GUILIN FUDA (603166) 华创证券·2025-03-27 07:11Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company reported a revenue of 1.65 billion yuan for 2024, a year-on-year increase of 22%, and a net profit attributable to shareholders of 185 million yuan, up 79% year-on-year. The non-recurring net profit was 180 million yuan, reflecting an 83% increase year-on-year [2][4]. - The company is accelerating its transformation into robotics in 2025, with significant growth expected in its core business areas, particularly in the automotive parts sector [2][8]. Financial Performance Summary - 2024 Financial Indicators: - Total revenue: 1,648 million yuan, with a year-on-year growth of 21.8% [4]. - Net profit attributable to shareholders: 185 million yuan, with a year-on-year growth of 79.0% [4]. - Earnings per share: 0.29 yuan [4]. - Price-to-earnings ratio: 49 times [4]. - Price-to-book ratio: 3.8 times [4]. - Future Projections: - Revenue is projected to reach 2,351 million yuan in 2025, with a growth rate of 42.7% [4]. - Net profit is expected to increase to 282 million yuan in 2025, reflecting a growth rate of 52.4% [4]. - Earnings per share are forecasted to rise to 0.44 yuan in 2025 [4]. Business Transformation and Growth - The company is benefiting from increased demand from major clients like BYD, with a significant rise in revenue in the fourth quarter of 2024 [8]. - The company is entering a new expansion cycle in its crankshaft business, with plans to produce 1 million automated new energy hybrid crankshafts by May 2025 [8]. - The robotics transformation is gaining momentum, with the company developing a planetary gearbox product and making strategic investments in related technologies [8].