topstar(300607) 群益证券·2025-04-22 09:02Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 30 CNY, indicating a potential upside of 5% to 15% from the current price of 26.57 CNY [2][7][12]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 2.87 billion CNY, a year-over-year decrease of 36.9%. The net loss attributable to shareholders was 250 million CNY, compared to a profit of 90 million CNY in 2023 [7][12]. - The company is undergoing a strategic transformation focusing on product-oriented business while reducing project-based operations, which is expected to improve profitability in the future [7][9][12]. Company Performance - In Q4 2024, the company generated revenue of 637 million CNY, down 51.61% year-over-year, with a net loss of 254 million CNY, an increase in loss of 213 million CNY compared to the previous year [7]. - For Q1 2025, the company reported revenue of 360 million CNY, a decline of 63.8% year-over-year, with a net profit of 3.86 million CNY, down 87.1% year-over-year [7]. Business Segments - The company's product mix includes: - Industrial Robots: 9.6% - Injection Molding Machines and Supporting Equipment: 17.8% - CNC Machine Tools: 10.7% - Automation Application Systems: 16.7% - Intelligent Energy and Environmental Management: 42.8% [3]. Financial Forecast - The company is projected to achieve net profits of 44 million CNY in 2025, 72 million CNY in 2026, and 115 million CNY in 2027, indicating a recovery from losses in 2024 [10][12]. - The earnings per share (EPS) forecast for 2025 is 0.09 CNY, with subsequent increases to 0.15 CNY in 2026 and 0.24 CNY in 2027 [10][12]. Market Position - The company has a market capitalization of 8.972 billion CNY, with a price-to-book ratio of 4.52 and a current price-to-earnings ratio projected at 295.62 for 2025 [1][10]. - Institutional investors hold a small percentage of the circulating A-shares, with funds at 2.9% and general corporations at 2.8% [4].