Ge Long Hui·2025-11-11 03:13Group 1: Robotics Business Expansion - The company is poised for significant growth in its robotics business, having entered the supply chains of leading domestic and international clients in the embodied intelligence sector [1] - The company has secured a major order for the assembly of 10,000 quadruped robotic dogs from a key client, becoming a primary supplier of essential components [1] - The company anticipates shipping 3,000 humanoid robots and over 10,000 quadruped robotic dogs by 2025, with expectations for further doubling of shipments in 2026 [1] Group 2: Consumer Electronics and AI Hardware - The company is expected to benefit from strong demand for the iPhone 17 series, with projected double-digit revenue growth in the upcoming quarter [2] - The company will serve as a key supplier for multiple components in foldable devices, including ultra-thin flexible glass covers and liquid metal hinges, with significant value increases compared to traditional models [2][3] - The company has established vertical barriers from materials to components to complete machines, enhancing cost control and responsiveness in the AI hardware sector [3] Group 3: Financial Projections and Investment Outlook - The company forecasts net profits of 5 billion, 6.9 billion, and 8.9 billion yuan for the years 2025 to 2027, with slight adjustments made to previous profit estimates [3] - Based on comparable companies' 31x PE ratio for 2026, the target price is set at 40.61 yuan, maintaining a buy rating [3]