Lucky Harvest(002965) 国盛证券·2025-02-05 06:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is actively expanding its business in key components for humanoid robots through a partnership with the Guangdong Academy of Sciences, focusing on developing dexterous hands and robotic arms [1] - The company is also expanding its overseas operations with ongoing projects in Mexico and Thailand, targeting major automotive clients [2] - The financial forecast indicates a cautious adjustment of net profit estimates for 2024-2026 due to competitive pressures and market conditions, with projected net profits of 422 million, 584 million, and 704 million RMB respectively [3] Summary by Sections Company Developments - The company signed a cooperation agreement to establish a joint technology innovation center for humanoid robot components with the Guangdong Academy of Sciences, leveraging their research capabilities [1] - The company is expanding its international footprint with a factory in Mexico that supplies parts to major automotive seating system companies and a planned investment of up to 180 million Thai Baht for a factory in Thailand [2] Financial Performance - The company’s revenue is projected to grow from 5,703 million RMB in 2023 to 11,299 million RMB by 2026, with a year-on-year growth rate of 23.1% [4] - The net profit is expected to increase from 407 million RMB in 2023 to 704 million RMB in 2026, reflecting a growth rate of 20.5% [4] - The report provides a detailed financial outlook, including earnings per share (EPS) projected to rise from 1.99 RMB in 2023 to 3.45 RMB in 2026 [4] Valuation Metrics - The report adjusts the price-to-earnings (P/E) ratio estimates to 21, 15, and 13 for the years 2024, 2025, and 2026 respectively, indicating a cautious outlook on valuation [3] - The price-to-book (P/B) ratio is projected to decrease from 2.8 in 2023 to 2.0 by 2026, suggesting a potential improvement in the company's valuation relative to its book value [4]