Ge Long Hui A P P·2026-02-11 06:21Core Viewpoint - The performance of Huichuan Technology meets market expectations, with a continuous improvement in industrial control demand, projecting a net profit of 4.97 to 5.40 billion yuan for 2025, representing a year-on-year increase of 16% to 26% [1] Industry Summary - The industry demand is recovering steadily, with an expected overall revenue growth of 20% year-on-year for the sector [1] - In 2026, as industry demand further recovers, revenue is anticipated to maintain a growth rate of over 25% [1] Company Summary - Huichuan Technology is diversifying its development across new energy vehicles, traditional car manufacturers, and overseas car companies, with significant sales performance variations among domestic top clients such as Xiaomi, Li Auto, GAC Aion, and Chery, showing year-on-year sales changes of +201%, -19%, -23%, and +8% respectively [1] - In the field of humanoid robots, the company’s actuator and bionic arm products are leading in performance, aiming to become a solution provider [1] - The product range includes rotary and linear joint actuators and key components, with ongoing development in bionic arms and cerebellum products [1] - The products exhibit significant advantages in power density, torque density, heat dissipation, precision, and stability, with a high self-research rate for components [1] - The company is increasing its investment in research and sales, with promising progress expected [1] Valuation Summary - Considering the turning point in the company's industrial control business and the potential in robotics, a target price of 94.1 yuan is set with a 40x PE for 2026, maintaining a "buy" rating [1]