core logic : servo motor encoder is a sensor installed on the servo motor to measure the magnetic pole position and the servo motor angle and speed. Depending on the physical medium, the servo motor encoder can Divided into photoelectric encoders and magnetoelectric encoders. Grating encoder is a digital sensor that integrates optical, mechanical and electrical technologies. It can measure rotational angle or linear displacement with high precision. It has the advantages of high measurement accuracy and strong anti-interference ability. It is widely used in high-precision displacement measurement.
Among the currently popular humanoid robots, each joint of requires an encoder . The value of an encoder for a single robot is very large. is about one-third of the value of the robot motor . The largest domestically produced and only high-end encoder company is Yuheng Optical , a subsidiary of Op Optoelectronics . Its grating encoders have been supplied to Shenyang Xinsong Robot and a certain robot company in Anhui. In the future era of humanoid robots, this is An unavoidable target.
Valuation Calculation : According to major brokerage research reports and the company’s announcements and survey minutes, Tesla Optimus’s servo motor encoder stand-alone value is conservatively estimated to be 200X40=8000, based on the company’s market share of 40% and the expected gross profit margin of 30%. , when robot sales reach 1 million units in the next two years, it will bring a huge increase in 80*0.4*0.3*0.65 (subsidiary shareholding ratio) = 624 million gross profit to the listed company. Because
is the only domestic alternative and has huge growth potential based on the trillion-dollar robot industry, gives a conservative valuation of 20PE in 2023, and the reasonable valuation should be 12.5 billion.
Other highlights and potential catalysts :
① Completed the cash acquisition and consolidation of Changguang Aerospace. All carbon fiber components of the Changchun Institute of Optics and Mechanics are also provided by Changguang Aerospace.
② Changchun Institute of Optics and Mechanics has completed its listing commitment and injected lithography machine related assets.
③ Chang Guangchen Core, a 25.56%-owned company, focuses on the design of high-performance CMOS image sensors, and successfully developed domestic 8K ultra-high-definition sensor chips! Changguangchenxin breaks Japan's monopoly!
