xinje(SH:603416) Guotai Junan Securities·2025-03-27 11:11Investment Rating - The report maintains an "Accumulate" rating with a target price of 73.90, up from the previous forecast of 45.30 [5][13]. Core Views - The company demonstrates strong growth momentum through its recent private placement and equity incentive plan, which aligns the interests of the company and its talent [2][13]. - The company aims for a revenue CAGR exceeding 20% from 2025 to 2027, driven by technological advancements and channel expansion [13]. - The company is focusing on enhancing its PLC and drive control products across various industries, including textiles, printing, and food and beverage [13]. - The company is also entering the robotics sector, which is expected to provide a second growth curve, with existing products in AGV and laser packaging [13]. Financial Summary - Revenue is projected to grow from 1,335 million in 2022 to 2,597 million by 2026, reflecting a CAGR of 21.0% [12]. - Net profit attributable to the parent company is expected to increase from 222 million in 2022 to 359 million in 2026, with a notable growth of 30.8% in 2024 [12]. - The company’s current price is 58.12, with a market capitalization of 8,169 million [5][6]. Market Position - The company holds a market share of approximately 10% in the PLC segment and about 3% in the drive control motor segment, with plans to enhance its market presence through the establishment of marketing showrooms and warehousing networks in 12 cities [13].