Kaierda(688255)2025-01-21 11:38Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is transitioning from the industrial sector to embodied intelligence, with significant investments in robotics and sensor technology [8] - The company has a strong foothold in the industrial welding sector, with leading servo welding technology in China [8] - Recent developments include the launch of the quadruped robot "Black Panther II" by its investment in Jingzhi Technology and the establishment of a humanoid robot subsidiary [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 482 million in 2023 to 831 million by 2026, with a compound annual growth rate (CAGR) of approximately 20.6% [7][10] - The net profit attributable to the parent company is expected to increase from 25 million in 2023 to 88 million by 2026, reflecting a significant growth trajectory [7][10] - The company's gross margin is forecasted to improve from 18.7% in 2023 to 26.1% in 2026, indicating enhanced operational efficiency [7] Business Developments - The company has invested in Jingzhi Technology, acquiring a 19.8% stake, and launched the quadruped robot "Black Panther" [8] - A wholly-owned subsidiary focused on humanoid robots has been established, with an investment of 200 million RMB [8] - The company has completed a controlling investment in Kaiwei Sensor Technology, which specializes in multi-dimensional force/moment sensors [8]