Warom Incorporated(SH:603855) KAIYUAN SECURITIES·2025-03-06 18:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1][34] Core Views - The company is a leader in the explosion-proof electrical equipment industry, with a strong focus on expanding into the robotics sector, particularly in mining robots, which presents significant growth potential [4][34] - The traditional business segments are stable due to their essential safety value and consumable nature, while the emerging business in explosion-proof robots offers high growth elasticity [34] - The company has established a comprehensive intelligent control platform based on IoT, big data, and 5G technology, which has been successfully applied in various industries [10][15] Summary by Sections Company Overview - The company, founded in 1985, specializes in the production of explosion-proof electrical equipment, professional lighting, and mining explosion-proof electrical products, as well as photovoltaic power station EPC [10][12] - It holds a wide range of international certifications, making it one of the most certified explosion-proof enterprises globally [12][23] Financial Performance and Forecast - The company’s revenue for 2022 was 3,043 million yuan, with a projected increase to 4,718 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12.5% [6][34] - The net profit attributable to the parent company is expected to grow from 358 million yuan in 2022 to 678 million yuan in 2026, with an EPS forecast of 1.06 yuan to 2.01 yuan over the same period [6][34] Robotics Development - The company has partnered with Tianchuang Robotics to develop explosion-proof robots, addressing urgent market needs in hazardous environments [5][21] - The T9-E mining robot is noted as the first in China to receive the highest level of certification for coal mine inspection robots, showcasing the company's commitment to innovation in safety technology [5][28] Market Position and Competitive Advantage - The company has a broad distribution network with over 300 outlets globally, enhancing its market reach [4][23] - Its intelligent control platform has been widely adopted in industries such as petrochemicals, pharmaceuticals, and mining, demonstrating its versatility and application potential [15][20]