RAYHOO MOTOR DIES(002997) ZHESHANG SECURITIES·2025-01-22 05:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7][9] Core Views - The establishment of a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., is expected to open a second growth curve for the company [2][7] - The company is well-positioned to benefit from the Anhui humanoid robot industry policy, which aims to create a significant development hub for humanoid robots by 2030 [7] - The company has a deep partnership with Chery, which may allow it to penetrate the Chery robot supply chain [7] - The company is benefiting from the strong sales of the Chery JiJie R7, with over 58,000 orders within the first 100 days of its launch [7] - Revenue and net profit forecasts for 2024-2026 are optimistic, with expected revenue growth rates of 48%, 37%, and 30% respectively [7] Financial Summary - Revenue is projected to grow from 1,877 million RMB in 2023 to 4,923 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of 38% [3][8] - Net profit is expected to increase from 202 million RMB in 2023 to 505 million RMB in 2026, with a CAGR of 36% [3][8] - Earnings per share (EPS) is forecasted to rise from 1.0 RMB in 2023 to 2.4 RMB in 2026 [3][8] - The price-to-earnings (P/E) ratio is projected to decrease from 39.98 in 2023 to 16.01 in 2026 [3][8] - Return on equity (ROE) is expected to improve from 13.85% in 2023 to 17.20% in 2026 [3][8]