RAYHOO MOTOR DIES(002997) 民生证券·2025-01-17 02:24Investment Rating - The report maintains a "Recommend" rating for the company [3][5] Core Views - The company's 2024Q4 performance met expectations, with a significant increase in net profit attributable to the parent company, reaching 0.99 billion yuan, up 106.25% year-on-year and 8.79% quarter-on-quarter [1] - The company's equipment manufacturing and lightweight businesses are driving growth, with capacity expansion leading to a substantial year-on-year increase in annual performance [1] - The company's major client, Chery, saw a 35.51% year-on-year increase in sales in 2024Q4, contributing to the company's performance improvement [1] - The company has established a wholly-owned subsidiary to accelerate its robotics business, aligning with the Anhui Province's humanoid robotics industry development plan [2] - The company's equipment business is thriving, with orders totaling 39.30 billion yuan as of 2024H1, a 14.95% increase from the previous year [2] - The company's automotive parts business revenue reached 2.57 billion yuan in 2024H1, a 244.75% year-on-year increase, accounting for 22.97% of total revenue [2] Financial Forecasts - The company's revenue is expected to grow from 2.515 billion yuan in 2024 to 4.458 billion yuan in 2026, with a compound annual growth rate (CAGR) of 28.9% [4][8] - Net profit attributable to the parent company is projected to increase from 349 million yuan in 2024 to 564 million yuan in 2026, with a CAGR of 25.0% [4][8] - Earnings per share (EPS) are forecasted to rise from 1.67 yuan in 2024 to 2.70 yuan in 2026 [4][8] - The company's PE ratio is expected to decrease from 23 in 2024 to 14 in 2026, indicating potential undervaluation [4][8] Business Development - The company is expanding its robotics business through the establishment of a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robotics Co, Ltd, focusing on industrial robot manufacturing and smart robot R&D [2] - The company's lightweight business is expected to benefit from capacity expansion, with a new factory project set to reach operational status by June 2025 [2] - The company is a supplier of integrated die-casting structural parts and stamping parts for the Zhijie R7 model, which saw strong sales performance in 2024M12, contributing to the company's profitability [2]