VEICHI(SH:688698) Xinda Securities·2025-04-17 14:49Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - 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 the parent company of 245 million yuan, up 28.4% year-on-year [1][4]. - The company is deeply engaged in the humanoid robot sector, offering a complete set of motion actuator solutions, with all core components developed in-house, showcasing advantages such as lightweight, modularity, efficiency, high performance, and precision [4]. - The overseas business maintained high growth, with revenue reaching approximately 455.61 million yuan in 2024, a 45.23% increase compared to the previous year, as the company continues to expand into regions such as Asia, Africa, and Latin America [4]. - Profit forecasts indicate that the net profit attributable to the parent company is expected to be 320 million yuan, 380 million yuan, and 470 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 29%, 21%, and 22% [4]. Financial Summary - Total revenue is projected to grow from 1.305 billion yuan in 2023 to 2.805 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 18.5% [3]. - The gross profit margin is expected to remain stable, with estimates of 39.2% in 2024 and gradually declining to 38.4% by 2027 [3]. - The return on equity (ROE) is forecasted to increase from 9.9% in 2023 to 17.8% in 2027, indicating improved profitability and efficiency [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 50.74 in 2023 to 20.75 by 2027, suggesting a more attractive valuation over time [3].