FULIN. PM(300432) 东吴证券·2025-03-11 04:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has deepened its strategic cooperation with CATL, with a focus on expanding into automotive and humanoid robot sectors [2] - CATL has invested 400 million RMB to acquire an 18.7% stake in the company's subsidiary, enhancing collaboration in lithium iron phosphate technology and production capacity [7] - The company is expected to double its output to 250,000 tons by 2025, with a projected increase to over 350,000 tons in 2026 [7] - The company aims to become a key supplier of robotic joint assemblies, leveraging its two years of experience in robot component development [7] - The financial forecast has been adjusted, with expected net profits of 4.1 billion RMB in 2024, 10.2 billion RMB in 2025, and 17.1 billion RMB in 2026, reflecting significant growth rates [7] Financial Summary - Total revenue is projected to grow from 5,761 million RMB in 2023 to 22,286 million RMB in 2026, with a compound annual growth rate of 73.14% [1][8] - The net profit is expected to recover from a loss of 542.73 million RMB in 2023 to a profit of 1,706.22 million RMB in 2026, indicating a strong turnaround [1][8] - The earnings per share (EPS) is forecasted to increase from -0.44 RMB in 2023 to 1.40 RMB in 2026 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 68.19 in 2024 to 16.38 in 2026, suggesting improved valuation as earnings grow [1][8]