FORE(SZ:301368) ZHESHANG SECURITIES·2025-04-24 07:00Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's short-term performance is under pressure, but there is an expectation for accelerated growth in the humanoid robot sector following a strategic partnership with Xingdong Jiyuan [1][2] - In 2024, the company is projected to achieve revenue of 505 million yuan, a year-on-year increase of 17.6%, while net profit attributable to shareholders is expected to decline by 30.3% to 17 million yuan [1] - The humanoid robot revenue in 2024 is anticipated to be 816,000 yuan, with significant clients including Xingdong Jiyuan and Bosch [2][3] Financial Performance Summary - For 2024, the company expects revenue of 505 million yuan, with a growth rate of 18%, and a net profit of 17 million yuan, reflecting a decrease of 30% [5] - The first quarter of 2025 shows revenue of 117 million yuan, an 18.2% increase year-on-year, but net profit is down 36% to 3 million yuan [1] - The projected net profits for 2025 to 2027 are 24 million, 68 million, and 102 million yuan respectively, with growth rates of 42%, 186%, and 49% [4][5]