Headman(688577) 国盛证券·2024-11-01 01:43Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has experienced temporary performance impacts due to new market expansion and capacity investments, but there are expectations for growth in the robotics business [1]. - The company achieved a revenue of 544 million yuan in the first three quarters of 2024, representing a year-on-year increase of 16.92%, while the net profit attributable to shareholders decreased by 27.47% to 17 million yuan [1]. - The company is focusing on capacity construction and upgrading three production bases, with an investment exceeding 300 million yuan, which is expected to enhance competitiveness and core growth points in the future [1][2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 170 million yuan, an increase of 8.49% year-on-year, and a net profit of 6.38 million yuan, up 26.97% year-on-year [1]. - The report projects net profits for 2024-2026 to be 32 million, 66 million, and 88 million yuan respectively, with corresponding P/E ratios of 89, 44, and 33 times [3]. - The company’s revenue is expected to grow from 769 million yuan in 2024 to 1,030 million yuan in 2026, with a consistent growth rate of approximately 15.9% [4]. Industry Insights - The report highlights the trend of domestic companies seeking to produce planetary roller screws, which are essential for humanoid robots, due to high import costs and long delivery times from foreign manufacturers [2]. - The company has strong core technical capabilities and is advancing towards high-end and diversified products, positioning itself to benefit from the industrialization of humanoid robots [2].