丰光精密（430510）：2024年业绩扰动因素较多，谐波减速器即将步入量产阶段

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 232.39 million yuan in 2024, representing a year-on-year growth of 10.09%, while net profit decreased by 40.81% to 21.06 million yuan due to increased depreciation, interest expenses, and reduced government subsidies [5][6] - The company is entering the mass production phase for its harmonic reducer products, which have already received small batch orders, indicating a potential for upward growth [6][8] - The company has increased its R&D investment, reaching 14.62 million yuan in 2024, accounting for 6.30% of its revenue, and has obtained multiple patents, enhancing its core competitiveness [6][8] Financial Summary - The company’s total revenue is projected to grow from 272.34 million yuan in 2025 to 412.36 million yuan in 2027, with respective growth rates of 17.19%, 23.17%, and 22.93% [8][10] - The net profit is expected to increase from 25.89 million yuan in 2025 to 41.86 million yuan in 2027, with growth rates of 22.93%, 29.56%, and 24.82% [8][10] - The company's P/E ratio is projected to decrease from 154 times in 2025 to 95 times in 2027, indicating an improving valuation over time [8][10]