LSKJ(300680) 华龙证券·2025-03-14 12:11Investment 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] Financial Performance Summary - The company's projected net profits for 2024, 2025, and 2026 are estimated at 237 million, 327 million, and 406 million yuan respectively, indicating a growth trajectory [7] - Revenue forecasts for 2024, 2025, and 2026 are 2,662 million, 3,337 million, and 4,013 million yuan, with growth rates of 45.7%, 25.3%, and 20.3% respectively [8] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 37.0, 26.8, and 21.6, which are below the average P/E ratios of comparable companies [7][9] Market Position and Competitive Advantage - The company is positioned to meet the dual demands of mainstream automotive manufacturers in smart manufacturing and robotics development, creating a mutually beneficial collaboration model [6] - The investment in Weihan Intelligent is expected to facilitate entry into the supply chain for humanoid robots, leveraging existing relationships with major clients like Tesla, Xiaomi, and BYD [6][7]