SIASUN(SZ:300024) Ge Long Hui·2025-10-24 03:47Company Overview - The company recently held a robot open day event and showcased a pilot project in Guangzhou, where cleaning robots are operating effectively, generating positive economic and management benefits [1] - The pilot project involves seven high-rise residential buildings with a total construction area exceeding 200,000 square meters, serving over 1,200 households [1] Project Insights - The cleaning robots are utilized for corridor cleaning in high-rise residential buildings, with modifications made to elevator control, water, electricity, and access systems to enable automated operation [1] - After implementing the pilot project, the number of cleaning staff was reduced from seven to "five people + four cleaning robots + seven robot workstations," increasing daily effective working hours from six to sixteen [2] - Each robot generates an annual economic benefit of approximately 10,000 to 20,000 yuan, and resident satisfaction increased by 8 percentage points post-implementation [1][2] Internal Promotion and Market Potential - The cleaning robots have established internal promotion conditions, with significant application potential in the medium term [2] - The company aims to deploy 1,000 cleaning robots at the project level this year, with expectations for rapid internal promotion in the following year [2] - The company manages around 80,000 high-rise buildings, suggesting a potential application space of approximately 30,000 robots if each robot covers 2-3 buildings [2] Shareholder Returns - The company has an attractive shareholder return strategy, targeting a cash dividend of 60% of the core net profit attributable to shareholders for the fiscal year 2025, corresponding to an expected dividend yield of about 8.1% [2] - The company plans to repurchase at least 500 million yuan worth of shares by March 27, 2026, with 80.63 million yuan already repurchased and 420 million yuan remaining for future buybacks [2] Profit Forecast and Valuation - The company maintains its profit forecast, neutral rating, and target price of 6.8 HKD, indicating an 8% upside potential based on an 8x price-to-earnings ratio for core net profit in 2025 and a 7.5% expected dividend yield [3] - Currently, the company trades at a 2025 core P/E ratio of 7.4x and an expected dividend yield of 8.1% [3]