VEICHI(SH:688698) Minsheng Securities·2025-04-17 02:10Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative increase of over 15% compared to the benchmark index within the next 12 months [6][12]. Core Views - The company achieved a revenue of 1.64 billion yuan in 2024, representing a year-on-year growth of 25.7%, and a net profit attributable to shareholders of 245 million yuan, up 28.4% year-on-year [1]. - The company has a complete product line, with significant growth in core business areas, including a 27.18% increase in revenue from frequency converters and a 17.09% increase from servo systems in 2024 [2]. - The company is expanding its overseas market, with overseas revenue reaching 456 million yuan in 2024, a growth of 45.23%, which is higher than the domestic growth rate of 19.8% [3]. - The company is focusing on new fields, particularly in robotics, with significant advancements in humanoid robots and AI development platforms [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.64 billion yuan and a net profit of 245 million yuan, with projections for 2025-2027 showing revenues of 2.04 billion, 2.56 billion, and 3.23 billion yuan respectively, with corresponding growth rates of 24.2%, 25.7%, and 26.2% [4][5]. - The net profit for the same years is projected to be 328 million, 438 million, and 591 million yuan, with growth rates of 33.9%, 33.5%, and 35.0% [5][9]. Product and Market Analysis - The company has a comprehensive product line ranging from 0.4kW to 8,000kW frequency converters and has seen a significant increase in market share, particularly in low-voltage frequency converters and servo systems [2]. - The overseas business has shown superior growth and profitability compared to domestic operations, with a gross margin of 48.97% for overseas sales compared to 35.35% for domestic sales [3]. Future Outlook - The company is expected to continue its growth trajectory, with anticipated revenue and profit increases driven by expansion into new markets and product lines, particularly in robotics and AI [4][3].