研报掘金丨东吴证券：维持震裕科技“买入”评级，目标价208元

Core Viewpoint - Dongwu Securities report indicates that Zhenyu Technology forecasts a net profit attributable to shareholders for Q1-Q3 2025 of 400-420 million, representing a year-on-year increase of 132% to 143.6% [1] Financial Performance - Q3 net profit attributable to shareholders is expected to be between 190-219 million, showing a year-on-year growth of 364% to 413% and a quarter-on-quarter increase of 36% to 51%, with a median estimate of 200 million, reflecting a year-on-year and quarter-on-quarter growth of 388% and 43% respectively [1] - Revenue from molds in Q3 2025 is projected to exceed 130 million, maintaining a gross margin above 50% [1] Future Outlook - The company’s robot products are continuously expanding, with breakthroughs in major clients, indicating significant profit elasticity in the long term [1] - Revised net profit forecasts for 2025-2027 are set at 600 million, 900 million, and 1.3 billion respectively, compared to previous expectations of 400 million, 600 million, and 800 million, representing year-on-year growth rates of 136%, 50%, and 39% [1] - Corresponding price-to-earnings ratios are projected at 50, 33, and 24 times for 2025, 2026, and 2027 respectively, with a target price of 208 yuan based on a 40 times PE for 2026, maintaining a "Buy" rating [1]