(4) Summary

Coil design: Hollow cup motor coil commonly used to three designs – straight winding, oblique winding, diamond winding. The diamond winding design is the most material saving and the least power consumption. In terms of winding process, the inclined winding is more suitable for manual winding, the straight winding is less difficult, and the diamond winding is more difficult to manually wind, which generally needs to be completed with the help of specific winding machine process equipment. Production process: The key to the production of hollow cup motor lies in the winding method of hollow cup coil. At present, there are mainly two production methods: winding production and one-time winding production. Winding production is mainly composed of four steps: wire feeding, coil winding, slab forming and coil forming. One time molding technology is fully automated production, and winding machine is the core equipment. One molding technology is mainly divided into three steps: processing preparation, winding and tapping, which is completed by the six modules of the winding machine. The barrier lies in the winding equipment: although the winding production process has low requirements for production equipment, its production efficiency is low, its consistency is poor, and it cannot be wound high-power coils, which is not suitable for mass automatic production. The fundamental reason for the high production efficiency and high product quality of the single-winding process is that it has advanced coil production equipment.

4. Analysis of key companies

(1) Mingzhi Electrical Appliances

Mingzhi Electric is the world’s leading enterprise of motion control products, and has long adhered to the pursuit of professional application technology and international scientific management means. The company’s main products in the field of motion control include stepper motors, hollow cup motors, servo motors and other control motors and corresponding drives. The company focuses on the research of intelligent motor technology and the automation of production and manufacturing, and aims to become a comprehensive provider in the field of informatization and automation, creating modular products of precision control motor plus linear drive, acceleration and reduction gear and motion control system. In the past five years, the revenue structure is mainly based on the control motor and its drive system products, trade agency business and LED control and drive products. In 2022, the total revenue of the company was 2.96 billion yuan, an increase of 9.05%, and the net profit returned to the mother was 247 million yuan, a decrease of 11.58%, and the net profit withheld from the non-return to the mother was 234 million yuan, a decrease of 9.36%. According to Wind’s consistent expectation (as of September 16, 2023), it is expected that the company’s revenue in 23/24/25 will increase by 13.36%/26.96%/28.07% year-on-year to 33.55/42.60/5.456 billion yuan. The same ratio of the return to the mother increased by 7.50%/55.12%/44.93% to 2.66/4.12/598 million yuan, corresponding to the current PE of 101.48/65.42/45.14 times.

(2) Dingzhi Technology

Since its establishment in 2008, Dingzhi has formed a series of precision motion control products based on stepper motors. Products are widely used in medical diagnostic equipment, life science instruments, laboratory automation, robotics, fluid control, semiconductor and precision electronic production equipment, all kinds of industrial automation equipment. The linear transmission components, hollow cup motors, precision gear boxes and other products developed by the company are in a leading position in China and can be applied to humanoid robots. In 2022, the company’s total revenue was 318 million yuan, a year-on-year increase of 63.99%, the net profit returned to the mother was 101 million yuan, a year-on-year increase of 103.39%, and the net profit deducted from non-returned to the mother was 101 million yuan, a year-on-year increase of 79.76%. According to Wind’s consistent expectation (as of September 16, 2023), it is expected that the company’s revenue in 23/24/25 will increase by 28.86%/34.31%/30.44% year-on-year to 4.10/551/719 million yuan. The net profit of the mother increased by 23.22%/35.90%/29.11% to 1.24/169/218 million yuan, corresponding to the current PE of 31.11/22.89/17.73 times.

(3) Wei Chuang Electric

Since its establishment, Weichuang Electric has always focused on the field of electric drive and industrial control, and is a high-tech enterprise engaged in the research and development, production and sales of industrial automation products. The company has a wide range of products, including 0.4kW to 5,600kW frequency converters, 50W to 200kW servo systems, motion controllers, PLCS and Hmis. Products are widely used in lifting, mining equipment, rail transit, machine tools, compressors, plastics, photovoltaic water, building materials, robots/manipulators, printing and packaging, textile chemical fiber, metallurgy, municipal, petroleum, chemical and other industries. The company independently developed and designed hollow cup motor, the product is currently in the internal test stage, mainly for robot, medical and other industries, the product has high speed, high torque, low noise vibration characteristics. In 2022, the company’s total revenue was 906 million yuan, an increase of 10.64%, the net profit returned to the mother was 140 million yuan, an increase of 10.37%, and the net profit withheld from non-returned to the mother was 114 million yuan, an increase of 0.28%. According to Wind’s consistent expectation (as of September 16, 2023), it is expected that the company’s revenue in 23/24/25 will increase by 42.53%/35.93%/32.49% year-on-year to 12.91/17.55/2.326 billion yuan. The net profit of returning to the mother increased 48.32%/39.25%/31.72% to 2008/289/381 million yuan, corresponding to the current PE of 29.92/21.49/16.31 times.

(4) Tuobang Shares

The company was founded in 1996 in Shenzhen High-tech Industrial Park, known as the “Silicon Valley” of Chinese science and technology. In 2007, it was successfully listed on the Shenzhen Stock Exchange (stock code 002139), becoming the first listed company in the field of intelligent control in China. After more than 20 years of rapid development, the company’s main business is the research and development, production and sales of intelligent control system solutions, that is, to the electronic control, motor, battery, power supply, Internet of things platform “four power and one network” technology as the core, for home appliances, tools, new energy, industrial and intelligent solutions and other industries to provide a variety of customized solutions. The company’s hollow cup motor has achieved batch applications in the fields of electric grippers manufactured by intelligent energy, orthopedic power tools for medical health, and intelligent golf carts. In 2022, the total revenue of the company was 8.875 billion yuan, an increase of 14.27%, the net profit returned to the mother was 583 million yuan, an increase of 3.13%, and the net profit withheld from non-returned to the mother was 484 million yuan, an increase of 11.96%. According to Wind’s consistent expectation (as of September 16, 2023), it is expected that the company’s revenue in 23/24/25 will increase by 15.40%, 23.12%, 23.26% year-on-year to 102.42/126.10/15.544 billion yuan. The net profit of the mother increased by 25.69%/32.59%/26.32% to 7.32/9.71/1.227 billion yuan, corresponding to the current PE of 18.36/13.85/10.96 times.

(5) Zhaowei Electromechanical

Shenzhen Zhaowei Electromechanical Co., Ltd. was founded in 2001, is a collection of design, research and development, manufacturing in one of the micro drive system solution provider. Zhaowei’s product system includes customized micro drive systems, as well as a full range of micro planetary gearboxes, forward drive gearboxes, right Angle motor gearboxes, and drum motor series. The micro transmission and drive system produced by the company can be widely used in automotive electronics, smart home, mobile communication, medical equipment, consumer electronics, industrial equipment and other fields. In 2022, the total revenue of the company was 1.152 billion yuan, an increase of 1.09% over the same period last year, the net profit returned to the mother was 150 million yuan, an increase of 2.00% over the same period last year, and the net profit deducted from non-returned to the mother was 128 million yuan, an increase of 3.42%. According to Wind’s consistent expectation (as of September 16, 2023), it is expected that the company’s revenue in 23/24/25 will increase by 23.26%, 32.35%, 76.57% year-on-year to 14.20/18.80/3.319 billion yuan. The net profit of returning to the mother increased by 33.66%/42.41%/94.28% to 2001/286/557 million yuan, corresponding to the current PE of 59.82/42.00/21.62 times.