LSKJ(300680) 华龙证券·2025-03-14 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The strategic investment in Weihan Intelligent aims to expand the company's footprint in humanoid robotics, positioning it to leverage its expertise in automotive components for robotics applications [4][6] - Weihan Intelligent specializes in precision harmonic reducers and integrated joint actuators, with over 70 standard harmonic reducer products, showcasing significant technical advantages [6] - The investment is expected to accelerate the company's layout in the core transmission system of humanoid robots, creating a technological ecosystem that integrates core components and application scenarios [6][7] Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 237 million, 327 million, and 406 million yuan respectively, with corresponding P/E ratios of 37.0, 26.8, and 21.6 [7][8] - Revenue is expected to grow from 2,662 million yuan in 2024 to 4,013 million yuan in 2026, reflecting a growth rate of 45.7% and 20.3% respectively [8][11] - The company’s return on equity (ROE) is projected to increase from 12.2% in 2024 to 15.5% in 2026 [8][12] Market Position - The company is positioned as a key supplier for major automotive manufacturers like Tesla, Xiaomi, and BYD, which may facilitate its entry into the humanoid robot supply chain [6][7] - The harmonic reducer accounts for approximately 35% of the total cost of humanoid robots, highlighting the strategic importance of this investment [6]