VEICHI(688698) 东吴证券·2025-02-28 00:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's 2024 revenue is expected to grow by 25.7% year-on-year, with net profit increasing by 28.5%, aligning with market expectations [2] - The company is capitalizing on opportunities in the Belt and Road regions, leading to rapid growth in overseas business, particularly in countries like Turkey, India, and Morocco [2] - The recovery in core downstream demand is evident, with significant growth in the textile and machine tool sectors, which is expected to continue into 2025 [2] - The company is expanding its robotics product offerings, including various motor modules and joint modules, which is anticipated to enhance its competitive edge [3] - Long-term prospects remain strong due to the vast domestic substitution potential in the industrial control sector and the flexibility offered by the robotics business [3] Financial Summary - For 2024, the company is projected to achieve total revenue of 1.64 billion yuan and a net profit of 245 million yuan, with respective year-on-year growth rates of 25.7% and 28.5% [2] - The earnings per share (EPS) for 2024 is estimated at 1.16 yuan, with a price-to-earnings (P/E) ratio of 60.78 based on the current price [3] - The company’s operating cash flow is expected to improve significantly, reaching 76 million yuan in 2024 [10]