘要

Summary of Lei Su Intelligent (002979) Research Report

Key Event

As of December 27, 2023, Lei Su Intelligent successfully developed brushless coreless motors, frameless motors, and corresponding mini servo systems, leveraging over 20 years of servo industry experience. These innovations aim to support advancements in fields like human-like robots, promote national substitution, and reduce costs for clients.

Product Developments

Recently launched products include coreless and frameless torque motors, as well as servo controllers.
Applications are expanding from AGV/AMR and collaborative robots to human-like robots, medical instruments, and aerospace.
Technical standards: The FM1 series frameless motors feature high torque and power density with optimized designs and Japanese vacuum sealing techniques. Coreless motors use advanced winding technology, matching global standards.

Production Timeline

Frameless motors and mini drives are in trial production, with small-scale shipping expected in Q1 2024 and full-scale shipments in Q2 2024.
Coreless motors and actuators are in the trial phase, set for Q2 2024 mass production.

Financial Forecasts

Revenues projected: 1.338 billion CNY in 2024A, increasing to 2.315 billion CNY by 2025E, with CAGR of 22%.
Net profits: Expected to grow from 220 million CNY in 2024A to 204 million CNY in 2025E, up 46% year-over-year.
Current price-to-earnings (P/E) ratio: Approximately 49x, based on current price.