RAYHOO MOTOR DIES(002997) Minsheng Securities·2025-04-24 06:23Investment 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]. - The company forecasts revenues of 3.459 billion yuan, 4.458 billion yuan, and 5.562 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 454 million yuan, 580 million yuan, and 724 million yuan for the same years [5][10]. Business Development - The company is responding to the "Action Plan for the Development of Humanoid Robot Industry in Anhui Province (2024-2027)" by enhancing its robot manufacturing capabilities [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]. Investment Outlook - The report projects earnings per share (EPS) of 2.17 yuan, 2.77 yuan, and 3.46 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 18, 14, and 11 [4][5].