四川双马：投资群核科技、傅利叶，投资能力彰显-20250227

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.27 RMB based on a valuation of 170 billion RMB for 2025 [3]. Core Insights - The company is expected to benefit from a favorable technology growth style and an improving exit channel for its private equity business, leading to anticipated earnings elasticity [3]. - The report highlights significant investments in technology sectors, including participation in funds that have invested in leading companies in AI and robotics, which are expected to drive future growth [1][2]. Summary by Sections Investment Projects - The company has invested in Hangzhou Qunhe Information Technology Co., which has submitted a listing application to the Hong Kong Stock Exchange, and in the Fourier project in the robotics industry [1]. - Fourier has completed a new financing round totaling nearly 800 million RMB and provides robotic solutions widely used in medical rehabilitation and academic research [2]. Financial Forecasts - The projected net profits for the company are 3.5 billion RMB in 2024, 6.5 billion RMB in 2025, and 9.5 billion RMB in 2026, reflecting a year-on-year change of -64%, +85%, and +47% respectively [3]. - Revenue is expected to decline to 1.006 billion RMB in 2024 before rebounding to 1.456 billion RMB in 2025 and 1.775 billion RMB in 2026, with growth rates of -17.5%, +44.8%, and +21.9% respectively [6]. Market Performance - The report notes that several investment projects have successfully gone public, with significant stock price increases since 2025, including a 95.9% increase for Aojie Technology and a 60.2% increase for BGI Intelligent Manufacturing [2].