Core Insights - The company achieved an annual revenue of 1.64 billion yuan, representing a year-on-year increase of 25.70%, and a net profit attributable to shareholders of 245 million yuan, up 28.42% year-on-year [1] - In Q4 2024, the company reported a revenue of 483 million yuan, reflecting a year-on-year growth of 34.45%, with a net profit attributable to shareholders of 35 million yuan, which is a 2.13% increase year-on-year [1] Business Development - The company is deeply engaged in the humanoid robot sector, offering a complete set of motion actuator solutions, including rotary joint modules, linear joint modules, hollow cup motor modules, and frameless torque motor dexterous hand power solutions, all of which are independently developed [2] - The core components are characterized by lightweight, modularity, efficiency, high performance, and high precision [2] - The company is focusing on multi-modal fusion AI AGENT robots and AI ultra-micro vision system solutions [2] - In 2024, the company signed a joint venture agreement with Keda Li and Shanghai Mengli to establish Weidali, further deepening its investment in the humanoid robot field [2] International Expansion - The overseas revenue for 2024 reached 455.61 million yuan, marking a 45.23% increase compared to the same period last year [2] - The company continues to explore opportunities in countries along the Belt and Road Initiative, as well as in Asia, Africa, and Latin America, maintaining a global strategic layout [2] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 320 million yuan, 380 million yuan, and 470 million yuan, respectively, indicating year-on-year growth rates of 29%, 21%, and 22% [2] - As of April 17, the market capitalization corresponds to PE valuations of 31 and 25 times for 2025 and 2026, respectively [2]

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company achieved a revenue of 1.64 billion yuan in 2024, representing a year-on-year growth of 25.7%, and a net profit attributable to the parent company of 245 million yuan, up 28.4% year-on-year [1][4]. - The company is deeply engaged in the humanoid robot sector, offering a complete set of motion actuator solutions, with all core components developed in-house, showcasing advantages such as lightweight, modularity, efficiency, high performance, and precision [4]. - The overseas business maintained high growth, with revenue reaching approximately 455.61 million yuan in 2024, a 45.23% increase compared to the previous year, as the company continues to expand into regions such as Asia, Africa, and Latin America [4]. - Profit forecasts indicate that the net profit attributable to the parent company is expected to be 320 million yuan, 380 million yuan, and 470 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 29%, 21%, and 22% [4]. Financial Summary - Total revenue is projected to grow from 1.305 billion yuan in 2023 to 2.805 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 18.5% [3]. - The gross profit margin is expected to remain stable, with estimates of 39.2% in 2024 and gradually declining to 38.4% by 2027 [3]. - The return on equity (ROE) is forecasted to increase from 9.9% in 2023 to 17.8% in 2027, indicating improved profitability and efficiency [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 50.74 in 2023 to 20.75 by 2027, suggesting a more attractive valuation over time [3].

公司业绩:公司发布2024 年年报,全年实现营收16.40 亿元,yoy+25.70%;归母净利润2.45 亿元,yoy+28.42%; 扣非后归母净利润2.40 亿元,yoy+31.46%,公司收入及利润和业绩快报基本一致,符合预期。2024Q4单季 公司实现营收4.83 亿元,yoy+34.45%;归母净利润0.35 亿元,yoy+2.13%;扣非母利润0.34 亿元,yoy+7.79%。 2024 年公司收入逆势增长,海外市场拓展成效显着:受下游需求影响,2024 年中国自动化市场承压,据MIR 数据,国内低压变频器/通用伺服市场规模yoy-7%、-4%。但公司全年实现营收16.40 亿元,yoy+25.70%,其 中,境内实现收入11.5 亿元,yoy+19.8%,成功实现逆势增长,主因公司持续拓展纺织、机床等细分市场,份额 有所提升;而境外市场拓展成效更为显着,实现收入4.6 亿元,yoy+45.2%,主要是因为公司紧抓海外绿色灌 溉机遇,不断将光伏扬水逆变器等成熟产品线引入一带一路、亚非拉等地区。而从产品角度看,公司变频 器、伺服系统分别实现全领域、全功率覆盖,市场竞争力显着增强,报告期内分别实现 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 54 CNY, indicating a potential upside from the current price of 46.07 CNY [1][7]. Core Insights - The company achieved a revenue of 1.64 billion CNY in 2024, representing a year-over-year growth of 25.70%. The net profit attributable to shareholders was 245 million CNY, up 28.42% year-over-year [7]. - The company has successfully expanded its overseas market, achieving a revenue of 460 million CNY from international sales, which is a 45.2% increase year-over-year [7]. - The gross margin improved by approximately 1 percentage point to 39.15%, while the expense ratio increased to 24.30% due to investments in market development and R&D [7]. - Future revenue growth is anticipated, particularly in the humanoid robotics sector, with expected net profits of 300 million CNY, 350 million CNY, and 430 million CNY for 2025, 2026, and 2027 respectively [7][9]. Company Overview - The company operates in the electrical equipment industry, with a primary focus on variable frequency drives (63.1% of revenue) and servo systems (30.2% of revenue) [3]. - The company has a market capitalization of 9.738 billion CNY and a price-to-book ratio of 4.65 [1]. - Major shareholders include Huai'an Weichuang Electric Technology Co., Ltd., holding 57.15% of shares [1]. Financial Projections - The company is projected to achieve net profits of 299 million CNY in 2025, 354 million CNY in 2026, and 431 million CNY in 2027, with corresponding year-over-year growth rates of 22%, 18%, and 22% [9]. - Earnings per share (EPS) are expected to be 1.42 CNY, 1.68 CNY, and 2.04 CNY for the years 2025, 2026, and 2027 respectively [9].

