FULIN. PM(300432) 东吴证券·2025-03-11 04:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has deepened its strategic cooperation with Ningde, with a focus on high-pressure lithium iron phosphate technology and expansion into automotive and humanoid robot sectors [2][7] - The partnership includes a capital increase where Ningde invested 400 million yuan for an 18.7% stake in the company's subsidiary, enhancing collaboration in production and R&D [7] - The company is expected to double its output to 250,000 tons by 2025, with further growth anticipated in 2026 [7] Financial Summary - Total revenue is projected to grow from 5,761 million yuan in 2023 to 22,286 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 73.14% [1][8] - The net profit attributable to the parent company is expected to recover from a loss of 542.73 million yuan in 2023 to 1,706.22 million yuan in 2026, with a significant growth rate of 67.36% in 2026 [1][8] - The earnings per share (EPS) is forecasted to improve from -0.44 yuan in 2023 to 1.40 yuan in 2026 [1][8] Market Data - The closing price of the stock is 22.88 yuan, with a market capitalization of approximately 27.94 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 43.31 in 2022, which is expected to decrease to 16.38 by 2026 [1][5] Operational Insights - The company is enhancing its capabilities in robot components, having developed in-house manufacturing for key parts such as reducers and motors, and is forming partnerships to supply electric joint modules [7] - The integration of lithium phosphate production is expected to lower costs and improve profitability, with a projected net profit per ton increase to 0.2 million yuan [7]