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研報掘金丨東吳證券:維持兆威機電“增持”評級 佈局靈巧手電機打開成長空間
格隆匯 02-13 15:30
東吳證券研報指出,兆威機電(003021.SZ)主要產品包括微型傳動系統與精密零部件,產品可應用於汽車電子、醫療個護、工業自動化、智能消費、通信、人形機器人等領域。2020-2023年公司整體收入規模穩定在11-12億元上下,2024Q1-Q3公司實現營收10.57億元,同比+30%,主要系汽車電子下游需求良好;2021-2023年公司歸母淨利潤從1.48億元穩步增長至1.80億元,盈利能力有所改善。毛利率方面,2021-2023年綜合毛利率維持在29%上下,2024Q1-Q3毛利率提升至31.6%,主要系微型傳動系統毛利率有所回升。費用端方面,近年來公司費用率管控穩定,研發費用率保持在10%以上,研發投入持續加碼。考慮到公司前瞻佈局靈巧手未來有望受益於人形機器人產業化落地,維持公司“增持”評級。
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