卧龙电驱(600580)：主业盈利能力稳定 机器人等新领域拓展提速

Core Viewpoint - The company reported its 2024 performance with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 16.247 billion, 793 million, and 635 million yuan respectively, showing year-on-year growth of 4.4%, 49.6%, and 33.1% [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.053 billion, 155 million, and 64 million yuan respectively, with year-on-year growth of 15.8% but a quarter-on-quarter decline of 3.9%, 37.0%, and 71.6% [1] - The company's industrial motor business revenue for 2024 was 9.066 billion yuan, down 6% year-on-year, attributed to weak downstream industrial demand and project delays, while maintaining a gross margin of 29.9%, up 0.3 percentage points year-on-year [2] - The daily-use motor business saw a revenue increase of 2.934 billion yuan, up 26.5% year-on-year, driven by overseas expansion and domestic appliance replacement subsidies, with a gross margin of 16.8%, up 0.2 percentage points year-on-year [2] Group 2: Business Development - The robotics sector generated over 400 million yuan in revenue in 2024, focusing on industrial robot solutions and bionic robot joint power systems, with partnerships established to enhance long-term growth [3] - In the electric aviation sector, the company is advancing collaborations with clients, expecting revenue growth to double in 2024, with potential for increased orders in cargo and manned drones by 2026-2027 [3] Group 3: Cost Management and R&D - The overall period expense ratio decreased by 0.3 percentage points in 2024, with management and R&D expense ratios changing by -0.4 percentage points and +0.4 percentage points respectively, reflecting improved cost control and increased investment in new fields [3] Group 4: Profit Forecast and Valuation - The company maintains a profit forecast of 1.125 billion yuan for 2025 and introduces a forecast of 1.263 billion yuan for 2026, with a target price raised by 74.2% to 27.0 yuan, indicating a potential upside of 13.8% based on current stock prices [4]