Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year growth of 4%, and a net profit attributable to the parent company of 210 million yuan, up 6% year-on-year [1] - The diversified customer structure has supported the company's performance growth, with the electric motor business generating 430 million yuan in revenue, a 17% increase year-on-year, accounting for 45% of total revenue [1] - The company is actively expanding into the robot industry, leveraging its technological expertise to develop new products such as frameless torque motors and hollow cup motors, which are expected to open new market opportunities [3] Financial Summary - In 2024, the company reported a gross margin of 34.8%, a decrease of 1.5 percentage points year-on-year, and a net profit margin of 22.2%, an increase of 0.3 percentage points year-on-year [2] - The company’s revenue is projected to grow to 1.732 billion yuan by 2027, with a compound annual growth rate of 25% from 2024 to 2027 [4] - The earnings per share (EPS) is expected to increase from 2.67 yuan in 2024 to 4.97 yuan in 2027 [4] Market Position and Growth Potential - The global sales of new energy vehicles reached 17.53 million units in 2024, a 22% increase year-on-year, with China accounting for 12.27 million units, up 38% year-on-year [1] - The company is positioned to benefit from the growing demand for ADAS intelligent cleaning systems, with products already being adapted for various clients including Waymo and Meituan [3] - The company is expected to see net profits of 260 million yuan, 320 million yuan, and 400 million yuan in 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 26, 22, and 17 times [3]
恒帅股份：业绩符合预期，前瞻布局机器人产业-20250403