Investment Rating - The investment rating for the company is "Buy" with a target price of 54 CNY, indicating a potential upside from the current price of 46.07 CNY [1][2]. Core Insights - The company reported a revenue of 1.64 billion CNY for 2024, representing a year-over-year growth of 25.70%. The net profit attributable to the parent company was 245 million CNY, up 28.42% year-over-year [7]. - The company has successfully expanded its overseas market, achieving a revenue of 460 million CNY from international sales, which is a 45.2% increase year-over-year [7]. - The gross margin for 2024 improved by approximately 1 percentage point to 39.15%, attributed to product structure optimization and cost reduction through self-developed components [7]. - Future revenue growth is anticipated, particularly in the humanoid robot sector, with the company establishing partnerships to enhance its capabilities in this area [7]. Company Financials - The company achieved a net profit of 191 million CNY in 2023, with projections of 245 million CNY for 2024, 299 million CNY for 2025, and 431 million CNY for 2027, reflecting a compound annual growth rate [9]. - Earnings per share (EPS) are expected to grow from 1.02 CNY in 2023 to 2.04 CNY by 2027, indicating a strong upward trend in profitability [9]. - The price-to-earnings (P/E) ratio is projected to decrease from 45.17 in 2023 to 22.59 by 2027, suggesting an attractive valuation over time [9]. Product Mix - The company's product portfolio is primarily composed of variable frequency drives (63.1%), servo systems and control systems (30.2%), and digital energy solutions (3.7%) [3]. Market Position - The company has a significant market presence, with a 7.3% share of circulating A-shares held by institutional investors, indicating a level of confidence from larger investment entities [4].

证券研究报告·公司点评报告·自动化设备 伟创电气（688698） 2024 年年报点评：业绩符合市场预期，机器 人新品可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,305 | 1,640 | 1,993 | 2,403 | 2,897 | | 同比（%） | 44.03 | 25.70 | 21.48 | 20.62 | 20.56 | | 归母净利润（百万元） | 190.80 | 245.03 | 306.21 | 379.12 | 459.08 | | 同比（%） | 36.38 | 28.42 | 24.97 | 23.81 | 21.09 | | EPS-最新摊薄（元/股） | 0.90 | 1.16 | 1.45 | 1.79 | 2.17 | | P/E（现价&最新摊薄） | 51.04 | 39.74 | 31.80 | 25.69 | 21.21 | [Table_Tag] [Tab ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index within the next 12 months [6][12]. Core Views - The company achieved a revenue of 1.64 billion yuan in 2024, representing a year-on-year growth of 25.7%, and a net profit attributable to shareholders of 245 million yuan, up 28.4% year-on-year [1]. - The company has a complete product line, with significant growth in core business areas, including a 27.18% increase in revenue from frequency converters and a 17.09% increase from servo systems in 2024 [2]. - The company is expanding its overseas market, with overseas revenue reaching 456 million yuan in 2024, a growth of 45.23%, which is higher than the domestic growth rate of 19.8% [3]. - The company is focusing on new fields, particularly in robotics, with significant advancements in humanoid robots and AI development platforms [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.64 billion yuan and a net profit of 245 million yuan, with projections for 2025-2027 showing revenues of 2.04 billion, 2.56 billion, and 3.23 billion yuan respectively, with corresponding growth rates of 24.2%, 25.7%, and 26.2% [4][5]. - The net profit for the same years is projected to be 328 million, 438 million, and 591 million yuan, with growth rates of 33.9%, 33.5%, and 35.0% [5][9]. Product and Market Analysis - The company has a comprehensive product line ranging from 0.4kW to 8,000kW frequency converters and has seen a significant increase in market share, particularly in low-voltage frequency converters and servo systems [2]. - The overseas business has shown superior growth and profitability compared to domestic operations, with a gross margin of 48.97% for overseas sales compared to 35.35% for domestic sales [3]. Future Outlook - The company is expected to continue its growth trajectory, with anticipated revenue and profit increases driven by expansion into new markets and product lines, particularly in robotics and AI [4][3].

