EMTEK(SZ:300938) Changjiang Securities·2025-02-10 02:23Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has established a joint venture named "Shenzhen Xince Standard Robot Technology Co., Ltd." with Guangdong Valley and the company's chairman, Mr. Lü Jiezhong, with respective investment ratios of 60%, 20%, and 20%. The joint venture will focus on the research, manufacturing, and sales of various types of robots, including testing robots, industrial robots, service consumer robots, and smart robots, along with related technical services and consulting [4][5]. Summary by Sections Business Overview - The company's primary operations cover two main segments: third-party testing services and testing equipment manufacturing. Key downstream industries include automotive, electronics, and aerospace [5]. - In the first three quarters of 2024, the company achieved revenue of 551 million yuan, a year-on-year increase of 7.95%, and a net profit attributable to shareholders of 143 million yuan, up 7.43% year-on-year [5]. Revenue Breakdown - Automotive Testing: Revenue of 147 million yuan, a year-on-year increase of 12.6%. The growth rate has slowed compared to previous years due to price competition in the downstream automotive testing market [5]. - Electronics Testing: Revenue of 88 million yuan, a year-on-year increase of 8.96% [5]. - Testing Equipment: Revenue of 85 million yuan, a year-on-year increase of 11.4% [5]. - Daily Consumer Goods Testing: Revenue of 25 million yuan, a year-on-year increase of 6.39% [5]. - Health and Environmental Testing: Revenue of 23 million yuan, a year-on-year increase of 34.2% [5]. Business Expansion - The company is expanding into the robotics sector, leveraging technical, customer, and scenario synergies. It possesses capabilities in EMC testing, safety testing, and environmental reliability testing for robots [5]. - The joint venture partner, Guangdong Valley, has a professional robotics R&D team, enhancing the company's technological collaboration [5]. Financial Forecast - Revenue projections for 2024-2026 are 738 million yuan, 856 million yuan, and 962 million yuan, representing year-on-year growth of 8.7%, 15.9%, and 12.4% respectively. Net profit attributable to shareholders is forecasted at 176 million yuan, 202 million yuan, and 229 million yuan, with corresponding growth rates of 7.5%, 14.7%, and 13.5% [5]. - The company is expected to have a PE ratio of 29.3x, 25.6x, and 22.5x for the years 2024, 2025, and 2026 respectively [5].