RAYHOO MOTOR DIES(002997) 东吴证券·2025-03-25 10:04Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total revenue of 2.424 billion yuan in 2024, representing a year-on-year growth of 29.16%, and a net profit attributable to the parent company of 350.32 million yuan, up 73.20% year-on-year [2][3] - The performance in 2024 met expectations, driven by significant growth in the automotive parts business, with revenue from this segment increasing by 153.9% year-on-year [3][4] Revenue and Profitability - In 2024, the company's total revenue was 2.424 billion yuan, with a quarterly revenue of 698 million yuan in Q4, reflecting year-on-year increases of 29.16% and 20.56% respectively [3] - The automotive parts revenue reached 730 million yuan in 2024, contributing significantly to the overall performance [3] - The gross profit margin for the overall business was 25.01% for 2024, an increase of 3.35 percentage points year-on-year [3] Financial Forecasts - The forecast for net profit attributable to the parent company for 2025-2027 has been revised upwards to 450 million yuan, 570 million yuan, and 713 million yuan respectively [5] - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 2.15 yuan, 2.72 yuan, and 3.41 yuan respectively [5] Business Development - The automotive manufacturing equipment business is steadily developing, with a backlog of orders amounting to 3.856 billion yuan, a 12.78% increase from the previous year [4] - The company has initiated AI technology in mold design and is developing smart collaborative robots to enhance production capabilities [4]