KSHG(SH:605333) KAIYUAN SECURITIES·2025-04-25 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully launched the first sample line of its humanoid robot project, marking a significant milestone and indicating potential for future growth [5] - The profit forecast has been revised upwards, with expected net profits for 2024, 2025, and 2026 projected at 676 million, 860 million, and 1.113 billion yuan respectively, corresponding to EPS of 1.55, 1.97, and 2.55 yuan per share [5] - The current stock price corresponds to PE ratios of 20.2, 15.9, and 12.3 for the years 2024, 2025, and 2026 respectively [5] Financial Summary - Revenue is projected to grow significantly, with expected figures of 7.998 billion, 10.243 billion, and 12.584 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 99.8%, 28.1%, and 22.9% [8] - The gross margin is expected to improve, reaching 18.3% in 2024 and stabilizing around 18.5% by 2026 [8] - The net profit margin is projected to increase to 8.4% in 2024 and further to 8.8% by 2026 [8] - Return on equity (ROE) is expected to be 30.7% in 2024, 28.2% in 2025, and 26.8% in 2026 [8] Production and Supply Chain Insights - The company is a core supplier of high-voltage wiring harnesses for Seres Automotive and is expected to engage in deep collaboration in the robotics field [7] - The company has developed a fully automated high-voltage wiring harness production line, enhancing efficiency and quality in manufacturing [7]