Headman(688577) 申万宏源·2025-02-28 02:51Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 767 million yuan for 2024, representing a year-on-year growth of 15.59%, while the net profit attributable to shareholders decreased by 6.47% to 28 million yuan, which aligns with expectations [5][8] - The company is experiencing short-term pressure on profits due to increased fixed asset investments for capacity expansion and new product development, leading to higher depreciation and amortization costs [8] - The company has made progress in capacity construction with three major bases, focusing on enhancing production capabilities and expanding high-end product offerings [8] - The company is actively engaging in research and development, particularly in humanoid robots and other emerging industries, aiming to innovate and improve product precision [8] - The profit forecast has been adjusted downward, with expected net profits for 2024, 2025, and 2026 being 28 million, 60 million, and 80 million yuan respectively [8] Financial Summary - The total revenue for 2024 is projected to be 767 million yuan, with a year-on-year growth rate of 15.6% [7] - The net profit for 2024 is expected to be 28 million yuan, reflecting a decline of 5.5% compared to the previous year [7] - The earnings per share (EPS) for 2024 is estimated at 0.35 yuan, with a projected increase to 0.75 yuan in 2025 and 1.01 yuan in 2026 [7] - The company's gross margin is expected to improve from 26.2% in 2024 to 29.7% by 2026 [7] Market Comparison - The company's price-to-earnings (PE) ratio is currently lower than comparable companies, with PE ratios for 2024, 2025, and 2026 projected at 167, 78, and 58 respectively, compared to industry averages of 268, 209, and 163 [8][11]