RAYHOO MOTOR DIES(002997) Minsheng Securities·2025-04-24 05:30Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 38.60 yuan on April 23, 2025 [6]. Core Views - The company's Q1 2025 performance met expectations, with revenue of 747 million yuan, a year-on-year increase of 47.76%, and a net profit attributable to shareholders of 97 million yuan, up 28.49% year-on-year [1][2]. - The company is accelerating its robot business expansion by establishing a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., which will cover manufacturing, research, and sales [3]. - The equipment business has a robust order backlog of 3.856 billion yuan, reflecting a year-on-year increase of 12.78%, indicating strong demand and capacity utilization [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 25.00%, with a net profit margin of 14.88%. The sales, management, R&D, and financial expense ratios were 0.69%, 3.84%, 3.93%, and -0.05%, respectively [2]. - Revenue projections for 2025-2027 are estimated at 3.46 billion, 4.46 billion, and 5.56 billion yuan, with net profits of 450 million, 580 million, and 720 million yuan, respectively [4][5]. Business Development - The company is responding to the "Human Robot Industry Development Action Plan (2024-2027)" issued by the Anhui Provincial Department of Industry and Information Technology, aiming to build a significant industrial development hub by 2027 [3]. - The lightweight component business has entered mass production, with significant year-on-year growth in supply quantities, indicating a strong ramp-up in production capacity [3]. Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.17 yuan, 2.77 yuan, and 3.46 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 14, and 11 [4][5].