TOPSUN(SZ:002779) Shanghai Securities·2024-09-30 12:44Investment Rating - The report assigns an "Accumulate" rating for Zhongjian Technology (002779) [2]. Core Views - Zhongjian Technology is transitioning to the "AI + Robotics" sector while upgrading its core lawn mower business. The company aims to tap into the supply chain for humanoid robots, particularly in the context of Open AI [2][4]. - The company has established partnerships with major U.S. retailers and launched a new generation of intelligent lawn mowers, UNICUT H1, which is expected to hit the market by the end of 2024 [2][4]. - The humanoid robot Neo, developed in collaboration with 1X, is designed for home use and emphasizes safety and flexibility, with a significant market potential in medical and elderly care scenarios [3][4][27]. Summary by Sections 1. Company Overview - Zhongjian Technology is a leading manufacturer in the domestic garden machinery industry, established in 1997 and listed on the Shenzhen Stock Exchange in 2015. The company is focusing on upgrading its lawn mower business and entering the humanoid and quadruped robot markets [9][10]. 2. Lawn Mower Business - The company is expanding its market presence in North America and enhancing its product line with intelligent and unmanned lawn mowers. It has formed partnerships with major U.S. retailers and launched the UNICUT H1, which features advanced automation capabilities [2][18][20]. 3. Humanoid Robots - Zhongjian Technology has invested in 1X, a leading humanoid robot company, to explore business and supply chain opportunities. The humanoid robot Neo is designed for household tasks and is expected to meet the growing demand in medical and elderly care sectors, with an estimated market need of over 400,000 units in China [21][27][28]. 4. Financial Projections - The report forecasts significant revenue growth for Zhongjian Technology, with expected revenues of 1.12 billion yuan in 2024, 1.68 billion yuan in 2025, and 2.50 billion yuan in 2026, representing year-on-year growth rates of 68.0%, 50.0%, and 48.7% respectively. Net profits are projected to reach 90 million yuan, 130 million yuan, and 206 million yuan over the same period [4][6].