TOPSUN(002779) 国盛证券·2024-11-19 00:13Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][113]. Core Views - The company is positioned as a leading player in the garden machinery sector, transitioning towards the intelligent robotics industry, with significant growth potential driven by strategic upgrades and product diversification [2][19]. - The global garden machinery market is expected to grow steadily, with a projected CAGR of approximately 7% from 2023 to 2025, driven by increasing green space and environmental requirements [3][53]. - The company has made substantial investments in the robotics field, aiming to become a core supplier for 1X, a leading brand in humanoid robotics, which is anticipated to enhance its growth trajectory [4][95]. Summary by Sections Business Optimization and Strategic Upgrade - The company has established itself as a major exporter of garden machinery, with a comprehensive product range and a focus on innovation and technology [2][19]. - In 2023, the company intensified its efforts in the intelligent robotics sector, launching several initiatives including the establishment of subsidiaries focused on developing advanced robotic products [20][28]. Global Greenification and Lithium Battery Intelligence - The global garden machinery market is projected to reach approximately 45 billion by 2025 [3][53]. - The market is primarily concentrated in developed countries, particularly in Europe and North America, which account for over 80% of the total market size [3][53]. - The company’s focus on lithium battery technology and intelligent machinery aligns with global trends towards electrification and sustainability [69][70]. Robotics Production and Supply Chain Opportunities - The company is on the verge of mass production of its robotic products, with significant potential to become a key supplier for 1X, enhancing its competitive position in the robotics market [4][95]. - The establishment of Shanghai Zhike aims to facilitate international collaboration in the robotics sector, further solidifying the company's strategic partnerships [96][100]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 9.25 billion, 12.46 billion, and 16.39 billion yuan from 2024 to 2026, with corresponding net profits of 0.84 billion, 1.31 billion, and 1.76 billion yuan [4][108]. - The report suggests that the company's strategic shift towards intelligent robotics and its established market position in garden machinery justify a higher-than-average PE ratio compared to industry peers [4][113].