Investment Rating - The report maintains a "Buy" rating for Dingzhi Technology [1] Core Views - The company's revenue and profit were under pressure in H1 2024, primarily due to a sharp decline in demand for downstream medical equipment, resulting in a revenue drop of 47.20% year-on-year to 103 million yuan and a net profit decline of 68.55% to 17 million yuan [2] - Despite the short-term challenges, the report highlights the broad growth potential in the robotics business, supported by ongoing investments in R&D and international expansion [2][3] Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue for 2024 is projected at 165 million yuan, down from 282 million yuan in 2023, with a further increase to 187 million yuan in 2025 and 205 million yuan in 2026 [1][8] - Net profit attributable to shareholders is expected to decline to 53 million yuan in 2024, with projections of 61 million yuan in 2025 and 68 million yuan in 2026 [1][8] - Earnings Per Share (EPS): - The latest diluted EPS is forecasted to be 0.39 yuan in 2024, increasing to 0.46 yuan in 2025 and 0.50 yuan in 2026 [1][8] - Valuation Metrics: - The current price-to-earnings (P/E) ratios are projected at 37.92 for 2024, 32.60 for 2025, and 29.54 for 2026 [1][8] Product and Market Insights - Product Performance: - In H1 2024, the revenue from hybrid stepper motors was 20 million yuan (down 32.83%), linear actuators 63 million yuan (down 17.17%), and voice coil motors 3 million yuan (down 95.72%) [2] - Gross Margin Trends: - The gross margin improved to 53.60%, up 2.18 percentage points year-on-year, primarily due to a shift in product mix as lower-margin products saw reduced sales [2] - Overseas Expansion: - The company is investing in overseas business development, including a 3 million yuan investment in Weier Intelligent Control Systems to enhance innovation and expand sales channels [2] - Robotics Business Outlook: - The partnership with AIDIN Robotics and recognition as a valuable player in the humanoid robotics sector indicate significant future growth potential [2]
鼎智科技：2024年中报点评：业绩短期承压，机器人业务成长空间广阔