Landai Technology(SZ:002765) Xin Lang Cai Jing·2025-09-27 04:36Group 1 - The company is a local automotive parts manufacturer in Chongqing, primarily engaged in power transmission and touch display businesses, with power transmission becoming the main revenue contributor, accounting for 54% of revenue in the first half of 2025 [1] - In 2023, the company experienced losses due to goodwill impairment but is expected to return to profitability in 2024, with net profits of 124 million and 109 million yuan in 2024 and the first half of 2025, respectively [1] - The company's new energy business is rapidly expanding, with sales and revenue proportions significantly increasing; the share of new energy products in total power transmission sales is projected to rise from 5% in 2022 to 18% in 2024, and new energy revenue is expected to grow from 5% to 15% of total revenue during the same period [1] Group 2 - The Chongqing government is actively supporting the robotics industry, with multiple policies aimed at fostering innovation and development in this sector [2] - In January 2025, the company invested in QuanZhiBo to establish a presence in the robotics business, leveraging its technical reserves in transmission and precision component mass production [2] - The company successfully launched an integrated joint module in the first half of 2025, which is anticipated to become a new growth point for the business [2] Group 3 - The company expects to achieve operating revenues of 4.23 billion, 5.01 billion, and 5.69 billion yuan from 2025 to 2027, with net profits of 240 million, 300 million, and 390 million yuan, respectively [2] - Corresponding price-to-earnings ratios are projected to be 42.9, 34.2, and 26.4 times for the years 2025, 2026, and 2027 [2]