RAYHOO MOTOR DIES(SZ:002997) Guotai Junan Securities·2025-04-01 03:06Investment Rating - The report maintains an "Accumulate" rating with a target price raised to 56.51 CNY, up from the previous 45.25 CNY [1][11]. Core Insights - The company's 2024 annual performance meets expectations, with significant growth anticipated from both existing and new business segments, particularly in the smart robotics field [2][11]. - The company plans to issue convertible bonds to raise up to 880 million CNY, aimed at expanding production capacity and entering the smart robotics market [11]. Financial Summary - For 2024, the company is projected to achieve revenue of 2.424 billion CNY, a year-on-year increase of 29.2%, and a net profit of 350 million CNY, representing a 73.2% growth [4][11]. - The earnings per share (EPS) forecast for 2025 and 2026 is set at 2.26 CNY and 2.90 CNY, respectively, with a new forecast for 2027 at 3.47 CNY [11]. - The net profit margin is expected to improve, with the return on equity (ROE) projected to be 16.2% in 2024 and 18.9% in 2025 [4][11]. Business Development - The automotive manufacturing equipment business is expected to see increased order deliveries in 2024, contributing to revenue growth [11]. - The automation production line and robotics system innovations are anticipated to enhance business performance [11]. - The automotive parts business is projected to generate revenue of 730 million CNY in 2024, a 153.89% increase year-on-year [11]. Market Position - The company has a total market capitalization of 8.457 billion CNY, with a current stock price of 40.40 CNY [5][11]. - The stock has traded within a range of 25.30 CNY to 48.30 CNY over the past 52 weeks [5]. Future Outlook - The company is well-positioned for future growth, particularly with the support of local government policies promoting the humanoid robotics industry [11]. - The issuance of convertible bonds is expected to facilitate further exploration in the smart robotics sector, enhancing overall growth potential [11].