山西证券：研究早观点-20250123

Core Viewpoints - The report indicates that Zhenyu Technology (300953.SZ) is expected to achieve its best historical performance in 2024, with significant growth in new business areas [4][6] - The company forecasts a net profit attributable to shareholders of 220-280 million yuan for 2024, representing a year-on-year increase of 414.39%-554.68% [4] - The report highlights a strong recovery in performance, driven by increasing sales orders and enhanced production automation [4][5] Company Analysis - Zhenyu Technology's revenue for the first three quarters of 2024 reached 5.015 billion yuan, a year-on-year increase of 17.3% [4] - The revenue breakdown includes nearly 3 billion yuan from lithium battery structural components (up 30% year-on-year), approximately 1.2 billion yuan from motor cores (down 10% year-on-year), and close to 300 million yuan from molds (up 33% year-on-year) [4] - The lithium battery structural components have turned profitable due to automation upgrades and cost reduction measures, with a focus on serving major clients like CATL [4][5] New Business Developments - The company has established a subsidiary, Martin Robotics, focusing on precision components for humanoid robots, with small-scale trial production already underway [5] - Zhenyu Technology has developed a complete set of screw rod products for humanoid robots, achieving production capacity of 50 sets per day [5] - The company is also leveraging its adhesive technology for eVTOL drive motors, collaborating with notable clients in the automotive sector [5][6] Financial Projections - The projected net profits for Zhenyu Technology from 2024 to 2026 are 261 million, 410 million, and 611 million yuan, respectively, with corresponding PE ratios of 53.2, 33.8, and 22.7 [6] - The report recommends an "Accumulate-A" rating based on the company's growth potential and market positioning [6]