DONGFANG PRECISION(002611) 国投证券·2025-03-19 07:01Investment Rating - The investment rating for the company is "Buy-A" with a target price of 15.76 CNY, maintaining the rating [5]. Core Views - The company has shown steady growth in its main business, with a focus on intelligent equipment manufacturing and a leading position in the robotics and embodied intelligence sectors [2][3]. - The company has successfully filled a gap in the domestic market with the launch of its first 300-horsepower gasoline outboard motor, breaking the monopoly of American and Japanese manufacturers [2]. - The company is actively pursuing an "1+N" external expansion strategy, focusing on strategic investments that align with its main business, and has made significant strides in the smart robotics industry through investments in leading firms [3]. Financial Performance - In 2024, the company's operating revenue reached 4.778 billion CNY, a year-on-year increase of 0.68%, while the net profit attributable to shareholders was 501 million CNY, up 15.54% year-on-year [1]. - The gross profit margin for 2024 was 30.08%, an increase of 0.87 percentage points year-on-year, supported by a decline in raw material and energy prices [4]. - The company has implemented cost control measures, resulting in a significant decrease in expense ratios, with the total expense ratio for 2024 at 12.65%, down 3.15 percentage points year-on-year [4][8]. Future Projections - The company is expected to achieve operating revenues of 5.450 billion CNY, 6.255 billion CNY, and 7.207 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 14.07%, 14.77%, and 15.22% [9]. - The projected net profit for 2025 is 600 million CNY, reflecting a year-on-year growth of 19.84% [9]. - The company is positioned to benefit from emerging sectors such as robotics, embodied intelligence, digital printing, and smart factories, indicating strong future growth potential [9].