PPF(300258) 民生证券·2025-03-18 03:08Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is accelerating its layout in humanoid robots by establishing a joint venture with Tianjin Aima Technology, which will enhance the industrialization of core components for humanoid robots [2][3]. - The company is expected to achieve steady growth in its main business, with international expansion opening up long-term growth opportunities [2][3]. Summary by Relevant Sections Joint Venture and Technology Acquisition - The company announced the establishment of "Jiangsu Pacific Joint Electric Drive Technology Co., Ltd." in partnership with Tianjin Aima Technology, with a registered capital of 100 million yuan, where the company holds 90% equity [1][2]. - Tianjin Aima Technology will provide technical support and assist in the planning and construction of the joint venture's smart workshop and factory [2]. Business Growth and International Expansion - The company is expanding its product lines, including main reducers, motor shafts, and lightweight components, which significantly increases the value per vehicle and opens up long-term growth potential [2]. - The company's Thailand facility is expected to start production in Q1 2025, which will help mitigate the impact of export tariffs and shipping cost fluctuations on profits [2]. Financial Forecasts - Revenue projections for 2024-2026 are 2.22 billion, 2.80 billion, and 3.54 billion yuan, respectively, with net profits of 222 million, 299 million, and 385 million yuan [3][4]. - The earnings per share (EPS) are forecasted to be 0.46, 0.62, and 0.80 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 34, 25, and 20 [3][4].