RoboTechnik(300757) 东吴证券·2024-08-19 23:38Investment Rating - The report maintains an "Accumulate" rating for the company [1][21] Core Views - The company has shown significant improvement in profitability, with a notable increase in net profit and revenue in the first half of 2024 [1][2][9] - The company is focusing on enhancing its operational efficiency and quality, leading to improved gross and net profit margins [2][12] - The company is actively working on expanding its copper plating and optical module equipment segments, which are expected to drive future growth [3][20] Revenue and Profitability - In the first half of 2024, the company achieved a revenue of 721 million yuan, a year-on-year increase of 14.85%, with automation equipment revenue contributing 680 million yuan, up 16.99% [1][9] - The net profit attributable to shareholders reached 54 million yuan, reflecting a year-on-year growth of 252.5% [1][9] - The gross margin for the first half of 2024 was 28.7%, an increase of 8.13 percentage points year-on-year [2][12] Operational Efficiency - The company has implemented a "quality improvement and efficiency enhancement" strategy, resulting in a sales net profit margin of 7.6%, up 5.16 percentage points year-on-year [2][12] - The company reported a significant reduction in inventory and contract liabilities, with contract liabilities down 42% year-on-year to 151 million yuan [15][17] Strategic Developments - The company is advancing its copper plating technology and has initiated projects for high-efficiency N-type battery graphical preparation equipment [19][20] - The company plans to acquire ficonTEC, which will enhance its capabilities in the optical module equipment sector [3][20] Financial Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 130 million, 180 million, and 220 million yuan respectively, with corresponding P/E ratios of 101, 73, and 59 [21][24]