SOLEX(SH:603992) Ge Long Hui·2025-12-25 07:48Core Viewpoint - The report from Guosheng Securities highlights that Songlin Technology is poised for growth through its integration of robotics and health sectors, indicating a clear new growth trajectory for the company [1] Group 1: Business Overview - The company's traditional main business focuses on smart kitchen and bathroom products, primarily serving high-end brands in kitchen, home, and beauty health sectors [1] - With the first phase of the Vietnam base set to commence production in June 2025, the capacity for overseas order fulfillment is expected to increase rapidly [1] - The second phase of production capacity is under construction, with plans to be operational in the first half of 2026, aiming for a total output value exceeding 200 million USD upon full capacity [1] Group 2: Financial Performance and Growth Potential - As the capacities of both phases gradually come online, a continuous improvement trend in performance is anticipated [1] - The company's IDM model creates a competitive moat, fostering strong ties with clients and high profitability [1] - Over the past three years, the company has expanded into the beauty and health sector, successfully establishing a second growth curve [1] Group 3: Future Prospects - The company aims to leverage its "deep vertical scenarios + engineering capabilities" to promote the entry of nursing and logistics robots into the market [1] - Initial results have been observed, suggesting that performance is likely to continue growing [1] - The report initiates coverage with a "buy" rating, reflecting confidence in the company's future prospects [1]