DAFENG INDUSTRY(SH:603081) EBSCN·2025-04-18 06:55Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has entered into a strategic partnership with Zhiyuan Robotics to introduce humanoid robots into cultural and tourism scenarios, with an initial procurement order of no less than 15 million yuan for scene development [1][2] - The establishment of a joint venture with Zhiyuan Robotics aims to develop humanoid robot projects tailored to the needs of the cultural and tourism sectors, with the company holding at least 51% of the joint venture [1] - The company is expected to benefit from a recovery in industry demand starting from November 2024, leading to improved order volumes and new growth opportunities from the introduction of humanoid robots [3] Financial Summary - Revenue projections for 2024 have been revised down to 76 million yuan, a decrease of 72%, while 2025 and 2026 net profit forecasts are set at 307 million yuan and 367 million yuan respectively [3] - The company’s revenue is expected to decline from 2,842 million yuan in 2022 to 1,367 million yuan in 2024, before rebounding to 2,404 million yuan in 2025 and 2,966 million yuan in 2026 [4][9] - The projected net profit margin for 2025 is 12.8%, with a significant increase in net profit growth of 304.08% anticipated for that year [4][11] Valuation Metrics - The company’s P/E ratio is projected to be 57 for 2024, decreasing to 15 in 2025 and 13 in 2026, indicating a potential recovery in valuation as earnings improve [4][12] - The report highlights a projected EPS of 0.19 yuan for 2024, increasing to 0.70 yuan in 2025 and 0.84 yuan in 2026 [4][12] Profitability and Financial Health - The gross profit margin is expected to improve from 25.0% in 2023 to 32.5% in 2024, reflecting better cost management and pricing power [11] - The company’s total assets are projected to grow from 7,900 million yuan in 2023 to 9,408 million yuan in 2026, indicating a strengthening balance sheet [10]