Haoneng(603809) 浙商证券·2025-02-27 01:23Investment Rating - The investment rating for the company is "Buy" [3][5][11] Core Insights - The company has established a joint venture with Suzhou Ishikawa to enhance its casting capabilities for differential housings and other components, with a total investment of RMB 200 million [1][2] - The company is expanding its planetary gearbox business based on process and customer synergies, with an initial investment of RMB 1 billion for its smart manufacturing core components project, focusing on parts for new energy vehicles and high-precision industrial gearboxes [2] - The company is actively positioning itself in the humanoid robot sector, where planetary gearboxes are expected to have significant applications due to their cost advantages and strong impact resistance [2] Financial Summary - The projected revenue for 2024-2026 is RMB 24.06 billion, RMB 30.08 billion, and RMB 36.45 billion, representing year-over-year growth of 23.7%, 25.0%, and 21.2% respectively [3][5] - The expected net profit for the same period is RMB 3.25 billion, RMB 4.19 billion, and RMB 5.09 billion, with year-over-year growth of 78.5%, 28.9%, and 21.6% respectively [3][5] - Earnings per share (EPS) are projected to be RMB 0.51, RMB 0.65, and RMB 0.79 for 2024-2026, with corresponding price-to-earnings (PE) ratios of 36.2, 28.1, and 23.1 [3][5]