Investment Rating - The investment rating for the company is "Buy-A" with a target price of 100.80 CNY for the next six months [6]. Core Views - The company achieved a revenue of 1.485 billion CNY in 2024, representing a year-on-year growth of 9.74%, and a net profit of 207 million CNY, up 3.10% year-on-year [1]. - The gross margin remained stable at 25.75%, while the net margin slightly decreased to 13.93% [2]. - The company is expected to benefit from new production capacity, with a new factory in Anhui set to be completed in April 2025, which will add 40,000 tons of capacity in its first year [3]. - The company is advancing its new robotics business, focusing on innovative materials for robotic components, which is expected to enhance production efficiency and reduce costs [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 411 million CNY, a year-on-year increase of 1.08%, and a net profit of 68 million CNY, up 7.57% [1]. - The company’s operating expenses increased, with a total expense ratio of 10.17%, driven by higher sales and management costs due to stock incentive plans and increased R&D investments [2]. Production Capacity and Growth - The company’s production capacity reached 180,000 tons in 2024, placing it among the top tier in the domestic industry [3]. - The new factory will focus on high-end manufacturing areas, which is expected to optimize the product structure and improve overall gross margins [3]. Robotics Business Development - The establishment of the robotics materials research institute marks a strategic move for the company, focusing on key materials for harmonic and planetary gear reducers [4]. - The company aims to become a leader in innovative materials for robotic applications, which could significantly lower production costs for humanoid robots [4]. Future Projections - Revenue projections for 2025-2027 are 1.826 billion CNY, 2.158 billion CNY, and 2.491 billion CNY, with corresponding net profits of 227 million CNY, 295 million CNY, and 358 million CNY [11]. - The company is expected to maintain solid performance in its core business while the robotics segment opens new growth avenues [11].
翔楼新材（301160）：汽车主业稳扎稳打，期待机器人业务打开成长空间