证券研究报告·公司点评报告·自动化设备 伟创电气（688698） 2024 年年报点评：业绩符合市场预期，机器 人新品可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,305 | 1,640 | 1,993 | 2,403 | 2,897 | | 同比（%） | 44.03 | 25.70 | 21.48 | 20.62 | 20.56 | | 归母净利润（百万元） | 190.80 | 245.03 | 306.21 | 379.12 | 459.08 | | 同比（%） | 36.38 | 28.42 | 24.97 | 23.81 | 21.09 | | EPS-最新摊薄（元/股） | 0.90 | 1.16 | 1.45 | 1.79 | 2.17 | | P/E（现价&最新摊薄） | 51.04 | 39.74 | 31.80 | 25.69 | 21.21 | [Table_Tag] [Tab ...

伟创电气（688698.SH）2024 年年报点评 业绩稳健增长，新市场新领域持续放量 2025 年 04 月 17 日 ➢ 事件：2025 年 4 月 15 日，公司发布 2024 年年报。2024 年，公司实现营 收 16.40 亿元，同比+25.7%；归母净利润 2.45 亿元，同比+28.4%；扣非归母 净利润 2.40 亿元，同比+31.5%。单 24Q4，公司实现营收 4.83 亿元，同比 +34.5%，环比+25.2%；归母净利润 0.35 亿元，同比+2.13%，环比-54.55%； 扣非归母净利润 0.34 亿元，同比+7.8%，环比-53.8%。 ➢ 公司产品线完备，核心业务稳健增长。公司产品线完备，目前已具备 0.4kW 至 8,000kW 的变频器、100W 至 200kW 的伺服系统、控制系统包含 PLC 及运 动控制器等。变频器产品，24 年公司收入 10.35 亿元，同比+27.18%，毛利率 42.98%，同比基本持平。伺服产品，24 年公司收入 4.95 亿元，同比+17.09%， 毛利率 32.48%，同比+3.7Pcts。数字能源产品（逆变器、电池、充放电测试设 备、储能 ...

发展趋势 分区域来看，2024 年公司国内、海外收入YoY+20%，45%至11.5 和4.6亿元，我们预计其中4Q24 国内 收入YoY+27%，海外收入YoY+19%。 海外市场：非俄罗斯市场及光伏扬水持续高增。从行业来看，2024 年公司海外市场增长主线清晰，主 要受益于光伏扬水业务持续高增；从地区来看，公司在一带一路区域和国家仍然表现出非常强劲的增长 态势，海外高增长持续得到兑现。 2024 业绩略低于我们预期 公司公布2024 年业绩：公司2024 年实现营业收入16.4 亿元，同比增长25.7%，归母净利润2.45 亿元， 同比增长28.4%；其中4Q24 期间实现收入4.8 亿元，创历史单季度新高，同比增长34.4%，净利润0.35 亿元，同比增长2.1%。由于四季度公司毛利率有所回落且费用开支超预期导致2024年净利润整体略低 于我们预期。 国内市场：国内需求韧性十足，在市场低迷阶段仍然录得较高增长。 虽然2024 年国内整体工控需求相对低迷，但2024 年公司国内市场持续通过提份额、拓行业等思路做高 增长，例如纺织、机床、空压机等行业公司都持续提升份额取得了较为良好的增长；同时公司2024 ...