2.2 Review of overseas high-end motor manufacturers, humanoid robots are expected to accelerate the breakthrough of domestic high-end motor

We believe that taking the lead in laying out high barriers/emerging areas + mastering integrated technology and grasping the first-mover advantage is the key to maintaining high profits for motor companies. We believe that the development of MAXON can be divided into three stages: 1) the early stage of development (1961-1996) : MAXON was founded in 1961, developed and designed DC mini motors, and gradually opened up the US market through the acquisition of US distributors. We believe that this period is the early stage of the company’s development, mainly “volume increase”; 2) Rapid Development Period (1996-2012) : From 1996 to 1999, the company participated in NASA’s “Pathfinder” program and determined the company’s high-end motor positioning, which laid the foundation for the company to expand high-end customers. At the same time, the design requirements related to aerospace can also be reused in other high-end motor occasions. We believe that during this period, the company improved the high-end positioning of the company’s products. Is the company’s products and brand “quality” leap; 3) Industrial chain layout improvement period (2012-2020) : Developed electric drive system in 2015, acquired Swiss company ZUB machine control AG in 2017, increased the company’s layout in the controller field, and gradually changed from component supplier to system supplier in 2020.

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Domestic motor enterprises are in the transition period from “quantity increase” to “quality improvement”. At present, the main application market of motor can be divided into consumer level, car end market, industrial (industrial control, etc.), cutting-edge market, etc. : 1) Consumer market entry threshold is low, high localization rate; 2) The car market has high requirements for capital barriers of motor enterprises, but the overall profit is relatively general; 3) The industry, especially the automation control related motor profit level is relatively high, in the high-end field of domestic enterprises to break through, the relevant motor needs to have precision control, complex industrial environment adaptation and other capabilities, can be used in machine tools, robots and other fields; In aerospace, military, precision medical devices, including some exploratory areas (explore new applications, new products) and other fields, the motor enterprises have higher requirements, high customer barriers, the need for electric enterprises with strong design capabilities and production capacity, gross margin is relatively high, and overseas enterprises represented by MAXON occupy a dominant position. We believe that from the overall market point of view, domestic enterprises in the consumer market, car end, industrial fields have a layout, the market share of low-end motor is high, but in the high-end market is still waiting to break through; From the perspective of enterprises, with Huichuan Technology and Mingzhi Electrical appliances as representatives of domestic enterprises, technology accumulation is rich, with R & D capabilities + high-end customer resources, is expected to break through the high-end motor market.