GUILIN FUDA (603166) 申万宏源·2025-03-17 01:49Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced an investment in Changban Technology, acquiring a total of 35% equity through a phased capital increase and share acquisition, aiming to enhance its capabilities in precision screw technology for robotics [5][8] - The collaboration with Changban Technology is expected to create synergies in production technology and supply chain, enhancing the company's position in the humanoid robot and smart equipment sectors [8] - The company is transitioning from traditional engine crankshaft production to focus on new energy electric drive gears and robotics, which are anticipated to drive significant revenue growth [8] - The financial forecast indicates a strong growth trajectory, with expected net profits of 183 million, 280 million, and 394 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 76.6%, 53.1%, and 40.8% [6][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,352 million yuan in 2023 to 3,288 million yuan by 2026, with a compound annual growth rate of approximately 24.8% [6][10] - The gross profit margin is expected to improve slightly from 23.8% in 2023 to 25.4% in 2026, indicating operational efficiency [6] - The return on equity (ROE) is forecasted to increase from 4.5% in 2023 to 12.9% in 2026, suggesting enhanced profitability [6]