LSKJ(300680) 浙商证券·2025-03-13 14:32Investment Rating - The investment rating for Longsheng Technology is maintained as "Buy" [3] Core Views - Longsheng Technology has made a strategic investment in Weihan Intelligent, which will become a controlling subsidiary, enhancing its capabilities in the robotics sector [7] - The investment aims to leverage Weihan's precision manufacturing technology to accelerate the development of core transmission systems for humanoid robots, creating a closed-loop innovation model [7] - The company plans to integrate government, academic, and overseas resources to build an industrial ecosystem that combines precision manufacturing of automotive parts with robotics technology [7] Financial Summary - Revenue projections for Longsheng Technology are as follows: - 2024: 26.61 billion, YOY growth of 45.6% - 2025: 33.47 billion, YOY growth of 25.8% - 2026: 40.67 billion, YOY growth of 21.5% [7] - Net profit forecasts are: - 2024: 2.38 billion, YOY growth of 61.9% - 2025: 3.15 billion, YOY growth of 32.6% - 2026: 3.98 billion, YOY growth of 26.2% [7] - Earnings per share (EPS) estimates are: - 2024: 1.03 yuan - 2025: 1.36 yuan - 2026: 1.72 yuan [7] - The price-to-earnings (P/E) ratios are projected to be: - 2024: 36.92 - 2025: 27.85 - 2026: 22.07 [7] Strategic Developments - The investment in Weihan Intelligent is based on its expertise in precision harmonic reducers and integrated joint actuators, which aligns with Longsheng's strategy to enhance its robotics capabilities [7] - The company aims to create a dual empowerment model that meets the needs of mainstream automotive manufacturers in smart manufacturing and robotics development [7]