Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant growth in Q4 2024 and Q1 2025, particularly in its robotics business, which is accelerating its implementation [1] - The company reported a revenue of 7.124 billion yuan for 2024, representing an 18.37% year-on-year increase, and a net profit of 255 million yuan, showing a substantial increase of 495.99% year-on-year [6] - The company is benefiting from the growth in the precision components sector and the industrialization of humanoid robots, with an upward adjustment in profit forecasts for 2024 and maintained forecasts for 2025-2026 [6] Financial Performance Summary - For Q1 2025, the expected net profit is between 69 million to 75 million yuan, indicating a year-on-year growth of 31.54% to 42.97% [6] - The company’s net profit for 2024-2026 is projected to be 255 million, 401 million, and 521 million yuan respectively, with corresponding P/E ratios of 60.0, 38.1, and 29.3 times [6][10] - The company’s revenue is expected to grow from 7.124 billion yuan in 2024 to 9.153 billion yuan in 2025, and further to 11.493 billion yuan in 2026, reflecting growth rates of 28.5% and 25.6% respectively [10] Business Strategy and Market Position - The company is actively expanding its humanoid robot industry chain and has established a wholly-owned subsidiary focused on this emerging field [8] - The company has made significant advancements in actuator components, including breakthroughs in core parts like lead screws and collaborations with leading firms to develop advanced motors [8] - The company’s overseas revenue is minimal, accounting for only 3% in 2023, which mitigates risks from extreme tariff impacts [7]
震裕科技（300953）：公司信息更新报告：2024Q4、2025Q1业绩高增长，机器人业务加速落地