GUILIN FUDA (603166) 西南证券·2025-03-28 10:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of —— yuan over the next six months [1]. Core Insights - The company has made significant progress in its transition to new energy and is beginning to enter the robotics sector [1]. - The company achieved a revenue of 1.648 billion yuan in 2024, representing a year-on-year growth of 21.83% [7]. - The net profit attributable to the parent company for 2024 was 185.28 million yuan, with a remarkable year-on-year increase of 78.96% [7]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, reflecting confidence in its financial strength [7]. Financial Performance Summary - Revenue Forecast: - 2024A: 1,647.57 million yuan - 2025E: 2,390.19 million yuan (growth rate: 45.07%) - 2026E: 3,166.96 million yuan (growth rate: 32.50%) - 2027E: 3,901.61 million yuan (growth rate: 23.20%) [2][10] - Net Profit Forecast: - 2024A: 185.28 million yuan - 2025E: 283.72 million yuan (growth rate: 53.13%) - 2026E: 403.56 million yuan (growth rate: 42.24%) - 2027E: 538.00 million yuan (growth rate: 33.31%) [2][10] - Earnings Per Share (EPS): - 2024A: 0.29 yuan - 2025E: 0.44 yuan - 2026E: 0.62 yuan - 2027E: 0.83 yuan [2][10] - Return on Equity (ROE): - 2024A: 7.74% - 2025E: 10.75% - 2026E: 13.51% - 2027E: 15.62% [2][10] - Price-to-Earnings (PE) Ratio: - 2024A: 48 - 2025E: 32 - 2026E: 22 - 2027E: 17 [2][10] Business Expansion and Strategy - The company is expanding its production capacity, aiming for 4 million crankshafts by 2025, with a new super factory expected to start production in July 2025 [8]. - The company has successfully entered the supply chains of major clients such as Geely and BYD, with six new projects confirmed [7][8]. - The subsidiary Alfen has shown significant profit growth, with a revenue increase of 49.9% in 2024 [7]. Dividend and Share Buyback - The company plans to distribute a total cash dividend of 1.77 billion yuan, which represents 95.38% of its net profit for 2024 [7].