SHBT(603009) 信达证券·2025-03-02 12:23Investment Rating - The report assigns a positive investment rating to Junbei Technology (603009.SH) based on its strong performance and growth potential [2]. Core Insights - The company achieved a revenue of 2.02 billion yuan in 2024, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 70 million yuan, up 40.4% year-on-year [2][4]. - The company is focusing on a dual-engine development strategy, launching a new business in robotic screw technology, which is expected to enhance its growth trajectory [4]. - Profitability metrics showed an increase in gross margin to 18.5% and net margin to 3.67% for the full year 2024, indicating improved operational efficiency [4]. Financial Performance Summary - In 2024, the company reported total revenue of 2,024 million yuan, with a growth rate of 7.6% compared to 2023. The net profit attributable to the parent company was 71 million yuan, reflecting a significant growth of 40.4% year-on-year [5]. - The gross margin for 2024 was 18.5%, an increase of 1.0 percentage points year-on-year, while the net margin improved by 1.1 percentage points to 3.67% [4][5]. - For Q4 2024, the company experienced a decline in net profit to 10 million yuan, down 51.8% year-on-year, indicating some volatility in the latter part of the year [4]. Growth Projections - The report forecasts that the net profit attributable to shareholders will reach 100 million yuan in 2025, 130 million yuan in 2026, and 180 million yuan in 2027, with corresponding EPS of 0.31, 0.39, and 0.52 yuan [4][5]. - The anticipated growth rates for revenue are projected at 21.1% for 2025, 17.6% for 2026, and 15.3% for 2027, indicating a robust growth outlook [5]. Strategic Initiatives - The company is actively pursuing opportunities in the humanoid robotics sector, with a significant investment of 1.85 billion yuan planned for a new research and development base for planetary roller screws [4]. - This strategic move is expected to leverage the company's existing technological capabilities and enhance its competitive position in the market [4].