VEICHI(SH:688698) Huachuang Securities·2025-04-18 08:44Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. 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 28.42% year-on-year [2][5]. - The company is experiencing significant growth in its overseas business, with international revenue reaching 456 million yuan, a 45.23% increase year-on-year [2][9]. - The company is actively expanding its product offerings in the robotics sector, providing complete actuator solutions for humanoid robots, which include various advanced components [2][9]. Financial Performance - The company’s total revenue is projected to grow to 2.08 billion yuan in 2025, 2.51 billion yuan in 2026, and 2.96 billion yuan in 2027, with respective growth rates of 26.8%, 20.5%, and 18.3% [5][10]. - The net profit attributable to shareholders is expected to reach 318 million yuan in 2025, 399 million yuan in 2026, and 478 million yuan in 2027, with growth rates of 29.9%, 25.4%, and 19.6% respectively [5][10]. - The earnings per share (EPS) is forecasted to be 1.51 yuan in 2025, 1.89 yuan in 2026, and 2.26 yuan in 2027 [5][10]. Business Segments - The company’s inverter segment generated revenue of 1.035 billion yuan in 2024, growing by 27.18% year-on-year, supported by a comprehensive product strategy [2][9]. - The servo systems and control systems segment achieved revenue of 495 million yuan, reflecting a year-on-year increase of 17.09% [2][9]. - The PLC (Programmable Logic Controller) segment is expanding into the mid-to-high-end market while maintaining a strong presence in the small PLC market [2][9]. Market Position - The company is enhancing its international market presence through strategic global expansion, actively participating in international exhibitions and optimizing its export product structure [2][9]. - The company’s total market capitalization is approximately 9.68 billion yuan, with a current share price of 45.80 yuan and a target price of 60.4 yuan [5][10].