WOLONG ELECTRIC(600580) 申万宏源·2025-01-03 00:18Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [6][7]. Core Insights - The company has a strong foundation in the motor manufacturing sector, with a focus on electric motors and a strategic expansion into the fields of flying car motor drive systems and embodied intelligent robots. The market has begun to recognize the company's forward-looking positioning in the low-altitude economy, while its potential in the embodied intelligent robot sector remains undervalued [6][7]. - The company has established a partnership with Shanghai Zhiyuan New Technology Co., focusing on embodied intelligence technology and flexible manufacturing solutions, which will drive innovation in general robot products [6]. - The financial forecasts for the company show a steady increase in revenue and net profit over the next few years, with projected net profits of 917 million, 1,095 million, and 1,180 million yuan for 2024, 2025, and 2026 respectively [9][19]. Financial Summary - Total revenue is expected to grow from 15,567 million yuan in 2023 to 18,476 million yuan by 2026, reflecting a compound annual growth rate [9]. - The company's net profit is projected to increase significantly, with a forecasted growth rate of 73.1% in 2024, followed by 19.4% in 2025 and 7.8% in 2026 [19]. - The gross margin is expected to stabilize around 25% over the forecast period, indicating consistent operational efficiency [19]. Industry Positioning - The company has been actively developing key components for humanoid robots, including joint modules, drivers, and motors, which are essential for various applications in industrial automation and robotics [16]. - The company has also created multiple industry solutions, such as bionic robot inspection systems and emergency delivery systems, which leverage advanced technologies like motion control and autonomous navigation [17].