RAYHOO MOTOR DIES(002997) 开源证券·2025-01-15 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., with a registered capital of 20 million yuan, expanding its business from automotive parts to the robotics sector, which is expected to inject long-term growth momentum [1] - The company has a strong competitive edge in mold equipment and automated production lines, serving many well-known domestic and international automakers [1] - The company is expected to achieve significant profit growth, with projected net profits for 2024, 2025, and 2026 being 348 million, 470 million, and 610 million yuan respectively, corresponding to EPS of 1.66, 2.25, and 2.91 yuan per share [1] Financial Summary and Valuation Indicators - Revenue is projected to grow from 1,168 million yuan in 2022 to 4,880 million yuan in 2026, with a year-over-year growth rate of 60.7% in 2023 and 47.6% in 2024 [7] - The net profit is expected to increase from 140 million yuan in 2022 to 610 million yuan in 2026, with a year-over-year growth rate of 44.4% in 2023 and 72.1% in 2024 [7] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 22.9, 16.9, and 13.1 respectively, indicating a favorable valuation trend [1][7]